I have to admit it…I was dead wrong. I thought (like many others) that condos were going to be dead for a while. Many people really don’t want to live in a condo but they end up “settling” for them because of the relative affordability closer to job bases. As prices in the Bay Area have resumed their pre-collapse march up at 10+% per year, condos are making resurgence.
Given the resurgence in attached for-sale product in the Bay Area, the “highest and best” use has now probably switched back to condos from apartments. And it probably won’t be long before we see the reverse of what happened a few years ago where condo sites were re-entitled to apartment deals. Now we’ll start seeing apartment sites re-entitled to townhomes and condos. If you have one of these sites feel free to give us a call to help evaluate all the options in the fast changing market. There are many factors to consider in making this kind of decision; our in-fill experts can help you juggle all the factors to position your site for maximum sales proceeds!
Source: Steve Reilly, Marketing Consultant, (925) 368-3128