San Diego CA real estate

Real Estate Perhaps one of the best barometers of San Diego's economic recovery is the boom currently enjoyed by both the construction and real estate industries. Though over built in the early 90s, today San Diego faces a shortage of existing structures and available land to accommodate new housing and commercial office space, manufacturing, and research and development facilities. This has resulted in higher rents, historic lows in vacancies and a tremendous amount of speculative construction, generally leased before completion.

   Residential property, both single Family and multifamily dwellings, has become desirable from a commercial investment standpoint because of the constraint of supply and strong job growth. Rental units became almost nonexistent, falling to only one-half of a percent by September  1998, yet authorized residential building permits for that same period were 27 percent higher than the previous year. Apartment vacancies also declined as builders concentrated on putting up luxury complexes. House sales were brisk in 1999 with quick sellouts of newly released tract homes. Large numbers of buyers traveled through model homes and some developments even had lines of people waiting to place offers on the houses of their choice. Many existing homes sold after receiving multiple offers despite 10 to 14 percent price increases.

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