San Diego, CA – The condo boom in the Bay Area is about to get a little more crowded, as condo owners and agents are being told they’re going to be forced to close their doors in a move that could impact the area’s affordability.
San Francisco real estate broker Dan Zalewski told local media that the condo boom is going to hit San Diego.
Zalews told KPBS that he’s seen condos on the market up to 30 percent over asking prices, and that his agents are seeing “a lot of people who are willing to pay a lot more” to buy in the area.
Zalewski said he’s also seeing people asking to buy condos and condos being pushed out of the market because of the influx of new condo sales.
“I see a lot of condos that are being pushed away because they’re selling at the wrong price,” he said.
“And I’m seeing a lot less people coming in for condos and I think that’s going to play out for a while.”
Zalaws website is offering a free, online assessment, which he said will show you whether the condo you’re interested in is an affordable option or not.
He said the site is not a broker’s place, and he doesn’t know how many people are using the site to make offers.
Zals website offers a variety of options for buyers and sellers, but he said the most popular listing is for a one-bedroom condo in Fort lauderfield that is selling for $5,000 a month.
If you don’t want to go that high, he said, you could buy a one bedroom condo in a townhouse in West Covina for $3,000.
If you want to get into the market more quickly, Zalaws recommends buying a one and a half bedroom condo at $2,000 per month in the San Francisco Bay Area.
Zales website has since been taken down, but you can still view listings on Zalws site.