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Monday, Jan 30, 2023
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Apartment Sales Slow, But Business Good for Landlords

According to a new study by the real estate services firm Cushman & Wakefield, apartment sales were slow in the first quarter of 2008 but rents on existing units rose compared with the first three months of 2007.

The report released May 5 showed only 93 apartment complexes sold in the first three months of 2008 , the third lowest volume in San Diego County in 26 years.

The number of total units sold fell by 49 percent in the quarter, from 2,854 units sold in the first quarter of 2007 to 1,459 apartment units sold during the first three months of 2008. It was the lowest quarterly number of units sold since 1992, when 1,352 units were transferred.

Apartment properties are well-positioned in a market with limited new construction, the report says.

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Just 2,490 new units were added to the local market in 2007 and only 1,290 units are expected to be completed in 2008, according to MarketPointe Realty Advisors.

Vacancy in the first quarter of 2008 was 3.63 percent. Rental rates climbed to an average of $1,311 per unit as of March 31, up nearly 4 percent over $1,271 the same time a year ago, the report says.

, Ned Randolph

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