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Affordable Condos to Hit the San Diego Market

SAN DIEGO-Grading begins on Sycamore Walk, a new residential project designed to deliver a total of 70 affordable condominiums, as well as 50 townhomes, to the San Diego market. Prices will range from the $120,000s to the mid-$300,000s.

By Erin Cassin | Updated on May 19, 2003

SAN DIEGO-Some direly needed affordable condos are about to hit the San Diego market, as potential homebuyers here continue to grapple with the issue of soaring home prices.

Developed by The Olson Co., the new Sycamore Walk residential project will deliver a total of 70 affordable condominiums and 50 townhomes to the San Diego market. Construction on the project has already begun, with grading currently underway, according to a company spokesperson. The developer is scheduled to kick off sales at the project sometime this week, with build-out expected by January 2004.

Prices here are set to range from the $120,000s to $152,000 for the condominiums and from the mid-$300,000s for the townhomes. Buyers’ incomes must be less than 80% of the area’s median income and meet annual income limits that range from $35,750 for a one-person household to $51,050 for a four-person household. In addition, they must financially qualify with The Olson Co.’s approved lender and fall within the San Diego Housing Commission’s numerous affordable housing guidelines. Preference will be given to people who live or work in the city of San Diego.

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