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Apartment Sales Remain Strong

SAN DIEGO-The multifamily market continues its strong play with sales reaching record levels. Also, condo permits reach highest levels since 1990.

By Daniel D. Williams | Updated on March 18, 2004

SAN DIEGO-The 2003 multifamily market in San Diego County held continued its red-hot streak as sales of apartment hit the second highest mark since 1989 and permits for new condominiums reached the highest level since 1990.

According to a report by San Diego-based Burnham Real Estate, 1,090 apartment sales totaling 17,459 units changed hands in 2003. That number was only topped by the 21,794 units sold in 1,426 transactions in 1989 and the 21,142 units sold transferred from 1,148 transactions in 2002.

As for condominiums, the number of condominium permits issued in 2003 rose by 57.9 percent, to 2,843 new units at a value topping $402 million. That number is up from the 1,800 permits issued at a value topping $271 million in 2002.

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