45 Condos Hit Market at $11M

SAN DIEGO-With investment dollars still in hot pursuit of local condo product, Nuwest Communities LLC has decided to put 45 units in the Arey Pointe Condominiums complex up for sale. The units, which are being sold together as a package, are listed at nearly $11.3 million. Developed in 1976, the Arey Pointe property stands at 3530 Arey Dr. in the Nestor area of San Diego. Encompassing 48,195 sf, it houses a total of 80 units. The 35 condos that have not been put on the market have already been sold to individual owners, according to Marcus & Millichap Real Estate Investment Brokerage Co. Dennis Leslie and Alex Mickle of Marcus & Millichap’s National Multi Housing Group are handling the Arey Pointe listing. The Arey Pointe offering is comprised of 45 three-bedroom, two-bathroom condominiums that are “market-ready,” according to the Marcus & Millichap brokers. The condo complex, which has been operated as an income-producing investment for the past several years, is now being “offered as a short-term resource,” Leslie says. Whoever buys the asset could eventually sell off each unit individually, he adds, noting that the acquisition of Arey Pointe will give an investor control of a “significant number of market-ready condominiums in San Diego’s soaring housing market.” Indeed, with single homes fetching historically high prices in San Diego and all throughout California, would-be homebuyers are turning to condos as an alternative. In February 2004, only 15% of San Diego residents could afford to buy a median-priced home here, according to a report by the California Association of Realtors. This figure marks a significant drop from the same month last year, when 22% of San Diego’s population could afford a median-priced home. Statewide, only 24% of California’s residents could afford to buy a median-priced home in February 2004, while 34% of the state’s population could afford to buy a median-priced condo.