(To read more on the multifamily market, click here.)

SAN DIEGO-Many condo projects that investors had excitedly buzzed about for months are being re-thought or completely scrapped now that the craze is over; however, those onboard the luxury "crazy" train have managed to maintain their enthusiasm.

This is because the high sticker price and plethora of amenities involved with luxury condos mean that they don't attract the average buyer.

"We really don't compete with a condo conversion," says Peggy O'Connell, vice president of sales and marketing for the Douglas Wilson Cos., the development company for The Mark, a $155-million mixed-use luxury high-rise condo project in Downtown San Diego that is slated for completion in 2007. "Most of our units are priced from $700,000 to $800,000 so we have a completely different clientele than many of the condo conversions."

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