Search
 

Condo Sale Suggests Turn in Market

VALENCIA, CA-The sale of a business park condo for $150 per square foot suggests a price correction in the works, according to a broker in the deal.

By Bob Howard | Updated on December 24, 2009

VALENCIA, CA-The sale of a business park condo for $150 per square foot here suggests a price correction in the works, according to a broker in the deal. Ash Joshi, a principal of Capital Realty Solutions Inc. of Encino, is convinced a correction has already taken place in the local market for such properties after he represented the seller, of the 3,027-square-foot condominium at the 212,000-square-foot Discovery Gateway Spectrum Business Park II, the Christine Foley Trust.

Comfort Cooling, a local business, bought the condo, which is at 28338 Constellation Rd. ”This sale is significant as sale activity in this market is at a virtual standstill at unrealistic prices of 20% to 30% above market, and a glut of inventory persists,” Joshi says. He says the sales price “was reduced to reflect current market conditions,” and the property promptly sold.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.