San Diego County Sets Record in Apartments

San Diego County set records last year in both the number of apartment unit transactions and new apartment construction, according to a report from John Burnham & Co., San Diego.

For the entire year, 25,559 apartment units changed hands, up 41% from the 18,052 existing units transferred in 1983. The December total of 3,634 was the highest monthly total ever recorded in the county, the report stated.

In new apartment construction, 8,414 units valued at $292,013,952 (for permit purposes) were constructed last year, a 92% increase from the 4,372 units built in 1983.

The year ended with $329,430,902 in new permit valuation issued for 6,612 condominium units, a 103% increase from the $162 million and 3,065 units in 1983.

“Right now, apartments are a good deal for both sellers and buyers,” said George Carlson, Burnham’s apartment investment specialist. “If interest and mortgage rates continue to decline, we could see a repeat of 1984 this year. We should have a clearer picture by the end of the first quarter.”