San Diego-area apartment sales and condominium construction are enjoying bull markets according to a report of first-quarter figures published by John Burnham & Co. a San Diego-based broker.
The report shows that 305 apartment projects changed hands, a jump of 138% over the 128 projects sold during the first three months of 1987. March totals, also good, showed 106 apartment projects sold, representing a 76% increase over 60 projects sold last year.
George Carlson, Burnham's apartment specialist said, "it appears investors are willing to live without the tax shelter allowed under the old tax laws and, at least in San Diego County, are buying well-located apartments as fast as they hit the market.
"Growth-control programs eventually will cause apartment vacancies to drop, rents to rise and push up property values," he said.