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San Diego's Glut

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In a story that makes San Diego sound like Miami, the Union-Tribune's Lori Weisberg looks at the glut of unsold condos piling up in the city. "Of the 22 condo buildings in which developers are offering units for sale, all but three have completed construction, and 1,549 condos remain unsold. It would take more than five years to sell that many condos if the sluggish pace of sales during the past year were to continue, according to MarketPointe Realty Advisors, which tracks the new-home market." Developers are now renting out the condos (as they are in downtown Los Angeles), while the biggest movement in terms of sales is coming from resales: As prices drop, condo resales are outpacing sales of new condos 3 to 1, according to the paper, which notes that the median price is now $377,500 for a resale condo, down from its 2004 price of $675,000. And buyers are jumping on the resales; the paper interviews on downtown buyer who believes she got a great deal, paying $212,000 for a 720-square-foot unit that sold for $327,000 three years ago. [Sign on San Diego]