Anthony Wright30 said:Generally speaking, the construction industry here seems to struggle with volume, and when they actually do manage to build something, the prices are frankly astronomical; I suppose that’s why those older buildings remain so highly valued. If they were to develop a massive new district over by the Kopilica area, you'd likely see property values in San Diego, near Solin Hill, start to dip significantly. At least, that’s my way of looking at it—I don't think anyone in their right mind would pay 3,000 square feet for an old unit if there was shiny new construction available nearby. 🤷
Construction is absolutely exploding in my neighborhood right now. It feels like you can't walk a block without seeing a crane. Right now, there are three massive apartment buildings just about finished, and they’ve already broken ground on three more. On top of that, they wrapped up four entire buildings last year alone. That’s ten new buildings in just over a year. It's moving incredibly fast.
Take a look at some of those newer developments popping up around here, built since about 2015. It’s honestly wild. Half the apartments are just sitting there totally empty. You look at the intercoms, and there aren't even names listed—just blank spaces. And don't even get me started on the ground floor retail spots. Half of those commercial spaces haven't seen a single customer since the contractors packed up and left. It's eerie.
Nobody is buying apartments right now, and nobody is renting out commercial space either. The people who actually try to lease something get absolutely hammered because the rent is astronomical, and there’s zero chance of seeing that money again. At this point, the only businesses staying afloat are bakeries and betting shops.
