Opponents of condo conversions point to the sheer number of projects as the reason for needing tighter controls. But one San Diego real-estate watcher says the glut of conversions may be the thing that slows projects to a more manageable pace. Rich Toscano, who runs the website "Professor Pigginton's Econo-Almanac for the Landed Poor" (whimsical name aside, Toscano's analyses of San Diego's housing market are rather sophisticated), points out that downtown alone has an 18-month supply of condos-enough that "given the current rate of sales, it would take 18 months for them all to be purchased."
He said he's not sure what the supply looks like for areas heavy in condo conversions, like North Park and University Heights, but they're likely not as over-stocked.
Toscano thinks, ultimately, it's the glut of conversions that could bring San Diego County's median home price down to earth.
"Whereas individual owners can pull their homes off the market if they don't get the desired price, condo converters have no such luxury, so they are more likely to lower prices as needed to make the sale." For more such predictions, check out piggington.com