There’s a good article in the local paper on how San Diego is saturated with Condo Conversions that aren’t selling. There are nearly 7,000 units in 111 complexes sitting on the market. In fact, in some places the developer has decided not to continue to sell them and just keep them as rentals.
As a comparison, Los Angeles which is 3 times the population of San Diego has only 1,325 units!!!
Thats how bad the market has stalled here.
You can read about it here.
I actually know 1 guy who’s been burned by this. He’s stuck with tons of inventory that he overpaid for and can’t even breakeven if he rents the units out. I guess he didn’t have a backup plan.