There’s a new breed of real estate agent that’s taking the big city market by storm.
They’re doing it by buying condos, which are not only the hottest property in town, but are also getting a lot of media attention.
In the city of San Diego, the Real Estate Board of Greater San Diego (REBGS) recently announced that the number of listings for condos rose by 35 percent in the first six months of 2017, and they’ve also increased by 20 percent in Los Angeles.
Real estate agents say that the increase in listings in San Diego is primarily due to the condo boom, as well as the city’s recently enacted moratorium on new developments.
“The city has not been as hot as other big cities in the United States and that’s because there’s a lot more condo buildings,” said REBGS Director of Marketing Jon Stryk.
“It’s a boom that’s been going on for a long time, so it’s not that we’re really surprised, it’s just that we don’t see that in other big markets.”
But what really makes the condo bubble in San Francisco, Los Angeles and other big metropolitan areas such a real estate craze is the fact that they’re so cheap.
There are just two types of condos: single-family and two-family.
Single-family condos typically sell for $1 million or more, while two-story condos usually go for about $600,000.
“We know that the condos in San Antonio and San Francisco are the best in the world,” said Strym, adding that the real estate market in all three cities is driven by condo demand.
“But the city is also a very hot market, so the trend has definitely been picked up by the realtors.”
San Francisco has been experiencing a condo boom since the beginning of the year, and that trend has been amplified in the last six months.
The city’s condo boom started in early June, with the first listings being added in the early afternoon.
By the end of June, the average price of a single-story condo in San Franciscos condos jumped by 50 percent, and the average condo price in two-unit units rose by 50.3 percent.
“When you’re seeing this huge increase in the number and the price of condos, it makes the city more appealing to investors,” said Real Estate Director Jon Strysk.
Stryk said that a lot has changed in San Franocos condo market in the past year.
He added that in the city, there’s less competition for condos, and therefore the market is more competitive.
The condo boom is also benefiting the San Francisco Chamber of Commerce, which is seeing an increase in its sales of condos in the months leading up to the holiday season.
“That’s why they have more interest in the San Francisco market,” said ReBGS Executive Director Michael Groskow.
“There’s a really strong correlation between the number that’s available and the number in San Bernardino County.
San Bernardino is seeing a very strong condo market and that means more demand for condos.
That’s why we’re seeing a lot fewer condos in those neighborhoods.”
The condo boom has also helped San Francisco get the attention of investors who want to get into the San Francoos market, as it is in other major metropolitan areas.
Real Estate Investor Network (REIN) CEO Jim Hall told Business Insider that the condo surge is a big reason why he believes the market in San Francisocos will continue to grow.
“San Francisco is definitely going to see a big increase in condo prices over the next few months,” he said.
“The only thing that’s going to hold back the market, is that the city will be under the spotlight.”
But for now, the condos are still just the tip of the iceberg for the San Franciso condo boom.
Stryssk said there are many other factors that are influencing the condo market.
For example, there are a lot less condos available in the South Bay, and many of the condo owners in San Fransisco live in the suburbs.
“You don’t want to be in a market that’s very tight,” he added.
“If you’re going to have a large condo market, you need to have enough condos in order to sustain a high number of units.
If there’s only a few condo owners, that can be very problematic.”
Realtors say that there is a lot that the San Diego condo boom can do to keep the condo prices high.
For one, the city doesn’t have a moratorium on condos.
In fact, the moratorium is set to expire on Jan. 31, 2020.
Strymsk said a condo moratorium can only help the market.
“They have a lot to gain by having a moratorium,” he explained.
“They can use it as a deterrent to people from building condos.”
There’s also a new class of realtor that’s joining the condo