News Highlights

For the last 5 years, the condo conversion market in San Diego has been booming. Condo conversions offer an affordable choice of housing for people in San Diego and around the country. www.newcondosonline.com advertises 100 new condo properties in San Diego and about 40% of them are condo conversions.

The San Diego city council passed new regulations yesterday that will make it extremely hard for developers of condo conversions to continue to convert new properties. The new regulations include stiffer parking requirements, more assistance given to existing renters, higher environmental regulations, and more. Developers will also have to allocate 10% of their projects for affordable housing.

Brandon Fishman, CEO of www.newcondosonline.com stated, "These regulations are far too strict and will certainly drive up the construction costs and other overall costs for developers of condo conversions." Fishman's business partner Brent Gleeson said, "In an expensive housing market like San Diego, condo conversions have been a great opportunity for people to purchase a home. These regulations will discourage developers and prevent many people from finally purchasing a new home." Fishman went on to state, "Many of our condo conversion clients are starting to look in other cities for condo conversion opportunities specifically because of these new regulations.  Even though the supply of condo conversions in San Diego is high right now, over time demand could overwhelm supply and a lack of affordable choices for new homes in San Diego could pose a problem for the market.

www.newcondosonline.com is the Internet's largest and most visited condo advertising website. According to their tracking reports, the condo conversion properties receive the most traffic around the country, because of their ideal pricing for first time homebuyers. www.newcondosonline.com is starting to see other markets across the country just start to develop condo conversions. "It will be interesting to see if other markets begin to adopt similar regulations as San Diego did over time," said Fishman.

About the company:

www.NewCondosOnline.com was founded by New Condos Online, Inc. to provide condo, town home, and loft developers with a user-friendly forum in which to advertise their new, pre-construction, and conversion projects. In turn, New Condos Online provides the home buyer with a national one-stop resource to find and compare new properties. As an advertising tool, New Condos Online also provides real estate marketing firms with a valuable method of promoting the projects of the builders they represent.

NewCondosOnline.com handles advertising for condo, town home, and loft developers, real estate marketing firms, media companies, advertising firms, and real estate agencies across the country. Condos have increased in popularity over the last ten years and are expected to play an increasingly important role in the housing market. With thousands of condominium projects planned for the next few years, New Condos Online realized the need to create a marketplace where home buyers and investors can learn about pre-construction and new condominium opportunities.

Condo, town home, and loft developers are constantly looking for new ways to market their properties. More developers are taking sales and marketing to the web but still have trouble bringing potential buyers to the websites. Consumers need a single access point where they can find the condo of their dreams whether it is a primary residence, second home, or investment property. New Condos Online provides greater exposure for the new and pre-construction projects of condominium developers, real estate marketing firms, and real estate agencies with our simple process.

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