National apartment vacancies dropping, San Diego’s are rising

The national and the local apartment vacancy rates, far apart in recent years, are much closer now.

Reis, Inc. (AMEX: WRP) a New York-based research firm, said the nation’s average apartment vacancy was 5.8 percent as of the end of the second quarter, down from 6 percent during the first three months of 2007 –reportedly the highest level in seven quarters.

The national survey covered about 9.3 million apartments in 79 metropolitan markets.

For San Diego County, in its bi-annual survey, MarketPointe Realty Advisors reported in March that San Diego County had about a 4.54 percent vacancy rate.

Although this was the highest level in a decade, the industry considers anything around 5 percent to be an apartment market in equilibrium. Read more » »

Japanese firm to launch condos

The Japanese property developer Thai Nissan Rinkai Mark Co Ltd plans to launch a high-end condominium worth 900 million baht to tap the high-end market, according to managing director Satoshi Kato.

The Rise Sukhumvit 39 will be located on a two-rai site on Soi Prommitr, Sukhumvit 39. It will have 77 units sized between 98 and 305 square metres and priced from 7.8 million to 27 million baht or 81,000 to 85,000 baht per sq m.

Unit sizes are large as the company aims to differentiate its building from others that feature mainly studios to two-bedroom units. As well, large units will attract expatdhriates who prefer more space.

The company expects to close sales by mid-2008. Target buyers would be affluent Thais and foreigners interested in condominium investment for rent. Currently, rental rates for condominium units in the Sukhumvit area are around 550 baht per sq m per month.

‘’The political situation seems to be unstable but it is short-term and we are confident in the project’s strength with quality construction. We have experienced in the development of mansions in Tokyo,'’ Mr Kato said. Read more » »