July Apartment Sales Declined Sharply in San Diego County

July apartment sales in San Diego County declined to 959 units, down 56% from the 2,211 units sold in July, 1986, according to the monthly apartment report from John Burnham & Co., San Diego.

The dramatic drop confirms the “demise of tax shelter-oriented syndicated apartment acquisitions” that were so popular before last fall’s passage of the tax reform act,” according to Burnham apartment broker George Carlson.

In the first seven months of 1987, total units sold declined 36% to 6,395 from 10,002 for the same period in 1986, he said, and less than 1,000 units were sold in five of the first seven months of 1987.