San Diego Area Apartment Sales Hit New High in August

Sales of San Diego area apartment buildings hit a new high for the year in August, while permits for new apartment construction surged 39% from a year earlier, according to a Southland real estate brokerage firm.

A report by John Burnham & Co. said 134 San Diego apartment buildings with a total of 1,610 units changed hands in August, up 36% from the 98 sales of 889 units a year earlier. Sales in the first eight months of the year were up 43% from the same period in 1987.

Permits for new apartment construction totaled $43,147,958, up 39% from a year earlier, as builders rushed to get permits before San Diego voters have a chance to put stricter curbs on development in November balloting, the report said. However, the value of permits issued in the first eight months of this year was 29% below the value of permits issued in the same period a year earlier.