A short article in La Prensa today has the association of real estate brokers stating that certain areas of the city have an oversupply of apartments. Of course they blame the speculators as if the agents did not know they were selling to them when they where buying two or more apartments at a time. The developers and real estate agents were complicit in hyping the projects over the last few years.
Real estate oversupply in exclusive zones
MARY TRINY ZEA MARY ZEA TRINY[email protected] [email protected]
"Ganga! Excellent investment in San Francisco ...", overlooking the coastal strip ...", these are some of the most common ads that are read in the classifieds.
If a reader gives a look at these warnings will notice that there is an oversupply in San Francisco, Paitilla, Punta Pacifica and Balboa Avenue.
"We were flooded by speculators who bought houses, but have been unable to sell them at a competitive plan with the developers," said Oswaldo Lau, board member of the Association of Real Estate Brokers (ACOBIR).
The expert notes that there is an offer unsatisfied demand, but that the market self-regulate the situation.
"Many are selling at any price to get out of their business," said Lau.
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