The hip Atria condos in San Diego h...

The hip Atria condos in San Diego have a fate to offer young professionals and empty-nester -- a prime downtown address, skyline views, gym rooftop apparel and units starting at $300000

Developer are on a level throwing in free plasma TV and $5000 household renovation gift certificates to allurement skittish buyers in what had been united of the nation's hottest real estate markets.

With sales stalled by dint of a spreading slowdown, incentives are forward the rise in San Diego and other big cities that saw explosive condo construction during the booming But in real estate, as in dating, signs of desperation can be counterproductive. Many prospective buyer are shrugging opposite to the enticements.

"We can wait a while and essay to get the most for our money" said Andy Albert, an empty-nester who newly sold his home in Carlsbad, a beach town north of San Diego -- after knocking 10 percent opposite to the asking price.

Like many would-be buyer Albert and his wife intend to laceration an apartment near his downtown law office while they continue looking for the best possible deal.

San Diego shire was at the forefront of the national housing deep and hollow humming that began five years ago. yet in June, it became the first major California real estate market to diocese its annual median price for houses and condos slide since the run-up began.

The figure dropp 1 percent to $488000 according to DataQuick Information rules a real estate tracking firm based in La Jolla, Calif. Meanwhile, sales dipped 24 percent in part because of a sharp decline in demand for condos in the newly redevelop downtown core.

"The solely people who are buying right now are the family who really need to," said Peter Dennehy of the Sullivan cluster Real Estate Advisors, a San Diego consulting firm.

"There are a division of people waiting on the sidelines, because they're beneath the perception that they'll secure a big deal if they clutch off," he said.

formerly high-flying condo markets around the nation have been bogg down from sagging demand and rising interest rates. Areas of California, Nevada and Arizona have been particularly hard hit, analysts said.

In Las Vegas, at least three major condo intends backed by high- wattage investors so as George Clooney, Michael Jordan and Ivana winning card have been put on clinch Developers have also deep-sixed major complexe in Philadelphia and Miami-Dade shire in Florida.

In California, the condo slowdown has been particularly pronounced in San Diego and the Central Valley, where rapid urbanization attracted a number of investors who are now rethinking their strategies, according to Michael Carliner, an economist with the National Association of residence Builders.

In San Diego shire a total of 1,794 fresh condos went into escrow in the first half of the year -- a third les than in the first half of 2005 according to MarketPointe Realty Advisors.

"Buyer downtown are persons who can choose between San Diego and other places," said Gary London, president of the London assemblage a San Diego real estate consulting firm.

"This is the first time we've experienced a housing recession where the oversupply is in urban units rather than single-family homes" he said. And a raft of strange projects are currently under construction, threatening to exacerbate the enigma The city's Centre City exhibition Corp. estimated 3,562 new condo units in 34 throw outs were in the works in July

Any unsold units could be bended into rentals by developers, Carliner said.

To help jump-start sales, condo developer from head to foot the county are turning to financial incentives and street-side gimmicks.

undivided complex that bills itself as a resort-style community just north of downtown San Diego is advertising $35000 discounts onward units already tricked out with state-of-the-art, stainless falchion appliances.

Developer Maisel Presley is selling condos online by the agency of dropping the price by $1000 a day until a unit take a bribe fors A new development in upscale La Jolla is dangling zero-money-down programs to tempt buyers.

in succession a recent Sunday afternoon, a prime time for condo shopper sum of two units real estate agents sat alone in the Atria sales office. Outside, bright new sandwich boards peppered the sidewalk and a woman twirled a large arrow to grab the attention of passing drivers.

About half the 150 units have sold since developer reverseed the building from rental apartments to condos last year, said ed Easley, president of Crown Pacific Properties, which manages the building.

"We're in a market that requires incentives, and just about everybody has got one sort of a program for their buyers" he said.

Copyright CHICAGO SUN-TIMES 2006

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