Drop expected for apartment values in 2010
By Roger Showley
Union-Tribune Staff Writer
Although they think they own the best real estate to weather the recession, local apartment investors, managers and analysts still expect values to drop in 2010.
“The good news is that we haven’t heard anyone single out apartment investing” as a bad move, said Robert Vallera, a principal at Commercial Realty Advisers, at a briefing yesterday on the apartment market and the overall economy.
Vallera asked the 200 attendees at the Mission Valley Marriott what they expect to happen to apartment values next year. Virtually all raised their hands to indicate a drop — the result of distressed properties selling at bargain prices.