San Diego Condo Glut Doomed New Stadium

The Voice of San Diego has Charger spokesman Mark Fabiani explain:

Fabiani said the Chargers courted three types of potential development partners. The first group was interested, but then, they weren't. The second group, simply didn't have the means to put up that much cash now.

And the third group … well, I'll let him tell it.

"There was a third group that said, 'This project is interesting but you're assuming that the housing market is going to remain really strong and we don't necessarily share your view of the housing market in San Diego," Fabiani said.

In other words, "we don't think we would be able to sell 6,000 condominiums for how much you think we'd be able to sell them."

And they've got a point. The inventory of condos for sale in San Diego has soared recently, as has the number of homes for sale on the market.

You mean the price of condos can't go up 10% a year from now to doomsday?