The 144-unit property, which is owned by Terra Vista I HOA c/o Preferred Property Management, stands at 10327 Azuaga St. Residents will remain in their condos during the renovation, which is slated for a March 2003 completion. The rehab will include exterior upgrades such as new roofing and paint, as well as deck and stucco repairs.
Golba Architecture and Preferred Property Managers are serving as consultants on the project, while Wermers' own team consists of Bart Harman, Mike Young, Steve Smith and Michelle Simmons.
Condominiums and other multifamily properties have seen an increase in popularity in recent years, as housing affordability in San Diego and across the state continues to decline. The percentage of California households that can afford to buy a median-priced home decreased by five percentage points in June 2002, compared to one year ago, according to a recent report by the California Association of Realtors. In June of this year, only 27% of households could afford to buy homes, while 41% could afford to buy condos.
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