Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN DIEGO-Some direly needed affordable condos are about to hit the San Diego market, as potential homebuyers here continue to grapple with the issue of soaring home prices.

Developed by The Olson Co., the new Sycamore Walk residential project will deliver a total of 70 affordable condominiums and 50 townhomes to the San Diego market. Construction on the project has already begun, with grading currently underway, according to a company spokesperson. The developer is scheduled to kick off sales at the project sometime this week, with build-out expected by January 2004.

Prices here are set to range from the $120,000s to $152,000 for the condominiums and from the mid-$300,000s for the townhomes. Buyers’ incomes must be less than 80% of the area’s median income and meet annual income limits that range from $35,750 for a one-person household to $51,050 for a four-person household. In addition, they must financially qualify with The Olson Co.’s approved lender and fall within the San Diego Housing Commission’s numerous affordable housing guidelines. Preference will be given to people who live or work in the city of San Diego.

Buyers must also agree to a unique 55-year deed restriction approved by Fannie Mae that guarantees the affordability of the condos and townhomes for that entire length of time. It is the first time anywhere in the United States that Fannie Mae has used this deed restriction, according to the San Diego Housing Commission.

Sycamore Walk is rising at Via Fiesta and Lazanja in the San Dieguito Valley, on a parcel adjacent to the luxury master-planned community of Santaluz. Units range from one- to two-bedroom designs and will encompass between 584 sf and 1,828 sf. Amenities here will include a pool and spa.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.