Richard Green, director of USC Lusk Center for Real Estate, is quoted in the May 5, 2009 edition of the San Gabriel Valley Tribune:
Recession steers West Covina development projects in a change of course
San Gabriel Valley Tribune
...Nearly completed townhomes sit vacant off Grand Avenue. Developers of 88 industrial and office condominiums on San Bernardino Road asked for a 5-year extension because they can't afford to build. And a condo project on Workman Avenue was stopped six months into construction.
These delayed and abandoned projects in the city represent a larger trend throughout the nation of developments hit hard by the economy, said Richard Green director of USC Lusk Center for Real Estate...
...And experts predict there will be buyers. Well, at least for the homes.
"With house prices declining, buyers would rather have a house than condo," Green said, "and underwriting on condos is more difficult now..."
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May 6, 2009