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Blog Entry 6 of 10 Van Nuys With the Fringe on Top

Van Nuys isn't a state. It's a state of mind. A blog by Steven Rosenberg of the Daily News.

Blog Url: http://valleynews.com/~vannuys

The end of condo development as we know it?

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Contributed by: Steven Rosenberg on 9/9/2006

It's no secret to those in the East Valley, from North Hollywood to Studio City, Van Nuys and Sherman Oaks, that condo development has been out of control over the past few years.

Soaring home prices has made the $160,000 condo into the $360,000-$500,000 condo, and developers took note, buying up any property they could turn into a condominium complex.

One of the biggest has been Van Nuys-based Schaffel Development, with seemingly dozens of construction sites bearing the company's banner at any given time.

But with the slowdown in the real-estate market, a recent L.A. Times story by Diane Wedner, headline "Anxiety complex," caught my eye, especially this part:

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The construction slowdown is not expected to be as pronounced in Los Angeles County, although Gary Schaffel of Schaffel Development in Van Nuys -- a prolific San Fernando Valley builder of condos ranging from $500,000 to $1 million per unit - said he's taking a more conservative approach about future deals.

"We're keeping the same pace for the projects that are already rolling," Schaffel said. "But I want to see the land prices dip more before I make future land purchases."
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If Mr. Schaffel is slowing down, there must be something to it.

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