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Bargain prices, cash sales fuel condo spree
Fueled by bargain prices and purchases by wealthy Mexican investors, the condominium market in San Antonio is making a comeback.
Last year, condominium sales were the highest they've been since 1985. In fact, between 1987 and 1989, condominium sales nearly doubled in San Antonio from 557 in 1987 to 1,077 in 1989, according to Holmes & Shaw Inc., a local real estate information service here. Year-to-date 490 condo units have been sold.
Local real estate officials say the rise in condo sales is attributable both to low prices and the renewed interest by rich Mexican investors. Mexican nationals led the craze here in the 1970s, but withdrew as their economy languished. Today, the Mexicans are returning, lured by the safe haven of investing their money in the …