Condo developers: Sales of downtown S.J. high-rises picking up
2009 Oct 5, 8:37am 2,600 views 9 comments
by pkowen follow (0)
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An 8 unit condo I ride by at least once a week in San Francisco is STILL 1/2 empty at best, even though it was finished last summer.
Option ARM recasts to get in full swing starting next year.
Why the hell would I even give a moments thought to buying right now? Amazingly, most of my friends are *STILL* brainwashed into thinking this will blow over soon, and SF will resume it's ever upward march, fundamentals be damned.
fundamentals be damned.
If there ever was a catch phrase to describe the bay area, this would be it.
pkowen
@
2009 Oct 7, 4:30am
MarkInSF, if you care about them, try to convince them otherwise. I am sure you do try ... funny, I never hear from my old work associates (I took a different job) who, when I first moved out to SF bay area, constantly badgered me about 'getting in before I get priced out forever - hey I've got a great RE agent for you - aren't you going to buy?!?'. Many of them had option ARMs and such, I am sure. I know one guy who made a killing, he bought in the 80's. Good for him.
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Picking up? Psyche! ACTUALLY:
"Axis, for example has sold fewer than a quarter of its 329 units more than a year after move-ins began. City Heights, the first to open in early 2008, has sold 65 of its 124 units. Three Sixty, the newest and priciest of the four, has 90 of its 213 units under contract."
http://www.mercurynews.com/realestatenews/ci_13397275
So at best, half empty. Why? OVER PRICED. And in the comments I notice references to $500+ HOA fees. FAIL!