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Condo developers: Sales of downtown S.J. high-rises picking up
2009 Oct 5, 8:37am 2,610 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.
Mind you, downtown SJ is mostly OK (I was born there, hence the bias), but those new crap condo towers resemble jails. (Is this modern architecture some kind of statement about buyer mentality?) And why would you want to borrow $500K to "own" one, along with the "privilege" of paying $450 a month in home-loaner dues? What in the world are people thinking?
dont_getit
@
2009 Oct 7, 7:19am
Be very very cautious when you read Merky news. This article intention is to get you for the weekend, I wouldnt be surprised if it was paid by "Pacific Marketing Association"
"What makes it such a good opportunity to buy is that not only are prices down, but so are interest rates," said Paul Zeger, marketing manager for Pacific Marketing Association, which is helping market three of the properties. Others say buyers are taking advantage of the federal tax credit of up to $8,000, but those sales must close by Nov. 30.
The public can be the judge this weekend, when all four properties will be open during a two-day tour sponsored by the developers, the Redevelopment Agency and the San Jose Downtown Association.
I think SJ downtown is becoming more lively, but am sure these condos are priced much more than they deserve.
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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!