An article in Friday’s San Francisco Business Times focuses on how lenders are “falling all over themselves to throw money at [SF condo developers]”, and characterizes Bay Area condo construction as the “darling of lenders”.
Unlike Miami, where an estimated 60,000 units are in the development pipeline, San Francisco is constrained geographically. Less than 8,000 units are slated for completion within the next few years, and additional development sites are limited. The Palms, the Watermark and the Beacon, the only three projects where new condos are for sale [emphasis added], all report record activity in January and February, traditionally the slowest time for homebuyers. Since Jan. 1, the Beacon has averaged nearly one condo sale a day.
The “only three projects where new condos are for sale”? Did we miss something? (Or did the author?) And averaging “nearly one condo sale a day”? Aren’t there 595 units at the Beacon? And “record activity” compared to what?
∙ Costs soar, market cools — but lenders are still hot… [BizJournal]
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∙ Update: 1725 Washington Street [SocketSite]
∙ SocketSite New Developments Archive [SocketSite]