“[Millennium Partners Managing Director Richard Baumert] said traffic through the sales office has picked up since Sunday when the real estate web site Socketsite reported the rumor that price reductions were imminent.”
Condo price cuts reach top tier at Millennium [San Francisco Business Times]
The SocketSite Scoop: Millennium Cuts Prices 15% Across The Board [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by spencer

    do you guys get a commission? maybe “the hayes” will give you one as well for the blue light special comment.
    [Editor's Note: We don't. It's all about what's best for our readers (a.k.a. the buyers).]

  2. Posted by sfrob

    good god… they think mentioning SS will be good for business? i don’t think they really want prospective buyers listening to LMRiM, spencer and cooper

  3. Posted by viewlover

    the buyers can get useful information on socket-site. they don’t have to agree with LMRiM, or Fluj, but each camp shares their own perspective and it helps some of us hone our own. In the end we all benefit, specially in a market like we find today. Pay attention and learn, this is better than a college class.

  4. Posted by asiagoSF

    I second viewlover, this is better than a college class. Long live SocketSite!

  5. Posted by asiagoSF

    I second viewlover, this is better than a college class. Long live SocketSite!
    OK, group hug-time’s over… back to bitching about self-serving RE agents and overpriced condos

  6. Posted by walker

    sfrob is right. This is the wrong place to send prospective buyers. I walked away from a deposit at a new development last year. I signed the purchase contract long before getting ‘plugged-in’ to ss. I’ve been hooked ever since.
    Needless to say, the deposit was well worth losing.

  7. Posted by tipster

    Maybe Walker should give LMRiM, spencer and cooper a commission!

  8. Posted by lies...damn lies...statistics

    @ tipster
    don’t short change yourself, man!

  9. Posted by Trip

    I don’t doubt that Mr. Baumert said something like “traffic has picked up.” That he said it means nothing — his job is to sell units. Breeze through the SF realtor web sites and you’ll see a common refrain: “open houses seem busier than they’ve been in months,” “there is pent up demand and buyers who were on the sidelines now appear ready to buy with interest rates down,” etc. When somebody is trying to sell you something, you obviously have to take anything he/she says about that thing with a grain of salt.

  10. Posted by Foolio

    Someone better tell Mr. Baumert he’s not in the Real SF.

  11. Posted by tipster

    Trip,
    No doubt a good chunk of the increased traffic is from recent buyers and soon-to-be sellers trying to ascertain the current state of the new, lower market.

  12. Posted by unbelievable

    Traffic has picked up because those who have lost their jobs have nothing better to do than visit the sales offices. You get some entertainment and a free cup of coffee. How many people from Lehman, Merrill, Citi, BGI, UBS, etc. used to be in the $3 mm condo market and are now just using the sales office for a way to pass the time. Don’t kid yourself, a 15% cut may cause traffic, but it is not going to drive sales. 30% isn’t enough.

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