Post date: May 27, 2012 5:14:41 PM
Looks like things have turned around. A quote:
Not only are prices of existing condominiums recovering to prerecession heights, new complexes are springing up, like 299 Valencia, a 36-unit building in the Mission District that is already 60 percent sold, despite the fact it hasn't completed construction yet, according to SocketSite. MillwheelSF, a 32-unit complex under construction in the Dogpatch neighborhood, is pricing its three-bedroom, two-bath units from $719,000 to $825,000. I'm told ground will be broken "very soon" on a second, 299-unit condominium tower at One Rincon Hill.
"We've seen tremendous improvement since the beginning of the year," said Paul Zeger, CEO of Pacific Marketing Associates. "Interest rates are low, and consumer confidence is up. And you could literally own a condo on Third Street cheaper than renting one in most of the city."
For less tony neighborhoods, like the Bayview, with the Third Street light rail providing easy access to downtown, the complex symbolizes a rebirth of sorts.
"You can start to feel it gaining traction, with middle-class buyers moving into a community that had been hollowed out," said Rick Holliday, president of Oakland's Holliday Development, which built 5800 Third St. It's great to watch it come back."