J.K. Dineen hits the front page of the San Francisco Business Times with a great piece titled, “Competition runs high: Luxury condos vie for buyers on Rincon Hill.” And while the piece focuses on the Metropolitan, it might just be a bellwether for other developments around town. A couple of choice quotes…
Alan Mark, President of The Mark Co., which is marketing more than half of the city’s new condo developments, said some owners are rushing to sell because they are worried about 4,000 to 5,000 new units coming online over the next three years. In addition, many have adjustable five-year interest-only loans, and with interest rates on the rise, they are in a position where they are forced to sell because they will not be able to pay the higher mortgage.
“They want to sell at the top of the market,” Mark said.
And then there’s that little issue of blocked views:
McGuire’s [Malcom] Kaufman said it has been surprising that so many Metropolitan owners seemed unaware of all the Rincon Hill development that has been in the pipeline for more than four years.
“You better know what is going on around you before you plunk down three-quarters-of-a-million dollars,” he said. “It’s amazing how many people don’t.”
No kidding. And while people once had a BS (“Before SocketSite”) excuse for not knowing what’s going on, there’s no longer an excuse for not being “Plugged In.”
∙ Bay Buildings: The Metropolitan (333/355 1st Street) [SocketSite]
∙ 2,700 New Condos On Sale Soon [SocketSite]
∙ QuickLinks: Cause And Effect [SocketSite]