It was six weeks ago that a plugged-in tipster correctly called the construction hold on 5800 3rd Street and The Heights at Candlestick, and three weeks later that another plugged-in reader added:
The real info on this project as well as the other Bayview project on Jamestown (The Heights at Candlestick) that Noteware Development had completed the first phase of and was ready to start selling, is that their equity partner, Goldman Sachs from New York, panicked over the sub-prime crash and GS’ internal projection that the foreclosure market in California as a whole would be extending to S.F., so GS decided to take over the projects from Noteware (any R.E. experience on the Goldman Sachs team? Not a whit!), hence the work stoppages on both projects…
And from a plugged-in tipster today:
Last week, I called the Candlestick Heights Sales Center to inquire about pricing, availability, etc. The agent responded via email: “I’m responding to your request the other day…The update is this new development has been put “on hold”. No units are being sold at this time. Unfortunately that’s all I can tell you at this time. If you’d like, contact me again in a few weeks….I should know more by then.”
We’ll keep you posted (and plugged-in).
∙ RandomRumors: Construction Comes To A Halt On 5800 3rd Street? [SocketSite]
∙ The Heights At Candlestick [theheightssf.com] [Floor Plans]
Candlestick got burned! Oh snap!
I heard the same story about this project 2 months ago. institutional equity is taking a very negative view on residential re incl in the bay area, and most of these folks are NY centric, so this probably wont be the last story like this, during this down cycle, no matter what anyone think about sf submarket being unique, etc. it just doesnt matter at this point and the system needs to find a bottom. i would also note that this is a “last in ” location so its not too surprising to be “first out” — . i.e. youre not going to see this happening on the infinity.
With all due respect – smart to put that project on hold; on many differant levels.
A friend of mine was shot and killed a block from this development 3 months ago. Buyer beware.. they may be inexpensive but, you get what you pay for.
If the developer plans to bring these condos online in the 500K range, they wont sell. You can buy a decent place for the similar price in a safer neighborhood with more ammenities.
I heard from a friend that there is a huge construction defect on this building, thus, construction was stopped. They arent up to code. There was a murder inside one of the units, so the real estate company is freaking out because they would have to put this information in the disclosures. I think they will be rented out.