Friday, January 23, 2009

San Francisco condos for sale

2009 will be a tough year for condo developers in San Francisco

-- The company behind Millennium Tower, the 60-story luxury project in SoMa set to open in April, will soon announce it is slicing all prices by 15 percent to entice buyers. In a surprising move, it's also extending that bargain to those who have already submitted deposits to purchase units.

-- The owners of the Radiance, the 99-unit waterfront mid-rise in Mission Bay, expect to say next week that they will lower prices by an average of 10 percent on selected units.

-- One Rincon Hill, the 64-story building that rises above the western approach to the Bay Bridge, isn't promoting any across-the-board cuts, but prices are down between 10 percent and 15 percent from a year ago, while spending on various incentives is up between 3 percent and 5 percent, said Paul Zeger, chief executive officer of Pacific Marketing Associates Inc., which markets that building.

-- Condo projects including the Artani at 818 Van Ness Ave., the Argenta at 1 Polk St. and the Highpoint at 1888 Geneva Ave. are being marketed as for rent or a combination of for sale and for rent, according to the Mark Co., a San Francisco real estate marketing and research firm.

-- The Cubix Yerba Buena, the eight-story building at Harrison and Fourth streets divided into tiny units ranging from 250 to 350 square feet, is holding an "Economic Stimulus Sale" that began on Inauguration Day and will last until Presidents Day. During that time, it is lopping nearly 30 percent off the price of some units.

By San Francisco Chronicle

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