SanFrancisco: New Condos Sell Briskly
High-profile condominium projects are selling steadily in San Francisco.
Sales have risen 18.7 percent from June 2007 to June 2008, according to research firm DataQuick Information Systems.
The median price, however, fell 32.5 percent during that time to $399,000.On average, sales teams are placing about four units per month into contract, meaning buyers have submitted nonrefundable deposits, according to the Mark Co.'s August San Francisco Market Overview.
That’s about the historic average, though only around half the rate during the real estate boom, says Alan Mark, president of the San Francisco real estate marketing and research firm
.At the current rate of sales, 15 of the 35 condo projects now selling in San Francisco would be filled by the end of the year. Five more would be complete by the end of the first quarter, leaving 15 open projects and very little scheduled to come onto the market in 2009.
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