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It seems real estate construction types are finally -- finally! -- realizing in 2009 that no one can afford their mindnumbingly thoughtless, albeit impressive and mildly erotic, InfinityBeaconOneRinconBLŪ luxury towers. San Francisco Business Times has more, but here's a frank, death-of-fun quote from one of those coalition, do-gooder types. AHem:
"The frills are coming out," said Tim Colen, executive director of the Housing Action Coalition, who advocates for housing in the city. "No concierge, no fitness room, and much smaller units. These are the coping mechanisms for the new era we’re in."
Alas.
SF Biz Times goes on to say, now that the condo housing market has slowed down to a dead man's crawl, developers in San Francisco must focus on three things: "rental housing, cheaper midrise construction and innovative, new financing."
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"much smaller units" - That one always cracks me up.
: )
innovative, new financing!!
Awesome. I'll bring my truckload of recyclables for down payment, then!
awesome! another reason to help my building realize it's dream of being the best place to live in the city.
if the values would just bottom out, for a start, i'd be happy too.
In 2000 it all started going up, the bubble popped in 06, its gonna level out around 2012.
This is lousy news for the environment ... fewer housing units near our jobs center and the Bay Area's public transit hub (think Transbay/BART/ferry boats ... and hopefully trains at some point). Although ... with the public transit pricing hiking up, San Francisco rents may not seem as crazy in the near future as they have in the past. Thank goodness for the Transbay Transit Center redevelopment - that should help activate Rincon Hill so that stores that normal income-making folks can afford to shop in the neighborhood instead of biking or boarding MUNI every time.
Does this mean I can finally afford a 250 sq ft studio with a shared bathroom in one of these monstrous towers for under $1.2 MM?
Oh freaking joy. Thanks, I'll Pass.
"rental housing, cheaper midrise construction and innovative, new financing."
In other words: everything and anything save biting the bullet and lowering prices to something even close to in-line with reality.
Good luck with that plan, assholes.
Seriously, it's always the consumers who take the hit. How about some really radical thinking and allowing profit margins to absorb market fluctuations. Fuckers.
the millennium was one of those developments subject to senior daly's tirade against parking.
if you spend less than 1.2 mil, you don't get a parking spot.
priceless!
So much for my dream of buying a place with a gold-plated bathtub.
Good thing they are getting rid of the doorman, I mean that's a good $40k a year they are saving! Everyone in the building gets a $20 discount off of their multimillion dollar homes, wow! Will the savings ever stop?