patrick.net

An 8 unit condo I ride by at least once a week in San Francisco is STILL 1/2 empty at best, even though it was finished last summer.

Option ARM recasts to get in full swing starting next year.

Why the hell would I even give a moments thought to buying right now? Amazingly, most of my friends are *STILL* brainwashed into thinking this will blow over soon, and SF will resume it's ever upward march, fundamentals be damned.

MarkInSF says

fundamentals be damned.

If there ever was a catch phrase to describe the bay area, this would be it.

MarkInSF, if you care about them, try to convince them otherwise. I am sure you do try ... funny, I never hear from my old work associates (I took a different job) who, when I first moved out to SF bay area, constantly badgered me about 'getting in before I get priced out forever - hey I've got a great RE agent for you - aren't you going to buy?!?'. Many of them had option ARMs and such, I am sure. I know one guy who made a killing, he bought in the 80's. Good for him.

Mind you, downtown SJ is mostly OK (I was born there, hence the bias), but those new crap condo towers resemble jails. (Is this modern architecture some kind of statement about buyer mentality?) And why would you want to borrow $500K to "own" one, along with the "privilege" of paying $450 a month in home-loaner dues? What in the world are people thinking?

Be very very cautious when you read Merky news. This article intention is to get you for the weekend, I wouldnt be surprised if it was paid by "Pacific Marketing Association"

"What makes it such a good opportunity to buy is that not only are prices down, but so are interest rates," said Paul Zeger, marketing manager for Pacific Marketing Association, which is helping market three of the properties. Others say buyers are taking advantage of the federal tax credit of up to $8,000, but those sales must close by Nov. 30.
The public can be the judge this weekend, when all four properties will be open during a two-day tour sponsored by the developers, the Redevelopment Agency and the San Jose Downtown Association.

I think SJ downtown is becoming more lively, but am sure these condos are priced much more than they deserve.

Hey don't worry, buying one of these is the last thing on my mind. I am just amuzed by yet another example of the failed CA bubble state.

Everything I've seen is that condos are a bad choice; associations going broke and jacking up prices when people are foreclosed or simply walked away, damage from other tenants, etc.

1989 or 1999 or 2009 ... it never made sense to make high rises in down town SJ. The area has had economic troubles decade over decade. Especially hard hit are the nite clubs. I seen several times over how they go up and in short time go down DP Coopers to SJ LIve, and that other 'meat market' near St James which I cant seem to recall name that well. I do recall Lots and Lots of Big Blonde Hair and miniskirts.

The real dismal high rise is the "gold building' which constructed by 2000 and hardly used like many others shows
the overbuilding and lack of demand. Just too expensive to do business in downtown SJ. Especially after the dot.com
bust.

dont_getit says

I think SJ downtown is becoming more lively, but am sure these condos are priced much more than they deserve.

I could have said the same 20 years going to the Laundry Works to hear a couple of metal bands. Yet compare that to today... not much to crow about. Yes, we have a hockey team, which is great for the migrants from the east coast.