'Tis the Season For Condo Buying

We're knee-deep in holiday wrapping and bows, but The Mark Co president Alan Mark tells us why now's one of the most wonderful times of the year to buy a condo.

Alan goes to the Big Apple every six weeks to visit developers and financial partners, and we called him up on his most recent visit checking out new housing in the Upper East Side and Chelsea (he also squeezed in a boatload of Broadway shows, including The Real Thing, The River with Hugh Jackman, and On The Town). The value of new construction condos in S.F. was $1,163/SF in November, up 15% from a year ago, he says. Buyer demand, interest and motivation has been hot since late August and Thanksgiving week was "great" for sales. Why are holiday weeks hot times to sign on the dotted line? People have time off to come in and buy. He expects this weekend into next week to be busy at sales offices; plus families are in town and come along, too.

Alan tells us there are several buildings in the city that are quickly filling up, including 870 Harrison and 8 Octavia (above). He's seeing more delays in new construction because contractors or subcontractors are stretched. Closings thought to occur between October and December are being pushed into the new year, and he predicts a lag going forward. The Mark Co did sales for the first two buildings of The S.F. Shipyard's townhomes and flats. He says it's been "mind boggling" how many people visit the Shipyard weekly at the downtown S.F. sales office. Over 80% of people who buy there don't look anywhere else.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's San Francisco Newsletters
Related Stories

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Bringing Stability And Savings To CRE Insurance Through Working Layer

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy

SEC Charges REIT, Its Founders With Alleged $152M Fraud Scheme

Miami's Condo Craze Has Developers Spending Millions On Sales Galleries

Slate, Hudson Cos. Picked To Develop Massive Queens Housing Project

Ryan Cos. Secures Permit For Austin's Sixth Street Redevelopment

Rapper Rick Ross Joins 670-Unit Miami Gardens Condo Project

How A New Financing Model Helps Spur More Mixed-Income Housing

Riverwards Group Secures Construction Financing For 155 Units In Olde Richmond

Mesirow Pays $132M For Midtown Luxury Apartment Tower

Integra Acquires Evacuated Broward Condo Complex Via Court-Ordered Auction