'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

Power Availability Becomes New Requirement For Shifting Bay Area Industrial Base

Developers Line Up To Convert Boston Offices To Housing, But Most Still Stuck At Starting Gate

To Rein In Costs, Philly Affordable Housing Players Look To Become 'Less Reliant On Consultants'

Rent Concessions Dip As Fewer Apartments Come Online

AvalonBay, Equity Residential Selling Boston Towers As Part Of Merger Settlement

IRES Looks To More Forward Funding As Resi Market Gathers Pace

Knightvest Capital Acquires 3 Multifamily Communities In Austin

Builders Turning To Prefab Solutions As Speed To Delivery Becomes Critical Consideration

Maturing Debt Triggers Wave Of Distressed Hotel Sales Across California

Millennium Partners Lands $281M Loan For Winthrop Center Tower

Vivmark Details Merged Entity, Becomes Largest U.S. Apartment REIT By Far

Making The Case For Preconstruction As Risk Management