'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.