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Surprise, Surprise: 2009 Will Be a Buyers' Year

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Brokers, you might want to skip this one -- it's nothing you didn't already know, anyway. It took a while for the financial crisis to really hit home, but now no one can deny its got us in its grip -- and the bigwigs are finally taking notice. The "lethal combination" of eroded wealth, tighter credit and concerns about the future has the city's real estate firms cringing and potential buyers licking their lips. Deals will abound, at least for a while. But top execs at Zephyr, McGuire and Pacific Union GMAC are still optimistic against the overwhelming tide of financial wisdom, banking on their expectation that the San Francisco market will bounce back before the end of 2009. Good luck with that, guys. The rest of us will be putting in offers way below asking.
· S.F. feels the pain of real estate meltdown [SF Gate]