"The vultures are circling," says the pres of a local RE marketing firm, perhaps guarding his eyeballs. He must be talking about that time One Rincon Hill's second phase totally ate it. Or maybe 535 Mission... or Alexandria's two Mission Bay biotech buildings. While the corpses of future high-rises lie strewn about in empty lots around the city, loan sharks private investors are looking to save some projects "under terms highly favorable to them." But if the state of San Francisco's future skyline is any indication, it looks like no one's biting so far. There's financing out there, according to ever-anonymous industry experts— it's just that standards are stricter now (probably a good thing), making the numbers generally unfavorable to developers with dollar signs in their eyes. What to do? Wait till the economy quits harshing their vibe, then pick up where they left off. In the meantime, shadow haters get their day in the sun. (See what we did there?)
· Real estate a tough sell in troubled economy [SF Gate]
· The Ripple Continues: Rincon Hill Suspended [Curbed SF]
· Market Aftershocks Stem From 535 Mission Halt [Curbed SF]
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