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FYI: SF Condo Sales (Still) Doing Just Fine

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As SoMa gradually reaches skyward with new construction, high-rise condos continue to thrive in this down-spiraling housing market. Whereas San Francisco residents could once only work in office towers, people can now get live high in the sky— at this point, 20% of Millennium Tower is now in contract. With some of the greatest views in the city, it should be no surprise the upper portion of the building is getting bought up the quickest. So far, 80% of Millennium buyers already call the Bay Area home but just couldn't resist a room in SoMa's newest star. Suspected of fueling sales? High gas prices, of course. Even high-power executives like to walk to work every now and again to "keep it real" with the proles. Despite the weakening real estate market in other cities, condo construction shows no sign of slowing in San Francisco: 1,681 units are currently under construction and 7,793 are approved, although most of those won't really take off until the Eastern Neighborhood Plan makes it through the 9th circle of Hell Board of Supervisors.
· SF luxury condos bucking the trend [ABC 7]

[image via ABC7]