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Lower Prices and Fewer Projects Mean a Condo Drought's On Its Way

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Following our Friday brief on condo-market shrinkage in San Francisco, the Examiner has a couple factoids to add. First, no shocker here: condos are selling for about 10 to 20 percent lower than they were two years ago — a rate that's helping to move all those units from the big-condo big boom dating back to that same heady era. But with big-ticket projects now more or less off the radar (the only large-scale for-sale project coming online anytime soon is One Hawthorne), we're looking at the condo well drying up in as soon as six months. (That's according to the prez of Pacific Marketing Partners, which does marketing for One Rincon Hill et al.) Assuming construction loans start kickstarting projects again in, say, two-ish years, with new condos hitting a couple years after that, San Francisco won't be seeing much new inventory for a solid few years.
· Sales of new condos heating up [SF Examiner]