Didn’t do what when they built the most luxurious condo tower in California?!
Already happening, with impeccable timing.
Mega-landlord prepares for downturn.
“All it takes is a couple of big tech companies folding and the floodgates open, causing the sublease market to blow up, rents to drop, and new construction to grind to a halt.”
Few housing markets are crazier than San Francisco’s. But what had to happen is starting to happen: while house prices continue to soar, a phenomenal building boom is causing a condo glut that will reach dizzying proportions as new condo towers are completed. And now the dynamics of the market have reversed. The median condo…
Other tech-heavy office markets too.
In the city of San Francisco, the median condo price is $1.11 million and the median house price is $1.25 million, up 72% and 88% respectively from the first quarter 2012. Median means, 50% of the units cost more, and 50% cost less. Which creates an absurd situation: only 11% of the households in San…