Huge S.F. crowd vies for affordable luxury condos

From the Examiner, "By the time Robert Schlesinger went over the details of the Beacon condominium project — the heated outdoor pool, the private dog run, the concierge service, the granite kitchen countertops — he hardly needed to sell it to the crowd. Roughly 500 people showed up to hear Schlesinger's presentation Thursday about 20 condos being offered — by lottery — for prices well below market rate in two South Beach luxury towers across from SBC Park. Another 1,000 people had gathered a few nights earlier to find out how, in San Francisco, one could still buy a luxury condominium in a vibrant, safe part of town for less than $200,000."

"[Matt] Franklin (director of the Mayor's Office of Housing) said, in addition to the demand for units at the Beacon, about 10,000 applicants vied for 100 spots in the International Hotel, a recently completed affordable senior project. Other condominium projects that contained an affordable-housing component have also drawn throngs of would-be homeowners hoping they can be among the lucky few."

"But those looking to cash in on rising real estate prices by reselling the property at market rate for a huge profit should look elsewhere: The City's program puts limits on resale prices."