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.”
This situation is happening all across America.Perhaps there is a need for more afforable housing?
Empowerqueen at September 28th, 2005 at 6:05 pm ( )Thank you for the information.
Grace be with you……..
Will there be more chances like this? How can we find out about them?
brian at September 28th, 2005 at 8:42 pm ( )There is a list of units and developments with affordable units available on the SFGOV.ORG site and via the Mayor’s Office of Housing. There is also a way to preregister with them (basically getting pre-approved as an affordable housing buyer) as well.
Matt Lanning at September 28th, 2005 at 9:01 pm ( )Why does the Mayor’s office of Housing restrict affordable units to first time buyers only? There are many buyers where either the husband or wife has owned property in the past, but their combined incomes are about half of the $95K threshold for affordable housing. Grossly unfair, I say!
Kaushik at July 2nd, 2006 at 5:44 am ( )