Lottery attracts a host of would-be S.F. homeowners

From today's Chronicle, "To see just how unattainable San Francisco real estate has become, one needed only to visit SBC Park at 7:30 Wednesday morning. There, about 150 people -- out of 4,300 applicants -- showed up for a lottery for 20 new condos. The lure in this city-sponsored affordable housing program was the price. Luxury condos that normally fetch $500,000 to $1.3 million were being offered at $85,000 to $233,000 -- sums that in many other parts of the country would guarantee a sprawling Colonial or a spiffy brownstone but in the Bay Area barely buys a vacant lot in a far-off suburb."

And from today's Examiner, "David Sobel of the Redevelopment Agency said he has “never” seen so many people apply for so few homes, but pointed towards factors including the quality of the development, its desirable location and the shortage of affordable housing to explain the draw. Ninety percent of city residents cannot afford a median-priced home, which at more than $700,000 in San Francisco has increased 20 percent over the last year alone, Sobel said. In the next three to five years, there will be many more similar buying opportunities at locations throughout Mission Bay, the Western Addition and Bayview-Hunters Point, Sobel added."

Details about getting yourself into future lotteries can be found on the San Francisco Redevelopment Agency Web Site.

A list of currently available BMR (below market rate) units can be found on the Mayor's Office of Housing Web Site.