Wednesday, January 20, 2010
First Rejection of 2010
OK, I performed a rookie move. Let's see if you can spot it. (Names have been changed.)
Hi, Editor First Name:
Thousands of condos were built in San Francisco and the East Bay by developers hoping to cash in on the real estate boom. Unfortunately many of those same buildings opened in 2008 and 2009 and are now facing low, if any, demand. This has led to many cash-strapped companies renting and leasing out condos -- not exactly what city officials had in mind, especially in downtown Oakland where developers promised a utopia of young urban professionals and moneyed boomers buying $600,000 condos.
Has the emergence of highrise apartments helped or hindered downtown Oakland's hope for a renaissance?
Anyway, that's my pitch.
This is a new one for me, but, sadly, not one I am going to bite on. I don't see a strong news hook.
Thanks for the offer.
Sorry, news hook would be that a) people who bought are a bit annoyed at their luxury condos now being apartment buildings and b) HOA fees not really covering the amenities. Most of the reason developers got the OK to build these condos was because they were proposed in redevelopment areas and they said they would upgrade neighborhoods.
The penthouse at the Ellington in Jack London Square just sold for $1.1 million, a near-record sale for a condo in Oakland, but the rest of development -- which was foreclosed on by its lender -- isn't selling very well. In a similar story. the City of Pittsburg voted to spend $9.2 million to finish a mixed-use retail and 200-unit condo projects when its developer abandoned the project late last year..
I don't know if I finally closed the circle on this, but let me do it now. I just don't think this would work for us.
But thanks for trying.
OK, I have to admit -- her last response gave me the chills! Anyway, I've decided my rejections will be a part of this blog -- just so everyone knows it happens to everyone. Expect more in later posts.