In the last few weeks, there has been uncertainty in the mortgage market.
For those of you who are thinking about purchasing a condominium in a new building in San Francisco, I recommend reading J.T. Dineen's column in the most recent San Francisco Business Times, "Lenders still give San Francisco condos a green light."
In the article,Richard Caldwell, chief lending officer and executive vice president at Pacific Western National Bank said, ..."there are a number of markets that are not over-supplied and have persistent demand and San Francisco is one of them and Seattle is another."
Sean Keighran, president of the Residential Home Builders Association said, "the credit crunch will put more pressure on the buyers, especially in the high-end properties like One Rincon Hill or the Infinity, where buyers put 3 to 5 percent down, but have not closed on their properties." "How many of those people are going to move forward with those transactions? If you can't afford Rincon Hill, there are plenty of other things you can buy."
Again, I suggest you take a look at the article.
Sam Vitkoski
SoMa Specialist
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