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We ran a story last month called “In Cooling Market, Condos Keep Coming.”
The condos keep coming indeed, but I need to clarify a couple of things. I mistakenly reported that in addition to the 3,414 condos under construction (a CCDC tally), there were another 1,485 brand-new condos sitting on the market. That’s not the case. That 3,400 figure actually includes the 1,485.
Many of those are “on the market,” though they don’t have any walls or floors yet — that “on the market” designation just means that buyers can open escrow on them, usually putting a down payment of 10 or 15 percent. Sales staffs for many of those 30 projects under construction have found buyers to sign contracts for a large percentage of the units.
If you have a (free) ZIPRealty account, check out this listing for a $12.5 million condo in the to-be-built Bayside at the Embarcadero project. It’s listed in the MLS, but doesn’t actually exist physically yet.
Click here for an updated, corrected version of the story.