Paul Zeger, of Polaris Pacific, thinks the Peninsula market is heading towards condos.
As jobs continue to spring up across the Peninsula, developers are struggling to keep up with the voracious demand for housing.
Consider Pinefino, a 69-unit apartment building in South San Francisco that started leasing at the end of August. It had a waiting list 1,000 people long when construction started, and was fully leased in less than two months. A similar phenomenon is taking place in Belmont, where thousands of people are on a waiting list to buy into Sares Regis’ 74-unit condo project when it’s done.
Despite higher-than-ever demand, many developers face significant roadblocks in securing sites and financing to construct housing across the Peninsula. Sky-high construction costs, a shortage of labor, lengthy entitlement and permitting processes, environmental lawsuits and community pushback can delay a project for years, or make it so financially infeasible it never even gets off the ground.
Read more at the San Francisco Business Times