I agree a lot of the "condos" will turn into apartments and finally make the condo market here more "rational." There is really no difference between a condo and an apartment (other than buying one versus renting one) and if it doesn't make sense to buy a house versus renting one, it REALLY doesn't make sense to buy a condo if you can rent one across the street for significantly less (accounting for tax break, HOA, etc etc)

socketsite has a great inventory index for SF:

http://www.socketsite.com/arch...

Due to strong rent growth in recent years some projects have been changed to rentals. That is the option many of these large developers have when going into the lengthy process of land aquisition, entitlements, permitting, then construction. Not sure what restrictions exist for doing so, but it sure might make sense in the coming years for some of them as we head for the bottom of the cycle.

David, to return to your comment, "I am curious to see how well pricing/sales hold up in these towers in this area as thousands of units are slated to come online in coming months/years."

This is something that has fascinated me since 2007, when I learned that hundreds of condos were even then coming on the market in Emeryville, and my God, when you drive through downtown Oakland, it's downright frightening, the huge condo developments under construction right now.

Looks to me like hundreds if not thousands of units will come on the market right around the time the market bottoms out. What's going to happen then? Will the developers go out of business? Convert the units to rentals?

I am with you on the point, I just like to find reliable statistical evidence before drawing hard conclusions.

Whatever the amount of foreign buying going on in SF, especially/specifically the downtown condo market, I don't think it's near enough to shield from the impending price corrections. SF prices corrected by 10-12% in the early-mid 90s and it's likely to be at least that over the next several years.

I just read in the WSJ last week a quote from a NYC agent who estimated half of her recent buyers are foreign, mostly European.

It may be underway, but SF will never come close to Manhattan, ever. I'm supporting your point that prices will come down, partly due to that fact.

As to foreigners buying, all I can say is I recall something in the NYTimes and elsewhere. here's something that says it's about a third of purchases lately in Manhattan:
http://www.statesman.com/busin...

I don't know what it is in SF (I can't find a link) but I'd bet a lot of money that way less than 1/3 of recent purchases were by foreigners.

I never said SF is Manhattan - but make no mistake about it - the Manhattanization of SF is under way with these skyscraper condo towers. Soon the Transamerica pyramid will be just another of the tall structures creating the skyline.

I have searched pretty hard before (as have many others) for true statistics of foreign buying in SF, NYC, or anywhere for that matter. Nothing seems to exist - only anecdotal reports. David, if you can come up with some evidence I would love to see it.

Do you really feel you can quantify the interest in SF vs NY by foreign buyers?

SF is not Manhattan. Those prices are in the Manhattan range, and therefore, ridiculous. Foreigners might like SF a bit, but get real, they'd rather have a spot in Manhattan, or at least there are more foreigners who'd buy Manhattan way before SF.

I hear ya. If prices weren't so ridiculously disproportionate to income, we all would be happier and have more reasonable options. Give it a few years (probably 5-7) and things should get better. :) Timing really is everything and I couldn't be happier renting right now. But of course we all want to own something we can call our own and make changes to at will.

And you're right - everyone should be jaded with current pricing.

The units themselves are fine- even gorgeous, though I prefer less steel and more grass, personally. No, it's the price point that annoys me. Probably because, yet again, as a teacher, I'm SOL. I have to admit: I'm biased. Also jaded.

What annoys you about them? I would likely buy (not at these prices) or rent something in this area if I worked downtown, and that's a large part of the target market for these developments. I am curious to see how well pricing/sales hold up in these towers in this area as thousands of units are slated to come online in coming months/years. The key is how many are being bought by foreigners with strong currencies against our weak dollar. Only anecdotal evidence is available for that. The same question applies to New York City.

Apparently, some or all of the penthouses are under contract at the Infinity at $2000/sq ft. Wow.

All these kind of annoy me, you know? Oh boy, more high priced bachelor pads. Just what a city that want to alienate the middle class further needs. But I read that overall, high end sales are alive and well in the city,(http://www.sfgate.com/cgi-bin/... so I guess there certainly is a market for these units-- even the $1000 plus per sq. ft units!