Luxury condominium tower in San Francisco Sells Out

Tishman Speyer Properties (of recent Stuyvesant Town Infamy)  has sold out a luxury condominium tower in San Francisco. According to Reuters – this is a sign of pent-up demand in that city’s housing high-end market, especially among first-time home buyers.

The Infinity San Francisco development has fully closed out its 237-unit Tower I, while its 285-unit Tower II, which opened in February, is 70% closed.

Tishman said the Infinity is the only large-scale condominium development in the United States to sell more than 200 apartments in 2009. Overall, 45 of 650 units remain unsold, while 36 are in contract.. “It’s largely a function of pent-up demand for housing in San Francisco,” said Carl Shannon, Tishman’s managing director for the Bay Area of Northern California. “We are selling to a tremendous amount of first-time home buyers.”

The development has been in the pipeline since 2005, and it is certainly encouraging to see this sell out, especially when considering the amount of unsold inventory on the market. No doubt the recent home buyer stimulus has helped, but -  three things hold true in real estate – location, location, location, and this area is starved of inventory, especially overlooking the bridge.