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June 07, 2008

Wishin' And Hopin'

SignOnSanDiego.com > News > State -- San Francisco voters endorse huge redevelopment project

SAN FRANCISCO – The city's largest redevelopment project since World War II got a major boost after voters overwhelmingly endorsed plans to build new homes, office space and possibly a football stadium in a long-neglected corner of San Francisco.

Sixty-one percent of city voters approved Measure G, which endorses developer Lennar Corp.'s plans for a $1.2 billion development project on 770 acres at the Hunters Point Shipyard and Candlestick Point in the southeastern part of San Francisco.

Since I live directly across the street from the Shipyard (and, in fact, over a thousand new homes are in the preliminary building stages there right now) my sadly battered home's value (down more than 45% from its early 2007 peak) and my own financial picture would welcome this development. However, given the snail's pace at which the current development has proceeded, and the questionable expectation of Lennar being able to peddle 10,000 new homes any time in the next decade, I wonder if it can actually get done.

There is a lot of magical thinking going on in SF biz and real estate circles to the effect that the San Francisco housing market can never go down. Like much of conventional wisdom about real estate, I wouldn't be much surprised to see it eventually revealed as rank stupidity.

Posted by Bill Quick on June 7, 2008 06:47 AM | Permalink

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