Is it possible that the near future holds a housing shortage for San Francisco? One of my colleagues recently blogged about how the next generation of home buyers may create a shortage
-- let's take a look at the numbers.
Housing starts nationally are way down.
In spite of the number of distressed sales taking place, the continuing
climb in population seems likely to lead us back to the same old housing
crisis. Check out this article
from Lawrence Yun, Chief Economist for the National Association of Realtors.
This is no truer than in San
Francisco. The limited number of
new construction projects has come to a grinding halt.
Once the projects that were initiated
in 2007 and 2008 finally get finished I suspect that the next wave of new home buyers
may be faced with a drought that will last for years.
If the idea of developer sellers being in
the driver’s seat seems foreign to us today, get ready.
The days of developers controlling the
terms of their highly sought after sales may be just around the corner!