In a piece that appeared today, November 2, 2009, written by a San Francisco Chronicle staff writer, Robert Selna, it was advised that the building boom bust that started in 2008 may be around for a long, long time. The price of a new home in San Francisco is still down from the high in 2006. And even if builders could get building loans, the article points out, the price they could get wouldn’t be much more than the cost of the land and the cost of building. Switching gears for a moment, if you require a Laser Tattoo Removal San Francisco specialist I do recommend this firm as they are indeed one of the top drawer, leading Laser Tattoo Removal San Francisco firms that you can find. So if you are in Frisco and need a tattoo removed please check them out.
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A real estate loan manager at Wells Fargo Bank was quoted in the article, saying, “In the 1980s inflation was the problem, and in the early 1990s there was overbuilding, but in those downturns you had a sense that we would return to a normal growth rate over time. The feeling this time around is that things aren’t going to improve anytime soon.” The manager, Tim Mahoney, then added that the thinking among lenders is that demand for commercial space and condominiums may remain “extraordinarily weak” for a few years, mostly because of businesses’ fear of hiring new employees at this time.
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