A number of San Francisco Bay Area condo complexes whose units were rented out during the real estate downturn because of weak buyer interest are now being switched back to for-sale units to accommodate surging demand.
Even large apartment building owners are trying to cash in on the buying frenzy amid a dearth of for-sale inventory.
“The pendulum has shifted,” said Michael Reynolds, managing partner of developer Embarcadero Pacific, which specializes in high-density urban infill projects, including The Bond in Oakland, which has sold nearly 25 percent of its 101 units since converting from apartments to condos.
Other recent condo conversions include Broadway Grand, 288 Third and Uptown in Oakland; Bridgewater in Emeryville; and Skyline in San Jose.
Source: sfgate.com
