In a blow to construction workers and developers, fewer condominiums are under construction in San Francisco today than at any time since 2004, a real estate firm said Tuesday.
There are 546 condo units presently being built in The City, the lowest number in five years, according to The Mark Company’s latest quarterly report.
Furthermore, there is little indication of an imminent rebound in construction activity, with just 39 proposed units receiving needed construction permits during the second quarter of 2009.
“Nearly all residential builders have stopped seeking building permits in San Francisco due to the lack of demand for for-sale housing, a recent decrease in rental rates, a drying up of the financial markets that traditionally provide funding for residential development and higher equity requirements for real estate developers,” the report says.
Meanwhile, median home prices in San Francisco and California rose slightly in the second quarter, according to the report.