Price of entitled land in SF drops with economy

Paging developers with cash...now's the time to plan your developments for the next 5 years:

The price of San Francisco land entitled for condo towers is sinking fast — to the point where some developers question whether it is worth anything at all.

BayRock Residential has slashed the price of its approved condo site on Sutter Street from $18 million six months ago to $8 million, an indication that central San Francisco land prices are catching up with the decline in housing prices the city has seen.

BayRock also owns the entitled land on Market Street at Octavia, next to the SF LGBT Center. Great location for a developer and just two blocks from the new Prado Group condo/Whole Foods building planned for Market at Dolores, the site of the S&C Ford bldg.

UPDATE: Looks like I have a magic real estate development mind: drove past the site next to the Center and there's construction activity! First in over 3 years, on the same day I posted this. Looks like BayRock will be keeping the land and starting construction...now!

SOURCE: SF Biz Times