Citywalk Condos Have Postponed The Second Phase
Posted Nov 12, 2007 @ 3:12 pm, Viewed by 1653 Visitors, Read 1739 Times.It seems that some of the developers in Oakland are not immune to the high inventory that is forcing people to slash prices. I was somewhat surprised to learn that the Olson Brothers, (developers of one of the largest and most luxurious new condo developments in Oakland) have postponed the second phase of the development.
The obvious reason for the postponement is the fact that not many of the units in the first phase have sold yet. Financially, it can't make sense for them to keep building while there are still many of the first phase units available.
Sales at Broadway Grand-another new development in Oakland are also sluggish compared to their projections. Out of over 100 units, I believe only a dozen or so have sold yet.Hopefully the new year and coming spring market will mean more buyers and hopefully the inventory of all homes in Oakland will come down.
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Hamid Grinage is a Realtor with the Grand Lake office of Prudential California Realty in Oakland. He is E-Certified, a graduate of Sonoma State University, and a member of the National, California and Oakland Association of Realtors.
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