San Francisco Business Times
From the article:
A dearth of new condos available in San Francisco is pushing buyers to Oakland — and developers are paying attention.
With fewer than new 60 condos on the market in San Francisco, buyers are pushing up prices at Broadway Grand and the Bond —the two most high-profile projects selling in Oakland, according to Polaris Pacific, which is handling sales and marketing for both projects.
Last weekend the penthouse unit at the Bond fetched the San Francisco price of $1,000 a square foot, although the unit had been tricked out with very high end finishes, according to Chris Foley, a principal with Polaris Pacific. Meanwhile, Broadway Grand is close to sold out. Essex Property Trust recently notified residents at the Grand, a 238-unit luxury apartment tower in Uptown, that the building might be converted to for sale.
Foley said Oakland’s condo pricing historically lags San Francisco by about 30 percent. Now it is closer to 45 to 50 percent. He expects that gap to close. “You are going to see more people buying in Oakland and winning on price appreciation,” he said. “Developers are taking advantage of it.”