In sign of changing landscape, SoMa condos converted to rentals
San Francisco Business Times – October 27, 2006 by J.K. Dineen
Dave O”Keefe is going rental at 188 King St. The Irish developer said that with the rental market picking up steam and the sales market slowing, it makes more sense to hold onto the 11-story loft building. He said he has sold nine of the building”s 44 units and may sell one more before pulling the plug on the sales effort. The building was completed last spring and residents moved in in August. While some banks refuse to finance condos that are not majority owner-occupied, O”Keefe said buyers were always told that some of the units would not be for sale. “We”re shutting it off,” said O”Keefe. “We were able to pop a few off, get our loan more manageable, refinance and let the rent take care of the loan.”
O”Keefe said the building near the ballpark will ultimately stand out in the crowd of new condo towers in Mission Bay and South Beach. And that he is not willing to part with the units for less than he expected. “I wish I could have kept the whole thing,” he said. About 10 units so far have been rented with another 20 to go, O”Keefe said. Rents are $3,000 for a one bedroom and $5,000 for penthouses. One 3,000-square-foot, three-level penthouse with four-and-a-half bathrooms is renting for $9,500.
J.K. Dineen can be reached at (415) 288-4971 or jkdineen@bizjournals.com.
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