Originally Posted by BTinSF
The national and global financial situation has not been static. It has gotten rapidly, progressively and dramatically worse rather rapidly catching some of America's top executives and financial experts by surprise. To the extent that it has similarly caught any of us, that is nothing to be embarrassed about.
I don't disagree with you, but I also think that we have been on a downward slide for well over
a year. There are also only so many luxury condos that can be sold, even in San Francisco, especially considering the glut of properties in so many overbuilt cities around the country and the fact that ridiculous mortgages had been offered for so long. Yes, I know that we're special, but my perception of reality and a gut feeling kept telling me that things were not pointed in a good direction and that another downturn was coming. I anticipated that construction would basically stop here as it has before and did not expect ORH II to be started anytime soon. Fortunately, I pulled all of my investments out of the stock market at that time. In some perverse way, 45 Lansing, Crescent Heights, 375 Fremont and other proposed projects contributed to saving me a substantial amount of money. Does it please me that our building boom has ground to a halt though? No! It was a great ride in several waves that lasted longer than one would have thought. Let's hope that we don't have another seven year construction drought here. They're boring and I have a feeling that many younger forumers would not be able to cope with that very well. Thankfully, we have Mission Bay and more economic diversity than most places. Things will eventually come back, but with the contraction of financial and legal firms, there probably won't be any demand for office space for quite some time.