The 10K Aftermath

With the glut of new condos in Oakland coming online during a slumped housing market, developers are getting desperate. So one developer of the Eight Orchids project in Chinatown, overlooking 880, is hoping to create demand by auctioning off their units starting as low as $300K below the original asking price, reports the Chron. Since it began taking reservations in February 2007, the 157-unit building has only sold twenty units. According to Alan Mark, president of a SF condominium marketing and research firm, other Oakland condo developers are also only selling a few units per month on average, which has lead many to slash prices. But is it enough?

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