The Market has 2 faces: The first release in Tower II at The Infinity is almost here ! Plus, Short Sales for beginners.

The Infinity sales office is gearing up for the most anticipated release in recent memory with the Spear Street Tower scheduled to begin sales at the end of the month. In a quaint nod to the real estate market circa 2005, the sales team has devised a multi-tier priority list for getting dibs on the best units at the best prices. The Infinity has been marketing the Spear Street "tree tops" (low rise) building for a few weeks now, but the real buzz is around the new 42 story tower which is not only 5 stories higher than it's sibling but is located at the southeast corner of the complex allowing for more spectacular and permanent views. The developer Tishman Speyer had hoped to be sold out of the first tower by the time they released the second and I have it on good authority that there are approximately 30 units still available between the Main Street Tower and Tree Tops combined.

To get on the priority list for Tower II or to learn about some of the great deals available on the remaining inventory, please contact me.

At the other end of the real estate spectrum in San Francisco, there are people who went into contract and closed on units between late 2005 and late 2007 who may be finding themselves in a situation that was never thought possible Downtown. Many folks are "underwater" on their homes meaning that they owe more on the mortgage than the property is currently worth. This may not be a problem if they can afford the payments and are happy with their home and prepared to own it for another 3 to 5 years. But if those payments become unmanageable due to an upwards loan rate adjustment or job loss, it can mean that some hard decisions need to be made.

I'm currently working with a client who has found that the best solution for him is to conduct a bank approved short sale in order to dispose of what has become unwanted investment property. The short sale process allows for the sale of the home at a price that will not allow the owner to payoff the entire mortgage but will result in a sale that nets the bank a decent pay back and one less foreclosed property on the books. Another positive is that the seller's credit rating is not decimated as in the case of a foreclosure.

In the coming weeks I will report on the progress we make with our short sale as well as the quality of the cocktails at The Infinity Tower II Release Party.