A quick article from sfgate talks about the results of two recent land auctions by the city in Hayes Valley. While buyers won’t see any new units for years, it is at least nice to see the developers feel like getting back into the game, after everyone ran screaming for the exits as quickly as possible back inÂ 2007 and 2008!
A developer has agreed to pay several million dollars for property inherited by the city of San Francisco when the Central Freeway came down, suggesting the area’s real estate is heating up again following a recessionary slump.
The two parcels sit between Octavia Boulevard and Gough Street, one on Hayes Street, the other two blocks north. As part of a city auction Oct. 26, the developer paid $5 million for one 17,000-square-foot plot and $3 million for another that is 11,000 square feet – more than the minimum bids of $4.4 million and $2.95 million, respectively, set by the city.
Read more: SF Gate