10-28-2005, 11:06 PM
| | 150 People Showed up for lottery for 20 new Condos in San Francisco
To see just how unattainable San Francisco real estate has become, one needed only to visit SBC Park at 7:30 Wednesday morning.
There, about 150 people -- out of 4,300 applicants -- showed up for a lottery for 20 new condos. The lure in this city-sponsored affordable housing program was the price. Luxury condos that normally fetch $500,000 to $1.3 million were being offered at $85,000 to $233,000 -- sums that in many other parts of the country would guarantee a sprawling Colonial or a spiffy brownstone but in the Bay Area barely buys a vacant lot in a far-off suburb.
"I don't have a great feeling about it at this point," said flight attendant John McFarlane, 51, whose name was about the 230th drawn. "I'm thinking I may have to move out of the city."
Read more: http://www.sfgate.com/cgi-bin/artic...L&type=business