Those towers presold at the peak in 2005. The buyers can’t get their deposits back and have to close escrow or lose the deposits.

I’m sure many buyers are contacting lawyers trying to wiggle out of the purchases.

Electra is a nice project right on the Embarcadero. Don’t know much about Alta. It’s right behind the Navy complex.

Smart Corner is another project that sold at the peak. It’s a lower priced project with buyers wanting out. The developer is not taking the units back but will allow the transfer of the contract to another buyer. If the developer saw any “instant equity” he would take the units back, resell them and pocket the extra profit.

Downtown will get hit much harder than the SFR market in North County.