I predict that the banks will end up with at least a couple of entire buildings downtown (from the stock being built now) and that they will be converted to apartments and vacation rentals. Some buildings will also end up with a 50/50 structure between condos and apartments/rentals. There are simply not enough buyers for these units at $400/sf+ and probably not even at $300/sf+ once the funny money voodoo loans are removed from the equation. These buildings could probably be turned into profitable operations if they were renting 1000sf units for $2000/mo or so, especially if they were able to keep some of the amenities like the gym and pool operating.
