Friday, January 23, 2009

300 Downtown Oakland Condo Units Jeopardized

By Chris Thompson
Fri, Jan 23, 2009 at 7:21 AM

The Trib has an unsettling roundup three condo projects that are in default and face foreclosure by their lenders: 901 Jefferson (which we've written about before); The Thomas Berkley Square project on 20th Street, and the Ellington complex on Broadway. Each project has run into unique financial problems (for example, the general contractor for the Thomas Berkley project went bankrupt, and Ellington was backed by Lehman Brothers), but together, they paint a picture of a housing market in freefall.

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