Category Archives: Civic Center/Van Ness

New Developments Face a New Reality in SF

 

I’ve heard from multiple sources that SF real estate is, for the most part, immune to the havoc wreaked on other parts of the US. But sales at our most recent condo complexes show that happy-smile-don’t-worry line of rhetoric is about as reliable as the clown’s was in Poltergeist (Happy Halloween!).

 

 
Socketsite reports that Symphony Towers, with only 55% of its units sold, has recently reduced prices 30%. The “Tower One Close Out,” advertised on the building’s webpage, demonstrates:
 
T-907 Penthouse studio w/built in Murphy bed & views $515,000 $419,000
T-602 1-br, Quiet courtyard location $565,000 $449,000
 
You have to wonder if those buyers among the 55% sold group are perhaps a wee bit upset. You might also wonder if you can’t, given the hint of desperation (“close out”= we really, really want to sell these goddamn condos!), get one of these units for even less than the advertised price.
 
Plus, Symphony Towers is not the only recent development cutting prices. The Hayes is also making cuts, despite its central location and uber-hip marketing (including requisite “ambient” track playing over your web tour of the property, a photo from which appears below). #610, for example, is a 1 bed/1 bath down now from $599K to $499K.  
inside "The Hayes," life is fabulously vogue

 

 
The Arterra, our newish “green” building at 300 Berry St. is also offering reduced prices, (such as #904, a 1 bed/1bath down from $649K to $599K), as is The Potrero.  
 
More good news for people who love bad news is that, according to the San Francisco Business Times, construction has been suspended at 535 Mission St: “The $100 million HOK-designed tower was put on hold earlier this month in response to worsening market conditions.”   
 
Well then. Seems like if one wants to buy right now, one should take these worsening conditions to the negotiating table. Don’t invite the clown.
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Photo credits, respectively: Scary ass clown: Brain Handles.com; The Hayes staged unit: The Hayes.com.
 
 
 

Short Sale at 1671 Bush, and we’re giving back!

To the untrained eye, 1671 Bush St. is nothing more than a “spacious, elegant Victorian flat priced well below market comparables”, but to the wizards behind theFrontSteps

…it is an approved short sale, so time is of the essence, and we would like to sell as soon as possible. We are offering 4% commission to the buyer’s agent.

Okay, so we got spammed and the email gave us the short sale clues, but now you have them too. And since you’re reading, we’ll give you back 1.5% of that commission should you need assistance with that purchase.

As for help with the wallpaper. Sorry, our hands are tied.

Update: And a reader comes in with more details:

It opened at 1.13 then dropped to 995k.

It’s also been on craigslist some times for 899k and must sell.

All told, it’s been on the market for well over 12 months at roughly the same price.

For most of the time it has been in foreclosure, which makes me think that the owners haven’t paid their mortgage for about the 12 months that it’s been on the market.

Last sold was approx 400k in 1997. I’m guessing the owners did a massive refinance to the highest price they could appraise it at. (1.13) then stopped paying the mortgage. I hope the owners are taking a nice holiday with the money the borrowed from the bank before they stopped paying the mortgage.

Especially since it is “AS IS” and it has had no takers at roughly the same price for the last 12 months, look out below!

-1671 Bush St. [MLS]

a little sale in a BIG development (Symphony Towers)

Lest you think we focus exclusively on the high end of the spectrum, we thought you’d like to know about the low end (in price, not quality…size doesn’t matter either, right?)

An itsy bitsy studio at the Symphony Towers recently closed escrow for a reported price of $349,000 (asking $399,000).