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.
 
 
 

Sittin’ on the Deck by the Bay (270 Linden)

A weekly peak at best deck / view on the market.

Deck of the Week – an unlikely spot for a phenominal private roof deck with great views – 270 Linden St # 301

270-linden.jpg

While not offering “direct” access from the unit (You have to exit your front door and walk 10 stairs up), the future owner of unit # 301 will get an incredible private deck.

Rare to see a private deck of this size in a condo building as they typically are “common” to the entire building.This deck is BIG and offers a great city view in all directions. An urban dwellers delight — toss in a wet bar, some additional seating, a heat lamp or 2, and you have a Hayes Valley version of the happening Mission hotspot Medjool.

[editor's note: As of this post it is now in contract.]

Frank Norris Place…an update

Provided by: Amanda Jones of Vanguard Properties

franknorrislivingroom.jpg

They have sold 10% of the units in 2 weeks. They have 3 other offer
packages out on the project [Editor's note: probably more now, we're slow to print], 15 of the 32 homes are under $500,000. The building was designed by the same architect of The Palms and 3208 Pierce Street. Many of the units have floor to ceiling windows and or views.

There is NO age restriction for purchasing these homes. However, the homes are designated by occupancy by at least one person 55 years or older. (Translation: Someone 55+ needs to live there, but the person on title can be 25… one could rent it out to a 55+ person…)

[Editor's note: As it seems many, many baby boomers are down-sizing and testing out the urban life (think One Rincon Hill, The Infinity), all you young professionals might consider paying your parents back for all that money they spent on your beer and college tuition by offering them free room and board in a world class city. Just a thought.

Frank Norris Place is located at 81 Frank Norris St. in the "Upperloin", (Van Ness/Civic Center/Downtown), units are either 1 bedroom, 1 bath, or 1 bedroom + study, 1 bath, pricing for some (we saw one) as low as $399,000 (came on 4/12 and is already pending), the others hovering around $500,000. Parking is an additional $50,000/space.]

-Frank Norris Place [website]
-IB+A [Architects]
-More New Development Articles [sfn BLOG]