888 Seventh Street: an update
Back on November 17, 2006, 888 Seventh accepted applicants for their 170 BMR (Below Market Rate) units of a total 224 Units. They received around 3800 of them! Pricing for the studios was around $199,000, 1 bedrooms around $230,000, 2 bedrooms around $250,000, and 3 bedrooms $299,000-350,000. The building itself is quite nice, location is improving, but the story here is the amount of applicants for the BMR units, and the amount of income (one person $63,850, two persons $72,950, three persons $82,100, four persons $91,200) necessary to qualify for BMR.
For more information on BMR you can find a good bit on 888 Seventh’s website by clicking “About”, then “BMR Q&A”, or visiting the Mayor’s Office of Housing website.
The Market Rate units (28 studios, 18- 1 bedrooms) are expected to go up for sale in July-August, parking costs an additional $35,000 (BMR and Market Rate Price) construction has topped off the 6th floor (last), and they expect the closings to happen in January. We’re guessing (the sales office wouldn’t tell) pricing for the studios and 1 bedrooms around $500,000.
Things are moving along smoothly, and briskly in yet another Mission Bay Development.
–Mayor’s Office of Housing [website]
–What’s going down (or up) in Mission Bay [sfn BLOG]
–888 Seventh [website]
[pic taken from property website]