After nine months, the “sale pending” signs that have been so prominently displayed in the windows of two units in the 21 unit development at 525 Gough have suddenly morphed into “for sale” signs. Not too soon considering, as far as we can tell, they were never actually “pending”.
These two units, along with a third in the back of the building, were marked as “Model – Not For Sale” on the original building statements. We now learn, however, that these three units were actually designated to be “Below Market Rate” (BMR) units and will be offered for sale at $357k through the Mayor’s Office of housing program. Yes, just a bit cheaper than comparable units which were priced between $859k and $875k.
We’re all in favor of Below Market Rate units. Really. We’re not, however, in favor of what we might consider to be deceptive marketing practices. And for the sake of all parties involved, we can only hope that the developer’s original disclosure packages specifically mentioned these BMR units (unlike their marketing materials).
∙ 525 Gough: Below Market Rate Statement [Brown & Co.]
∙ 525 Gough: Overview [Brown & Co.]
∙ 525 Gough: No Sell Out [SocketSite]
