June 30, 2006
A Troublesome Trend?
Four units in 255 Berry are currently on the market. That's not a lot considering the number of units in the building (100), and not too surprising considering the building recently passed the magical two-year mark (think tax free gains). But then again, perhaps Le Blog Exuberance is on to something?
We were surprised, however, to note that while unit #113 sold for $998,000 ($837/sqft) a month ago, unit #513 (four floors above, but 143 sqft and a half-bath smaller) failed to sell at $849,000 ($809/sqft), and is currently on the market at $799,000 ($761/sqft).
∙ Comments: Arterra: Less Sex, More Green [SocketSite]
∙ Listing: 255 Berry #307 (1/1) - $699,000
∙ Listing: 255 Berry #317 (2/2.5) - $1,325,000
∙ Listing: 255 Berry #321 (2/2) - $889,500
∙ Listing: 255 Berry #513 (2/2) - $799,000
First Published: June 30, 2006 12:05 AM
Comments from "Plugged In" Readers
I am consistently amazed by your pseudo-omniscient pretense. Once again you dramatize a most benign situation. Unit #113 was waterfront. The other was not...Could you possibly be upset that you have yet to become a homeowner in our fare city? Sour grapes are a b***h...
Posted by: Christopher Dardozzi at June 30, 2006 10:34 PM
Mea culpa! Assuming, or implying, that unit #113 and #513 shared the same general orientation was a rookie mistake on our part. And yes, waterfront (promenade?) views should sell for a premium over “partial water views” (just as higher floors tend to sell for a premium over lower floors). That being said, unit #317 (waterfront) is priced at $835/sqft and has been on the market since the middle of May.
And as far as the “pseudo-omniscient pretense,” we’ll just chalk that up to an occupational hazard. Regardless, thanks for continuing to plug in.
Posted by: SocketSite at July 1, 2006 4:56 PM
The resale condo market is indeed becoming more competive due to the rising interest rate. 255 Berry is a beautiful building with 4 / 100 resale is an incredibly low figure.
Unfortuntely, the resale of Mission Bay condo might be more depressed at the moment due to new condo inventory at 235 Berry, Park Terrace, and Arterra. 255 Berry #317 (water front) priced at 1.325 Mil might be a tougher to justify considering that similar size waterfront townhouse at 235 Berry were being sold at 1.2-1.285 Mil.
For your information, 235 Berry released about than 60% of 99 units. Only 3 units have not been sold. All waterfront units priced at more than 1.2 Mil are sold.
It seems like the resale market for Mission Bay condos may not stablize until the existing inventory is absorbed.
Posted by: Future Resident at July 3, 2006 12:38 AM
Um, that would be fair city, not fare city ... hard to take rants seriously when there are misspellings present ...
Posted by: Anonymous at July 21, 2006 4:03 PM
fare city - in that you have to deposit coin to take the ride. ;-)
Posted by: Anonymous at July 25, 2006 9:09 AM
I personally consider it ridiculous that these condos are referred to as "waterfront property". Do people really consider facing that little drainage canal to really be waterfront property? Pathetic. Absolutely pathetic.
Posted by: SFCompGuy at February 26, 2007 12:16 PM