October 10, 2006
Arterra Update: 19% Pre-Sold?
According to a tipster, around 50 of 269 condos have been pre-sold at Arterra over the past ten days. No breakdown on what percentage of the 50 were pre-pre-sold to friends and family (or inside sales), or what percentage have been reserved versus receiving non-refundable deposits.
Occupancy is slated for “early 2008” and we’re still looking for more detailed information on pricing. And based on the recent great valet debate, we thought you’d like to know that it’s deeded, not assigned, parking in the building.
∙ Arterra and The Hayes: Sales Centers [SocketSite]
∙ Arterra First Release: September 30 [SocketSite]
∙ The Arterra: “Clean Design, Pure Living” At 300 Berry Street [SocketSite]
∙ V Is For Valet (And Ventless) [SocketSite]
First Published: October 10, 2006 1:09 AM
Comments from "Plugged In" Readers
Or the 50 includes below market value units, another little game some developers have played?
Posted by: Amen Corner at October 10, 2006 8:48 AM
there are no bmr's at arterra. so sorry amen, actual market rate customers.
Posted by: Anonymous at October 10, 2006 10:04 AM
how did the developers get away without having to build bmr's? are they making a "contribution" to one of Chris Daly's pet projects? (cough...grunt...extortion...cough)
Posted by: Anonymous at October 10, 2006 10:08 AM
Anon, I believe the developers can provide bmr units offsite (away from the actual development).
Posted by: Jimmy at October 10, 2006 11:14 AM
Extortion? Give me a break. Rather, it's the price the rich will pay for their late arrival and alterations to paradise. [Removed by Editor]
Posted by: Christopher at October 10, 2006 1:55 PM
condos, people. we're talking about condos. Save the social politics for you're sandwich board at the powell street car turnaround.
50 units in reservation seems pretty good for a building that you can't move into for 2 years.
although they still need to go into contract...
Posted by: Anonymous at October 10, 2006 4:32 PM
pricing for arterra is extremely attractive. that might be driving the sales.
Posted by: DesignGuy at October 10, 2006 5:26 PM
from what i understand some projects on berry street are all affordable and some projects are all market - that's the way the sites were set up by the redevelopment agency. do you really think supervisors actually take cash bribes from real estate developers?
Posted by: cerebellum at October 11, 2006 12:44 PM
do you really think supervisors actually take cash bribes from real estate developers?
Innocent minds want to know - is that such an outrageous idea? After all, cash bribes do grease the wheels in Washington, Sac'to - so why not in SF?
Posted by: Curious at October 11, 2006 1:59 PM
See the following from the SF MOH website (i.e. such "cash bribe" does exist):
NOTICE OF ANNUAL ADJUSTED INCLUSIONARY HOUSING FEES
EFFECTIVE July 1, 2006
As adopted by the Board of Supervisors, the inclusionary ordinance (Sec. 315.6 of the San Francisco Planning Code) prescribes that in-lieu fees may be paid for residential developments that otherwise require the inclusion of below-market rate units.
Effective July 1, 2006, the following fees are applicable to all developments subject to the ordinance, and must be paid prior to issuance of the first site or building permit. Fees are multiplied per off-site unit otherwise required for all new developments subject to the ordinance.
Unit Size:
Studio
1 bedroom
2 bedroom
3 bedroom
Fee:
$116,031
$173,633
$250,913
$356,959
Posted by: another Anonymous at October 13, 2006 6:30 PM
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