Eight months ago we caught some flak for pointing out a potential “troublesome trend” at 255 Berry (and then again two months later). And today, we can’t help but notice that of the four Active listings in 255 Berry three have been reduced (as were the two that are currently Active Contingent).
Of the three reduced listings, one in particular caught our attention: 255 Berry #512. It’s a nicely upgraded two-bedroom/two-bath on a high floor with courtyard views; it has been reduced three times (for a total reduction of $80,000 or 8.2%); and it’s now listed at just under $700 per square foot (in an upscale building that’s barely two years old). Perhaps there is something to be said for the relationship between supply, demand, and pricing.
A recap of the neighboring new developments: 235 Berry is roughly 40% sold and available for occupancy; Park Terrace (325 Berry) is approximately 10% sold and should be available for occupancy by the end of the summer (2007); and Arterra (300 Berry) should be ready for occupancy early next year (2008), appears to have already reduced some prices, and is offering additional buyer incentives.
∙ A Troublesome Trend? [SocketSite]
∙ More “Pseudo-Omniscient Pretense” (And 255 Berry) [SocketSite]
∙ Listing: 255 Berry #512 (2/2) – $899,000 [Pacific Union] [MLS]
∙ 235 Berry Street: 40% Sold (Really) [SocketSite]
∙ Park Terrace (325 Berry): A Little Over 10% “Sold”? [SocketSite]
∙ Evidence Of A Price Reduction At Arterra? [SocketSite]
∙ Incentives (And Insight?) At Arterra (300 Berry) [SocketSite]