February 9, 2007
The Bay (329 Bay Street): Complete Pricing
A full rundown of pricing for the 21 units that comprise The Bay (329 Bay Street):
∙ Listing: 329 Bay Street #101 (3/2) 1742 sqft - $1,195,000
∙ Listing: 329 Bay Street #102 (2/2) 1456 sqft - $979,000
∙ Listing: 329 Bay Street #202 (1/1) 659 sqft - $545,000
∙ Listing: 329 Bay Street #203 (2/2) 958 sqft - $785,000
∙ Listing: 329 Bay Street #204 (2/2) 958 sqft - $785,000
∙ Listing: 329 Bay Street #205 (1/1) 659 sqft - $545,000
∙ Listing: 329 Bay Street #206 (2/2) 1014 sqft - $799,000
∙ Listing: 329 Bay Street #207 (2/2) 869 sqft - $258,215 (BMR)
∙ Listing: 329 Bay Street #301 (2/2) 1009 sqft - $849,000
∙ Listing: 329 Bay Street #302 (1/1) 659 sqft - $224,199 (BMR)
∙ Listing: 329 Bay Street #303 (2/2) 958 sqft - $799,000
∙ Listing: 329 Bay Street #304 (2/2) 958 sqft - $799,000
∙ Listing: 329 Bay Street #305 (1/1) 659 sqft - $565,000
∙ Listing: 329 Bay Street #306 (2/2) 1014 sqft - $849,000
∙ Listing: 329 Bay Street #307 (2/2) 1225 sqft - $899,000
∙ Listing: 329 Bay Street #401 (2/2) 1014 sqft - $865,000
∙ Listing: 329 Bay Street #402 (1/1) 659 sqft - $579,000
∙ Listing: 329 Bay Street #403 (2/2) 958 sqft - $825,000
∙ Listing: 329 Bay Street #404 (2/2) 958 sqft - $839,000
∙ Listing: 329 Bay Street #405 (1/1) 659 sqft - $579,000
∙ Listing: 329 Bay Street #406 (2/2) 1014 sqft - $865,000
Monthly HOA dues are running $414 to $614 per month, and mid-March is the target for showings. (Oh, and a tip of the hat to the sales team for actually identifying the two BMR units rather than simply marketing them as “SOLD.”)
∙ The Bay Condominiums (329 Bay) [SocketSite]
First Published: February 9, 2007 9:00 AM
Comments from "Plugged In" Readers
Wait a minute, I was just by there, it's not all foggy like that at the edges of the building! Prejury, fraud, liquidated damages, alimony.
Posted by: renderingschendering at February 9, 2007 12:03 PM
So, how does one go about getting a BMR unit?
Posted by: BMR at February 9, 2007 12:56 PM
Earn as little as you can, get on a list and keep your earnings tiny as you work your way up the list over a period of ten to twelve years. The value of your unit is controlled and there's a deed restriction that forces you to sell at a very small profit to the next qualified buyer. So do you really own it?
Posted by: BMR'sRus at February 9, 2007 2:55 PM
Here is the BMR information from the San Francisco Mayor's Office of Housing for eligibility:
http://www.sfgov.org/site/moh_page.asp?id=48083
Normally, the sales center will have a preferred lender who will also handle the BMR lottery.
Posted by: wayne at February 9, 2007 3:08 PM
There was an interesting article on BMRs in Carol Lloyd's "Surreal Estate" column in the Chronicle last month. I was surprised to learn about the resale restrictions.
Posted by: Elizabeth at February 9, 2007 4:22 PM
The link posted by Wayne is very informative. You do not get the full benefits of ownership but still are responsible for paying the same homeowners fees and special assessments. What in the world is the advantage of this program besides a failed attempt at Social Engineering? It is not ownership, but more like renting in owner occupied buildings. If you cannot take advantage of the rise in value of your unit, do you really own it when the city will be setting the cost you will be able to sell it for someday? Build more housing and that will reduce costs. I am curious if someday there will be a premium on resales in buildings that do not have BMR units? (This is the case in Santa Monica)
Posted by: BMRediculous at February 9, 2007 4:31 PM
From a Socketsite article last November:
"And while Ameen addresses interest payments versus affordability, we can’t help but wonder if a similarly structured program wouldn’t make more sense, and be more efficient, than the city’s current “Below Market Rate” (BMR) program."
http://www.socketsite.com/archives/2006/11/a_better_model_than_bmr.html
Posted by: Michael at February 9, 2007 4:39 PM
Or instead of BMR housing, let's get affordable housing for all.
Posted by: Christina Chu at June 23, 2007 12:33 AM
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