As promised, Park Terrace has released another batch of condos at 325 Berry. Representative pricing from four units added to the MLS:
∙ 325 Berry Street #106 (2/3) 1,600 sqft – $995,900
∙ 325 Berry Street #308 (1/1) 800 sqft – $598,900
∙ 325 Berry Street #316 (2/2) 1,300 sqft – $904,900
∙ 325 Berry Street #701 (2/2) 1,900 sqft – $1,894,900
It appears that entry-level one-bedrooms have now slipped under $600,000 (“starting at $625,000” in September), and at least one of the few units with a private creekfront “terrace” (#701) has been released. No new news on sales.
∙ Park Terrace (325 Berry): A Little Over 10% “Sold”? [SocketSite]
∙ The Park Terrace (325 Berry): Now Selling [SocketSite]
So, this building is a little “boxey”. It is becoming a nice street (still needs another 1-2 years of work to be perfected though). But, anyway, how come the units here are priced “reasonably” and Radiance is so much more expensive? At the moment, this is a better location and I don’t think that Radiance is that much more “luxurious” than Park Terrace.
I see the Radiance location as way better than Berry. I do think the Radiance is way over price but i’m not in love w/ living on Berry with such a small street and all these huge new developments.
Also Berry is right next to the freeway.
As someone else pointed out, the Berry street corridor is finally starting to come into its own and Park Terrace will likely offer a better location than Radiance for actual living over the next 5-10 years. Beyond that, and once the southern part of Mission Bay is filled in, I do think Radiance will be the better location. Guess it depends on timeframe and whether your buying an investment or a lifestyle.
325 Berry Street #701 (2/2) 1,900 sqft – $1,894,900
This unit is so overpriced. Park Terrace doesn’t really have nice waterfront views. The complex directly overlooks the old houseboat community on the other side of the creek. So for a $1000/sqft, it’ll have views of old houseboats. How nice…
235 and 255 Berry have true views of the creek and farther away from the 280 overpass.
Location/ Creek/ Bridge/ Urban Typology/ Stucconess apart, isn’t it insane to have to pay around 1000$/ sq ft to walk through a minimum width (probably 60″) double loaded corridor sans any natural daylight or ventialtion to get to your unit? And if you’re fortunate enough to live in 717 (courtyard view is it?) you have the possibility of tenants of 701, 705, 725 and 726 looking into your apartment.
I dunno2much, but I dont think I’d like that.
The fact that this development is within a couple of blocks of a huge low income housing development is a major negative factor.
“The fact that this development is within a couple of blocks of a huge low income housing development is a major negative factor.”
I disagree. Its not like these low income housing developments are “projects”. I believe that to qualify for one of these types of units, your household income must be under $90k per year. This is not exactly low income in the traditional sense. Only in SF would you see something like this.
“your household income must be under $90k per year” could mean $0. The maximum income amount for qualification does not make it better than the projects. I just think it’s quite a gamble to be so close to the development.
“your household income must be under $90k per year” could mean $0. The maximum income amount for qualification does not make it better than the projects. I just think it’s quite a gamble to be so close to the development.
Tell me, how does someone with zero income afford low-cost housing, still priced in the $200k-$400k range?
Although you have to squint, it looks like 701 is a 3/2, not a 2/2. But even if it is, $1.8M is still a little expensive too me…
If 2 complexes are selling for roughly the same price and one was near low income housing the other not, of course most would choose to not be near low income housing. Nothing against low income housing, but investment wise it’s best not to be in the vicinity…
“Although you have to squint, it looks like 701 is a 3/2, not a 2/2.”
Squinting away. Are you are talking about that little room next to the kitchen. No closet. At best 2+/2.
True. I do have to wear glasses to read… Still expensive though…
Is any low income housing going to be located near Radiance? Regarding the view from Park Terrance, my understanding is that current plans call for the warehouse like structure (located just beyond the houseboats) to be demolished and rebuilt as a green park area, so at some point in the near future, the view may include more of a green component and may not be that bad. When comparing the location to Radiance, I agree that for now, comparing Berry to Radiance, Berry is a far better location (where at least you can walk to a grocery store). Pricing is the clincher, there is no way Radiance can justify their prices, even if their location turns out to be much better in 5-10 years.
Good lord, there is moderate income housing scattered throughout Mission Bay, by design. NONE of it is “public housing” (projects). I believe that all of the stand alone affordable developments are rental (I may be wrong), and it is all managed by non-profits with a long and successful history with affordable housing. They don’t tolerate problem tenants. The types of people likely to live in this housing are seniors and working families. Not the types of folks likely to knife you when you’re walking the dog.
In San Francisco, you are never far from affordable housing..whether it’s “projects”, subsidized affordable housing, or simply rent controlled apartments. Even in the most expensive blocks of Pacific Heights or Sea Cliff, you don’t have to go all that many blocks to find somewhere that a person of moderate means is living. That’s part of what makes this a liveable city, in my book.
If you want a gated community that keeps the riffraff out, then I would suggest Blackhawk or Alamo. But I really wouldn’t worry about anywhere in Mission Bay.
420 Berry is a affordable below market rental project. The maximum income for a 5 person household is $73,260 (60% of AMI).
http://www.sfraaffordablehousing.org/rentals.html
If 2 complexes are selling for roughly the same price and one was near low income housing the other not, of course most would choose to not be near low income housing. Nothing against low income housing…
Actually, that’s pretty much the definition of “something against low income housing.” Investments of this nature are certainly subject to stigma, and adding to it is an easy way to maintain that kind of bias in capital.
Does any one know what development is going up right next to park terrace towards the 280 freeway and away from 255 berry? they look like they are still building. i don’t think it is 420 berry, b/c that is further away across caltrain tracks. any info. would be helpful.
Hello TeePee, We were considering units facing the 280 side and were wondering the same thing. There will be a 5-story “restricted-income” housing complex that will be 30 to 40 feet away from Park Terrace on that side. We figured that’s too close and eventually will block all natural light. So even though the 1-beds were the some of the largest on that side, we opted out.
Thanks for the info., Just Bought. Anyone have any other insights regarding Park Terrace? I’m seriously considering this place, but think prices may decrease in the summer slow months(?) Trying to get some conversations going regarding Park Terrace as it looks like this has gone dead.
Any updates on the prices? Has unit 701 sold? If so any news on the prices?