March 27, 2007
Weekend Incentives (And A New Release) At The Potrero
Rumor has it that The Potrero will be offering condo buyers a free GE Profile refrigerator and Washer/Dryer this weekend (3/31 - 4/1) in conjunction with a "special release" of new units. Some unofficial pricing from a “plugged in” tipster:
∙ The Potrero #278 (1/1) 700 sqft - $545,880
∙ The Potrero #360 (1/1) 661 sqft - $545,880
∙ The Potrero #375 (1/1) 661 sqft - $620,880
∙ The Potrero #485 (1+/1) 825 sqft - $684,880
∙ The Potrero #470 (2/2) 929 sqft - $699,880
∙ The Potrero #468 (2/2) 1037 sqft - $769,880
∙ The Potrero #470 (2/2) 929 sqft - $715,880
∙ The Potrero #566 (2/2) 932 sqft - $795,880
We thought you’d want the scoop (and perhaps some free appliances). And as always, don’t forget our invitations to the housewarming.
UPDATE: And it was bound to raise the question…if I’ve already placed a deposit, can I get the appliances too?
∙ The Potrero (451 Kansas): Model Homes Open This Weekend [SocketSite]
∙ The Potrero (451 Kansas): Sales Center Now Open [SocktSite]
∙ The Potrero (451 Kansas): From The Low $400,000s [SocketSite]
First Published: March 27, 2007 12:05 PM
Comments from "Plugged In" Readers
WTF? I really wanted to buy one of these units and went during the friends and family and they quoted me $600k for the cheapest one bedroom. I was hoping for something near $550k.
Result was I left and put a deposit in another new development. Too bad they didn't know their pricing then, because I would have bought one!
Posted by: be at March 27, 2007 12:13 PM
They’ve only been open a month and have already adjusted prices down and are now offering incentives? Might be worth another look but somebody seriously misjudged the market on this one and it's not even "SOMA".
Posted by: Michael at March 27, 2007 1:25 PM
I placed a deposit for a unit in the very early phases. I am interested to ask the builder if they are willing to extend the same free incentives to me. Anyone know what kind of negotiating power I can have or any suggestions on how I can do this?
Posted by: richard at March 27, 2007 1:39 PM
Richard, i'd be asking for more incentives. Like the other poster said, its only been a couple of months and they lowered prices and giving the upgrades. Whats next? HOAs?
I'd ask your agent to see if they can do anything. If you aren't using an agent, i'm sure the developer will throw it in if you ask since they dont need to pay commission fees to the agent.
I've found it easier to work w/ new developments without an agent, so that they'll throw in a little extra.
Talk to your agent or go to the sales office. I'm sure both dont wont to lose you as a client.
Posted by: be at March 27, 2007 1:51 PM
"If you aren't using an agent, i'm sure the developer will throw it in if you ask since they dont need to pay commission fees to the agent."
That post begs the question: what exactly is the value of an agent when dealing with new developments such as this?
Also, I'm so in once they throw in a months worth of groceries from Whole Foods to fill up the fridge.
Posted by: Nony at March 27, 2007 2:12 PM
I just put down a deposit for a new development, and I had an agent. I don't know whether other people have had the same experience...but my agent made a counteroffer on the new condo, and the builder ended up knocking 3% off the listing price.
Posted by: anonymous at March 27, 2007 2:20 PM
Well, I dont think you need an agent when it comes to new developments. Everytime I go into a new complex, I ask them if there's incentives if I dont use an agent. Every singe new development I went into and its almost every in the city, they'll lower the price at least 2%-3% without an agent.
As to the above poster, if you didn't have an agent maybe the developer might have gave you 5% instead of 3%.
I do agree that if you are new to the process of buying new homes, an agent would be helpful but if you are a reader on socketsite, most likely you are way ahead of your agent's knowledge when it comes to value.
Any person/agent can open a sunday newspaper and see all the open houses for new developments. There's no secret password for an agent. With the market the way it is now, developers will look hard NOT to lose you as a client. They'll give you everything they can that is resonable.
Posted by: ???? at March 27, 2007 2:33 PM
Although this is a nice development, these prices seem high. You can buy a condo in the Marina for around this price/sq ft.
Posted by: CondoDrop at March 27, 2007 2:42 PM
That might be true about the Marina, but a significant chunk of the new wealth in San Francisco includes the smart well educated IT professional that works in the Peninsula but cant live there. They understandibly want to live in SF. And freeway access in the morning is a big deal. Its a good thing everyone has different needs and priorities.
Posted by: marina bell pepper at March 27, 2007 2:54 PM
If I were you, I wouldn't use any agent and instead offer 500k for one of those 545k units. Who knows, maybe they'll bite...
Posted by: missionbay res at March 27, 2007 3:45 PM
This is a nice project if you're looking for reasonably priced units in the Potrero area. Go check it out. Finishes are nice (although bathroom mirrors are curious) prices are reasonable. Doubt you'll see much downward price movement coming out of the gate.
Posted by: Rob at March 27, 2007 4:10 PM
"Doubt you'll see much downward price movement coming out of the gate."
I would have doubted it as well - especially considering some of the comments regarding "value" units flying off the shelves in SF - but it looks like they have already lowered prices on some units. At the same time, I would be surprised if you could negotiate a 10% discount on the lower end units but not if you could get 3-5%.
Posted by: Michael at March 27, 2007 4:41 PM
Residents at "The Potrero" will need to save all they can upfront so they can still have money leftover to spend at "Whole Paycheck" downstairs.
Posted by: CondoDrop at March 27, 2007 4:47 PM
If these prices include parking and reflect the general prices at this development, then they do seem more reasonable than some other projects. Palms' 1 bds, for example, are on average 560K without parking.
Posted by: well at March 28, 2007 5:06 AM
I think I'm in the wrong business. How much does an agent that concentrates on this type of property typically make in a year?
Posted by: wrong biz at March 28, 2007 8:54 AM
In this current market, if you have gone through the purchase process before you definitely do not need an agent for a new development! Note: As a starting point you should automatically request 3% off asking price in lieu of a buying agent’s commission.
Posted by: Willow at March 28, 2007 10:31 AM
I think the value is there if they are selling one bedrooms in the 5's, the model is pretty nice and lots of closet space and with whole foods your life will be easy. plus parking i saw the palms doesnt have it and it seems more like a dorm than a residence. i dont know how much agents make but probably a lot!!
Posted by: Karen Whatson at March 28, 2007 10:55 AM
i went to see the models this last weekend and was not impressed, std. ceiling height, which made it feel boxy and felt small. 2 of the other people in my tour group slipped out quietly before the tour was over.
Posted by: TeePee at April 11, 2007 5:45 PM