May 4, 2007

Update: The Potrero (451 Kansas) And Park Terrace (325 Berry)

Never mind the sales office opening in February, or the model home opening in March, apparently this weekend marks the official “Grand Opening” of the Potrero (not to be confused with the brokers “Grand Opening” last night). The "unofficial official" update on sales and timing: 50% reserved; sales incentives still in effect (refrigerator, washer/dryer, and two years pre-paid HOA); and closings and occupancy in July (north building) and August (south building).

And down the hill in Mission Bay, a "plugged-in" tipster reports that after eight months of selling, deposits have been placed on roughly 21 (20%) of Park Terrace's 110 condominiums. That's up from a total of 12 (11%) in February. Keep in mind, however, that only half of Park Terrace's inventory has been released, and first close of escrow (and initial occupancy) isn't until "Summer, 2007” (perhaps as early as July).

The Potrero (451 Kansas): Sales Center Now Open [SocketSite]
The Potrero (451 Kansas): Model Homes Open This Weekend [SocketSite]
Weekend Incentives (And A New Release) At The Potrero [SocketSite]
The Park Terrace (325 Berry): Now Selling [SocketSite]
Park Terrace (325 Berry): A Little Over 10% “Sold”? [SocketSite]

First Published: May 4, 2007 10:14 AM

Comments from "Plugged In" Readers

thanks, socketsite, just when i was wondering about park terrace. 20% sold in 18 months of selling seems like a pretty dismal rate of sales. i'm wondering why it has been so slow? i think it's time for some buyer incentives, like the potrero, or a price reduction.

Posted by: TeePee at May 4, 2007 11:01 AM

I went to the Protero a couple of weeks ago. Except for the 2 level townhomes (which weren't open but seeemed to be priced well) it's a pretty underwhelming developement.

Posted by: Mike at May 4, 2007 11:03 AM

My problem with the the Potrero is that almost all the 2 bed units are in the 950 sq ft range. Slim pickings if you want a slightly larger two bed unit...

Posted by: Amen Corner at May 4, 2007 11:21 AM

I went to some of the open houses recently. The sales incentives at the Potrero only apply to units that are directly above high traffic, loud areas (i.e above the Whole Foods loading dock, in front of the store entrance).

Posted by: anonymous at May 4, 2007 12:50 PM

I think many of these developements are playing games with the number of units that they are representing as sold. This market is saturated badly.

It would be nice if they would update their web site so you could see the units

Posted by: r00ey at June 1, 2007 6:31 PM

The problem with all these new developments is that they look like extended stay hotels. Someone, somewhere thought we wanted this, and they are wrong. Build a new project that has some character to it, and it will sell out ASAP. Most of the floor plans SOMA and Mission Bay are all the same, a box with a kitchen right in the entry way, one or two rooms off the living room. Blah. Blah. Blah.

Posted by: Jonson at July 12, 2007 12:33 PM

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