July 20, 2007
The Royal SF: Sales Update (And Case Study For The SocketSite "Cii")
Although at least 16 condos remain unsold and “available for immediate occupancy” at The Royal (201 Sansome), only one unit (#501) is officially listed as inventory on the San Francisco MLS (it’s the SocketSite Complete Inventory Index in action.) And although 201 Sansome #501 was officially listed at $594,000 yesterday, it’s “priced” at $660,000 according to the sales office sales materials from the day before.
It’s also worth noting that while units #503, #602 and #804 at They Royal are no longer listed on the MLS (as they were two months ago), all three units appear to remain available for sale (and occupancy) today.
∙ The Royal San Francisco [SocketSite]
∙ SocketSite’s Complete Inventory Index (CII): Q3 2007 (SF) [SocketSite]
∙ The Royal San Francisco Reductions [SocketSite]
First Published: July 20, 2007 3:28 AM
Comments from "Plugged In" Readers
Let me get this straight. In April of 2006 (not 2007, but 2006) the developer says that they are nearly sold out. Fastforward to July 2007 and "at least" 16 condos out of 46 remain unsold? 35% of the units are sitting vacant 15 months later? Why is this story not on the front page of the Chronicle? This is a very interesting find, indeed... Are there other stunning examples like this around town or is this a corner case?
Posted by: Dave at July 20, 2007 7:13 AM
I don't think they ever claimed to be sold out. Just that they had some units sold. It's very possible that the buyers walked from thier deposits/contracts and the units are back on the market. Happens frequently. But they'll sell, it's a nice project.
Posted by: developer at July 20, 2007 8:17 AM
In 6 months. these units will show up in the rental section of craigslist. Concurrently, the project will boast 100 percent SOLD OUT!
Posted by: not sexy at July 20, 2007 12:18 PM
hmmmmm...well, the Royal's website is down, and i can't find any MLS listings for any of the units. Anyone have a link to share? I'm curious...
Posted by: artsybroad at July 20, 2007 1:27 PM
a link to #501 on the pacunion site:
http://www.pacunion.com/327980
Posted by: anon2 at July 20, 2007 1:49 PM
I love it when real estate sites show you a plethora of pictures of the condo complex, but none of the condo itself.
Posted by: BT at July 24, 2007 11:15 AM
I love it when real estate sites show you a plethora of pictures of the condo complex, but none of the condo itself.
I work about a block and half from this building and thought about buying one of the BMR units when they first advertised. But, the prospect of not having a parking spot, not having a grocery store nearby, living in a ghost town after business hours just didn't appeal to me.
Posted by: BT at July 24, 2007 11:30 AM
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