October 29, 2007
Homes On Esprit Park (888 Minnesota) Sales Update: 9% In Contract
After three weeks on the market, and according to a press release forwarded by a plugged-in tipster, 12 of the 142 condos (or ~9%) that comprise Homes on Esprit Park are currently under contract. Also according to the press release, the average price per square foot of the 12 condos is "approximately $802,” and the most expensive condo currently under contract is a 1,670 square foot two bedroom/two and one half bath unit at $1.329M.
Not indicated in the press release, however, is how many of the twelve (12) condos in contract are friends and family/developer sales. (And we wouldn't be surprised if that number is more than one.)
First Published: October 29, 2007 5:08 PM
Comments from "Plugged In" Readers
Boring - Is there anything special about Espirit Park that makes this development that merits positive. Its another cookie cutter developement of lofts and condos in an edgy park of town. At their pricing $1.3 mill there are other products on the market that give the buyer more for less. What are we now paying top dollar to be next to the 3rd St. Rail? or Is it the proximity to Mission Bay?
Posted by: Amazan8 at October 29, 2007 6:28 PM
Esprit Park is a very nice development - they have kept the existing building that used to be the Esprit headquarters, long before that it was used for wine storage. The building has a very rich history. The location is actually quite decent - quite an up-and-coming area that will probably pay off over the long term. I don't think Amazan8 has bothered to see the area or development other than what is posted here.
Posted by: movingback at October 29, 2007 8:47 PM
I am with 'movingback' I think this is a good development
Posted by: Observer at October 29, 2007 10:00 PM
I also think this is a nice development and a great reuse of the existing brick structure.
I do however question the pricing relative to the location. I ride my bike down there often and while the area is peaceful, it's also still quite gritty and industrial. And there's always the constant hum of highway 280 just yards away. The park is nothing special and seems to lack any maintenance.
Finally at $800/sqft, shouldn't that get us an area that's already established, instead of the proverbial "up-and-coming area"?
"Up-and-coming" to me should be defined as a place we can buy at a discount initially and see the place appreciate as the area develops and improves. $800/sqft to me is not "up and coming" pricing :-)
Posted by: missionbayres at October 29, 2007 10:45 PM
I totally agree with you, MissionBayRes! I like Esprit Park homes but they are not priced at 'up and coming' rates. Also, they are not giving sales incentives at this point. Let's see where they are at year end... I don't believe the hype.
Posted by: Up and coming at October 29, 2007 10:55 PM
I really don't believe that an "up and coming" price is available in SF anymore....if so, let me know.
Posted by: g at October 29, 2007 11:07 PM
As a sidelined buyer, I have to say that Esprit Park is one of the few developments that makes me want to jump in. I agree with what's been said above generally regarding pricing, but also believe that the quality here looks like it will be better than some of the cookie cutter stuff Certainly better than the Potrero, for example.
Love the brick and timber and the multiple floorplans.
Posted by: mktwatcher at October 30, 2007 7:39 AM
Hey MissionBayRes, while I agree with some of what you said I wonder about how often you really ride by. Espirit Park has been completely redone...don't know how much more "maintenance" could have been done. Second, saying the park lacks maintenance also shows you likely haven't even really been inside the condo development. They are widening the park so that A16 will be right on the park. Consequently, even if you what you say is true that there is a lack of maintenance, I certainly wouldn't expect that to continue with 142 condos and a couple restaurants sitting at the park.
Posted by: Luvinmissionbay at October 30, 2007 10:10 AM
I have lived at 701 Minnesota (across from the park) since the building opened in 1993 and the neighborhood truly was up and coming. I am curious as to all of "edgy and crime" comments. We are 58 units and have never had a person accosted on the street, never had a breakin to a unit or had a car stolen that I can recall. In the last 14 years (10 of which I have been on the Board) I believe we average 1 garage breakin per year and a total of probably 12 bikes have been stolen over those years as a result. Sure cars will get broken into on the street if you leave items visible, but that is not a problem unique to dogpatch. I have found the neighborhood quite peaceful and have never felt unsafe in this part of the city. That said...I am not justifying the pricing on Homes on Espirit Park, merely pointing out that the neighborhood may not be as edgy as non residents may lead you to believe.
Posted by: Jeff Dorsey at October 30, 2007 10:50 AM
I think the units are well done but they will never sell at these prices. This is definitely still an up and coming neighborhood. If you look at the sf crime maps, the areas still has high crime stats. It is totally industiral without a neighborhood feel and the park needs lots of work. it is next to the freeway and restaurants, amrkets are limited in teh area. Pac Heights prices are not justified. I like the units and the area, and WHEN they come down to about 600/ sq ft. i would be interested.
Posted by: spencer at October 30, 2007 11:19 AM
I was in the park recently and it seemed kind of neglected - litter scattered about, grass not mowed, etc. etc. Not that that's much different from most SF parks, of course. But I was under the impression that the developers had pledged to help with park maintenance - is that correct? If so, the park might get some TLC once the development is finished and the new residents move in.
Posted by: zzzzzzz at October 30, 2007 12:34 PM
It's a great development. The attention to detail is great, the amenities will be exceptional, and Dogpatch is not only up and coming, it's got some genuinely interesting things happening. The energy around there is great. The park will be impeccably maintained once construction is complete and (roughly) $125M in real estate value is perched on top of it.
I'm not buying one because I prefer more unique and solitary spaces. But I have friends who've bought there, and I think they're making a great call.
As for waiting for $600/sf... I think not.
Posted by: amused at October 30, 2007 1:54 PM
Amused "As for waiting for $600/sf... I think not."
I can almost guarantee that you will be able to buy one of these units two years from now for 600/sq ft or LESS
Posted by: Spencer at October 30, 2007 2:16 PM
I was just in there today. They said 13 in contract and that 2 sales people had purchased one along with the developers (there are 3) so i guess only 8 outside buyers have bought there.
Posted by: [spencer] at October 30, 2007 2:16 PM
"I was just in there today. They said 13 in contract and that 2 sales people had purchased one along with teh developers (there are 3)so i guess only 8 outside buyers have bought there."
Those 8 outside buyers could have very well been a 'friend or family'. Just like the Palms, a lot of early units at Esprit Park could have been reserved in the friend and family plan to give the appearance of higher sales and greater demand.
Also, the park IS neglected. I saw a homeless guy sleeping there last Sunday. Maybe the developer will spruce it up when the complex is complete, but if they were smart they would maintain it now to help with sales...
Posted by: missionbayres at October 30, 2007 2:24 PM
Thanks for the almost guarantee. I'll almost take that into consideration.
Interesting re: the park issue. Anyone been to Alta Plaza in blessed (magical, incomparable) Pacific Heights lately? It's... dumpy.
Posted by: amused at October 30, 2007 2:28 PM
actually I live 1/2 block from lafayette park and 3 from alta plaza. not sure what you see as dumpy about these parks.
Posted by: Spencer at October 30, 2007 2:50 PM
I walked my dog in Alta Plaza everyday. There's nothing wrong with it. Some of the grass on the East side is a bit dry, but it's very nice otherwise. Not much garbage, pleasant enough people, and only one crazy homeless man.
Posted by: Sleepiguy at October 30, 2007 2:59 PM
"not sure what you see as dumpy about these parks."
Well, let's see. Much of the irrigation system at Alta Plaza Park is broken and large swaths of lawn are completely brown, except in the rainy months. Half of the hedge is missing on the Clay St. terraces, and the trees along Scott. St. look like they haven't been trimmed in years.
Of course, this kind of neglect is what passes for normal maintenance in most SF parks. A sad state of affairs indeed...
Posted by: zzzzzzz at October 30, 2007 3:32 PM
I was also there today. It seems that first to go were brick and timber lofts under 700K. They have none of these left. Square footages in 800 range.
The one bedrooms are ample-- some are as big as small 2brs at The Potrero and they all (I think) have outdoor space.
Posted by: secret agent at October 30, 2007 3:56 PM
The developers will NOT have a problem selling in this area. SF magazine called Dogpatch owners the new "Urban Pioneers." I would call them the new Urban Entrepeneurs as pricing will only rise because of the proximity to 18th St. and Mission Bay-the New SF. Quiet, peaceful, very NYC in feeling. Esprit Park is great, has recently been re-developed-what other park in SF proper other than GG has giant redwood trees? A-16 restaurants and others moving in. A small and secluded oasis without the typical IE: boring, heterosexual/metroprofessional couple with 2.5 requisite children, standard Frenchie and a typical albeit overpriced Noe Valley flat with no parking.
Posted by: Millie at October 31, 2007 3:18 PM
Missionbayres...it's neglected cause you saw a homeless guy sleeping there? Umm are we both talking about the same city? Is there a single park in the entire city where you won't see homeless. It's certainly not a problem unique to Espirit Park. It's really beside the point though cause the park is 100 times better than it was just two years ago and will be even better with the addition of the condo's/restaurants on the park.
Also, just an FYI. They just had the burning man party at Espirit Park so I can imagine it didn't looks so hot after that.
On a similar note about dumpy parks, one of the coolest park neighborhoods has got to be South Park. Totally awesome setting but you wanna talk about neglect...it's disgusting. Still the housing and cafes around it are great and values high.
Posted by: Luvinmissionbay at October 31, 2007 4:13 PM
Hey quick question about the neighborhood. What is happening on the opposite side of the park from the Espirit Park condos. They are completely remodeling a warehouse but it is hard to tell at this point what outcome is intended ie. residental or another warehouse. Hopefully, it's a positive addition as I think Espirit Park will be a hidden gem.
Posted by: Luvinmissionbay at October 31, 2007 4:19 PM
went over to the sales office. Very nice looking property. I remember it as the Esprit offices, this place is way overpriced for the area. It is not a "walking" neighborhood. The park needs work. With two school age chidren, would I want them to play in this area ? I don't think so!
Posted by: JR at April 4, 2008 6:43 AM
We bought a "cookie cutter" loft in '02 because of the affordability factor at the time, being right on the 3rd St Light Rail line, 5 blocks to Caltrain 22nd St, and 280 Freeway close + we were forced to move quickly because our landlord was selling our bldg. Yes we sacrificed "unique" Pacific Hts, Bernal or Noe locations, for affordability, convenience, great weather and developing Mission Bay/UCSF community just now exploding. I can't emphasis the great weather enough. Many a summer day we see fog all around the city, but not here. What a relief it is to come home to warm weather and cool breezes.
Have I been disappointed by some of things that happen around here like auto break-ins, loud motorcycles, noise, dust, soon to be closed cement plant, night clubs, and constant construction? Of course! But having downtown 20 minutes away on light rail and my job in Menlo Park 40-60 minutes away on Caltrain is worth all the frustration we have endured the past 6 years. Yes our bldg garage has been accessed by petty criminals once or twice a year looking for bikes and stuff laying around. It was much worse in 2002 and 2003 and has since calmed down considerably. Residents finally got smart and stopped keeping anything worthwhile in the garage. Oh BTW, 15 minutes from SFO if you travel a lot.
Do I feel intimidated when walking around this neighborhood during the day or night? No, not at all. I regularly walk from 3rd St to my gym at Golds over on Brannan at 9pm and return at 11pm. Never once have I been approached, accosted, yelled at or harassed. I walk or take the bus to Whole Foods, Trader Joes, Safeway, Rainbow and Potrero Hill most regularly. No issues whatsoever.
Would I raise children in this neighborhood? Possibly not, I might consider the safe surroundings of places such as Menlo Park or Hillsborough, the Sunset, the avenues, the Richmond, the Marina. I wouldn't consider this area particularly kid friendly, but we must have a half dozen families with children in our bldg and some for many years. They seem to get along just fine.
Do I use Espirit Park, by all means during the nicer weather. Many an evening I love to stroll over, relax with a book or a newspaper and have a cigar. Its very relaxing and not once has anyone bothered me in the many years I have been using the park. The fact that many of the neighborhood pets frequent the park, makes it that much more enjoyable for me.
So overall, I think this is a very user friendly neighborhood, if in fact you are urban savvy, and getting better with the UCSF Medical Center slated for completion in 2014. The fact that more people are moving in along the 3rd St corridor makes it more of a neighborhood and will only improve with time. I have always liked the cutting edge of living in this city, as I was born and raised here. I couldn't stand, not for one day living in the boring and safe suburbs. I couldn't possibly tolerate driving everywhere. But that is what makes horse races. At first I was very mistrustful of moving here, but I have no regrets now. Don't dismiss Dogpatch or Mission Bay as just a crappy, industrial neighborhood. Yes we have our share of issues, but never insurmountable. We are getting along fine with our neighborhood, thank you very much. And hopefully many more will discover our neighborhood as it improves.
Posted by: StevenJ at April 4, 2008 10:47 PM
Thanks, StevenJ. That was a very enjoyable post and I for one really enjoyed reading it, and your perspective in general. What a breath of fresh air. If you are willing to be a bit of an urban pioneer, I agree that this is a great neighborhood.
Posted by: movingback at April 5, 2008 12:13 AM