October 8, 2007

New Incentives (And Effective Reductions) At 733 Front Street

While last month we noted evidence of price reductions on a few of the smaller condos at 733 Front Street, today we note effective reductions on a few of the larger (“select junior one- and one-bedroom”) units in the form of a new “Holiday” incentive:

733 Front will cover the mortgage, property taxes and HOA on select junior one- and one-bedroom residences for three full months from your close of escrow date.* No payments until 2008 presents a fantastic opportunity to own a contemporary new home in Jackson Square.

Based on some quick back of the envelope calculations, we estimate that this incentive represents an effective reduction of around two percent on the select units (and without all that hassle of recording a reduced sales price). The fine print (i.e., asterisk):

*First and Second Lien mortgage payments are based on any Interest Only or Fixed Rate loan product. Incentive to cover three months mortgage payments, taxes, and HOA dues. Buyer responsible for full mortgage payments, taxes, and HOA dues following the three month incentive. Offer expires 11/30/07. Buyer must pre-qualify and be approved for a loan program to qualify for the incentive program. First loan amount assumed to be 80% of purchase price, or less. Second loan assumed to be 10% of purchase price, or less. Minimum down payment of 10% of purchase price. Full documentation of assets and income are required. Interest rates are subject to current market conditions and may change at any time. Valid only for owner-occupied homes. Valid only with Triton Funding Group / The Murray Team. Other terms and conditions may apply.

733 Front: 66% In Escrow And Evidence Of A Few Price Reductions [SocketSite]

First Published: October 8, 2007 7:02 AM

Comments from "Plugged In" Readers

733 Front joins the Hayes and the Fillmore in offering incentives - have heard their commercials on the radio recently. Last week I also saw CL postings for discounts at the RoyalSF and Citrino, but like above, I don't think they were material. At least not yet.

Posted by: Dude at October 8, 2007 10:35 AM

"Valid only with Triton Funding Group / The Murray Team"

... who may or may not provide a competitive rate and who almost certainly will be paying the developer for the business coming their way.

Posted by: Amen Corner at October 8, 2007 10:44 AM

Even with the incentives, these units are still considerably overpriced relative to other new construction. True, the location has it's advantages but missing are views from units, amenities common at these pricepoints, and most particularly parking. In contrast to the owner-occupied 2BR units, most of the Jr. and some of the 1BR units could hold appeal as a pied a terre. But if you're driving in from your McMansion in Merced, you have to have somewhere to store your Mercedes . . . .

Posted by: AnonN at October 8, 2007 1:00 PM

Seems like a good deal to me...3 mortgage-free months? Say it works out to 2%-%3% savings, that's decent money in the long run. Figure in appreciation down the line (yes, it will appreciate) and that's a nice little extra bump on your ROI. And give me a break on the fine print criticism.

Posted by: Sandman at October 9, 2007 9:04 AM

As a representative for Triton Funding Group / The Murray Team, I can assure Amen Corner that your statements about competitive rates and "kickbacks" to the developer are not valid. We do not issue "kickbacks" to the developer. Instead, we provide extremely competitive (read: better) rates to assist with the sale of homes at 733 Front. Our relationship with the developer, sales office, and their sales-driven incentive programs are based in our ability to (a) guarantee excellent rates, (b) close our clients' loans on time, (c) ensure that our clients are, in fact, able to afford their loan and (d) creatively innovate the very programs which the developer offers potential buyers.

Should Socketsite readers desire to learn more about our programs and competitive edge, feel free to contact us at lawrence@tritonfunding.com. Thank you.

Posted by: Lawrence Wong at October 9, 2007 12:11 PM

The only good units in the building are the three 7th and 6th east floor view units and maybe the 7th and 6th floor south west corners.They were sold fast. Otherwise the rest are bunk (and have not sold)and will be tough to sell and therefore make the homeowners a mixed bag of first time buyers (youngsters with rich partents)and renters and then four wealthy owners. Good luck approving those cap ex assessments in a few years.

Posted by: mavin333 at October 9, 2007 2:10 PM

Lawrence, I can refute with hard evididence about 3 out of 4 of your claims having used Triton myself. You guys are pretty self serving but at the end of the day you got the job done. Was it worth the point you got paid - let's just say I'd never use Triton again.

Posted by: anon at October 13, 2007 9:00 PM

To Anon (posted October 13th), I am sorry to hear that. Let me know who you worked with. My particular team is in charge of specific condominium developments in the Bay Area. If your loan officer is a part of our team, I would like to hear about what happened. If your loan officer is not on our team, I can't comment as I don't represent all of Triton Funding.

Finally, our aim is to have repeat clients, not to have a quick, one-time, self-serving payment.

You may email me here: lawrence@tritonfunding.com.
Thanks.

[Editor's Note: Great response. Thanks Lawrence.]

Posted by: Lawrence Wong at October 17, 2007 12:54 PM

Posted by: james at November 18, 2007 5:53 PM

"...homeowners a mixed bag of first time buyers (youngsters with rich partents)and renters and then four wealthy owners. Good luck approving those cap ex assessments in a few years."

What are you referring to by saying Cap Ex Assessments?

Posted by: anon at December 22, 2007 12:22 PM

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