November 13, 2007
235 Berry Sales Update: Closing In On 90% Sold
Three months ago twenty-four (24) of the ninety-nine (99) condos were left to be moved (and moved into) at 235 Berry Street in Mission Bay. And if SF New Developments is correct, that number is now down to fourteen (14) and 235 Berry is closing in on 90% sold (with only six (6) of those fourteen currently listed on the MLS).
And as you might recall, it was almost two years ago that 235 Berry first hit the market with a “mini-lottery” for the first 20 units to be released.
∙ A Sales Slow Down At 235 Berry? (Now 75% Sold) [SocketSite]
∙ 235 Berry: Mission Bay Update [SF New Developments]
∙ 235 Berry Street Sales Release (6/11/06) [SocketSite]
First Published: November 13, 2007 6:45 AM
Comments from "Plugged In" Readers
HAve they started throwing cars at people yet?
Posted by: spencer at November 13, 2007 8:34 AM
Your comment would seem to imply that they're having a hard time selling the condos, Spencer.
Posted by: fluj at November 13, 2007 8:40 AM
Condo & loft inventories in SoBe/SoMa sure are low right now. There just aren't that many units for sale at the moment.
Posted by: anon at November 13, 2007 9:45 AM
I think Signature has done a reasonable job here, I can't imagine they thought it was going to take 2 years, but they have gently pushed prices up with each release through Q2 of this year.
Posted by: Observer at November 13, 2007 9:59 AM
Really? I checked pacunion and they show 136 condos/lofts for sale in Sobe/SoMa. This doesn't include TICs, SFRs, or "pocket listings."
Posted by: Dude at November 13, 2007 10:01 AM
Wow, 90% sold and it only took them 2 years? This market is hot hot hot...
Posted by: Foolio at November 13, 2007 10:28 AM
Do we know how these things really shake out? At what point do developers begin to profit, stuff like that? I see all the new condos, and I'm just like anybody else when I wonder how can they all be filled. Surely at some point market saturation will have been reached.
Posted by: fluj at November 13, 2007 10:43 AM
Flug, I don't have specifics for 235 Berry, but the rule of thumb is 4 quarters make a whole. A quarter of the costs go on acquiring the land, a quarter goes in materials, a quarter goes on wages, and the last quarter is the profit to do the next project. Very simple and subject to vast swings are often discussed here. Open to other plugged user's rules of thumb?
Posted by: Observer at November 13, 2007 9:31 PM
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