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]
HAve they started throwing cars at people yet?
Your comment would seem to imply that they’re having a hard time selling the condos, Spencer.
Condo & loft inventories in SoBe/SoMa sure are low right now. There just aren’t that many units for sale at the moment.
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.
Really? I checked pacunion and they show 136 condos/lofts for sale in Sobe/SoMa. This doesn’t include TICs, SFRs, or “pocket listings.”
Wow, 90% sold and it only took them 2 years? This market is hot hot hot…
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.
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?