One South Park: Sign (www.SocketSite.com)
In July 19 units were “reserved,” in October it was down to 11 that were spoken for, and as of this weekend it was back up to 17 condos at One South Park that were either in contract or closed with (at least) 18 of the overall 35 still available for purchase (and immediate occupancy).
Representative pricing for eleven of the remaining units (with monthly HOA dues ranging from $331 to $485):
∙ One South Park #201 (2/2) 988 sqft – $945,000 ($956/sqft)
∙ One South Park #203 (1/1) 731 sqft – $725,000 ($992/sqft)
∙ One South Park #204 (3/2) 1,079 sqft – $1,150,000 ($1065/sqft)
∙ One South Park #210 (1/1) 821 sqft – $815,000 ($993/sqft)
∙ One South Park #301 (2/2) 1,096 sqft – $1,050,000 ($958/sqft)
∙ One South Park #304 (2/2) 1,162 sqft – $1,200,000 ($1033/sqft)
∙ One South Park #308 (2/2) 1,199 sqft – $1,100,000 ($917/sqft)
∙ One South Park #309 (1/1) 831 sqft – $815,000 ($981/sqft)
∙ One South Park #311 (2/2) 1,098 sqft – $995,000 ($906/sqft)
∙ One South Park #403 (2+/2.5) 1,353 sqft – $1,495,000 ($1105/sqft)
∙ One South Park #404 (3+/3.5) 1,726 sqft – $1,995,000 ($1156/sqft)
Floor plans for all units remain available online. And while we will note that units #304, #310, #311, and #403 were at one time marked as reserved, we’ll also note that we haven’t yet seen any hard evidence of price reductions or incentives. Tipsters?
One South Park: Reservations, Floor Plans And Even A Few Prices [SocketSite]
One (1) South Park: Sales Update, Opening, And A Few Pics [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by scurvy

    Kind of expensive, particularly for the neighborhood. I mean, South Park isn’t much of a park. It’s a place for drunks and overpaid, octagonal-eyeglass-wearing hipters to mill about.
    Throw that in with game and bridge traffic.
    Ask half that and most people would think about it. That is if you have half a brain and don’t think that everyone who lives in Soma a) Take Caltrain down the peninsula to a $250k/year job b) is a Giants season ticket holder so gamedays don’t bother them c) works in Soma for a startup and lives off of government handouts.

  2. Posted by RT

    Interesting how $900-$1,200/sqft is pretty much the standard starting prices for new construction everywhere in SF now.

  3. Posted by S&S

    @ RT: And the majority of them are not even close to being worth it.

  4. Posted by spencer

    These are ridiculously overpriced!
    $1.2 million for a small 2 bdroom overlooking a homeless park. Seriously, there are more homeless and hopeless drunks in South Park than there are blades of grass.

  5. “Interesting how $900-$1,200/sqft is pretty much the standard starting prices for new construction everywhere in SF now.”
    Where do you pull your comps??

  6. Posted by Satchel

    …anyone starting to see a pattern here?
    If the info that available units are drifting up (meaning actual cancellations)is correct…. people who have signed contracts: take your loss and walk away.
    Don’t be left doing a Miami Mambo in ’09.

  7. Posted by RT

    SF Realtor –
    I think SS posted here that the Millenium Towers are starting at $950-$1,000/sqft and going up to $4,000/sqft for thepenthouses?
    How about SOMA Grand etc? i’m not sure, but it sure seems like $1,000/sqft is common place now.

  8. Posted by rpa7795

    dont let the media get you down mr. miami mambo. south park is one of a kind in SF and the values will only go up. im not saying the units are not overpriced but there is a limited supply of units in south park and most people are willing to pay a premium to live nearby… besides, it’s 10 times better than paying the same amount or MORE and living in an ugly tower on a hill and living next to the highway…

  9. Posted by um

    I have to agree that South Park is a nice area. The park is safe at nite and enjoyable during the daytime. Weather is great and the location is not bad either.
    About the building, Santa Fe did a good job. I agree that the bathroom could have been better but everything else is really nice. Count how many warehouse conversions that can compete with One South Park. Almost all have outdoor space, so thats a plus.
    If I was looking to spend under a MILLION for a condo nearby; id look at these or the treetops at the Infinity. I dont think anything comes close.
    I dont care if I’m on the 150th Floor at Soma Grand, i’d rather take these units instead.

  10. Posted by um

    Forgot to throw it in but Myspace is moving in across the street on 2nd and Townsend. If you haven’t been down to South Beach lately, 2nd Street is great. Take a walk from Market and 2nd and head towards South. Good food, Good people.

  11. Posted by pwb

    When I was a renter, I would probably have said that this looks expensive. Now that I own, I will say they are reasonable. Funny how that works

  12. Posted by Trip

    These are not selling at the listed prices — in fact a number of those who had decided to buy have now canceled. I like this area too, but the negative sales statistics (more cancellations than contracts) pretty clearly reveals these places are priced too high. I cannot see how one could justify paying this much when all indications are that these prices will drop considerably. Even if you love the place, why not just wait?

  13. Posted by john willenborg

    I had a reservation down while the building was in construction (they had no pricing out). Santa Fe’s deposits were totally refundable so i had no problem walking away.
    I must say the building is really quite beautiful but the pricing is not justifiable and Santa Fe was totally unwilling to work with us at all.
    Overall i have been very disappointed with how Santa Fe runs their projects. they have some great buildings but they are so disorganized and unaccommodating. i would not buy a unit from them.

  14. Posted by spencer

    While I agree that South Park is reasonably safe, do you really want to pay $1.2M to have vagrants and winos and hypodermic needles living in your front yard?

  15. Posted by The Milkshake of Despair

    The thought of living hypodermic needles is scary enough, let alone hypodermic needles living in my front yard.

  16. Posted by rpa7795

    welcome to the big city spencer. homeless are part of the deal. if you don’t like it, move to marin…………………………………………………..

  17. Posted by ep

    We looked at this building under construction. We found out that there is an issue that they may build next door and tower over the building.
    The park is pretty nasty at night and game traffic horrible. Coupled with a bad parking issue, they have one of those weird spinning parking racks, must be fun at 7.30 AM.
    All in all the dogpatch/potrero area is a much better buy and so much more convenient.

  18. Posted by QUIMSF

    I once had a deposit there, my experience was that Santa Fe Partners were nice & organized. Thanks to Brian I was able to get a deposit in for a first floor unit, move to a second floor unit and finally cancel when I got concerned with “the credit crunch” and already owned a unit in the same zip code! So in the future I would deal again with Santa Fe Partners, and recommend other readers to deal with them directly.

  19. Posted by spencer

    “welcome to the big city spencer. homeless are part of the deal. if you don’t like it, move to marin…………………………………………………..
    Posted by: rpa7795 at December 19, 2007 10:34 PM”
    Thanks RPA, but I prefer to do something about the problem.

  20. Posted by tipster

    QUIMSF two posts above this one acted on his hunch and saved himself a ton of money.
    Unit 408 just sold for a $387,000 loss. Right out of the buyer’s pocket.
    As AT has mentioned, though the percentage loss is small compared to disasters like Las Vegas and Miami, the absolute dollar amount losses are far higher. People are really losing more money HERE than anywhere else in America.
    http://www.redfin.com/CA/San-Francisco/1-S-Park-St-94107/unit-408/home/23424662

  21. Posted by tipster

    Correction: #408 sold for about a $485K loss when fees and taxes are included.
    Very few homes in the central valley, Arizona, or Nevada sold for half million dollar losses. The biggest losses on real estate seem to be right here in SF. I’ll bet the owner of this unit wishes he never “stumbled upon” it in 2008.
    http://www.redfin.com/CA/San-Francisco/1-S-Park-St-94107/unit-408/home/23424662

  22. Posted by lol

    Twister again consciously confuses absolute numbers and relative numbers. Preaching to the math challenged by comparing 100K median home price areas with 1.3M+ property.
    Sigh.

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