SocketSite™

my guess is it will go rental and convert in a better market or there is a change in ownership.

These developers and sellers are like spoiled tantruming children. "Waah wwaaaaah, if you don't do Exactly what I want I won't let you play with my toys! "

I hope bankruptcy, or at least severe ongoing financial pain from negative cashflow, is in their future.

Its all part of the process of lowering seller expectations I guess. First they want your firstborn and every spare dime you're going to earn for the next 30 years. Then it's just every spare dime (but you can keep the firstborn). Now they've decided they don't want to play and are gonna keep their toys at home. That'll teach us for not paying ridiculous prices in a marginal neighborhood for crummy apartments with low ceilings. SO THERE!

My guess: They are understandably overwhelmed with all the "Above Asking" offers they received and need a moment to sift through them...

Since there's a massage parlor a couple doors down, maybe Eliot Spitzer bought the units and is relocating to warmer climes.

Bah dum cha!

FWIW, the ceilings are actually very high (almost loft like) on the third and fourth floors. it's what i really liked about the place. the second floor ceiling is way too low though. not sure why.

a handful of the units were already "sold" when i was at the open house. i wonder what happened to them.

Spitzer will dominate in this ghetto.

And "real estate girl" is at least half right, they're all going rental.

Amazing. They dropped the price by 15%, had tons of traffic, and still couldn't sell them.

a handful of the units were already "sold" when i was at the open house. i wonder what happened to them.

We talked to the broker and he said that the units marked "pending" were actually the below market price units and a commercial unit that they were going to do a separate promotion for.

Amazing. They dropped the price by 15%, had tons of traffic, and still couldn't sell them.

Not sure what's amazing about it. If you price something 50% too high, then discount it by 15%, that doesn't make it a good deal or a reasonable price.

I'm glad to see that this project failed. I guess they have run out of fools at this price level, and the developers are making the calculation that the market will "come back" next year.

In any event, it is great news for renters, who will no doubt live in these units with zero risk of depreciation for costs far below what they would have been had they purchased the units.

guess they figured out that people don't want to pay over $500K to live in the Tenderloin,..

I was lured by Socket to the first open house-- I like the location OK. Problem is that half the units get full southern exposure, right on Sutter Street, and it's baking hot. The other half only look into a narrow courtyard, so it feels claustrophobic. The rooms are small, cheap "wood" floors.

I'm kind of surprised they are giving up so easily. If they dropped the price a bit more I'd think they would sell.

PS-- Re Eliot Spitzer, it's true that the street side units have a nice view of the local tranny-hookers...

They had 9 offers on 9 of the units & the owner decided last friday to not sell...They were priced really well. Also the neighborhood is not tenderloin but part of the downtown corridor

You are right on the money when it comes to the certificate of occupancy. The owner wanted a 60 day close. The certificates were not issued by the city as of the date my client submitted an offer. I do not have an offical answer but the way the owner decided to remove the units after the listing agent had 8 offer for 8 of the units in hand. I am not positive on this but it makes sense.

And if the owner thinks he will get a better price after they have been rented, he is in for a big suprise. He could not sell them off one by one...Not one lender will lend money on a condo with a ratio of renters the owner will have...

My client & I wish him luck

Erik, this is the tenderloin.

The Tenderloin must be huge in your eyes, Spencer. I've never seen a map where Sutter and Polk/Larkin would be considered in the 'Loin.

This neighborhood is called Polk Gulch.

I went to the open house of this building 2 sundays back. I think they are having a hard time because of the following deal-breakers.
1. There is a large funeral house directly across from the building.
2. As someone else has earlier noted, there is also a sketchy "massage parlor" on the same block.
3. ceilings in 1st 2 or 3 floor are very low. So the y have not been able to pull off the building/loft look in the units in these floors.
4. BIGGEST deal breaker of all. None of the windows and patio doors are tinted. So you have the situation on the "inner side", where you are directly peering into your neighors bedroom and/or living room. Even while we were at the open house, people in other units were waving out and indicating how strange this was. A very foolish architectural design mistake, if you ask me.

So I think they are going rental because renters don't care for these "Deal-breakers" since they are living temporarily. Also, renters are sometimes in a time constraint, i.e. they need to find a place within 15 to 30 days, so they may overlook all these flaws in this otherwise nice building.

Spencer, Just an FYI. The tenderloin cuts off at Geary. The downtown coridor is between Geary & California, Polk & Stockton. But you are right..the area is still urban

the tenderloin cuts off at california. the downtown corridor is a made up name by realtors. "downtown corridor" is not a neighborhood.

The only official boundaries of the Tenderloin are those set by the city (when it created a Tenderloin Police District)-- Market St, Larkin, and Geary:

http://www.sfgov.org/site/uploadedfiles/police/stations/Tenderloin.pdf