May 28, 2008
A Refresher In Sales Office Semantics (And Esprit Occupancy Update)
A week ago we reported roughly 25% of the units at Homes at Esprit Park were in contract. Today, a few readers turned tipsters are surprised to receive an email noting “40% Sold at Home on Esprit Park Phase 1!” The key words: Phase 1.
Keep in mind that the sales office opened with an “inaugural release” of only half (70) of the 142 condos. And while not confirmed, we have a feeling that Phase 1 might be one and the same (or at least relatively close in the count).
Also noted: “Delivering August '08.”
First Published: May 28, 2008 1:30 PM
Comments from "Plugged In" Readers
Very nice units but grossly overpriced in this market. Might start selling better once prices are dropped and construction is closer to completion.
Posted by: dg at May 28, 2008 3:10 PM
I really like these place but still think their asking prices for the 2 bed/2bathroooms are still kinda high. Anyone else agree?
Posted by: ab at May 29, 2008 9:07 AM
what are they asking for a 2/2?
Posted by: location at May 29, 2008 9:27 AM
Per the email:
"2 bedroom 2 bath homes with patios now starting at $782,000!"
Posted by: ab at May 29, 2008 5:33 PM
I went on a hard-hat tour of Esprit Park last weekend. The agent was very vague when describing exactly what was still available, saying only 1 unit remained of a certain floor plan, and then showing us 4 available units of that same floor plan. My guess, not even 40% of phase 1 are sold, how could they be the elaborate 'landscaping' they claim to have in the works has not even begun,(our agent told us you have to have 'vision' to buy now) and the neighborhood is awful. What would the attraction be of living out there?
Posted by: haikusue at May 30, 2008 9:01 AM
Actually, McGuire RE seems to do a bad job at accurately listing prices for units on MLS and doesn't coordinate with emails from Homes at Esprit Park very well. If you look at it, the $782M price is for a large 1bed/2bath w/ den. And they have another floorplan for a 1bed/2ba w/ den at $781M. But the true 2/2 starts at $898M I believe. I bought a 1/1.5 and saw those units as well. The $782M are really nice but as many have stated on SS, that seems like a lot for that unit in that area. But some folks just might throw caution to the wind and fall in love wiht the building/unit/finishes. Who knows.
Posted by: Boo at May 30, 2008 9:01 AM
Okay, I'm a buyer, so call me prejudiced, but the neighborhood is not "awful." It's actually quite wonderful, and getting more so all the time. If you were in the local restaurants now, you'd find them hopping, and a year from now, there will be more of them. From what I've seen of the units in SOMA, these are so much nicer. The class with which they're doing this project is extraordinary. Two of the three partners in the Build are moving into it. You need vision to move into an up-and-coming hip neighborhood with great weather and accessible public transportation, that's for sure! That's why the early birds get the worms.
Posted by: Jo at May 30, 2008 12:22 PM
See.. there you go. If I remember correctly Jo bought a 2/2 at a significant discount (don't tell) and I bought a 1/1.5 and we're both excited about the development and apparently that means we have vision according to some broker.
I like SS and the informed people that post interesting market information. But what I don't think serves anyone's needs is crapping on developments that you don't like. Opinions are great hear so you can get a feel for folks out there but just crappin on stuff without recognizing all sides isn't really bringing much to the table.
I think the developers of Esprit have tried to mitigate the less than perfect hood with a very nice building with great units. That combined with Caltrain and light rail and bus service right outside your door, as well as some great new spots to eat helps make up for some negative aspects of the location. Now, if you can't imagine youreself in this hood then that's fine. A "not for me" along with your reason's would suffice rather than "why would anyone" or "what would the attraction be". Because you know the answer to that already. You just have to recognize that people have different preferences than you.
But as far as reasons for not liking it haikurus.. "out there" doesn't really work because you can walk to 18th in Potrero in 5mins, bus to Mission in 10 mins, Castro/Lower Haight in 15 mins, T Line to Ballpark in 5 mins, to Ferry Building in 20 and Financial right after that. There's a Whole Foods walking distance and retail at 9th close too.
I have a buddy that rides the express to financial dist out of the Marina and it takes equally as long as it does from here but no one says Marina is "out there". And I won't say that being close to the highway makes this location better than the Marina or other parts of the North side because the North Side is beautiful and that mitigates that issue pretty well. And this hood is not definatley not as beautiful as the North side but it's not without its own merits either.
My sentiments don't just go for Esprit.. they go for Soma Grand, Rincon, new stuff in Potrero, developments all around 4th/King etc. I chose to live here but I don't say those items are all crap. Just different trade offs.
Posted by: Boo at May 30, 2008 1:42 PM
If they aren't selling its because the price is too high. Its far enough out that they shouldn't expect to be selling condos at the same prices you could sell them at 19th and Guerrero. These days you can get a single family for under $700k in the sunset (and falling fast).
Posted by: Stephen at May 30, 2008 4:58 PM
Again, Dogpatch can't claim to be the most beautiful area but do you think it's worse than 19th and Guerrero? I provide a photo for your reference:
that place looks beat up for sure!
Seriously though, what are the condos at 19th/Guerrero you're talking about? And I don't think the Sunset comp is relevant. Totally different set of criteria involved in buying there vs. Dogpatch. I don't know if Sunset is an option for people that would live in Dogpatch. It wouldn't be for me personally because I need public transportation to East Bay via ferry for my fiance and down the Peninsula to San Mateo via Caltrain for me. Can't get that in Sunset at all. So ultimately I pay more. Oh, and I get sun. But actually, I hear from Sunset residents the weather isn't as bad as us East side folks say it is.
Posted by: Boo at May 30, 2008 7:51 PM
Boo and other Esprit buyers, I'm curious if the developer still has the price guarantee? If so, were you able to get any price adjustments since it seems Esprit lowered prices several times since announcing the guarantee?
Posted by: missionbayres at June 3, 2008 4:53 PM
No price guarantee on the 1/1.5's. I don't know about the larger units. It wasn't mentioned when I was talking with the broker. I asked about it only after reading about it on some old SS threads actually. But when I did ask I was told not on the 1/1.5's.
As far as I can tell, prices have not gone below what I'm in contract for. But I can't know for sure until things close.
Posted by: Boo at June 3, 2008 5:46 PM