According to the sales office (which has moved into the building), SoMa Grand is now 50% in contract or closed. That’s up from 40% at the beginning of February and represents roughly 25 net new contracts over the past four months.
Two new model units will be open this weekend. And work on the ground floor Charles Phan concept restaurant is “underway and slated for fall.”
∙ SoMa Grand (1160 Mission) Update: Sales And Smart Car(s) Arrival [SocketSite]
∙ From “Rumor” To Reality: Charles Phan Coming To The Soma Grand [SocketSite]
Any info about which direction pricing has been going?
It will be interesting to see Soma Grand next to the Trinity place that is currently in its first phase. I bet these 2 developments will bring a virtous circle for the nabe.
Any news on the direction the restaurant is going? Is the Peet’s rumor true?
This project along with several other developments Socketsite is tracking are taking significantly longer to sell out than originally thought. Longer sellout times for these high rises are really murder on a developer’s bottom line due to the multitude of carrying costs and the time value of money. I’ve heard of a couple of big new developments in the planning stage, but if current large projects are showing 4-6 sales a month, it is going to be hard to get them financed when current data is showing it’s going to take several years to sell them out.
Miles – what expectations do developers have on sales/month? What do use as place holders in the proforma?
Peets is coming to the Civic Center as part of the Peets at Bart story.
http://sanfrancisco.bizjournals.com/sanfrancisco/stories/2008/03/31/daily5.html
Whether or not it’s murder on their bottom line, it’s a calculated decision on the developer’s part, when they price the units that high. I bet if they lowered every unit by 10%, the units would fly off the shelves and they would still be making money, so I can’t see any hardship there.
Its clear to me that developers and a lot of sellers are trying to wait out the market. If you watch the mls properties in the low-end that aren’t really perfect just are not moving, but sellers and developers don’t seem willing to cut prices down to the point were sales will pick up. (notice the Esprit and Citrino…still overpriced, still not selling)
It sounds like things slowed down quite a bit. I had looked at this place in early March and the sales team was pushing the idea of them being on high demand and closing fast; asking for hold deposits as the units were not around for long. They cringed at the idea of cutting the prices (as expected) but seemed willing to look at upgrades, HOA etc. This was also back when they were offering to “deduct” from the price if you did not want a parking spot. Any news on how prices have held?
I don’t think it’s on PropertyShark, but you can find all sales prices at Soma Grand on http://www.bayareasoldhomes.com by typing in the address. That said, they exclude square footage so it’s very difficult to ascertain if they have indeed lowered prices over time or $/psf. But if there was a specific unit you were looking at and it sold, you can at least find the date and price.
SOMA Grand residents are not too happy the neighborhood hasn’t picked up on the promised improvements…
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/07/24/MNND1KBBC6.DTL
Greatest comment: “My move to the beach is great except for all of this sand.”