October 24, 2008
New Development “Closeout” Sales: The Potrero And 170 Off Third
Last weekend it was The Potrero that was offering “an additional $25,000 off* in addition to...already reduced prices” of as much as $90,000 (11%) on its ten remaining homes. Oh, and 12 months of pre-paid HOA dues.
This week 170 Off Third is advertising that its onsite Sales Center will shut down November 10th with “Final Offers” accepted November 8th and 9th and implores you to ”prepare a reasonable offer.” Let us know if you do. And just how reasonable it was.
And once again, Symphony Towers announced they’re cutting prices. Look for banners this weekend (and an update with the details when they’re released).
UPDATE: As a plugged-in reader notes, The Hayes cut prices today. The list prices on 55 Page #326 and #612 were reduced from $829,000 to $699,000 (a 16% drop), #610 was reduced from $599,000 to $499,000 (a 17% drop), and #522 was reduced from $429,000 to $339,000 (a 21% drop).
∙ Symphony Towers (750 Van Ness): Announcing Additional Cuts [SocketSite]
First Published: October 24, 2008 8:15 AM
Comments from "Plugged In" Readers
The Hayes is really starting to drop prices on the units it has on the MLS. #326 (2 BR 993 sf) dropped from $829,000 to $699,000. #610 (1BR 738 sf) dropped from $599,000 to $499,000. There are others. Drop another 20% from the new price and I'll bet they start moving them. Not good news for anyone who bought there earlier, but good news for anyone who's been holding off. I know nothing about The Hayes (others have reported they are cheaply done) but I like the location far better than the new SOMA and South Beach buildings.
I wonder if the rumor posted here a week or two ago about construction financing desperation in these new developments is coming to fruition.
Posted by: Trip at October 24, 2008 4:36 PM
holy shit batman, those are some major reductions! if these developers have to sell at
Posted by: 44yo hipster at October 24, 2008 9:03 PM
NOt surprised by these price drops at all.
3 yrs ago, when a friend paid $2900 for a unit that sold for over $900K, I knew this is just a matter of time.
Glad I bought in Pac and RH.
I really should thank that friend for inviting me over to his place
Posted by: ester at October 24, 2008 10:26 PM
Still not enough! 2bd shouldnt cost more than 500 000! Especially if it is less than 1000sq feet. Wake me up then Ill be 1st in line for condo!
Posted by: feskone at October 26, 2008 1:36 PM
I live at the Hayes, and I'm not surprised by the reductions. There is too much supply on the market, and that is how it goes - there are definitely great opportunities for buyers in the next 12-18 months. I wouldn't have done my process any differently. It really depends on what you value. There's nothing cheaply done at 55 Page that I have found. Ask any realtor or resident and you will find 55 Page has gotten high marks across the boards. It's a nice new development in a highly central location to so many of the things that make SF great.
Posted by: ebayj at October 26, 2008 6:24 PM
Looks like "The Hayes" over-reduced and now have raised prices per the MLS!
#522 from $339k to $356k
#627 from $499k - $515k
#610 from $499k - $521k
#711 from $499 - $523k
#326 from $699k - $715k
#612 from $699k - $743k
I'm guessing they got a huge amount of interest (or complaints from current owners) with the lower pricing.
Posted by: The Smart Guy at October 28, 2008 9:30 PM
Anyone have any info (prices/units) on the sealed bid process happening on 11/21/2008 for the rest of the Units at the Potrero?
[Editor's Note: Great minds: The New New Approach: The Potrero Solicits Minimum Sealed Bids.]
Posted by: Poor in Pac Heights at November 13, 2008 3:47 PM