January 21, 2009
The SocketSite Scoop: Radiance To Announce Price Cuts Next Week
A plugged-in tipster reports on Radiance at Mission Bay:
I received an email from the sales person at Radiance "pre-announcing" a sales cut that will go out to the broker community next week. Looks like things aren't moving. On a similar note, I saw on sfgate.com that unit 116 (1722 SF, east facing) sold for $960K. Original asking? $1.39M.
As we noted in August, “while prices reductions haven’t officially been advertised, according to our sources there's definitely room for negotiation (especially on the mid-priced units).”
Yes, it's good to be plugged-in (and details on the "official" cuts when we have them).
First Published: January 21, 2009 9:45 AM
Comments from "Plugged In" Readers
So what kinds of pricing are we talking about here? What kind of range will be the 1-2 bed units be in?
Posted by: Jason at January 21, 2009 10:30 AM
I've gone through Radiance and looking at the floor plans, 116 is the unit on the ground floor on the south side that has no view because of the small building in front of it.
The asking price they had on that unit didn't really make much sense because it was only about ~20% discount from the nearby and much superior 3-level units (like 112, asking $1,772,600 for 1775 sqft) that have complete unobstructed views of the water just steps across the street...
I ran by there last weekend and noticed that a few of those ground floor 3-level units are now occupied too, should be interesting to see what they went for in comparison to 116.
Posted by: SFReo at January 21, 2009 10:32 AM
I'd like the building more if they decided to build R2. Not sure what is worse. Living next to an empty building or a huge pile of dirt.
The location does have a lot of potential but hopefully we'll see it soon.
Posted by: tbonestk at January 21, 2009 10:58 AM
Bosa (the developer) has a number of properties just "sitting" around in San Diego, too.
Electra and The Legend are huge towers which started construction in 2004/5 and have been complete for a while (before Radiance). They are also finishing another tower in San Diego called Bayside (no closings).
I'm definitely not a bear, but things don't look too good for Bosa. My guess is they will have to start offering MUCH more attractive discounts.
Posted by: Ed at January 21, 2009 1:28 PM
I live across the street from BOSA's Electra and can see that only about 10% of the lights are on even though it has been occupied for a long time.
It may be worth mentioning, however, that the Electra blows anything in SF out of the water. That pace is well done.
Posted by: Tom at January 21, 2009 6:08 PM
Unit 116 has a view of the park and water toward the southeast. The person who bought it got a good deal for the amount of square footage paid.
Ground floor units just weren't selling. Both lack of privacy and high price point I suspect was the deterent. Building has been relatively safe. There is full time security in the building.
In general everyone seems to enjoy living in the building and the area. It may look quiet but there is a bit of activity that goes on nearby.
Posted by: hhatmm at January 21, 2009 7:31 PM