April 20, 2009
T-Minus Four Weeks For 260 New Mission Bay Apartments (355 King)
Rents in the building range from $2,100-$4,900 for one bedrooms, $2,100-$3,300 for two bedrooms and from $3,300-$4,900 for three bedrooms. [Meg Spriggs, AvalonBay senior development director] said she is “cautiously optimistic” the project can attain target rents, but said “we will meet the market on rents.”
Between Avalon, Strata, Argenta and a few others, that’s roughly 700 new rental units on the market over the past (and future) few months while the rental market in San Francisco continues to weaken.
∙ Avalon At Mission Bay Phase III (240 Berry): True To Design [SocketSite]
∙ AvalonBay keeps adding rental units to its cache [Business Times]
∙ The Scoop On Strata At Mission Bay, Its Environs And Rents [SocketSite]
∙ The Rather Ironic "Argenta Silver Lining": Now Leasing At One Polk [SocketSite]
∙ 550 18th Street Unwrapped (And 35 New Condos Now Renting) [SocketSite]
∙ San Francisco Rental Market Weakness: SocketSite Readers Report [SocketSite]
First Published: April 20, 2009 9:30 AM
Comments from "Plugged In" Readers
Still waiting on that jumbo loan from BofA so I can put down the deposit and first month's rent for a 1 bedroom *fingers crossed*
Posted by: sf at April 20, 2009 10:18 AM
Translation - Scared @#$%less.
Posted by: anon at April 20, 2009 10:21 AM
I'm waiting, I'm waiting for the laughing gas
Posted by: 45yo hipster listening2: U2 at April 20, 2009 10:27 AM
I've never liked the exterior, but many many people do like it, and it has have more visual interest than much of what is getting built, so I'm happy it's here.
The rents seem steep IMO.
added units will do more for "affordable housing" than any of the (what I consider) hare-brained "affordable housing" stratagems employed by the city of SF (rent control, BMR housing, etc).
if nothing else, the boom time allowed a lot of building to happen in the city, which will partially update the cities housing options, and will over time help with reduced housing costs.
Posted by: ex SF-er at April 20, 2009 10:32 AM
I am excited for this one for 3 reasons:
-- I am a renter in Soma, so the more inventory we get, the more ground i will have negotiating my rent down at the end of my lease
-- it's nice to see some density in the city and more folks walking around
-- more people living in Mission Bay = more infrastructure and services following them.
Posted by: runner's high at April 20, 2009 10:45 AM
$2,100-$4,900 for one bedrooms
That must be a typo, unless the one bed comes with a bedmate.
Posted by: BobN at April 20, 2009 10:58 AM
It would be annoying living in one of the units that gets the cutout windows within the 'sheath'. Having windows sunk in by about a foot limits the view.
I can see the opposite side of this building from my office window. It blends in nicely with the 'boxes within boxes stacked on boxes' style at mission bay.
Posted by: rr at April 20, 2009 11:08 AM
That's got to be wrong...there are no 3 bedroom units in that bldg....
I would say 2100-3900 for 1 bedrooms
3100-4900 for 2 bedrooms...at least that's what the sales center told me.
Posted by: Rincon Hill Billy at April 20, 2009 11:34 AM
When are they going to remove the rest of the wrapping?
Posted by: redseca2 at April 20, 2009 11:39 AM
$4,900 for a one bedroom? This has to be a typo right?
Posted by: Ryan at April 20, 2009 12:47 PM
That's not 355 berry, more like king. 355 berry is edgewater.
[Editor's Note: Correct, corrected, and linked.]
Posted by: Berry at April 20, 2009 1:42 PM
I'm still unsure how these property managers set their rents. My lease expires in 2 months and I've been looking at various options.
The Strata - 2/2 for around 2900 and they throw in free parking for a year and a month free rent
Owner owned condos at Beacon and Palms have recently dumped their 2/2 condos from 2600 and above (as per my craigslist search) and visiting the open houses this past weekend
The Avalon publicized a 2/1 for 2510 which I took a look at (not the best floor plan) a couple of weeks ago
To top it off Archstone on 3rd and Folsom has 2/2 starting at 2385/month. This should give all the other managers food for thought. Over 1000 sqft and a central location.
A rental war in the horizon with so much supply?
Posted by: somaboy at April 20, 2009 2:20 PM
Anybody thinking about paying $3k/mo for these units: go buy a SF Blu and you'll pay way less for more. Yes, I've checked out Argenta, Strata, etc. SF Blu is far superior.
Posted by: jj at April 20, 2009 6:27 PM
jj: Please clarify how one can buy a 2/2 at BLU for much less than $3K a month with normal 20%down ?
Posted by: Outsider at April 21, 2009 1:52 PM