July 22, 2009
74 New Montgomery: Closing In On 90% Closed Or In Contract
From a plugged-in resident tipster: "The Montgomery had their annual meeting last night...76 are sold and closed, 22 more in escrow, only 9 units available."
∙ 74 New Montgomery Update: 80% Sold And Feeling A Bit More Lively [SocketSite]
First Published: July 22, 2009 9:45 AM
Comments from "Plugged In" Readers
Been living there since March 2008 and very rarely ever ran into anyone in the elevator, hall, lobby, etc. But last couple of weeks it's been nice to actually have the elevator stop once or twice on the way up or down for people to get on or off. Gives the place a little more sense of community.
Posted by: SF Monty Rez at July 22, 2009 12:45 PM
For all new development buyers, have you offered lower than asking price and got the builder's approval?
Posted by: RE Curious at July 22, 2009 2:28 PM
For all new development buyers, have you offered lower than asking price and got the builder's approval? Is this a good time to make an offer at 74 New Montgomery with a low ball offer?
Posted by: RE Curious at July 22, 2009 2:29 PM
Good question ... I've heard they've stuck to the new pricing they rolled out 3-4 months ago (which is about 20% below what I paid in late 2007 from the price sheets I've seen) but they've negotiated on pre-paid HOA fees, upgrades, etc. Whatever they're doing they've pretty much doubled sales since they dropped prices and upped RE commissions.
They're down to 9 units so I'm guessing there are a handful of good units (I think there's a corner 2 BR unit on the 3rd floor listed for $750K) where they'll hold out for asking and some harder to sell units (studio on the alley side with no view and bad natural light) where they might have to wheel and deal to get it sold.
Posted by: SF Monty Rez at July 22, 2009 3:24 PM
Don't forget the new buyer's credit just expired. What they were doing included that credit. They aren't doing that anymore.
That credit probably accelerated some deals as well. People who might have planned on buying this month bought last month. So the demand should be way down for the next few months.
Posted by: tipster at July 22, 2009 3:36 PM
This is a GREAT time to make an offer at SOMA Grand. Woohoo!
Posted by: Eddy at July 24, 2009 2:54 PM
To the person who posted "This is a GREAT time to make an offer at SOMA Grand. Woohoo!" you must work for the SOMA Grand, becuase anyone who likes 74 New Montgomery would have no interest in the SOMA grand. You can not compare a historical building, "boutique" conversion, in a prime neighborhood with a new construction highrise in a "transitional" neighborhood.
I am not saying one is better or worse, just totally different!
Posted by: Love SF at September 6, 2009 12:05 PM
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