According to a plugged-in tipster, the developers of Citadine (1299 Bush) are now seeking a bulk sale of the entire building. Details when we have them and can confirm.
Twenty-Six In The Bush At 1299 Rising (And A Reality Check) [SocketSite]
Citadine (1299 Bush): Current Pricing And A Peek Inside [SocketSite]
Citadine Cuts Between Four And Ten Percent For Listed Condos [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by scurvy

    Let us know when it’s for rent. Probably get some good pricing on it.

  2. Posted by Louis

    there are only 2 “bulk sale” buyers now –
    (1) condo speculators – very few if any today – and they will pay, at most, $150-200 psf LESS than the market price of retail condo sales comps for this project t,l that mean bulk sale at $400 to 450 psf. this has to be an all equity investor, no debt.
    (2) rental operators hoping to get back in to the market. they will buy at a 6 or 7% cap rate (yield on cost). if a one BR here would rent for $1800 per mo (high) and its 700 sf, and op exs are 30%, that means the rent is $2.50 per mo gross, 1.75 net x12 = 21.pp psf / yr. which means it worth say $325 psf to a rental investor.
    so it would go to a condo speculator, if it is a desperate bank that just wants to end it, and not sell out slow take the $200 bulk discount as profit themselves.
    so the bulk sale is a long shot, which is why there have been so few of them in SF, and the converion to a “value” level rental will never happen.

  3. Posted by timeisnow

    They were offering financing through First Republic Bank, which i don’t think is a struggling bank.

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