April 30, 2010
Union Update: 66 Of 76 Condos (86 Percent) Closed Or In Contract
Sixty-six (66) of the seventy-six (76) condos at Union (2101/2125 Bryant) are now in contract or closed (86 percent). Of the ten remaining units, nine are three-bedrooms with asking prices currently ranging from $775,000 to $870,000.
"[The sales] staff tells me that the other thing that’s selling is the extra parking spaces, don’t know how many are left but I was surprised that the market is $35,000 per slot."
∙ The Union Of 76 New Units At 2101/2125 Bryant [SocketSite]
∙ Union Update: 40 Percent Currently In Contract, Closings This Week [SocketSite]
∙ Sales Office Stats: 555 Bartlett, 829 Folsom, LindenHayes, And Union [SocketSite]
First Published: April 30, 2010 3:00 PM
Comments from "Plugged In" Readers
Buying a parking spot is a no-brainer. At $250 per month for the spot, you are getting $3000 per year on a $35,000 investment. This comes out to a yield of 8.3% which is pretty good in any real estate environment. Throw in some financing for the parking spot and you can juice that yield up to 10%.
Posted by: will at May 2, 2010 12:06 PM
$775K for a 3BR seems like a very good deal in comparison with, say, $800K for 2BR condos in Mission Bay. I like this neighborhood, too. Is there some catch?
Posted by: Po Hill Jeff at May 4, 2010 12:47 AM
My wife, 5 yr old son and I moved to Union about 5 weeks ago (a 2 BR/2 BA in the brick and timber bldg). We absolutely love our unit - high-ceilings, nice finishes, Viking Professional appliances, etc. and have been pleasantly surprised by how much we like the neighborhood, especially the dining and grocery options.
Is there a catch? For the remaining 3 BR units in the B&T bldg the main living space is VERY small. The bedrooms are all a good size (1 downstairs and 2 upstairs) but at the expense of the living/dining room space ... room for a small dining table but very little for a sofa/TV area.
I think they would have sold quickly had the units been designed as a 2 BR/2.5 BA with the downstairs bedroom being a smaller den instead to free up living room space.
Of course if you don't care about TV - or can live with it in just the bedroom (we like TV in the living area) - then the layout could be OK. Not sure if the downstairs bedroom wall is load-bearing but someone could possibly knock it out and create a 2 BR/3 BA with very large great room.
Posted by: Union SF Rez at May 4, 2010 4:53 PM