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.”
Roughly 40 percent of the 76 were in contract when they first started closing sales this past December (and versus 64 units reported closed or in contract as of two weeks ago).
∙ 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]
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%.
$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?
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.