As wrote last August:
One of four new construction condos completed in March and asking $1,395,000 at the time, the listing for 393 Carl was withdrawn from the MLS in May. Back on the market in August with a new broker and now asking $1,295,000.
As we added in January:
The listing for 393 Carl was withdrawn from the MLS after 145 days on the market without a sale. Last asking $1,295,000 and advertising “seller financing w/low down.”
And as we write today, 393 Carl has returned to the MLS with an official one day on the market and asking $1,098,000. 391 Carl has been on the market for three months, the past two at $1,099,000.
∙ 393 Carl: One Of Four New Construction Condos After And Before [SocketSite]
∙ Listing: 391 Carl (2/2) 1,592 sqft – $1,099,000 [MLS]
∙ Listing: 393 Carl (2/2) 1,592 sqft – $1,098,000 [MLS]
700/sf is the new 900/sf.
“Seller financing with low down” didn’t work. I guess people don’t want the “gift” of more debt.
How many of these have been sold? I mean this developer is killing himself (drop dem prices) as these are getting dated already
ouch. still has a ways to go, IMO, given location on MUNI tracks.
Aren’t these the condos built over a family-owned hardware store? The owner tried to utilize the value of the land he’d owned for decades to expand and stabilize his family business. Unfortunately, he did so at the peak and took it on the chin as the market crashed. I gather he lost everything: the store, the new condos, and the property itself. Sad.
Average Joe, these were not built over a hardware store. It was a vacant lot with parking spaces (as seen in the original post). Anyway, over a million is still too much for condos in this area.
Different products in very different locations I know, but based on the performance of these units perhaps 736 Valencia is going to struggle at their current asking…
Poor choice of exterior color too. It’s not helping these units sell!
I miss the four parking garages.
Why developers want to push push push to build more overpriced housing, when slim demand exists today for prices that would make it profitable at $/sq ft.
What long term added value to the neighborhoods when these developments fail?
Everyone likes to talk investment-ese on this site but primary residential housing is not the same as investment paper and acts differently.
If you dont believe me I have some CDO swaps lying around here somehwere. In that Lehman Brothers bag…
Why are towers of future short sales good for the city?
Is the only way left to build affordable housing to hose the early buyer of new to make way for the price fall not at delveloper expense?
From what I’ve read, “developers want to push push push to build more overpriced housing” because their market research tells them that 1.3 million dollar condos are going to be more profitable than the half-million dollar condos that could be built on the same site. They’re trying to maximize the profit potential of each specific piece of land, no?
Economic theory would have us believe that market signals, as evidenced by what happened to these condos, are reaching those builders and they won’t continue doing it. That doesn’t imply they’ll start building (more) half-million dollar condos, however.
these would look pretty good around $799K
You could probably live here without a car. Walkscore is 94/100. Quick trip downtown too.
The list price for 391 Carl has just been reduced $100,000 (9.1%), now asking $999,000 while the list price for 393 Carl has just been reduced $49,000 (4.5%), now asking $1,049,000.
Both 391 and 393 Carl appear to have fallen out of contract and the list price for 393 Carl has been reduced to $999,000.
Falling 30% per year!
Don’t they need to actually sell at some point before they can fall? Just cause the developer wanted to sell them for $1.4 doesn’t mean anything.
The list prices for 391 and 393 Carl have both been reduced to $979,000.