May 5, 2011

Hopefully You Didn’t Step In It At Park Terrace (325 Berry) Before

As we wrote in January 2008 when the sales office at Park Terrace launched a "step-up commission program" targeting buyers’ agents:

It’s no longer only the townhomes at Park Terrace which will garner brokers an increased sales commission (which might speak to the strength of sales since our last update). And it’s a good reminder to ask, is your agent working for you or selling for the developer?

A few months before in August 2007, 325 Berry #301 sold for $1,181,000. The two-bedroom Park Terrace unit just returned to the market listed for $899,000, a sale at which would represent a 24 percent ($282,000) drop in value for the 1,259 square foot condo with "water views!" over the past three and one-half years.

Unfortunately we haven’t heard of any "step-down" loss or commission programs for those who are now trying to sell.

∙ Listing: 325 Berry #301 (2/2) 1,259 sqft - $899,000 [MLS]
Your Agent Might See Value, But Be Sure To Ask For Whom [SocketSite]
Arterra's New Buyer's Incentive And Park Terrace’s Broker's Bonus [SocketSite]
Park Terrace (325 Berry) Sales Update: Now 70% Sold? [SocketSite]

First Published: May 5, 2011 3:30 PM

Comments from "Plugged In" Readers

unfortunately, none of the units have been selling at park terrace because their is currently litigation against the property.

Posted by: cachu at May 5, 2011 5:41 PM

anyone know what the litigation is about? seems like all these new places in mission bay have litigation (i.e. the beacon across king street)

Posted by: oscar at May 5, 2011 7:52 PM

Litigation on many condos (although not just limited to condos - it can be any construction) is generally related to water infiltration and subsequent damage to moisture sensitive materials (organic matter) such as gypsum wallboard, wood, and OSB sheathing. Bulk water leaks originate from roofs, skylights, walls, windows, doors, plumbing, below grade, etc. Condensation moisture can originate from problems with the vapor barrier, air barrier, or insulation (or lack thereof).

My advice - buy a condo (and I don't mean TICs converted to condos) after the 10 year statute of limitations and once all litigation has settled.

Posted by: eskimo girl at May 7, 2011 9:51 AM

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