June 27, 2011
Candlestick Heights Hits The Market Well Under $400 Per Square
The first few Candlestick Heights homes at 857 Jamestown Avenue have now been listed with prices starting at $365,000 for a 1,102 square foot two-bedroom ($331 per square) and a 1,308 square foot three-bedroom for $445,000 ($340 per square).
And no, these aren’t Below Market Rate (BMR) units.
But speaking of sale restricted BMR's, as a plugged-in reader adds, "note that the listed sales prices are very close to the upper limits of the City's inclusionary housing program at the 110% median income level."
UPDATE (6/28): While we do believe the units were originally designed to sell in the neighborhood of $600 per square foot, according to the current sales office, the development was never actually priced above $500 per square.
∙ The Heights At Candlestick “On Hold” According To The Sales Center [SocketSite]
∙ It's Game (Back) On For "The Heights At Candlestick" [SocketSite]
∙ Candlestick Heights [candlestickheights.com]
∙ Listing: 857 Jamestown Avenue #101 (3/2) 1,308 sqft - $445,000 [MLS]
∙ Listing: 857 Jamestown Avenue #205 (1/1) 1,229 sqft - $369,000 [MLS]
First Published: June 27, 2011 11:30 AM
Comments from "Plugged In" Readers
What's the import of the fact that pricing is "very close to the upper limits of the City's inclusionary housing program"?
Posted by: observantneighbor at June 27, 2011 11:45 AM
Taking the positive spin (please let's not bash the Bayview Hunters Point for once) these units are market rate but priced inline with the City's BMR/Inclusionary Housing parameters. Affordable home ownership without the purchase and resell restrictions. Lets call this 'affordable by design'.
Posted by: JOE Leland at June 27, 2011 12:15 PM
Except that they aren't "affordable by design", they were "designed" to sell at $600,000 to $700,000 a unit and the market didn't clear at that price two years ago. What changed? People can't get toxic mortgages to finance that level of debt in 2011.
Posted by: Brahma (incensed renter) at June 27, 2011 1:18 PM
I saw these last week at their pre-grand opening. I live about a block away. They are huge, have unheard of patio space, and nice finishes. If I did not already have a house, I would buy one, and I am picky. I think that some people will buy based on the fact that it is a straight shot to 101 or 280 and still in the ciy, albeit on the fring (I had to say that before on of the other commenters does). Sadly, this will mean less parking on my street and more traffic, but anything new is good for the neighborhood.
Posted by: bayviewheightsguy at June 27, 2011 8:49 PM
Meant to say "fringe" of city....darn keyboard.
Posted by: bayviewheightsguy at June 27, 2011 8:50 PM
Yes they were originally designed to sell at $600k-700k per unit and they never really made it to market with I believe only 3 model units showing to brokers, and a website, and no others even close to completion. The company developing the site at the time was Noteware Development, the same company who was building the development at 5800 Third. It went under and in the 3 years since, well we have all seen the market. Seems to me that when the project resumed they made a smart decision to build to the market and not building with expectations of the market, banks, and buyers extending themselves.
As i recall they began work on the site in 2007 and it was designed to be "luxury", i think the price drop was because they dropped the attempt at luxury and went for spaces that would sell, and that might sell quickly to those willing to invest in the redevelopment potential of Candlestick Point and the Hunters Point Shipyards. As a Bayview resident there is no need for luxury development anyways, not at this point, the need is simply for the redevelopment to move forward and to see the community demographic expand/change to a more invested community and provide community essentials to keep people local and interactive.
Posted by: Rob at June 28, 2011 11:33 AM
UPDATE: While we do believe the units were originally designed to sell in the neighborhood of $600 per square foot, according to the current sales office, the development was never actually priced above $500 per square.
Posted by: SocketSite at June 28, 2011 12:54 PM
the finishes are awful. who in the hell wants to live out there? maybe you should ask the sales office about the shootings behind the hill. or, the murder capitol of sf. i mean, c'mon.
while the sales office likely tell you that it is one of the safest areas in sf, statistically, it is because a lot of crimes go unreported in the neighborhood.
great views of the bay bridge and HP projects, though
Posted by: jonjon at June 30, 2011 6:06 PM
"...great views of the bay bridge..."
There are no views of the bay bridge from this location. I'm not sure your crime allegations apply to this street either.
Posted by: The Milkshake of Despair at July 1, 2011 9:55 AM