CATEGORY ARCHIVE: Sales & Deals
August 15, 2013
Nine New Hayes Valley Condos For As Little As $237K A Piece
Nine of the 63 new Hayes Valley condos under construction at 300 Ivy (aka 401 Grove Street) will be sold for as little as $236,862 for a 624 square foot one-bedroom and $355,404 for one three-bedroom with 1,605 square feet.
So what’s the catch? As part of the Mayor's Office of Housing and Community Development Below Market Rate (BMR) Inclusionary Housing Program, applicants for the 9 BMR units cannot make more than 90 percent of the area median income, which means a single person can make no more than $63,750 a year, a couple can make no more than $72,850, and a couple with a child can have a current annual income of no more than $82,000 to qualify.
While the prices above do not include a parking space, five spaces will be made available by lottery to the buyers of the nine units for $75,000 each.
Applications are due by 5pm on September 24, 2013. Pass it along.
∙ 401 Grove Street Gets Its Groove On Despite Intimations Otherwise [SocketSite]
∙ 300 Ivy Street Below Market Rate Housing Program [sf-moh.org]
September 8, 2010
California Housing Finance Agency Launches New Loan Program
The California Housing Finance Agency has launched the CalHFA FHA Loan Program, offering FHA-insured, 30-year fixed rate first-mortgages for first-time homebuyers (defined as not having owned and occupied a home for the past three years).
And while San Francisco County didn’t qualify for the CalHFA Community Stabilization Home Loan Program in 2008 (when below market rate 30-year loans were at 5.5%), there aren’t any exclusions for San Francisco this time around.
∙ CalHFA FHA Loan Program [calhfa.ca.gov]
∙ For A Select Few First-Time Buyers Willing To Cross The Bay [SocketSite]
July 2, 2010
Homebuyer Tax Credit Extension For Closing (Not Contract) Date
While terms of the federal homebuyer tax credit originally required a signed contract by April 30 and closing by June 30, Congress has extended the closing date to September 30 but hasn’t extended the April 30 signed contract date to qualify for the $8,000 credit.
June 22, 2010
CA First-Time Buyer Tax Credits Going Fast But Still Far From Gone
In March Governor Schwarzenegger signed into law California Assembly Bill 183 which allocated $100 million in credits for first-time buyers of existing homes and $100 million in credits for buyers of new homes purchased between May 1, 2010 and August 1, 2011.
So far 15,220 applications totalling $78,108,000 in estimated requested effective credits have been recieved from first-time buyers versus 3,700 applications totalling $36,360,000 in estimated requested effective credits from buyers of new homes.
From the California Franchise Tax Board:
[W]e will soon receive First-Time Buyer applications totaling more than $100 million. However, since many of these are duplicate, revised or invalid applications, we will accept at least 28,000 applications. This will insure that we have enough valid applications to allocate the full $100 million. These additional applications will be subject to the availability of remaining credits. We will only issue approved certificates of allocation until the $100 million is exhausted.
The California tax credits are limited to "the lesser of 5 percent of the purchase price or $10,000" and taxpayers must apply the total credit "in equal amounts over 3 successive tax years beginning with the tax year in which the home is purchased."
March 26, 2010
He's It's Back: California’s $10,000 Homebuyer Tax Credit Returns
An effective $200 million extension and expansion of last year's oversubscribed $10,000 homebuyer tax credit incentive, California Assembly Bill 183 was signed into law by Governor Schwarzenegger yesterday.
The new law allocates $100 million in credits for buyers of new homes (a previous requirement) and $100 million in credits for first-time buyers of existing homes (a new twist) purchased between May 1, 2010 and August 1, 2011 (or until the coffers run dry).
∙ California $10,000 Tax Credit Pool For New Home Buyers Closed July 3 [SocketSite]
∙ California Assembly Bill 183 [ca.gov]
November 11, 2009
The Early (And Plugged-In) Bird Gets These Chairs (And Couch)
Once again we can’t vouch for the inventory or prices, but we can pass along the sale scoop: local staging company KAGdesigns is holding a warehouse sale this Saturday (11/14) from 11am to 2pm at 1777 Yosemite (cross of 3rd).
July 16, 2009
California $10,000 Tax Credit Pool For New Home Buyers Closed July 3
With $58,355,593 of tax credits already allocated, $101,638,616 in credits claimed, and 1,505 applications in a back-up position, the California Franchise Tax Board has stopped accepting applications for $10,000 tax credits for new home buyers in California.
∙ California Tax Credit For New Home Buyers [ca.gov]
July 3, 2009
The Early (And Plugged-In) Bird Gets The Couch
Okay, so we know we’re not giving you much notice but it’s the scoop and best we can do. Today, July 3rd, one of the hipper staging companies in town (Green Couch) is holding a warehouse sale. 11am to 4pm at 744 Alabama.
No promises, but at the very least perhaps a chopped pillow or two…
January 20, 2009
Cubix (766 Harrison) Officially Cuts "Up To 29.5%" For Stimulus Sale
With around 24 of their 98 condos either closed or in contract, Cubix (766 Harrison) launches a four week “Economic Stimulus Sale” today with reductions of up to 29.5% off of their original list prices. The goal, “to reach 50% sold, at which time lenders can offer FHA financing to [Cubix Yerba Buena] buyers.”
Prices on select units offering the most significant savings range from $215,000 for a courtyard-facing studio with patio (savings of $90,000 off the original price of $305,000) to $279,000 for a penthouse level home with a city view (savings of $65,000 off original price of $344,000).
As you might recall we caught a couple of early reductions when the inventory first hit the MLS (again, above savings are off original prices). And no word on whether or not the twelve-ish buyers who have already closed escrow are feeling "stimulated" (or the love).
∙ 766 Harrison: Condos Indeed And A Brand New Brand (“Cubix YB”) [SocketSite]
∙ Cubix Yerba Buena (766 Harrison): Reader Perspective And Pricing [SocketSite]
∙ A Couple Of Cubix Condos Hit The MLS (Now Starting At $249,000) [SocketSite]
∙ The SocketSite Scoop: Millennium Cuts Prices 15% Across The Board [SocketSite]
November 24, 2008
Symphony Towers Update: Slashing Success And Words On The Street
Contracts were written on 18 of the 20 reduced units in the Turk Street tower of Symphony Towers the weekend before last.
The unofficial word on the street is that a construction loan might have motivated the “slashing” (sound familiar?). While an official word is that there are currently “no plans” for another slashing of prices on the 25-30 units that remain in the Van Ness tower.
As always, we’ll keep you plugged-in (and ahead of everyone else).
∙ Price Cuts Of Up To 30% At Symphony Towers (750 Van Ness) [SocketSite]
∙ RandomRumors: Calling On That Guy And The Guy He Heard It From [SocketSite]
∙ Symphony Towers Update: Buying Love (But Dropping Prices Too) [SocketSite]
November 13, 2008
The Potrero's New New Approach: Soliciting Minimum Sealed Bids
It appears as though The Potrero’s closeout offer of an additional $25,000 off already reduced prices of as much as $90,000 (11%) didn’t do the trick last month on those ten remaining homes. From the sales office today:
The Potrero will begin accepting sealed bids Friday, November 21, 2008 with the bid process ending on Sunday, November 23, 2008 at 5 p.m. Homes in this final release include 1-bedroom and 2-bedroom homes in the South Courtyard building – some with views of the city skyline or the beautifully landscaped courtyard. Price sheets, inventory information and the bid package required to submit a bid will be available at The Potrero sales center located at 451 Kansas Street, #312, San Francisco beginning Friday, November 14, 2003.
Minimum bids and additional details when we have them. And remember, it's not an auction. Those can only happen elsewhere. Like over in the East Bay.
October 25, 2008
Price Cuts Of Up To 30% At Symphony Towers (750 Van Ness)
Plugged-in people knew the cuts were coming. And as one reports, they’re here. Prices at Symphony Towers (750 Van Ness) have been reduced by up to 30% or $136,000. A few examples:
∙ 750 Van Ness #T-405 (1/1) - $399,000 (was $535,000)
∙ 750 Van Ness #T-601 (1/1) - $459,000 (was $577,000)
∙ 750 Van Ness #T-602 (1/1) - $449,000 (was $565,000)
∙ 750 Van Ness #T-804 (0/1) - $295,000 (was $420,000)
∙ 750 Van Ness #T-806 (0/1) - $319,000 (was $455,000)
∙ 750 Van Ness #T-907 (0/1) - $419,000 (was $515,000)
∙ Symphony Towers (750 Van Ness): Announcing Additional Cuts [SocketSite]
∙ Symphony Towers Update: Buying Love (But Dropping Prices Too) [SocketSite]
∙ New Development “Closeout” Sales: The Potrero And 170 Off Third [SocketSite]
October 24, 2008
New Development “Closeout” Sales: The Potrero And 170 Off Third
Last weekend it was The Potrero that was offering “an additional $25,000 off* in addition to...already reduced prices” of as much as $90,000 (11%) on its ten remaining homes. Oh, and 12 months of pre-paid HOA dues.
This week 170 Off Third is advertising that its onsite Sales Center will shut down November 10th with “Final Offers” accepted November 8th and 9th and implores you to ”prepare a reasonable offer.” Let us know if you do. And just how reasonable it was.
And once again, Symphony Towers announced they’re cutting prices. Look for banners this weekend (and an update with the details when they’re released).
UPDATE: As a plugged-in reader notes, The Hayes cut prices today. The list prices on 55 Page #326 and #612 were reduced from $829,000 to $699,000 (a 16% drop), #610 was reduced from $599,000 to $499,000 (a 17% drop), and #522 was reduced from $429,000 to $339,000 (a 21% drop).
∙ Symphony Towers (750 Van Ness): Announcing Additional Cuts [SocketSite]
June 11, 2008
Here Comes The Sun: San Francisco’s Solar Subsidy Program Adopted
It was six months in the making and now it’s an ordinance. The San Francisco Board of Supervisors have passed the Solar Energy Incentive Program which provides incentives ranging from $3,000 to $6,000 for the installation of photovoltaic systems on residential properties (1kw minimum) and incentives of up to $10,000 for the installation of photovoltaic systems on commercial properties ($1,500 per kw).
The initial budget for the program is $3 million and the subsidy is available for new systems (on existing buildings) which were "committed to" after December 11, 2007 (but not before).
March 21, 2008
"A" Final Release (And “Substantially" Reduced Prices) At The Potrero
From a plugged-in tipster: “On Sunday, March 30th, The Potrero will release all remaining homes in the north building at substantially reduced prices.”
Unfortunately no word on exactly what constitutes “substantially” (although it was in italics and underlined...), nor an exact count on how many condos remain unsold in the north building versus the south.
January 16, 2008
A New Incentive At The Potrero: Six Months No Mortgage Payment
The Potrero is about roll out a new buyer’s “incentive program” (just don’t call it a reduction) for remaining one-bedroom condos. According to the SFCAHomes Blog, it’s going to be "six months of paid mortgage payments."
And although we haven’t been privy to all the details, we’re estimating the value of the incentive at roughly $15,000 (or 3% of the purchase price). Don't forget to adjust your future median sales price and comps calculations accordingly.
∙ The Potrero (451 Kansas) Update: Now 70% In Contract Or Closed [SocketSite]
∙ New Buyer Program at The Potrero [SFCAHomes Blog]
December 17, 2007
Change Of Heart, Cash Crunch, Or A Condo Sitter Gone Crazy?
If you happen to be out of town and recognize this kitchen as your own, you might want to touch base with your condo sitter (or perhaps the police) posthaste. For it’s a plugged-in tipster that finds the following on Craigslist:
I have a modern kitchen by Pedini for sale. With the appliance I paid apx $55,000 for it….Its current installed in my condo. It was never used….You have to take out and install it your self. Includes all the appliances….Im located in off Vanness. Send me your offers. Please no under bidders I need it. sold asap.
We’re still working on making sense of it all (let us know if you figure it out). And perhaps there’s a much simpler explanation to be had (and let us know if you get it).
∙ Modern Kicthen [sic] By Pedini [Craigslist]
November 16, 2007
A Price Guarantee From (And Proof Of Price Reductions At) Esprit Park
While the Homes on Esprit Park website was originally advertising 1 bedroom, 1.5 bath homes from the “Upper $600,000’s,” we note that it now reads from the “Low $600,000’s.” And in fact, according to a sales office email forwarded from a plugged-in tipster, they are now starting “around $626,000.”
And while we were going to call it foreshadowing (prior to noticing that “upper” to “lower” change), the Homes on Esprit Park sales office is now offering price guarantees (against future price reductions):
The team at Homes on Esprit Park and Build, Inc. want to ensure our future homeowners their investment in our wonderful community is secure and represents very good value in today’s dynamic marketplace. To bring you that confidence, through December 15th of this year, any home placed in contract will come with a price guarantee that assures you of the value of your investment near the close of escrow on your home.
When you purchase a home in our community, we will assign one or more similar properties in the project to your purchase contract. Should any of those assigned homes reduce in price or be sold at a lesser price than originally listed, we will reduce the price of your home as well by the same percentage amount prior to your close of escrow. No questions asked.
We understand that in uncertain markets, even exceptional communities like Homes on Esprit Park need to address the investment concerns of their clientele, and with this price guarantee we hope to do so for you. With our model units expecting to be delivered at the beginning of the year, a rebound in the lending market (already underway) and much greater progress on construction, we anticipate vibrant activity and sales in the new year. That’s why this offer is extended only through the pre-holiday season and only to our registered customers.
And no, we don’t know if the price guarantee applies to those who are already in contract (or whether or not we should have filed this one under "trends").
∙ Sales Office For Esprit Park (888 Minnesota) Opens Tomorrow (10/5) [SocketSite]
∙ Homes on Esprit Park: Pricing [espritpark.com]
November 14, 2007
Is It Better To Be A Buyer Or A Broker At The Montgomery?
While the sales office at The Montgomery is offering potential buyers who attend their November 17th open house and sales event (from 12 to 3) “a chance to win a $500 Whole Foods gift certificate!” (must be present to win), they’re offering brokers who put a buyer “into contract between November 15th and December 31st, 2007…a $1,000 Barneys New York Gift Card.” And yes, that’s in addition to their existing “Bonus Commission Program.”
If you're a buyer, let's just hope your buyer's agent comes through with a nice holiday or housewarming present. (Might we suggest a nice fat Barneys gift card?) And if you want to share that Barneys love (now that you know about it), you know how to reach us.
∙ The Montgomery (74 New Montgomery) Gets A New Sales Team? [SocketSite]
October 11, 2007
The Latest Reminder That Your Neighbor Got A Deal: That Damn Vespa
"There is no better way to enjoy Jackson Square than on the back of a Vespa. Zipping to the Ferry Building for the Farmer's Market or meeting a friend at a nearby café is now even easier. 733 Front is offering a complimentary Vespa scooter and a parking space with its remaining collection of luxury junior- and one-bedroom residences.*"
And sorry, according to the asterisk: “Parking spot is for Vespas only in the building garage...on select residences and cannot be combined with any other offers or promotions.” And no, we don't know what happens to your space when it comes time to sell (either the condo or the Vespa).
∙ New Incentives (And Effective Reductions) At 733 Front Street [SocketSite]
∙ Buy A Condo Get A Car At 767 Bryant [SocketSite]
October 8, 2007
New Incentives (And Effective Reductions) At 733 Front Street
While last month we noted evidence of price reductions on a few of the smaller condos at 733 Front Street, today we note effective reductions on a few of the larger (“select junior one- and one-bedroom”) units in the form of a new “Holiday” incentive:
733 Front will cover the mortgage, property taxes and HOA on select junior one- and one-bedroom residences for three full months from your close of escrow date.* No payments until 2008 presents a fantastic opportunity to own a contemporary new home in Jackson Square.
Based on some quick back of the envelope calculations, we estimate that this incentive represents an effective reduction of around two percent on the select units (and without all that hassle of recording a reduced sales price). The fine print (i.e., asterisk):
*First and Second Lien mortgage payments are based on any Interest Only or Fixed Rate loan product. Incentive to cover three months mortgage payments, taxes, and HOA dues. Buyer responsible for full mortgage payments, taxes, and HOA dues following the three month incentive. Offer expires 11/30/07. Buyer must pre-qualify and be approved for a loan program to qualify for the incentive program. First loan amount assumed to be 80% of purchase price, or less. Second loan assumed to be 10% of purchase price, or less. Minimum down payment of 10% of purchase price. Full documentation of assets and income are required. Interest rates are subject to current market conditions and may change at any time. Valid only for owner-occupied homes. Valid only with Triton Funding Group / The Murray Team. Other terms and conditions may apply.
August 3, 2007
A Few New Incentives For Both Buyers And Brokers In San Francisco
From a tipster: “On Wednesday, August 8, visit the Heritage on Fillmore to discover how to get your clients 2 years paid HOA Dues or $11,000 toward upgrades with the purchase of a new home [deals must be written by September 30, 2007]. And when you help your clients you'll also help yourself. The Heritage is now offering a 3.5% broker co-op!"
And yet another: “170 Off Third is excited to offer a 5.625% interest rate on all remaining two-bedroom residences! [Interest rate based on 7/1 ARM Interest Only and is fixed for seven years.]”
We’ll let you decide what they’re worth (to you). And what they mean (for the market).
∙ Heritage On Fillmore Official Update: Inventory And Restaurants [SocketSite]
∙ Odeon And 170 Off Third: A “Plugged In” Buyer’s Perspective [SocketSite]
July 30, 2007
Another Chance To Make An Offer (Any Offer) In San Francisco
Once again, it was almost a year ago that we wrote that “we’re struggling to rationalize the ‘value’” of the condos at 767 Bryant. Since then we’ve seen remodeling, reductions and even some mighty big incentives (e.g., free cars). And now, a craigslist plea by way of a plugged-in tipster:
Seller would like to move these units ASAP. Make an offer...any offer. We have been offering many incentives and the feedback is people would rather see a reduced purchase price. So instead of incentives bring us an offer of what you think the value is!
Keep in mind that after eleven months on the market, over half of the twenty (20) converted condos remain available for sale. Let us know if you make an offer (and don't forget to invite us to the housewarming if it's accepted).
July 9, 2007
The SocketSite Scoop On Sales At Symphony Towers (750 Van Ness)
While the signs have been hung around town, and the sales office doors are open, according to a plugged-in tipster the much ballyhooed (on account of the price point) Symphony Towers won't start taking reservations until Saturday, July 21st (“promptly at 8:30am" for registered "V.I.P.s"). Also worth noting, the sales team will be offering “3% off the purchase price of the first 50 homes sold!” for V.I.P.s who registered "on or before July 3, 2007."
A bit of the fine print: “3% discount (Discount) is limited to the first fifty (50) homes purchased at Symphony Towers between July 21, 2007, and August 4, 2007. To qualify, buyers must have registered on or before July 3, 2007. Discount applies only if financing through our preferred lenders.... Discount is applicable to only the first home purchased per registered buyer; subsequent homes may be purchased at regular market rate.”
A few additional details, studios are expected to be priced from $350,000 to $500,000; one-bedrooms from $500,000 to $700,000; and two-bedrooms from $750,000 to $900,000. Refrigerators are included (but not the vented washer/dryers), gas ranges except in the studios (don't ask us), and one car deeded parking for most units.
UPDATE: From a plugged-in reader: “the building codes do not allow any gas burning appliances in a room used for sleeping” (re: "gas ranges except in the studios").
Glassworks: Going Once, Going Twice At Two PM Today
An eagle-eyed reader notices that condo number 401 in the Glassworks (207 King Street) is tentatively scheduled to be auctioned off on the steps of City Hall at 2:00 PM today (7/9/07). And if PropertyShark is correct, while the condo last changed hands on 1/9/2004 for $820,000 (and looks to have been 100% financed at the time), on 9/21/05 it was refinanced and the unpaid debt obligation on the condo currently stands at $1,050,020.
UPDATE: The auction for 207 King Street #401 was postponed until next week (July 17) “at the beneficiaries request.” Same bat time, same bat place.
∙ The Glassworks (207 King Street) [SocketSite]
July 6, 2007
The Potrero: South Building Sales (And Incentives) This Weekend
The Potrero has officially released inventory in their South Building with buyers over the next three days (7/6-7/8) receiving (an obligatory?) “2 years of HOA dues, a refrigerator, washer and dryer at no charge.” And yes, it's being billed as a "limited time offer."
∙ Update: The Potrero (451 Kansas) And Park Terrace (325 Berry) [SocketSite]
∙ Weekend Incentives (And A New Release) At The Potrero [SocketSite]
June 26, 2007
Out With The HOAs (For Now) In With The Sub-Zero (And Plasmas)
The latest limited time offer from Arterra: “For a limited time, receive a sleek Sub-Zero refrigerator and handsome bamboo hardwood flooring in all living areas when you purchase a 2-bedroom, 1-bath home on floors 9 and above. Or, receive a 42" flat-panel television on any 2-bedroom, 1-bath home on floors eight and below (installation not included).”
∙ Speaking Of Savings (And Subtle Signs) At Arterra [SocketSite]
May 29, 2007
Buy A Condo Get A Car At 767 Bryant
Last August we were “struggling to rationalize the “value” of [767 Bryant].” Since then we've seen remodeling, reductions, and now…free cars. From a craigslist post for 767 Bryant (courtesy of a “plugged-in” tipster):
If you sign a contract by Wednesday, May 30 AND close the purchase by June 30, 2007, then you'll receive your choice of a 2007 Toyota Prius (BASE MODEL EDITION) or Mini Cooper (BASE MODEL EDITION). Offer available to principals only. Qualifying purchases are for condominiums with prices starting at $629,000.
Our tipster is left wondering how this gets factored in to the ‘real’ selling price (think comps and market statistics). And we'll add: there's nothing like watching the garage fill up with new cars if one of them isn’t yours.
∙ Inside 767 Bryant [SocketSite]
∙ Take Two For A Few Of The Condos At 767 Bryant [SocketSite]
∙ 767 Bryant: A Sales Update (And Reduction) [SocketSite]
∙ Developers offering Prius or Mini Cooper this weekend [Craigslist]
April 23, 2007
The House Is Great (But I Really Want Those Barstools)
One plugged-in reader pursues the listing for 267-271 Filbert and likes what he sees in the property (quite literally). Leave it up to the SocketSite community to not only answer his question (“Where did you get the bar stools in the picture of the kitchen?”) but to provide a value alternative as well. We’re as proud as new parents.
∙ If Only We Weren’t Garage People [SocketSite]
April 16, 2007
One Condo Left At Odeon (And An Update On Arterra’s Incentives)
Apparently the Odeon only has one condo left (#310) and the sales team is advertising “Make us an offer we can't refuse!” And while there’s more than one unit left over at Arterra, their “special offer of two years of paid HOA as well as a new refrigerator, washer and dryer for new homebuyers must end April 29!” No word on what happens after that.
∙ The Kind Of Email We Love To Get (And An Odeon Question) [SocketSite]
∙ Incentives At The Hayes (And Bonuses At Arterra) [SocketSite]
March 29, 2007
Reader’s Questions: How To Structure/Negotiate A Discount
A “plugged-in” reader butters us up (“I've gone from clueless to rather informed in a brief period of time thanks in big part to Socketsite”) and then hits us with a question:
I recently bought at one of the new developments and was able to negotiate $X (lets say $10,000) amount towards upgrades; so I will buy the condo for the sale price but get $10,000 towards upgrades. I plan on purchasing about $20k in upgrades.
Would I have been smarter to offer $10k above asking and then ask for $20k in upgrades? The cost to me would be the same, but when I go to sell, my purchase price will be higher and more accurately reflect the additions at the time of purchasing. I always hear realtors saying what the place sold for X number of years ago and came up with this idea from that.
We have our answer, but we’re going to open it up for discussion amongst the readers first. And while we were unable to get our reader to identify the development or the exact amount of the discount (“[I] did so with the personal promise to the sales agent that I would keep it confidential”), he was willing to admit that “it is one of the new high rises.” Yes, high rises.
March 27, 2007
Weekend Incentives (And A New Release) At The Potrero
Rumor has it that The Potrero will be offering condo buyers a free GE Profile refrigerator and Washer/Dryer this weekend (3/31 - 4/1) in conjunction with a "special release" of new units. Some unofficial pricing from a “plugged in” tipster:
∙ The Potrero #278 (1/1) 700 sqft - $545,880
∙ The Potrero #360 (1/1) 661 sqft - $545,880
∙ The Potrero #375 (1/1) 661 sqft - $620,880
∙ The Potrero #485 (1+/1) 825 sqft - $684,880
∙ The Potrero #470 (2/2) 929 sqft - $699,880
∙ The Potrero #468 (2/2) 1037 sqft - $769,880
∙ The Potrero #470 (2/2) 929 sqft - $715,880
∙ The Potrero #566 (2/2) 932 sqft - $795,880
We thought you’d want the scoop (and perhaps some free appliances). And as always, don’t forget our invitations to the housewarming.
UPDATE: And it was bound to raise the question…if I’ve already placed a deposit, can I get the appliances too?
∙ The Potrero (451 Kansas): Model Homes Open This Weekend [SocketSite]
∙ The Potrero (451 Kansas): Sales Center Now Open [SocktSite]
∙ The Potrero (451 Kansas): From The Low $400,000s [SocketSite]
February 27, 2007
Speaking Of Savings (And Subtle Signs) At Arterra
We couldn’t help but notice that the original MLS listing for 300 Berry #446 (Arterra) has been withdrawn and replaced with a new listing and a price tag that’s $10,000 less ($815,000). Combined with the current sales incentives (~$12,000 for this unit), that’s an effective savings of ~$22,000 (2.7%).
And perhaps less subtly, last August the Arterra sales center was advertising two-bedrooms “from the $780,000’s.” Yesterday, an Arterra two bedroom (300 Berry #511) was listed on the MLS for $720,000 (a difference of 7.7%).
∙ Listing: 300 Berry #446 (2/2) - $815,000 [MLS]
∙ Evidence Of A Price Reduction At Arterra? [SocketSite]
∙ Arterra and The Hayes: Sales Centers [SocketSite]
∙ Listing: 300 Berry #511 (2/1) - $815,000 [MLS]
February 26, 2007
More Listings, Reductions, And Opportunities On Berry Street
Eight months ago we caught some flak for pointing out a potential “troublesome trend” at 255 Berry (and then again two months later). And today, we can’t help but notice that of the four Active listings in 255 Berry three have been reduced (as were the two that are currently Active Contingent).
Of the three reduced listings, one in particular caught our attention: 255 Berry #512. It’s a nicely upgraded two-bedroom/two-bath on a high floor with courtyard views; it has been reduced three times (for a total reduction of $80,000 or 8.2%); and it’s now listed at just under $700 per square foot (in an upscale building that’s barely two years old). Perhaps there is something to be said for the relationship between supply, demand, and pricing.
A recap of the neighboring new developments: 235 Berry is roughly 40% sold and available for occupancy; Park Terrace (325 Berry) is approximately 10% sold and should be available for occupancy by the end of the summer (2007); and Arterra (300 Berry) should be ready for occupancy early next year (2008), appears to have already reduced some prices, and is offering additional buyer incentives.
∙ A Troublesome Trend? [SocketSite]
∙ More “Pseudo-Omniscient Pretense” (And 255 Berry) [SocketSite]
∙ Listing: 255 Berry #512 (2/2) - $899,000 [Pacific Union] [MLS]
∙ 235 Berry Street: 40% Sold (Really) [SocketSite]
∙ Park Terrace (325 Berry): A Little Over 10% “Sold”? [SocketSite]
∙ Evidence Of A Price Reduction At Arterra? [SocketSite]
∙ Incentives (And Insight?) At Arterra (300 Berry) [SocketSite]
February 23, 2007
Incentives At The Hayes (And Bonuses At Arterra)
The Hayes is “pleased to announce that for a limited time, new home buyers can get two years of paid HOA as well as a new refrigerator, washer and dryer.” While Arterra is now advertising “incremental bonus broker commissions.” A little sugar for everyone.
UPDATE (2/25): And yes, Arterra has been offering buyers two years of paid HOA, a new refrigerator, and washer and dryer "for a limted time" as well (since the begining of January).
January 8, 2007
Incentives (And Insight?) At Arterra (300 Berry)
After three months of selling, Arterra is now advertising a “LIMITED TIME OFFER” of two years paid HOA dues plus a washer, dryer and refrigerator (although we’re guessing not the SubZero that’s featured in the sales center or renderings). Keep in mind that Arterra is primarily targeting “Green” and/or first-time buyers (neither of which should be in short supply in San Francisco).
∙ Arterra (300 Berry) Hits The MLS [SocketSite]
∙ The Arterra: “Clean Design, Pure Living” At 300 Berry Street [SocketSite]
October 10, 2006
The Beacon: Sales Office Incentives
There are currently 26 Active listed resale condos in The Beacon. In addition, there are around 25 unlisted units being marketed directly through the sales office. One tipster’s insight:
I was checking out the Beacon today (Sunday) and the new sales manager…was telling me that the [developer] wants to get the remaining 35ish units sold this year [and]…it looks like they'll throw in upgrades (hardwoods, stainless, etc.) or pre-pay some HOA, or actually do a price reduction, or any combination of those, up to maybe 5% of the current list price. They're looking for "reasonable" offers - but feel like they "don't need to give away the store because there's still plenty of market out there." They sold 6 in the last couple weeks this way. He also said that buyers aren't at all wary of the lawsuit.
In total, close to 9% of the condos at The Beacon are on the market and competing for your attention.
∙ Actually, They Were The Second [SocketSite]
September 19, 2006
A Sales Office Shakeup At The Beacon?
According to a tipster, the sales office at the Beacon is about “to announce 3% broker commissions and…are really negotiating on deals.” And while the Mark Company will still be in charge of selling, they “cleaned house with the staff and are bringing in…new people.” We’re still trying to verify the inventory of developer units (and the tip), but keep in mind that there are currently 23 Active listings in the Beacon (five of which are with the Mark Company).
And while at least five of the resale listings have already been reduced (some more than once), between deals being cut in the sales office on new units, the pending class action suit, and the market in general, it’s probably not too much of a stretch to expect additional reductions in the not too distant future.
UPDATE (9/20): Well, it’s still a shake up, but it’s possible that it might have been the former staff that initiated the act. As one reader notes, “Can anyone blame the salespeople for wanting out? They are compensated on a commission basis and are sitting on the last and least desirable of the inventory and it isn't moving (obviously compounded by the well publicized lawsuit).”
∙ Listing: 260 King Street #751 (2/2) - $815,000 [MLS]
June 14, 2006
Design Within Reach Warehouse Sale (6/16 – 6/18)
Looking to fill that new Rincon/Transbay condo? A fan of the modern aesthetic? You might want to check out the Design Within Reach Warehouse Sale this weekend in Union City (2801 Faber Street).
April 18, 2006
The Royal San Francisco
The Royal Insurance Building at 201 Sansome Street was built in 1907 for the Royal Globe Insurance Company, and after ninety-nine years, it’s going residential. Designed by New York City architects, Howell and Stokes, the building was designated a San Francisco Landmark in 1983 (the exterior of the building has not been altered during the conversion to condos).
The Royal (not to be confused with the Royal Towers) is comprised of forty-six (46) residences with one bedrooms starting from $430,000, two bedrooms from $940,000, and four two-story “townhouses” from $1,575,000. High-end finishes throughout, and discounted gym membership (Equinox) and parking (down the block) for residents of the building.
Unfortunately, the majority of the units have already been pre-sold (according to the developer), but as Damion Matthews points out, you still have two days to register for the five BMR units available in the building (April 21st deadline). Plus, we wouldn’t be too surprised to see some early speculative turnover once the doors have been flung open.
And while The Royal’s website might not win any awards for its aesthetic design, we give it two thumbs up for information (including complete pricing), interactivity (floorplans), and honesty (actually identifying BMR units).
November 26, 2005
Hayes Valley Holiday Block Party 2005
Find yourself missing NYC’s NoLita or SoHo? Then head down to Hayes Valley, especially this Friday, December 2nd, from 6-9pm for the Hayes Valley Holiday Block Party.
It’s full tilt people watching and boutique shopping (with none of the typical street fair schlock). We love it. And we'll be there.
October 11, 2005
Flexcar Comes To San Francisco
As of today, City Carshare and Zipcar have some competition in the San Francisco car-share arena. Two important things to note: 1. up to 75% of Flexcar’s fleet will by hybrid vehicles, and 2. if you join and drive by the end of the year, Flexcar will waive both the application and first years membership fees (details).
We only mention it because we’ve added Flexcar to our “Getting Around” section of “Resources & Links”. If you didn’t even realize that we had a Resources & Links section, perhaps now would be a good time to check it out...
July 14, 2005
Win A Pre-Fab Studio
· FLOR Sweepstakes Online Entry [FLOR]
June 27, 2005
Sale Watch: Home Furnishings
You might have already seen, but a couple of sales we're watching:
June 9, 2005
Sales & Deals: Modern Furnishings
Moving into new digs? Upgrading your style? Preparing for that upcoming spread in Dwell? Impeccable timing.