It was four months ago (see 6/2/09 entry) that I reviewed the freshly launched developments at 829 Folsom & 77 Van Ness. After all this time on the market, you may be wondering how they've done ? Lets take a look.
No Nobel Prize in Economics for 829 Folsom.
I thought the initial pricing here was aggressive and now there is proof. The sales team just announced new prices for the studio and 1-bedroom homes here. Now starting at 365K and 499K respectively, the sales team may just get enough traffic from these reductions to write some deals. They should anticipate throwing in some HOA dues and credits as well since they are still listed about 10% higher than the competition.
Rumor has it that 10 out of the 69 units have gone into contract since June. Closings will commence once the occupancy permit is issued within the next few weeks. We'll see about that, and I'll see you at the Grand Opening Party which the sales team informed me is imminent.
How It's Done: 77 Van Ness Hits It Out of The Park.
With studios starting at 360K and 1-bedroom's at 443K, I predicted that 77 Van Ness would have no trouble kicking off sales with terrific momentum. Four months later, there are approximately eight out of the original 50 units still available.
These are stunning numbers for post-recession San Francisco, so what gives ? In addition to being a well conceived product in terms of quality, floor plans and finishes; 77 Van Ness was value priced. This developer did not want to sit on a building and tell potential buyers to go elsewhere by pricing themselves above the market. They let the market tell them where it was, and it seems to have worked out for both sides.
Although they probably didn't make the dump truck full of cash they had hoped to; the 77 Van Ness team sold this building at an enviable rate in a crummy market. Congratulations to them and the new homeowners.
For more detailed information on these two developments don't be shy, call or write me !
Showing posts with label 77 Van Ness. Show all posts
Showing posts with label 77 Van Ness. Show all posts
Tuesday, October 13, 2009
Tuesday, June 2, 2009
New Kids On The Block: 829 Folsom & 77 Van Ness Make Their Debuts
It's been quite a while since we've seen two new developments open for sales within one week of each other in San Francisco.
829 Folsom and 77 Van Ness have joined the new condominium development party and although much smaller in scale and lighter on the amenities than The Infinity or BLU, they are both real contenders for buyers deposit checks.
Lets look at the details:
First up is 829 Folsom. Located between Fourth and Fifth Streets, this building sits between the iconic 855 Folsom (aka Yerba Buena Lofts) and the fairly mundane 821 Folsom (aka Shipley Square). There are 69 units in the nine story structure and there is a standard parking space included in the price for almost every home.
The Folsom, Shipley and interior courtyard facades are clad in an attractive floor-to-ceiling glass system that provides great light and views from the interiors.
The dramatic differences between this buildings facade and it's immediate neighbors creates a unique streetscape that may not be everyone's taste, but will ensure much attention and debate during AIA tours.
Not up for debate are the interior finishes, which are wonderful. Kitchens and baths are nicely outfitted and flooring, trims and doors all have a quality, high-end feel.
The floor plans here are unique and in some cases, idiosyncratic. Some offer long entrance galleries and big closets. Others sport generous terraces and large "plus" rooms or dens.
Studios start $399K, one-bedrooms at $524K and one-bedroom plus dens at $589K. They are not officially marketing the 2-bedrooms but I saw a terrific unit on the fifth floor with an incredible terrace that is being offered at 1.3M. Not sure how realistic that price is but time and 829 Folsom's sales velocity will tell us soon.
Our second "new kid" is 77 Van Ness. I have to be honest that I was not expecting much from this development. Located on super-busy Van Ness Avenue directly across the street from depressing, soviet inspired buildings, I thought I was entering the condominium version of Siberia. I could not have been more wrong.
The eight story building is actually five floors and 50 units of residential sitting above three floors of commercial office and ground floor retail. A subtle and tasteful lobby and elevator bank are shared by both. Parking is provided via Klaus lifts for all units and it is included in the price.
The exterior does a good job blending in with the neighbors (Masonic Hall and a San Francisco School Board building) and there are alleys on both sides giving the building plenty of light and air.
Floor plans, finishes, views and square footage are all exemplary. My only quibble being that the interior doors are a traditional two-panel style which clashes slightly with the otherwise clean and contemporary aesthetic seen everywhere else.
The neighborhood may be considered Civic Center but I predict that the future residents of 77 Van Ness will be spending most of their free time in Hayes Valley; conveniently located two blocks west.
Studios start at $360K, one-bedrooms at $443K and two-bedrooms at $641K. Given the overall quality of this building, I'd say these are some of the best values I've ever seen in San Francisco.
My favorite aspect of both buildings ? They are known by their address only and have eschewed a "name". These kids are very 2009.
To schedule a tour of one or both of these new-to-the-market developments please call or email me.
829 Folsom and 77 Van Ness have joined the new condominium development party and although much smaller in scale and lighter on the amenities than The Infinity or BLU, they are both real contenders for buyers deposit checks.
Lets look at the details:
First up is 829 Folsom. Located between Fourth and Fifth Streets, this building sits between the iconic 855 Folsom (aka Yerba Buena Lofts) and the fairly mundane 821 Folsom (aka Shipley Square). There are 69 units in the nine story structure and there is a standard parking space included in the price for almost every home.
The Folsom, Shipley and interior courtyard facades are clad in an attractive floor-to-ceiling glass system that provides great light and views from the interiors.
The dramatic differences between this buildings facade and it's immediate neighbors creates a unique streetscape that may not be everyone's taste, but will ensure much attention and debate during AIA tours.
Not up for debate are the interior finishes, which are wonderful. Kitchens and baths are nicely outfitted and flooring, trims and doors all have a quality, high-end feel.
The floor plans here are unique and in some cases, idiosyncratic. Some offer long entrance galleries and big closets. Others sport generous terraces and large "plus" rooms or dens.
Studios start $399K, one-bedrooms at $524K and one-bedroom plus dens at $589K. They are not officially marketing the 2-bedrooms but I saw a terrific unit on the fifth floor with an incredible terrace that is being offered at 1.3M. Not sure how realistic that price is but time and 829 Folsom's sales velocity will tell us soon.
Our second "new kid" is 77 Van Ness. I have to be honest that I was not expecting much from this development. Located on super-busy Van Ness Avenue directly across the street from depressing, soviet inspired buildings, I thought I was entering the condominium version of Siberia. I could not have been more wrong.
The eight story building is actually five floors and 50 units of residential sitting above three floors of commercial office and ground floor retail. A subtle and tasteful lobby and elevator bank are shared by both. Parking is provided via Klaus lifts for all units and it is included in the price.
The exterior does a good job blending in with the neighbors (Masonic Hall and a San Francisco School Board building) and there are alleys on both sides giving the building plenty of light and air.
Floor plans, finishes, views and square footage are all exemplary. My only quibble being that the interior doors are a traditional two-panel style which clashes slightly with the otherwise clean and contemporary aesthetic seen everywhere else.
The neighborhood may be considered Civic Center but I predict that the future residents of 77 Van Ness will be spending most of their free time in Hayes Valley; conveniently located two blocks west.
Studios start at $360K, one-bedrooms at $443K and two-bedrooms at $641K. Given the overall quality of this building, I'd say these are some of the best values I've ever seen in San Francisco.
My favorite aspect of both buildings ? They are known by their address only and have eschewed a "name". These kids are very 2009.
To schedule a tour of one or both of these new-to-the-market developments please call or email me.
Subscribe to:
Posts (Atom)
Posts
