It was November 10th when we last looked at the sampler. With the holidays behind us and the late winter/early spring bump in inventory and sales, there are some interesting changes to the Downtown sales landscape. Arterra is rumored to be sold out within the week and The Infinity has but 15 units remaining. The impending sellout at the Main and Spear Street complex has motivated some owners to list their homes; and at aggressive prices. Time will tell what the market will bear, but the fact remains that overall inventory is low and buyer interest is high. Off to the races...
The Beacon
Six 1-bedrooms, two 2-bedrooms. Available units: 8. Total units: 595.
The Metropolitan
One 1-bedroom, two 2-bedrooms. Available units: 3. Total units: 342.
Watermark
No resale activity. Total units: 136.
200 Brannan
One 2-bedroom. Available units: 1. Total units: 191.
The Brannan
Four 1-bedrooms, Five 2-bedrooms. Available units: 9. Total units: 339.
The Potrero
One 1-bedroom. Available units: 1. Total units: 155
The Hayes
No resale inventory. Total units: 128
Arterra *
No resale inventory. Total units: 269
The Infinity *
Four 2-bedrooms. Available units: 4. Total units: 650
One Rincon Hill *
Three 1-bedrooms and Six 2-bedrooms. Available units: 9. Total units overall: 376.
* New inventory still available from the developer.
Showing posts with label The Beacon. Show all posts
Showing posts with label The Beacon. Show all posts
Tuesday, February 23, 2010
Monday, February 15, 2010
Earthquake Insurance: Expensive? Yes. Necessary...?
When I'm working with buyers that are new to condominiums, one of the most common questions asked is "What do the HOA dues cover and why are they so expensive ?" Typically dues will pay for water, garbage service, common amenities and fire and hazard insurance. In some buildings, an earthquake insurance premium is also part of the dues. Its easy to guess if earthquake coverage is included without knowing for sure since the monthly assessment for a unit in a building with it can be double the equivalent unit would be without.
For developments that have a large percentage of commercial or retail space as part of the same structure, earthquake coverage is usually mandatory. Like The Beacon with its Safeway, Borders and commercial condominiums or The Four Seasons and St Regis with their hotels on the lower floors under the residential units.
Buildings like Arterra or The Infinity have a choice in the matter. Do you raise dues to cover earthquake insurance, protecting your investment while potentially lowering values by making the units less affordable? Or do you carry on as-is and hope that The Big One won't be so big.
Living in a seismically active area like San Francisco requires the ability to reconcile knowing that the ground beneath us can start to shake at anytime with potential major results. Gauging the value and benefits of earthquake insurance is a very personal decision that involves the instinct to manage risk with the need to preserve value and desirability.
Do you have a question about Downtown real estate? All you need to do is ask.
For developments that have a large percentage of commercial or retail space as part of the same structure, earthquake coverage is usually mandatory. Like The Beacon with its Safeway, Borders and commercial condominiums or The Four Seasons and St Regis with their hotels on the lower floors under the residential units.
Buildings like Arterra or The Infinity have a choice in the matter. Do you raise dues to cover earthquake insurance, protecting your investment while potentially lowering values by making the units less affordable? Or do you carry on as-is and hope that The Big One won't be so big.
Living in a seismically active area like San Francisco requires the ability to reconcile knowing that the ground beneath us can start to shake at anytime with potential major results. Gauging the value and benefits of earthquake insurance is a very personal decision that involves the instinct to manage risk with the need to preserve value and desirability.
Do you have a question about Downtown real estate? All you need to do is ask.
Tuesday, November 10, 2009
Downtown Inventory Sampler: What's That Sucking Sound ???
It was August 25th when we last visited our ten pet developments. Summer was winding down and resale inventory was low, due to a busy summer buying season this year. Properties that did not sell were taken off the market and sellers who had waited to list were preparing to put their properties up for sale for the beginning of the fourth quarter. Typically, the last active time of year for sales before the holidays and winter rain.
The Fall inventory bump materialized as expected and resale absorption was very respectable. The numbers indicate that sellers got more realistic about price and buyers found the confidence to move forward. The difference between then and now ? 200 Brannan had seven active listings on August 25th, today they have one. The Metropolitan had eleven, now six. That sucking sound I referred to above ? That's new and resale inventory being Hoovered away...
The Beacon
One studio, five 1-bedroom, two 2-bedrooms. Available units: 8. Total units: 595.
The Metropolitan
Three 1-bedrooms, two 2-bedrooms and one 3-bedroom. Available units: 6. Total units: 342.
Watermark
No resale activity. Total units: 136.
200 Brannan
One 2-bedroom. Available units: 1. Total units: 191.
The Brannan
One 1-bedroom, Four 2-bedrooms. Available units: 5. Total units: 339.
The Potrero
One studio, One 1-bedroom. Available units: 2. Total units: 155
The Hayes
No resale inventory. Total units: 128
Arterra *
One 2-bedroom. Available units: 1. Total units: 269.
The Infinity *
One 1-bedroom, one 2-bedroom. Available units: 2. Total units: 650.
One Rincon Hill *
Two 1-bedrooms and Two 2-bedrooms. Available units: 4. Total units overall: 376.
* New inventory still available from the developer.
The Fall inventory bump materialized as expected and resale absorption was very respectable. The numbers indicate that sellers got more realistic about price and buyers found the confidence to move forward. The difference between then and now ? 200 Brannan had seven active listings on August 25th, today they have one. The Metropolitan had eleven, now six. That sucking sound I referred to above ? That's new and resale inventory being Hoovered away...
The Beacon
One studio, five 1-bedroom, two 2-bedrooms. Available units: 8. Total units: 595.
The Metropolitan
Three 1-bedrooms, two 2-bedrooms and one 3-bedroom. Available units: 6. Total units: 342.
Watermark
No resale activity. Total units: 136.
200 Brannan
One 2-bedroom. Available units: 1. Total units: 191.
The Brannan
One 1-bedroom, Four 2-bedrooms. Available units: 5. Total units: 339.
The Potrero
One studio, One 1-bedroom. Available units: 2. Total units: 155
The Hayes
No resale inventory. Total units: 128
Arterra *
One 2-bedroom. Available units: 1. Total units: 269.
The Infinity *
One 1-bedroom, one 2-bedroom. Available units: 2. Total units: 650.
One Rincon Hill *
Two 1-bedrooms and Two 2-bedrooms. Available units: 4. Total units overall: 376.
* New inventory still available from the developer.
Tuesday, August 25, 2009
Downtown Inventory Sampler: Back-To-School Special
It was July 7th when we last visited our ten pet developments. Summer was just kicking off and now, sadly the season is almost over. But this isn't Nantasket nor Nantucket. Any San Franciscan worth their salt knows that September and October are the warmest and sunniest months of the entire year. The best is yet to come.
Inventory in San Francisco is typically low in August with summer buyers completing transactions and vacations taking priority for others. The numbers below seem to bear that out with the anticipated September inventory bump right around the corner.
The Beacon
Three studios, five 1-bedroom, two 2-bedroom. Available units: 10. Total units: 595.
The Metropolitan
Six 1-bedroom, four 2-bedroom and one 3-bedroom. Available units: 11. Total units: 342.
Watermark
One 2-bedroom and one 3-bedroom. Available units: 2. Total units: 136.
200 Brannan
One 1-bedroom, Five 2-bedroom and one 3-bedroom. Available units: 7. Total units: 191.
The Brannan
Two 2-bedrooms. Available units: 2. Total units: 339.
The Potrero
No resale inventory. Total units: 155
The Hayes
No resale inventory. Total units: 128
Arterra *
No resale inventory. Total units: 269.
The Infinity *
One 1-bedroom, one 2-bedroom. Available units: 2. Total units: 364 (excluding Tower II).
One Rincon Hill *
Two 1-bedroom and One 2-bedroom. Available units: 2. Total units overall: 376.
* New inventory still available from the developer.
Inventory in San Francisco is typically low in August with summer buyers completing transactions and vacations taking priority for others. The numbers below seem to bear that out with the anticipated September inventory bump right around the corner.
The Beacon
Three studios, five 1-bedroom, two 2-bedroom. Available units: 10. Total units: 595.
The Metropolitan
Six 1-bedroom, four 2-bedroom and one 3-bedroom. Available units: 11. Total units: 342.
Watermark
One 2-bedroom and one 3-bedroom. Available units: 2. Total units: 136.
200 Brannan
One 1-bedroom, Five 2-bedroom and one 3-bedroom. Available units: 7. Total units: 191.
The Brannan
Two 2-bedrooms. Available units: 2. Total units: 339.
The Potrero
No resale inventory. Total units: 155
The Hayes
No resale inventory. Total units: 128
Arterra *
No resale inventory. Total units: 269.
The Infinity *
One 1-bedroom, one 2-bedroom. Available units: 2. Total units: 364 (excluding Tower II).
One Rincon Hill *
Two 1-bedroom and One 2-bedroom. Available units: 2. Total units overall: 376.
* New inventory still available from the developer.
Expect these numbers to swell like the crowds at Dolores Park as the fall selling season kicks off after Labor Day.
For more detail and guidance on the Downtown market whether you are a buyer or a seller, contact me.
Tuesday, July 7, 2009
Downtown Inventory Sampler
It's been a few months since we took a snap shot of resale inventory at the selected developments below. The most interesting thing to note this time around is that the numbers are almost identical to the last time. To quote Depeche Mode, did the market "Get the balance right" ? Or are we in for a "Black Celebration"? Whatever the case may be, homes priced for the current market are selling, albeit with longer marketing times.
If you have questions about the value of your home or are looking for a "New Life" in a Downtown condominium, let me know.
No more 80's Depeche Mode references (in this article), I promise.
The Beacon
Two studios, eight 1-bedrooms, four 2-bedrooms
Total units available: 14. Total units overall: 595.
The Metropolitan
Three 1-bedrooms and one 2-bedrooms.
Total units available: 4. Total units overall: 342.
Watermark
One 1-bedroom, two 2-bedrooms.
Total units available: 3. Total overall: 136.
200 Brannan
Three 1-bedrooms, FIve 2-bedrooms and one 3-bedroom. Total units available: 9. Total units overall: 191.
The Brannan
One 1-bedrooms, four 2-bedrooms.
Total units available: 5. Total units overall: 339.
The Potrero
Two 1-bedrooms, One 3-bedroom. Total units available: 3. Total units overall: 155.
The Hayes
No resale units. Total units overall: 128.
Arterra *
No resale units. Total units overall: 269.
The Infinity
One 1-bedroom, one 2-bedroom. Total units available: 2. Total units overall 364 (excluding Tower II).
One Rincon Hill *
One 1-bedrooms and One 2-bedroom. Total resale units available: 2. Total units overall: 376.
If you have questions about the value of your home or are looking for a "New Life" in a Downtown condominium, let me know.
No more 80's Depeche Mode references (in this article), I promise.
The Beacon
Two studios, eight 1-bedrooms, four 2-bedrooms
Total units available: 14. Total units overall: 595.
The Metropolitan
Three 1-bedrooms and one 2-bedrooms.
Total units available: 4. Total units overall: 342.
Watermark
One 1-bedroom, two 2-bedrooms.
Total units available: 3. Total overall: 136.
200 Brannan
Three 1-bedrooms, FIve 2-bedrooms and one 3-bedroom. Total units available: 9. Total units overall: 191.
The Brannan
One 1-bedrooms, four 2-bedrooms.
Total units available: 5. Total units overall: 339.
The Potrero
Two 1-bedrooms, One 3-bedroom. Total units available: 3. Total units overall: 155.
The Hayes
No resale units. Total units overall: 128.
Arterra *
No resale units. Total units overall: 269.
The Infinity
One 1-bedroom, one 2-bedroom. Total units available: 2. Total units overall 364 (excluding Tower II).
One Rincon Hill *
One 1-bedrooms and One 2-bedroom. Total resale units available: 2. Total units overall: 376.
Tuesday, March 3, 2009
More Postcards from the Edge: A brief snapshot of current resale activity at 10 Downtown developments.
One month ago (February 2nd) we took a look at some cold, hard numbers. I chose ten new or newer condominium developments and pulled statistics from the MLS that communicate some very basic data on each building: How many resale units are for sale, what type of home it is (studio, one, two or three bedroom) and how many units are in the building overall? More than a few readers told me that they appreciated this not very scientific survey so I thought it might be interesting to see what difference (if any) one month has made. As I did last time, I kept any pricing analysis out of it because I believe that the aforementioned criteria tell their own story. An asterisk after the building name denotes that new inventory is still available through the sales office.
In a nutshell: small increases in inventory at roughly half the communities surveyed. No discernible trends thus far although it will be interesting to see what the spring resale market looks like. Keep in mind that the first batch of Infinity Tower I closings have also hit the one-year resale prohibition expiration.
If you have any questions about these numbers or would like more detailed information about current inventory and pricing do not hesitate to contact me. Without further ado, The Numbers:
The Beacon
Three studios, eight 1-bedrooms, four 2-bedrooms
Total units available: 15. Total units overall: 595.
The Metropolitan
Six 1-bedrooms and five 2-bedrooms.
Total units available: 11. Total units overall: 342.
Watermark
Four 2-bedrooms and one 3-bedroom.
Total units available: 5. Total overall: 136.
200 Brannan
Three 1-bedrooms, three 2-bedrooms and one 3-bedroom. Total units available: 7. Total units overall: 191.
The Brannan
Two 1-bedrooms, six 2-bedrooms and two 3-bedrooms.
Total units available: 10. Total units overall: 339.
The Potrero
No resale units. Total units overall: 155.
The Hayes *
No resale units. Total units overall: 128.
Arterra *
No resale units. Total units overall: 269.
The Infinity *
One 2-bedroom. Total units available: 1. Total units overall 364 (excluding Tower II).
One Rincon Hill *
Four 1-bedrooms and five 2-bedrooms.
Total resale units available: 9. Total units overall: 376.
In a nutshell: small increases in inventory at roughly half the communities surveyed. No discernible trends thus far although it will be interesting to see what the spring resale market looks like. Keep in mind that the first batch of Infinity Tower I closings have also hit the one-year resale prohibition expiration.
If you have any questions about these numbers or would like more detailed information about current inventory and pricing do not hesitate to contact me. Without further ado, The Numbers:
The Beacon
Three studios, eight 1-bedrooms, four 2-bedrooms
Total units available: 15. Total units overall: 595.
The Metropolitan
Six 1-bedrooms and five 2-bedrooms.
Total units available: 11. Total units overall: 342.
Watermark
Four 2-bedrooms and one 3-bedroom.
Total units available: 5. Total overall: 136.
200 Brannan
Three 1-bedrooms, three 2-bedrooms and one 3-bedroom. Total units available: 7. Total units overall: 191.
The Brannan
Two 1-bedrooms, six 2-bedrooms and two 3-bedrooms.
Total units available: 10. Total units overall: 339.
The Potrero
No resale units. Total units overall: 155.
The Hayes *
No resale units. Total units overall: 128.
Arterra *
No resale units. Total units overall: 269.
The Infinity *
One 2-bedroom. Total units available: 1. Total units overall 364 (excluding Tower II).
One Rincon Hill *
Four 1-bedrooms and five 2-bedrooms.
Total resale units available: 9. Total units overall: 376.
Monday, February 2, 2009
Postcards from the edge: A brief snapshot of current resale activity at ten Downtown developments.
We are taking a brief hiatus from the witty commentary and opinion you usually find here and are going to look at some cold, hard numbers. I chose ten new or newer condominium developments and pulled statistics from the MLS that communicate some very basic data on each building: How many resale units are for sale, what type of home it is (studio, one, two or three bedroom) and how many units are in the building overall? It's not a terribly scientific survey and I kept any pricing analysis out of it because I believe that the aforementioned criteria tell their own story. An asterisk after the building name denotes that new inventory is still available through the sales office.
If you have any questions about these numbers or would like more detailed information about current inventory and pricing please do not hesitate to contact me. Without further ado, The Numbers:
The Beacon
Two studios, five 1-bedrooms, four 2-bedrooms and one 3-bedroom.
Total units available: 12. Total units overall: 595.
The Metropolitan
Five 1-bedrooms and two 2-bedrooms.
Total units available: 7. Total units overall: 342.
Watermark
Five 2-bedrooms and one 3-bedroom.
Total units available: 6. Total overall: 136.
200 Brannan
One 2-bedroom. Total units available: 1. Total units overall: 191.
The Brannan
Two 1-bedrooms, six 2-bedrooms and two 3-bedrooms.
Total units available: 10. Total units overall: 339.
The Potrero
One 2-bedroom. Total units available: 1. Total units overall: 155.
The Hayes*
No resale units. Total units overall: 128.
Arterra*
No resale units. Total units overall: 269.
The Infinity*
One 2-bedroom. Total units available: 1. Total units overall 364 (excluding Tower II).
One Rincon Hill*
One 1-bedroom and three 2-bedrooms.
Total resale units available: 4. Total units overall: 376.
If you have any questions about these numbers or would like more detailed information about current inventory and pricing please do not hesitate to contact me. Without further ado, The Numbers:
The Beacon
Two studios, five 1-bedrooms, four 2-bedrooms and one 3-bedroom.
Total units available: 12. Total units overall: 595.
The Metropolitan
Five 1-bedrooms and two 2-bedrooms.
Total units available: 7. Total units overall: 342.
Watermark
Five 2-bedrooms and one 3-bedroom.
Total units available: 6. Total overall: 136.
200 Brannan
One 2-bedroom. Total units available: 1. Total units overall: 191.
The Brannan
Two 1-bedrooms, six 2-bedrooms and two 3-bedrooms.
Total units available: 10. Total units overall: 339.
The Potrero
One 2-bedroom. Total units available: 1. Total units overall: 155.
The Hayes*
No resale units. Total units overall: 128.
Arterra*
No resale units. Total units overall: 269.
The Infinity*
One 2-bedroom. Total units available: 1. Total units overall 364 (excluding Tower II).
One Rincon Hill*
One 1-bedroom and three 2-bedrooms.
Total resale units available: 4. Total units overall: 376.
Tuesday, December 2, 2008
Healthcare is about the only bright spot in the American economy... So what does that mean for San Francisco?
There is something extraordinary happening in our city. If it were occurring in any other US burg you would certainly have read about in the newspaper or seen something about it on TV. The Mayor would be talking about it endlessly and civic and community leaders would be promoting it at every turn. Maybe it's because the only equivalent situation is in Houston, Texas and San Franciscans would be loathe to be compared to that lovely yet very different city.
Maybe. But a better answer is that they just don't think its a big deal.
It all sounds like exciting stuff, future stuff. But it's happening right now. If you want to see what the 21st century holds for San Francisco, take a drive or hop on the T line and head over to Mission Bay.
It might not look like much on the south side of Mission Creek right now aside from the great view, but people said the same thing about a little town called Yerba Buena in 1848.
Maybe. But a better answer is that they just don't think its a big deal.
Mission Bay and the new UCSF biomedical campus are a very big deal. Although the second phase of Radiance at Mission Bay and 2 commercial buildings have been put on hold (the latter even had tenants signed up), new residential, research, university and biotechnology buildings continue to rise despite fiscal uncertainty and the general economic slow down.
You may ask, why ? Because this is where the future is being created.
The next big breakthroughs in medicine--be they genetics, robotics, protein science or something we can't even fathom yet-- are being researched in Mission Bay and will be discovered or evolve here. That very large building on the UCSF biomedical campus isn't named Genentech Hall for nothing. In less than 15 years there will be three new hospitals here treating women, children and cancer.
It is generally understood that our new president is going to repeal federal legislation that currently hinders stem cell research. This coupled with the synergy of biotechnology, research and health care will drive investment and innovation, bringing people to San Francisco from all over the world. In the future when someone needs a new heart, hand or head, they will most likely be booking tickets to SFO.
You may ask, why ? Because this is where the future is being created.
The next big breakthroughs in medicine--be they genetics, robotics, protein science or something we can't even fathom yet-- are being researched in Mission Bay and will be discovered or evolve here. That very large building on the UCSF biomedical campus isn't named Genentech Hall for nothing. In less than 15 years there will be three new hospitals here treating women, children and cancer.
It is generally understood that our new president is going to repeal federal legislation that currently hinders stem cell research. This coupled with the synergy of biotechnology, research and health care will drive investment and innovation, bringing people to San Francisco from all over the world. In the future when someone needs a new heart, hand or head, they will most likely be booking tickets to SFO.
This all started about 10 years ago when the master plan for Mission Bay was approved by The City. The linchpin of this plan is The Beacon (initially known as Mission Place). Completed in 2004, it is home to condominiums, Safeway, Borders and a Burger Joint. It is also home to The California Center for Regenerative Medicine (CERM). A state ballot initiative created and funds the organization that has 3 billion dollars at its disposal and a mission to invest in biotechnology. It would be hard to duplicate the conditions that are driving this investment and development anywhere else. Put it all together and its pretty compelling: This new neighborhood is poised to be the global center for the next generation of biomedical and health care professionals.
It might not look like much on the south side of Mission Creek right now aside from the great view, but people said the same thing about a little town called Yerba Buena in 1848.
Monday, November 24, 2008
If you live at The Infinity should you drive an Infiniti ? Observations on branding and consumer behavior.
The San Francisco International Auto Show arrived in town this week and I spent a few hours there since I love cars and my current lease expires in a few weeks. It was great fun strolling among the vehicles and checking out the latest from both the Japanese and European manufacturers. I steered clear of the domestics not in principle but because there was not a single vehicle that pulled me in as I walked by. I felt like I had to stifle a yawn as I glanced over the giant FORD logo and looked to see what the next company offered. I wasn't alone.
Visitors scrambled into the seats of the Honda and Audi displays while the Buick's and Chrysler's gathered dust. The Big 3's financial predicaments certainly aren't helping their cause but I could not shake the sense that these brands had permanently turned a corner for the worse.
Could the same thing happen to a development ?
Sometimes I participate in meetings where we brainstorm names for new developments. Much like referring to the color light green as "celadon", choosing what to name a condominium is an exercise in perception management. The Beacon is still 250 and 260 King Street if the name is changed to The Bacon. Both names have connotations and associations, it's simply a matter of which ones you want potential buyers to think of. Some developments shed their brands after a few years if they are unwieldy or not particularly catchy. 88 King Street was marketed as The Towers at Embarcadero South. That mouthful has quietly faded and the buildings lucky address is now it's preferred name.
I don't think we will see any condominium Pintos or Edsels in San Francisco but there will almost always be a new development touting a sexy brand to lure buyers in with the promise of a new and better life in a new and better development.
I'm going to start my new and better life by getting a Volkswagon.
Visitors scrambled into the seats of the Honda and Audi displays while the Buick's and Chrysler's gathered dust. The Big 3's financial predicaments certainly aren't helping their cause but I could not shake the sense that these brands had permanently turned a corner for the worse.
Could the same thing happen to a development ?
Sometimes I participate in meetings where we brainstorm names for new developments. Much like referring to the color light green as "celadon", choosing what to name a condominium is an exercise in perception management. The Beacon is still 250 and 260 King Street if the name is changed to The Bacon. Both names have connotations and associations, it's simply a matter of which ones you want potential buyers to think of. Some developments shed their brands after a few years if they are unwieldy or not particularly catchy. 88 King Street was marketed as The Towers at Embarcadero South. That mouthful has quietly faded and the buildings lucky address is now it's preferred name.
I don't think we will see any condominium Pintos or Edsels in San Francisco but there will almost always be a new development touting a sexy brand to lure buyers in with the promise of a new and better life in a new and better development.
I'm going to start my new and better life by getting a Volkswagon.
Wednesday, November 19, 2008
Does 'P' stand for 'Panic' or 'Patient' ? Perplexed prospects ponder proliferation of plum new listings proffered Downtown.
originally published 10/21/08
My dear friend you see, is a very talented and currently in-demand stager. At first I thought it was odd timing given that if a sale occurred within 60 days these sellers would presumably be moving during the holidays. Not much thought went into this seemingly off timing again until I went on tour downtown today and was surprised by how many new listings there were and by the eye-popping asking prices.
Some examples:
A freshly listed corner 2-bedroom at The Brannan on a higher floor with a spectacular view, approximately 1300 square feet. 1.8M. Hm.
A top floor view 2/2 with a large balcony in a mid-rise on Rincon Hill clocking in at 1200 square feet. 1.425M. Oog.
An impressive and new-to-the-market 3-bedroom 3.5 bath corner loft at 200 Brannan. At least 1700 square feet. 3.388M. Whoa.
What put my visit to these lovely homes in perspective was my first stop that day at The Beacon. A friend and former colleague has the listing for a corner 2/2 on the top floor with a balcony. It's a lovely spot with forever views that was sold 2 years ago by the developer for 1.25M. A price that was considered a good value at the time.
It's 3 days away from foreclosure unless the seller gets it in contract as a short sale. 1250 square feet and asking... 999K
That leaves us with 4 high-end condominiums being marketed against a backdrop where potential buyers are looking for value and opportunity and sellers seem to want to cash out or just get out. Even if the sellers are 'testing the market' one has to wonder about the motivation and timing of that decision.
What's important to understand for agents and buyers navigating this market is that these mixed messages are a symptom of the general confusion and apprehension about what the future holds for our economy. As with all situations where the outcome isn't predictable there are great opportunities for those that are confident and maybe a little fearless.
Now about that cocktail...
Downtown inventory absorbing at a slow yet steady pace. Developers hustle to move product with the outlook uncertain.
Originally published 10/7/08
Monday brought a new client and a new mandate: a 1-bedroom condominium with a view that's also within walking distance of the CalTrans station on 4th. As I put our tour together for the morning I realized that something I didn't anticipate had happened in Mission Bay. Inventory that was piling up until about a month ago was, for the most part, gone. The Beacon had only 14 listings, about 2.5% of the building's units, were active on the MLS. Six months ago, that number was almost double. The Beacon sold out in 2006 as a condominium conversion. After checking in with the sales team at 170 Off Third, I was told that they are sold out of studio and 1-beds and have but a handful of 2-beds left. Jessica at the Potrero had a similar story: Just two 1-bedrooms available out of only 11 left overall.
A little far from the train station but under consideration was The Metropolitan. It is great place to find value and competition among sellers for nicely finished units with views. Bonus points for the building since it still looks fresh and appealing 4 years after completion. There I found only one 1-bedroom; a high floor with a nice view. One 1-bedroom available out of 342 units. Hm. Given the above there was only one place to go for new product that shows well and is reasonably priced: Arterra.
My client and I looked at a handful of 1-bedroom's and the sales team seemed open to writing creative deals. With a reported 40% of the building yet to be sold, we had a wide selection of homes and developer incentives to consider. A perfect storm for today's selective and value-conscious buyer.
It will be interesting to see where these numbers move in light of all the drama we've endured in the past few weeks. There are many challenges in the business of real estate in late 2008 yet there are still people making deals, getting loans and closing escrow in San Francisco.
A little far from the train station but under consideration was The Metropolitan. It is great place to find value and competition among sellers for nicely finished units with views. Bonus points for the building since it still looks fresh and appealing 4 years after completion. There I found only one 1-bedroom; a high floor with a nice view. One 1-bedroom available out of 342 units. Hm. Given the above there was only one place to go for new product that shows well and is reasonably priced: Arterra.
My client and I looked at a handful of 1-bedroom's and the sales team seemed open to writing creative deals. With a reported 40% of the building yet to be sold, we had a wide selection of homes and developer incentives to consider. A perfect storm for today's selective and value-conscious buyer.
It will be interesting to see where these numbers move in light of all the drama we've endured in the past few weeks. There are many challenges in the business of real estate in late 2008 yet there are still people making deals, getting loans and closing escrow in San Francisco.
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