Bay Oaks (4800 Third Street) consists of eighteen below market rate (BMR) units over 2,100 square feet of ground floor retail and parking for eleven cars. It’s also conveniently located across the street from a Third Street light rail stop.
In the words of the architect:
The site reclaims an urban corner on a long vacant site in the Bayview Town Center. All dwelling units have windows on at least two sides, providing cross-ventilation and daylight. An interior courtyard provides protected open space in this dense, urban neighborhood.
One (12) and two (6) bedroom condos for first time buyers currently priced from $155,864 to $272,934. And as previously noted, income restrictions have recently been relaxed for Phase Two sales in the development. At least seven units remain.
∙ 4800 Third Street [4800thirdstreet.com] [Phase Two Sales Sheet]
∙ Bay Oaks: 4800 3rd Street [vmwp.com]
∙ Relaxing BMR Rules At Mission Walk To Compete With Bank-Owned [SocketSite]
It is really interesting that units in a modest project like this can have practical features like windows on two sides for air circulation while luxury units in the sleekest and newest towers of the city require residents to depend on exhaust fans to clear steam and smells from kitchens and bathrooms.
What an underutilized potential, right across from a light rail station and all. What a regressive city.
Is it just me or is this building pretty darned ugly and in a crummy neighborhood at that.
I wish I was poor enough to afford a 2-BR unit for $272k. That amount will barely cover the downpayment on what I’ll end up buying!
For someone who cannot afford to buy a market rate property Jimmy……this could be a wonderful opportunity. How terrible that your down payment is the amount of the purchase of a unit.
BE CAREFUL WHAT YOU WISH FOR…….
If Santa Clara were to build a condo complex across the street from a rail stop, how tall would it be?
Three floors above ground-floor retail.
Why to we build like we’re in the suburbs? And right by a rail stop, at that!
Isn’t this the terrible neighborhood where all of the muggings and high profile crimes of blacks targeting asians happened? On the Third Street light rail line??
It is all about location, location, location, and this, for the time being, is a terrible location. The only hope is that this area gentrifies fast.
Live Smart wrote:
> Isn’t this the terrible neighborhood where
> all of the muggings and high profile crimes
> of blacks targeting asians happened?
Yes
> It is all about location, location, location,
> and this, for the time being, is a terrible
> location. The only hope is that this area
> gentrifies fast.
Don’t hold your breath waiting for the area to gentrify, but at least the buyers of these condos will not have to walk far to get home after they are mugged at the light rail stop…
Why to we build like we’re in the suburbs? And right by a rail stop, at that!
This isn’t exactly the city center. The size of this building is appropriate for the neighborhood. Anything much higher would be totally out of place.
And while this location leaves much to be desired, at least the pricing of these BMR units reflect that.
The building looks simple and functional. Which is just fine, given the neighborhood.
Jimmy: “I wish I was poor enough to afford a 2-BR unit for $272k.”
No you don’t Jimmy because then you would be limited to a “pretty darned ugly” building “and in a crummy neighborhood at that.”
So you want to be poor cause they get financial breaks but you wouldn’t actually want to live where I poor person lives…
@joh:
How far is San Carlos from the SF city center? Yet they are building twice as high and dense across from their train stations.
“How far is San Carlos from the SF city center? Yet they are building twice as high and dense across from their train stations.”
This seems like an odd comparison. We’re talking about metro rail vs. commuter rail for one thing.
But maybe it’s not that strange. Bayview’s population density is just under 6K people/sqmi (15,342 people over 2.589 sqmi http://www.city-data.com/neighborhood/Bayview-District-San-Francisco-CA.html) vs. San Carlos at about 4700 people/sqmi (27,718 over 5.93 sqmi http://en.wikipedia.org/wiki/San_Carlos,_California).
Of course, there’s a demographic difference for one thing, which means that developers are less willing to invest in Bayview.
But I think the biggest thing that makes it hard to compare is that Bayview also has several other T-3rd stations (in addition to a future Caltrain station), whereas San Carlos has the one Caltrain station.
(sorry, not trying to draw conclusions — just pointing out facts)