The sale of 1327 7th Avenue #8 closed escrow “pre-construction” last December with a reported contract price of $1,255,000 ($863 per foot for the 1,455 square three-bedroom).
The sale of 1327 7th Avenue #11 closed escrow this past January with a reported contract price of $1,150,000 (2 percent under original asking and $904 per square for the 1,195 square foot two-bedroom).
And today, the sale of 1327 7th Avenue #9 closed escrow with a reported contract price of $1,100,000, 21 percent under original asking and $674 per square for the 1,631 square foot three-bedroom. Call it (the) third mover advantage in the eleven unit development.
∙ A Couple Of New Cuts For The New Condos At 1327 7th Avenue [SocketSite]
∙ First Mover Disadvantage (And A Few More Cuts) At 1327 7th Ave? [SocketSite]
∙ From Rendering To Reality And On The Market For 1327 7th Avenue [SocketSite]
Already down 21% and only 3 of 11 sold? Oh my.
I hope the first sale wasn’t an “arms-length” transaction after all, or some poor schlub got hosed.
4 sold
When did this place start selling, early 2009? And they’ve only sold 4 units out of 11?
Sounds like they’ve got a price problem.
#10 is the other one sold in the shady-appearing sale I mentioned here:
https://socketsite.com/archives/2010/10/from_three_ellis_act_fixers_to_three_remodeled_tic_flat.html
These places look really dated already…
Unit #4 was listed for $899K on June 30 — that’s $684/sqft, which is more in line with the “third mover advantage” that our editor mentioned.
http://www.redfin.com/CA/San-Francisco/1327-7th-Ave-94122/unit-1327/home/28939046
This place has a relatively high HOA at $550 — that’s like adding $105K to a 4.75% $720K loan.
Unit #4 reduced, now asking $875K.