Another six of the 99 units at 235 Berry Street hit the market this Sunday (6/11/06), and if you want one you might want to arrive “promptly at 10:00 am . . . with a copy of your pre-qualification letter and evidence of source of funds for the balance of your purchase.” It’s also interesting to note that “[a]ll purchasers will be required to sign an anti-speculation agreement with their contract documents.” (No flipping for you!)
According to SF New Developments, the first release of 20 units sold out on the first day through a “mini-lottery” for the 60 interested parties. (Then again, that was four months ago.) The six units that are scheduled to be released this Sunday include:
∙ 235 Berry #104 (1,255 sq. ft.) – $997,050
∙ 235 Berry #105 (1,255 sq. ft.) – $1,001,050
∙ 235 Berry #112 (1,255 sq. ft.) – $1,000,050
∙ 235 Berry #109 (2/3) – $1,260,250
∙ 235 Berry #106 (2/3) – $1,275,250
∙ 235 Berry #110 (2/3) – $1,285,250
∙ 235 Berry [235 Berry Street]
∙ June 11th Sales Release [SF New Developments]
I wonder whether the initial 20 purchasers also had to sign anti-flip agreements? And are such agreements really meaningful anyway?
I bought one of the first 20. Yes, you have to sign anti-flip agreement. If you intend to sell within the first year, Signature Property Reserve the right to repurchase from you at the original purchase price. The buyer loses because of tax, agent fee .. etc. Of course, Signature turns around and sell the unit at a higher price.
The Palms on 4th and Brannan also has similar agreement.