The Palms is currently advertising “4.625% Financing” (down from 5.25%?) for a “Limited time only!” (Keep in mind it’s an interest only 3/1 ARM for up to 80% of the purchase price of the condo, and with a minimum 10% down.)
And based on our calculations, they have enough unsold inventory for 100+ buyers to take them up on the incentive.
This place has one thing going for it: 45 Mbps pure ethernet connection to the internet downstream and upstream courtesy of VVD. Apparently they’re also at the Brannan and other South Beach locations. Not that that’s necessarily going to push people to buy here (there’s certainly enough rental inventory in the building where renting seems far more logical) but I think that’s a huge deal.
I know the above sounds like an ad but I’m renting a unit at the Palms and this was a very unexpected but very welcome surprise, given that Comcast thinks they’re so awesome with a theoretical 5 Mbps when you really only get 1.5 Mbps max.
This really should be a bigger selling point for units that get this kind of net connection. It’s almost unheard of in the U.S., let alone in its tech capital. If I was selling or renting a unit with this service, I would make sure everyone knew this, given the demographic that often chooses the area.
I don’t think a faster connetion is a major selling point for most people. I certainly wouldn’t be paying premium just for that.
Are you serious? This is NOT a selling point when people consider housing purchases. It may be for a very small minority of people but even if we are in the Bay Area, this isn’t necessarily the factor that brings in an extra $10K in terms of upgrades, should it?
Do you have to pay for the internet connection?
INternet connection is definitely not a selling point I would focus on. Are you serious??
I believe the 5.25% is for the 5/1 ARM interest only and the 4.625% Financing is for the 3/1 ARM
Its a shared interent connection with a theoretical maximum of 45Mbps. Sounds great while the building is empty, but not so great once the building if full. I’d much rather have a personal dedicated 6MB connect via Comcast. Likewise, I’d rather own the relationship between myself and my provider. Shared environments like this are a security nightmare.
With so many units at The Palms listed for rent on Craigslist, I would be very concerned about buying there.
When the Yerba Buena Lofts were first marketed and sold, the internet wiring and services were highly promoted. For new-construction developments that cater to a younger buyer (like the Palms), this seems like a natural part of a marketing message that positions the development as cutting-edge. I currently live in a 70s-era high-rise and can attest that evidence of advancements in communications technology are visible where wires and connections have been added or changed out. So, I understand the appeal of knowing a clean, new place is not going to require any retrofitting (or at least for awhile). On its own, internet connection/speed isn’t likely to weigh heavily on a prospective buyer’s decision. But, it’s one less thing to worry about if you’re looking for place that’s “ready to go”. With today’s market dynamics, if I were considering a unit at the Palms, a price reduction be be a lot more compelling that a risky financing offer!
I agree with the first comment. The fact that I won’t have to open my mobile phone and call Comcast to get high-speed internet hooked up the next day is a major factor in a decision to spend $800,000 on a condo. Sure, location is important, but saving that extra five minutes puts the Palms over the top. Sign me up for that zany loan!
I spend a lot of time working from home and live/die by my internet connection. And while I’m not going to buy a condo simply because it has high speed access, it could end up swaying me in one direction or another as I’m trying to pick between all the new developments. Just as others might be swayed by a pool (unimportant to me), gym (probably should be important to me), or parking (all depends upon the location).