We first alerted you to the 107 upscale condos that will comprise The Montgomery (74 New Montgomery) last October. And since then, The Montgomery has expanded their website to include floor plans and features (ones that caught our eye: Viking, SubZero, and Fisher-paykel appliances; teak cabinets; landscaped common roof deck; and…parking).
And while the “Now Selling” flags are already flying high above the sales office doors, earlier this week they were still papered over and locked. Perhaps we just stopped by on the wrong day. And perhaps a “plugged in” reader would be kind enough to take note as they’re walking down the block and report back. You know we’d do the same for you.
UPDATE: A “plugged in” reader reports . . . it’s open. Next question: Initial impressions?
UPDATE (3/12): According to two readers, the doors to the sales office might be open, but they still haven’t released pricing and the model unit is still under construction (both should be available in about a month). We’ll keep you “plugged in.”
∙ New Developments: The Montgomery (74 New Montgomery) [SocketSite]
The Montgomery is open today.
Any info on pricing?
This building looks very cool, and great location. But with this week’s mortage industry meltdown and the many buildings opening soon in SF, 2007 is looking like a very bad time to buy a condo unless you really have to…
–a patient renter
I like this building also but have to agree with anon at 3:14pm that although I am an property owner, as the news keeps dripping out, I am in less of a rush to buy a new condo. There seems to be so many choices, yet nobody is knocking down their prices yet. I feel so old fashioned wanting to put 20% or more down, and only allowing my payments to be about 1/4 of my income.
The Montgomery now has a kiosk open. They do not have very much info to share. It will be about a month or so before they have a model to show. There will be “some” parking in the building. Not sure if it will be leased or deeded yet. Additional leased parking across the street. Nothing on prices/sq ft yet.
As far as inventory goes. The months supply of “resale” inventory is slightly down from last year (about a tenth) Feb 06 vs. Feb 07, for both condos and single family homes. I am definitely seeing a trend back towards “offer dates”. It does depend on the type of property, location etc. Example: Noe Valley is very strong right now.
I don’t think that we will really know the impact of these new developments until they are actually built and ready to be occupied. It largely depends on interest rates and how patient the builders/banks will be in selling these units. If the market is over saturated maybe some of these developers will choose to rent them or simply not move forward with additional buildings etc. A good example is Radiance by Bosa, in Mission Bay. They builder has already stated if sales are weak, he won’t build the second phase until the market picks up again. Bosa is the largest residential land developer in Mission Bay.
The news about sub prime lending and the mortgage industry was pretty scary. I client of mine was kind enough to email me an article from the NYT News Analysis: Crisis Looms in Market for Mortgages. Only time will tell how this is going to shake out. The good news for sellers in SF, is that it is still relatively easy to sell a home here, in a short period of time. On average/past 6 months, it takes about 49 days to sell a condo and 45 days for a single family. Now this is not a hard and fast rule. Just an average. Every property will be a little different. Now if these sellers are leveraged out, refinanced etc with the anticipation of continued high growth rates, and now for some reason they need to sell quickly, they could be in some financial trouble.
I went down this afternoon. As Michael wrote, not a lot to see other than floor plans which are also available online, and they’re not releasing pricing until they have a model open which won’t be for about another month. Not worth the trip until they have the model/pricing, but it does look like an interesting building.
I went there this weekend as well. The 1 bedrooms range from 830-900 sqft. The only pricing I got was that the ‘average’ or ‘medium’ price would be around the mid 900k.
So given that tidbit, we could ‘assume’ pricing will be around $900-1000+/sqft.
Expensive…