310 Townsend: Living Room

Two new listings for condos at 310 Townsend have hit the MLS. Both are advertising “Special 3.875% financing,” and the list price on at least one (#411) appears to have been reduced $45,000 (5.2%) since first hitting the market earlier this year.

Any “plugged-in” readers care to share the scoop on sales to date and availability?

UPDATE (5/8): If one “plugged-in” reader is correct, a total of nine sales to date (which would be an effective 3 sales over the past 11 weeks). And the scoop on the “special financing” from another.

∙ Listing: 310 Townsend #405 (2/2) – $1,100,000 [MLS]
∙ Listing: 310 Townsend #411 (1/1) – $820,000 [MLS]
310 Townsend: Available And Selling [SocketSite]

10 thoughts on “310 Townsend: Two New Listings, (At Least) One New Price”
  1. No updates? I’d love to hear the % sold and their pricing. I’ve been into the building before and looking for an update.

  2. I’ve visited 310 Townsend on several occasions (we are suckers for brick and timber). My experience has been that it is selling very slowly. It seems like the prices were a bit high, and lots of the units were pretty dark. Couple this with the lack of parking on many of the units, and you get slow sales. As of the march 23th price list, 7 of 45 units had sold.
    I also noticed that the new MLS listings have prices that include parking, so that is another $20,000 off the price, and all units now include the Bosch appliances. If you add up the financing, parking spot and appliances, you get close to a 10% price reduction for unit 411.
    I think the cheapest unit that gives option for parking is $760,000 ($780,000 with parking). This is also the cheapest unit with a real window that comes without disclaimer. The units with exterior windows not directly on Townsend or Bluxome have disclaimers about the neighboring buildings possibly changing shape and size, and eliminating said window. Many of the other units have windows into courtyards or fire escapes/light courts.
    So, the original prices there showed that the cheapest unit with a guaranteed window to the outside world and 1 parking spot was $780,000.
    I am new to San Francisco, but one parking spot and a window to the outside world seem like pretty normal things to get as soon as your cross the half million dollar barrier.

  3. I also had looked at some places here back in back in late February, but the lack of parking was a killer for me. I’ve seen all the cars broken into along Townsend by the railroad tracks, so I didn’t even want to attempt to just rely on street parking. I just checked my records and on February 21st, they also had sold 7 units, which seems to imply they have been going rather slowly. Also, they have some weird floor plans in some of the units with REALLY small bedrooms and windows to the hallways that everyone walking by can look in at you from. The brick and timber is cool though.

  4. Santa Fe. is just not doing well at all with their current projects. One south park is another development of theirs in that area. I have a feeling that it won’t do much better either given the scary amount of inventory down there.

  5. Word has it that Santa Fe Partners are pricing the majority of the lofts at One South Park in the $1,000/sq. ft. range. The building will have zero amenities and lifts for some parking spaces. They have begun to take reservations, but I can’t imagine much success at that price. It appears that they have a bad habit of overpricing their projects, but obviously haven’t learned their lesson yet.

  6. “Does anyone have details on that 3.875% financing?”
    It’s a 2/1 buy down from 5.875% (assuming a 10% down payment) on a 5/1 arm. Works out to about $16k-$17k on a ~$600k unit. So, your interest rate is 3.875% for 1 year, then 4.875% in year 2, and then 5.875% for 3 years. Then it resets like any ARM.
    I believe they also said they would take that money off the price of the unit, if that was your preference.

  7. Actually they are not willing to budge on the prices, but there is room to negotiate on taking the cash equivalent of the buy down. As of today, I heard they’ve sold 9 units and yes it is going very slow and they are very overpriced, considering the parking situation.

  8. I have noticed 2 instances in which a small unit has shown up as sold for either $20k or $25k more than the asking price. A compact parking spot is $20k, and a regular spot is $25k. The most recent example of this is unit 106 selling for $515k (per sfgate recent home sales), yet it was listed at $495k on one of their price lists. Unit 108 sold (according to Santa Fe) for $25k over their list price. Considering the pace of sales there, I doubt people were overbidding for these units. So, are they selling parking to units that are not listed as having parking option? Or is something else going on?

  9. The difference may be that the paid for hardwood floors and financed some other add ons? New construction requires a transfer tax also, so that was probably why it was that much. I have seen them, the low priced units face a fire escape. May be tough for someone or easy depending on the person, but could be depressing to look at a brick wall.

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