While last month we noted evidence of price reductions on a few of the smaller condos at 733 Front Street, today we note effective reductions on a few of the larger (“select junior one- and one-bedroom”) units in the form of a new “Holiday” incentive:
733 Front will cover the mortgage, property taxes and HOA on select junior one- and one-bedroom residences for three full months from your close of escrow date.* No payments until 2008 presents a fantastic opportunity to own a contemporary new home in Jackson Square.
Based on some quick back of the envelope calculations, we estimate that this incentive represents an effective reduction of around two percent on the select units (and without all that hassle of recording a reduced sales price). The fine print (i.e., asterisk):
*First and Second Lien mortgage payments are based on any Interest Only or Fixed Rate loan product. Incentive to cover three months mortgage payments, taxes, and HOA dues. Buyer responsible for full mortgage payments, taxes, and HOA dues following the three month incentive. Offer expires 11/30/07. Buyer must pre-qualify and be approved for a loan program to qualify for the incentive program. First loan amount assumed to be 80% of purchase price, or less. Second loan assumed to be 10% of purchase price, or less. Minimum down payment of 10% of purchase price. Full documentation of assets and income are required. Interest rates are subject to current market conditions and may change at any time. Valid only for owner-occupied homes. Valid only with Triton Funding Group / The Murray Team. Other terms and conditions may apply.