While we don’t have an official update (readers?), we have a feeling there might be more inventory remaining at Park Terrace than just the five units listed above. Regardless, published reductions of up to 11% (and perhaps more not in writing).
UPDATE: And a plugged-in reader kindly responds: “Last I heard they had 14 units left, so if two sold, then that leaves ~12 units in their inventory…”
∙ Park Terrace (325 Berry) Sales Update: Now 70% Sold? [SocketSite]
Last I heard they had 14 units left, so if two sold, then that leaves ~12 units in their inventory…
The $/sqft is pretty compelling at this point. The waterfront townhouses can be had for $700/sqft.
I recall 235 Berry’s waterfront townhouses sold for around $850/sqft. What is it about Park Terrace that buyer aren’t willing to pull the trigger on these waterfront units? (other than the market conditions)
$147K in “Savings” for the buyer of #116. $147K in lost comp equity for the 100 who bought similar units a year ago.
Looks like they turned the 1st floor unit on the NW corner into a sales office recently. They were holding open houses in the unit for months. I think the construction going on there now is a big turnoff.
I think there are actually 18 units left. They cut prices on 1/2 the units but not the other 1/2. If there were two identical units side by side, they would only cut the price of one. We were told that the units with the price reduction with non negotiable and that there was room to make offers below the asking price on the units that were not reduced. About 1/2 the units left are town home units.
Is anyone aware of any other price reductions before this latest round? The “original” prices listed above are higher than the previous advertised prices. 116 was listed at $1,299,900 and 114 was listed at $1,149,900.
Interestigly their two most expensive units on 7th floor are still unsold. These 2 units have not been discounted I guess.
“Last I heard they had 14 units left, so if two sold, then that leaves ~12 units in their inventory…
The $/sqft is pretty compelling at this point. The waterfront townhouses can be had for $700/sqft.
I recall 235 Berry’s waterfront townhouses sold for around $850/sqft. What is it about Park Terrace that buyer aren’t willing to pull the trigger on these waterfront units? (other than the market conditions).”
I’m thinking it’s the market conditions. That difference seems to reflect the changes in price per square foot in SOMA and Mission Bay in general. I’d like to buy, but am waiting for a price per square foot that will make it a better deal for me than renting in the hood. They’re definitely nice units.
I viewed the townhomes. They are nicely laid out with with tons of closet space and finishes comparable or better than Infinity.
I remember the townhomes at 235 Berry selling for 1.250M last year and I believe they were smaller than those at Park Terrace. Feel sorry for those folks now. Personally I like 255 Berry. The units and architecture is so much more superior than PT or 235 Berry.
I heard that it’s a little smelly by the water and the new below-market construction next door is hurting sales.
I visited Park Terrace this past weekend and it’s actually very nice and I didn’t smell anything walking by the creek. The finishes are pretty nice and the closets and bathrooms are huge! It seems a very good value because the square footage is generous compared to other developments and the townhomes that I looked at were laid out very nicely.