Three weeks ago we noted a pronounced sales slowdown at Symphony Towers (750 Van Ness) and noted that they’re offering brokers 4% commissions through the end of the year. And now as a tipster forwards and the marketing company writes, “Something huge is going down at Symphony Towers: Prices!”
The new pricing was to be released this morning, we’ll let you know when we have it. And while positioned to agents as an “opportunity for your clients,” that’s obviously future. No mention of how they’ll position it to those past.
∙ Symphony Towers Update: Buying Love (But Dropping Prices Too) [SocketSite]
Editor, has the new pricing been released yet? If the server problems are taking precedence, we understand 🙂
Ho hum — who cares? Trying to time the real estate market is very much like timing the stock market — just when you think it can’t go lower, it inevitably does. Thus, I’ve stop looking at day to day prices and price drop promises and revisit it three months from now.
For us long home ownership wannabees, it is not about timing the market. We just need condos/homes that are affordable and within our means. We need condo/home prices that make sense.
These Units are a Dump.
They are studios marketed as 1 BRs. And the appliances are really small (however the sales folks market it as ‘Euro-style appliances’).
I doubt if they will ever sell, unless the builders gets wise and cuts his losses with steep (read 40 to 50% ) discounts !
Don’t believe me, go see the units for yourself. Don’t look at the “Model” units. Ask to see real actual units. You will be shocked at how TINY they all are !
Chad–What planet do you live on? If you can identify nicer units in a nicer area at a better price–we are all ears!
The square footage on these units is consistent with other new constuction in SF. If you get a studio, then yes you have less square footage than a one bedroom. If you purchase a one bedroom, then you have more square footage than a studio. The appliances in the studio are euro-style and the one bedroom are standard size. I am not sure if I follow the logic as much as the spin factor from Chad’s post…then again, nothing suprises me during election season
New prices have been posted, $100K price cuts!
T-804 Corner studio with spectacular City Hall views $420,000 $295,000
T-806 Spacious studio with amazing City Hall views was $455,000 now $319,000
T-907 Penthouse studio w/built in Murphy bed & views
was $515,000 now $419,000
T-405 Value Leader, partial City Hall views was $535,000 now $399,000
T-601 1-br, Model home, includes many designer upgrades
was $577,000 now $459,000
T-602 1-br, Quiet courtyard location
was $565,000 now $449,00
Wow, those are some really respectable discounts! I wish the developers success in quickly clearing out their inventory. 30% off : that’s some serious incentive.
“For us long home ownership wannabees, it is not about timing the market. We just need condos/homes that are affordable and within our means. We need condo/home prices that make sense.”
Depends how you determine what makes sense, I guess. Condo construction has ground to a halt in SF because new units cannot any longer be built at a cost that will be profitable with selling prices at these levels. To me, it makes sense that builders make a reasonable profit so by that definition prices are now too low.
^^^Um, no. Developers are cancelling projects because financing has dried up AND the developers can see the light at the end of the tunnel. During a very prolonged slowdown, LAND prices would drop far enough that developers could make money building something. That hasn’t happened. It doesn’t cost five times as much to build something here as it does in Vegas – but the land does cost 20 times as much.
@ Eric, and “SfGossip”
Like I said, if you don’t believe me, then pay the building a visit and see for yourself. And remember to ask to see an actual unit.
You have to wonder why they never mention the sq. footage on any of their units when you talk to them in their office.
Even their big banner that said “City homes starting from low 399K” or whatever low price they had was a marketing spin. I asked the sales guy when I was there about such units, and he said that there was only 1 studio that was at that price, and it went into contract already ! Mind you, this conversation took place before they even opened for sale official. I live 2 blocks from there near Cathedral Hotel, so I am monitoring the real estate in that area…