According to a plugged-in resident tipster, over the past three weeks the last 9 condos at The Montgomery (74 New Montgomery) have gone into contract.
∙ 74 New Montgomery: Closing In On 90% Closed Or In Contract [SocketSite]
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According to a plugged-in resident tipster, over the past three weeks the last 9 condos at The Montgomery (74 New Montgomery) have gone into contract.
∙ 74 New Montgomery: Closing In On 90% Closed Or In Contract [SocketSite]
It would be really interesting to know the current sales status of all the new condo developments that have come on the market in the past few years. It seems like new product is beginning to be less of a factor(with very little currently in the pipeline…isn’t there only one big building that hasn’t finished construction yet?). However, how many condos at One Rincon etc return to the market is a whole different story.
In any case, I miss the complete inventory index that is always supposedly on the brink of being updated….
i miss the CII too. its hard to tell if the listed inventory is anywhere close to being “real”
CII…me three. I will even offer gratis one of my programmer’s time if it’s coding issues that are the culprit or if the task needs automating 🙂
For what its worth….welcome updates…
Soma Grand – 85%
829 Folsom – ?
BLU – 33%
Infinity (tower 2) – 55%
ORH – 85%
74 New Montgomery – 90%
Millenium Tower – 30%
177 Van Ness – 50%
Radiance @ Mission Bay – 90%
One Hawthorne – to be completed
Must give credit to the developer at 74 New Montgomery for closing and pushing so many units into contract in a difficult market. Frankly I am a bit surprised at their ability to move some of the units, particularly the studio units on the narrow alley side where there is virtually no sun light and you are looking into a blank wall 20 feet away. At a presumed selling price of $320K and 25% down, your mortgage payment of $1,250 a month will be nearly matched by the $690 HOA and $320 property tax. Now if the developer throws in 2 years worth of HOA and three years of leased parking, it is cheaper than rental… It is an attractive building and the financial district location is certainly convenient.
There was recently a resale studio at 74 New Montgomery. They listed it for $430k and I think it closed for $410k quickly. This unit came with no parking. I doubt the last few studios closed for under $350k if this buyer stepped up and bought a resale for much more.
Bunch of new developments are coming to a close.
What’s taking Blu so long?
Add in One South Park with over 98%+ Sold.
Even at full developer asking price, you can get a 650 sf 1/1 at The Infinity WITHOUT parking at $435K, I highly doubt a studio with electric cook top and no external exhaust at 74 Montgomery can resell at $410k unless seller is giving a lot back under the table. There are only a dozen or so parking spaces at 74 New Montgomery, so most 1/1 will have to park on the street or a leased space in an outside garage.
To Outsider –
Pretty sure everyone at 74 NM got 3 years parking in the Paramount garage … some people, like me, don’t even use it – I rent my Paramount space out. I think only 13 units out of 107 have parking (some of the units like the 4 penthouses have tandem spaces for 2 cars) so there are even 2/2s there (I think there were 26 or so 2 BRs) with no deeded parking. The price premium on the 2 BRs that do have a space was pretty steep – pushing six figures (and not the easiest garage to get in and out of).
I’ve met a lot of people in this bldg use it as a second home or their weekday home while working in SF before heading back on weekends to Fairfield, Sacramento, Gilroy or some place like that (I’m one of them). And when I ask them about their car situation, almost unanimously they either keep a car at a nearby office garage space (2 blocks away in my case), they bought in the building for its proximity to BART/Muni (1/2 block), or they simply saw $300/mo for parking down the road as the cost of being in a building they really liked.
Also, I would think most buyers were smart enough to at least ask about HOAs for a year or two. The developer made pretty significant price adjustments – I think 20% or so for most units – a few months ago and from what I heard stuck to those prices but negotiated on upgrades and HOAs, especially if they didn’t have to pay a commission.
Strange that so many units are listed at 1750 Taylor (The Royal Towers) recently.
Significant numbers of bank foreclosures exist in a holding pattern in nearly every major newish edifice, which for all practical purposes will compete with new sales when marketed.
What about the projects that are apparently “on ice”, e.g., the 2nd tower at One Rincon Hill, The Californian, Turnberry Tower, etc.
Rose-colored glasses anyone?
Assuming those %’s from Walkman are correct, I too am surprised BLU is moving so slowly compared to the other new developments. It’s roughly the same in percentage terms as the Millenium whose prices are at a 30-50% premium. Anyone know what the scoop is? Infinity has done a great job too moving their product. I’m hearing they are being very aggressive with select floor plans…
I think the Blu number should be fairly close.
Compared to the Infinity, Blu is more expensive on a $$/sqft comparison. Infinity offers better views, great finishes, better parking (not a stacker) and more on-site amenities for close to the same monthly dues.
On the other hand, the Millenium Tower number may be a little inflated as I am not sure how they are working in the rent/rent to own people.
Re: BLU. I seriously considered over there but the $/sqft with HOAs factored in for any of the decent floor plans at the higher levels is ridiculous. I think the building itself and in-unit finishes are FAR superior to the Infinity. The finishes and floor plans at the Infinity are crap — completely obvious that this was the first residential project by a commercial architect — but they have those great views, which hold a lot of value. At BLU the A plan above floor 6 is great, but in the high 800s. B and C plans are comparable to the Infinity, but don’t clear the adjacent office building until floor 10 (barely) and then you’re in the 770+ range. Forget about the smallest E floor plan until floor 19 unless you want to look at a silver wall (at&t datacenter). I think D is the best floor plan (den/office) with views of the water and the ballpark, but then again, you have to be up above floor 10-11 for that, and you’re into the 900s there.
Also, RE: New Montgomery and the studios facing the alley. I have a buddy who was the first guy in contract there, and got in right around 325. He is making the rental equation work right now (albeit at a small monthly loss).
any low 300K studios remaining in the inventory? i might go have a look.
@ nottimhawko
So were Blu not willing to negotiate on their prices ?
I ask as a friend of mine who has been talking with Infinity says they are very anxious to deal and hence flexible on price.
I was told everything was in contract, they’re only taking back-up offers … a recent price list (from last week) showed one studio listed at $340K.
Outsider, where did you hear about Infinity 1/1 for 435K? If it’s true i’ll genuinely interested.
MLS has a listing for a small Infinity unit priced at $540K. If you decide to pass on parking, they will lower your price by $100k. I assume this is what Outsider is alluding to?
RE:BLU
why they aren’t they selling?
Overpriced, parking, non views, high hoa, and zero amenities.
In the mean time, any update on One Ecker? I still don’t see anything moving from my window. Rooftop deck needs a small refreshing, imho.
BLU seemed pretty firm on their prices sighting “they had already undergone an 18% reduction” but I didn’t put in an offer so I can’t properly judge. They must be pretty firm considering when I toured the units for the last time in June these two were available at the exact same price (i still have the pricing sheet):
http://www.redfin.com/CA/San-Francisco/631-Folsom-St-94107/unit-7A/home/21672985
http://www.redfin.com/CA/San-Francisco/631-Folsom-St-94107/unit-10C/home/21622269
I’d say a year or two free HOAs is definitely the norm (or at least it should be). I chose a different route and snatched something with a larger floor plan, private outdoor space and 50% cheaper HOAs. Those generic high rises just don’t seem to make sense to me.
condoshopper: a5 is correct. 7th/8th floor G stack 1/1 listed on Redfin at mid 500k minus 100k for not taking the parking spot gives you the mid 400k price. I am guessing you may even be able to negotiate the price down a bit.
thanks! i’ll go take a visit. is Infinity sales office one of the situations where your agent needs to bring you the first time or else there will be no agent commission, ie. cannot use an agent?
bring you agent. make sure the developer pays the county transfer taxes, or at least negotiate a split. get at least one year HOAs and all appliances included.
I would NOT bring an agent. Make them give you the majority of the commission saved. 3% of 55k is 16.5k. You can negotiate the HOA or other upgrades, but remember they all ultimately comes out of the final price. For example, You get a year of HOA worth 8.5k but get that much less price reduction. A wash unless you plan on financing the HOA for that year – not recommended. Floor upgrade, however, may be worth negotiating as it is a hard asset worthy of financing into the loan.
@condoshopper
Not sure you really need an agent if you are buying new. You could look over the papers yourself and have a lawyer take a look at anything you are uncomfortable with. The likelihood is that the developer will not want to change anything anyway. If you don’t use an agent then you can negotiate some of that 3% agent fee as a reduction in price for yourself.
If you do decide you want to use an agent, then you should be able to include one whenever you see fit – why not ?
Those prices at BLU definitely need to come down for them to be competitive with Infinity T2. I agree with Outsider, an agent in this case is not essential.
All I can figure is that BLU’s developer has really deep pockets. Haven’t they been trying to sell the units for like two years now?