Sales office stats by way of the San Francisco Business Times for a few of the smaller new condo developments about town:

555 Bartlett: 31 (including 9 BMR) of 46 units in contract
829 Folsom: 19 of 69 units in contract
LindenHayes: 21 of 31 units in contract
Union: 64 of 76 units in contract or closed

“Pricing of these projects is a good 25 to 30 percent below the peak of the last cycle with prices hovering in the $600 to $750 a square foot range now. Buyers are bargaining hard while developers are lucky to recoup their equity or eke out a slim profit.”
San Francisco condos rebound — in a small way [San Francisco Business Times]
Snap! 555 Bartlett In Living Color [SocketSite]
829 Folsom Cuts Prices And Pushes For April Closings [SocketSite]
233 Franklin Dubbed “LindenHayes” (And An Overview Now Online) [SocketSite]
The Union Of 76 New Units At 2101/2125 Bryant [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by diemos

    As I was driving toward the bay bridge the other day I checked the skyline for cranes. Are we done with the current cycle? Are there still some high-rises under construction?

  2. Posted by SFRE

    There are no new high-rises under development other than One Hawthorne, which is essentially done. And I am not sure what new quality non high-rises either (i.e. more than 30 units).
    Of all the ones on that list the LindenHayes is my favorite, and 829 is my least favorite.
    Its amazing to think that despite the worst 2 years of real estate in a long time, these are still selling (albeit somewhat slow).
    As to the comment of price hovering around $600psft, I am not sure which development he is referring to, but its not 829 and its not LindenHayes.

  3. Posted by 45yo hipster

    Can someone C&P the full article from the SF biz times?
    I haven’t seen 555 Bartlett yet, but they are selling at lower prices than other projects of past year, namely 199(?) Tiffany and another mid size project nearby, in the socha area. I think the units at 555 are decent, with moderate finishes, but at an attractive price for new construction. It’s a smart formula for these times, and appears to be working.
    And dimes- RU serious with your question? A non snark remark is rare from you!

  4. Posted by insidesfre

    555 Bartlett actually has 64 units.

  5. Posted by CameronRex

    I like the look of LindenHayes but what is that area like? I remember it being pretty sketchy but perhaps that has changed?

  6. Posted by joh

    I’m surprised that sales at Union SF have been so strong. The units and finishes are nice and all, and it’s in a great neighborhood, but I felt that they were a bit too pricey given the market. I didn’t think there was enough interest for 76 luxury condos in this neighborhood.
    The sales at 555 Bartlett isn’t nearly as surprising. Every time I’ve passed by on the weekends, the sales office seemed busy. And the prices and HOAs are fairly reasonable. Personally, I wouldn’t want to live on Cesar Chavez. I’m sure it’ll improve when the city’s done with the greening project.
    I’m actually surprised 829 Folsom isn’t doing better. It’s a pretty good locationf or those who work downtown, and the pricing for their cheaper 1BR units seem to be right on target for many entry level buyers. Many of the floor plans are kind of lame, but I thought location would have trumped that. And the cheaper units at 829 aren’t much more than those at 555 Bartlett.

  7. Posted by BillyBlanks, Your agent to the Stars.

    I’m also surprised about Union SF. Some of their bedrooms are sort of strange with a pole going right down the middle. For those who have taken a tour, you must know what I am talking about. Plus, they were asking over $600k for those.
    Not too surprised about 829 Folsom. Just take a look at Blu which wasn’t mentioned. They are at 50% still and they began dropping prices before 829 Folsom did. Both are decent buildings with some issues that some can overlook but people are waiting for One Hawthorne or buying resales at 199 New Montgomery and The Met. The latter are superior to 829 Folsom and Blu.
    I’ve toured 555 Bartlett and it’s true, the sales office is packed. Decent pricing but wonder how it will hold up once it starts to age and not “new” anymore.

  8. Posted by joh

    I was just talking to some colleagues who are new-ish to the city about Union SF, then this question came up that I couldn’t answer:
    What streets bound the Media Gulch? Or is it just a loosely and informally defined neighborhood?
    I see it on listings, but the SFAR map just shows the area as Inner Mission. I’ve always just assumed it was bounded by Folsom/Potrero and 16th/24th, or thereabouts.

  9. Posted by cr

    I consider Mission Gulch synonymous with the Northest Mission Industrial Zone (NEMIZ). Former warehouses + industrial facilities along the old Harrison St. railroad line. The borders are roughly from Folsom to Potrero, and from the Central Freeway to 19th or 20th, depending on the block. The area has long been zoned for industrial use; the live/work lofts are a more recent (and controversial) development.
    The southeast part of the Mission, south of 20th, isn’t really Media Gulch. The Victorians here escaped the 1906 fire, and it’s a traditional residential neighborhood, with zoning to match.
    You can see the difference in the zoning pretty easily if you’re walking the street (or check Google Street View). In some places, you’ll see industrial buildings on one side of the street, and a row of Victorian / Edwardian apartments on the other.

  10. Posted by 45yo hipster

    Joh- yeah, I think media gulch is more of an informal definition. I think of it as Potrero to Folsom and 20 to division/13 st. That part of the mission is mixed use with some housing as well. Very close to where I live, and a great area to walk around during the day, floating from cafe to cafe. Always something interesting going on it seems. The inner mission is definitely in it’s golden halo prime these days, IMO.

  11. Posted by cr

    Here, for example, is York St. looking north between 19th & 20th.
    http://www.mapjack.com/?3kzmWNv8bFHA
    The west side of the street there is zoned industrial, the east side is zoned residential. I’d consider that a “Media Gulch” border.
    See the zoning maps here:
    http://library.municode.com/HTML/14145/images/Map_No_ZN07.pdf
    http://library.municode.com/HTML/14145/images/Map_No_ZN08.pdf

  12. Posted by 45yo hipster

    ^ that’s pretty much spot on. South of 20th is pretty much the solid residential area of the mission, and where I live (though Harrison/treat is an exception between 22-23 st).

  13. Posted by SFRE

    For those that frequently complain that the market is so bad right now and its only going to get much worse, care to offer an explanation of why these are selling at these prices (which seem high)?
    Here we go with tax credits, interest rates, etc….

  14. Posted by joh

    Thanks for the responses regarding the Media Gulch. I never really thought of it having to do with the zoning, but it makes a lot of sense to think of it that way.
    I’m with you 45yo hipster in digging that neighborhood. Enough going on during the day, and peaceful enough at night, with a far more liveliness within easy walking distance. And of course, there’s the food and weather.

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