The Parc Esprit (AKA Esprit Park North) Back On The MarketAugust 22, 2011
As plugged-in people know, in early 2010 the the sixty-seven (67) units formerly being sold as Esprit Park North were renamed “The Parc Esprit” and repositioned as rentals. As we first reported at the time:
Rents for the remaining one-bedrooms range from $2,475 to $2,950 while the two-bedrooms range from $3,050 to $4,000. Esprit Park originally hit the market in 2007 with one-bedrooms in the South Court priced from the “Upper $600,000’s” and two-bedrooms from the “Mid $900,000’s” (from $549,000 seven months later).
Leases currently run eleven months (think Esprit Park CC&R’s) with expectations that the units will return to the for sale market in three to five years. And while the leases aren’t being written with an option to buy, leaseholders do get a first right of refusal.
As a plugged-in resident tipster wrote last week:
The Parc Esprit in Potrero Hill is putting 1/4 of the north court units [back] on the market. They are currently being offered to tenants at a 7.5% discount…The rest of the north court will transfer from rentals to condos sometime in the future (probably dependent on how sales go with the current units). 16 one bedroom places will be priced between $570,000 and $610,000 and the 4 [two bedroom] penthouses will be priced at $980,000.
On Friday, two units at 850 Minnesota were listed for sale, a 835 square foot one-bedroom for $590,000 and a 1,586 square foot two-bedroom penthouse for $979,000.
∙ The Parc Esprit (840 Minnesota): 30 Percent
Sold Leased [SocketSite]
∙ Sales Office For Esprit Park (888 Minnesota) Opens Tomorrow (10/5) [SocketSite]
∙ Reader’s Reports: Homes On Esprit Park Now Starting From $549,000 [SocketSite]
Comments from Plugged-In Readers
With the Salesforce.com campus, plans for Pier 70, and the new UCSF hospital rising quickly, it’s no surprise that there’s hope that condos will sell in the area.
[Editor’s Note: A Bit Of Color On (And For) Salesforce’s Campus In Mission Bay, Forest City Receives Port Staff’s Final Pier 70 Rose, and The Building Of UCSF’s New Mission Bay Medical Center Is Underway.]
Hope won’t close the escrow.
Hope is a good thing, maybe the best of things, and no good thing ever dies.
7.5% discount for current tenants? Instant equity! What a deal!
Seriously. Aren’t these basically the same price points as 2008? I’m stickin my neck out here and saying that they sell for less or go back to rentals.
Boo, one of the third floor, one bedroom units in the south court (same layout as the unit for sale), sold a couple months back for $602k. Another on the ground level sold for very close to that.
As one of the residents here, it came as a pleasant surprise. Of course, the south court’s courtyard is nicer than the north’s. It’ll be interesting to see what happens with these.
@ lurker: I’m suprised to hear that actually. South Court is nicer than the North Court but I’m still suprised. I was in contract for 3rd floor South Court 1/1.5 in 2008 for $550k. I walked for many reasons. Guess I screwed up? Maybe. Not 100% sold on that yet. But who knows, maybe the new wave of tech money will drive these up. I really like the development and the location and actually the developer too. I’d like to see things work out for current owners and the developer so those sales you mentioned definitely looks good for them.
Boo, I too was surprised. As to whether or not you screwed up, who knows? Everyone’s situation is different. It’s probably more a function of when you’d choose to sell.
We didn’t buy our place viewing it as an investment. We just didn’t want to have to deal with rentals any longer. We have one of the brick and timber units on the Minnesota side and I’m still amazed and thankful our unit wasn’t already taken by the time we started looking at complex.
My hope is to be able to stay here for some time. The neighborhood is wonderful and continues to evolve. I look forward to seeing how it’ll change.
Still, I don’t feel confident to call the north court one way or the other. I do believe the one bedroom units are of pretty high quality. The size is definitely larger than the average one bedroom unit and I really like the layout. At the same time, given the economy, who knows what will happen? I wouldn’t be surprised if the perceived value changes depending on the number of units available.
@Boo and Lurker, I’m too supprised that anyone would pay over a quarter mil for a Ramada Inn guest suite at Esprit Park.
I’ve been living here for about a year. Overall, it was a nice place to live (although I will admit to being annoyed that I’m being kicked out). No major issues (just small things like the concrete floors having permanent scuff marks, windows that aren’t quite framed correctly, minor electrical issues, and thermostat fans that weren’t installed). IMHO not worth anywhere near $600,000. On the other hand, I tend to think that most SF real estate is overpriced. I guess if they sell then they’re priced appropriately from someone’s perspective. The kitchen is the highlight; I will miss this kitchen. I also like the layout, although there is some space between the bedroom and bathroom that we had trouble using. The outdoor space is pretty lame (pretty bland, cheap looking landscaping). We also get absolutely no direct natural light in our apartment (or even on our patio). I’m about a year away from looking to buy, but would have thought about staying for the right price. For me, that would have been somewhere in the low $400’s (I know, I know…no need to respond to this craziness). Kitchens can be remodeled down the road. Natural light cannot be created via a remodel. Regardless, I’ll be lurking to see how quickly (and for how much) they sell. For now, though, it’s apartment hunting (blah).
When I viewed the south units a couple of years ago, I too noticed that many where dark. Even so, I liked the layout of some of the two story units in the brick building. I didn’t much care for the smaller units or those in the all-new buildings.
The units on the East side seemed nicer. I am concerned about the amount of noise, dirt and fumes due to proximity of 280 and the overpass on 20th. What has the experience of the residents been? Dirty or nice?
Overall, I like the development (yes, the kitchens look nice) including the neighborhood.
p.s. I predict that the value here will stand up better as compared to the similar apartments over the Whole Foods (The Potrero).
@John It’s very quiet…I would guess that road noise really isn’t an issue anywhere (the “view” of the 280 overpass, however, is not something I’d pay a premium for). The noise between apartments and from above is also nonexistent. There has been some evidence of complaints about noise from the nightclub on Indiana (we received at least two letters with agreements between the building and the nightclub owner), but I never heard anything. Big trucks loading and unloading on Indiana may be another issue for people living on the west side. Oh, and we looked at a couple apts being rented by owners above whole foods. The places at Parc Esprit are definitely nicer, although many people might consider the location above whole foods as being better. As for comparisons to the south court with the brick facade (and interior walls), they aren’t really comparable as those are loft layouts.
The sale of 850 Minnesota #557 closed escrow last week with a reported contract price of $963,000 ($607 per square foot).
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