It's been a dramatic past month for new developments in San Francisco. Many have lowered prices publicly, others are trying novel methods such as quasi-auctions (bid dates, sealed bids, etc), and others are staying quite but aggressively negotiating. For those in the market, a brief roundup of some of reductions:
The Potrero: sealed bids this weekend
The Potrero will begin accepting sealed bids Friday, November 21, 2008 with the bid process ending on Sunday, November 23, 2008 at 5 p.m. Homes in this final release include 1-bedroom and 2-bedroom homes in the South Courtyard building - some with views of the city skyline or the beautifully landscaped courtyard. Source: Potrero Sales Center
The Infinity: special financing, more negotiating flexibility
Tishman Speyer has responded to the credit crisis by initiating a program that provides a second 10 percent loan for qualified buyers who are struggling to come up with the 20 percent down that most lenders are requiring. The loan is five-year fixed at 7.5 percent. Source: SF Business Times
The Hayes: Price drops of over $100,000
Arterra: Price drops of over $100,000
Symphony Towers: Hosted "Closeout Weekend" Nov 14-16th (units still available)
170 Off Third: "Developer Close Out" Nov 8th and 9th (Sales center now open by appointment only)
We've thrown out the price sheets! Reasonable offers accepted November 8th and 9th, the developer will be on site accepting offers! Source: 170 Off Third Sales Center
If you've been considering new developments and are familiar with the area, I'm currently offering a 30% commission rebate on any new development purchase until the end of the year.
Have a great weekend!
-Michael
