Recently, Thor Kamban Biberman of The Daily Transcript reported that the downtown condo market maybe turning a corner saying, “A total of 500 condominium units are being marketed downtown, 34 escrows closed in April and 4,469 units have been approved for development.” He did point out that there are no units currently under construction.
Biberman provided some valuable information on some high-profiled buildings downtown. He said the San Francisco based residential research company, The Mark Co., said the average size of a downtown condo unit was 1,272 square feet and the average price was $$684,000 in April.
One well known project, Smart Corner located at 1080 Park Blvd., was completed in September of 2007 just as the recession was just starting. Biberman said that 41 units went up for auction in October 2009. The Mark Co. reported that Smart Corner had 96 closed transactions through April, while five units were reported under contract on April 30. Sherm Harmer, president of Urban Housing Partners said that 135 units total have been sold.
(Sidebar: I have to give the developer of Smart Corner credit. To stimulate sales, they applied with HUD to put the building on the FHA approved list for condos. I’m not sure when they got approval, I think it was Feb. of this year, but SMART thinking by Smart Corner making FHA financing possible for these units)
Another complex that has done well, according to Biberman, is The Mark, a 244 unit building located at 800 The Mark Lane near Petco. 79 units sold in less than a year. A quote about the numbers, “A total of 106 escrows were closed at The Mark as of April, according to The Mark Company. The Mark also had another 98 in contract and 40 units available at the time of the survey.”
The Mark Company is not affiliated with the developer.
Last but not least, there is the Bosa Development’s Electra project. It was built over the SDG&E Station B site. It has sold 241 of its 248 units.