Posted Nov 15, 2023, 7:35 PM
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你的媽媽
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Join Date: Jan 2012
Location: The Bay
Posts: 8,790
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Quote:
Yerba Buena Island's condos are outselling SF's other luxury buildings. Here's why.
By Tessa McLean
Updated Nov 15, 2023 10:48 a.m.
Sumeetha Jacob had been living in Fremont for 20 years when the pandemic hit and she decided she wanted a change. While droves of people were leaving San Francisco, she thought it was the perfect time to buy a place in the city. She searched for about a year, mostly looking at downtown condo buildings, but never found anything that felt right. Then she learned about The Bristol.
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The views are just one reason the property is currently outselling other luxury buildings in San Francisco. The Bristol outpaced similarly amenity-heavy buildings in unit sales, especially ones located downtown, by more than two times in the past 16 months. But it’s not just stunning vistas that are luring buyers across the Bay — the building is winning over buyers thanks to reduced interest rates, a separation from downtown and the island’s neighborly feel.
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Condos at The Bristol range from $599,000 for a 612-square-foot studio to nearly $3 million for an approximately 2,200-square-foot three-bedroom. The development began selling units in March 2021 and has sold a total of 46 residences out of 124 — just 37% of what’s available.
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When it comes to buying a home, though, the ultimate deciding factor is whether a buyer can afford it. As interest rates hit a 23-year high last month at 8% and buying power decreased, many buyers opted out of the market. But The Bristol is offering something that can bring them back into the market — a 5.5% interest rate.
The project’s developer, Wilson Meany, is offering what’s called a “buy-down,” where the company works with a bank to contribute upfront cash to earn a lower rate for a certain amount of years. This helps buyers with the initial monthly payments, giving them some relief until rates go down and they can refinance. Krysen Heathwood, a senior managing director at Compass, said she doesn’t know of any other development offering such a deal, but expects that to change. “I think we’re going to see more and more of it to encourage sales,” she said.
Even with a enviable interest rate, The Bristol’s not-technically-SF location may also be helping its sales. Downtown has lost its appeal since the pandemic for some, said Heathwood, and they see Yerba Buena as a safer alternative. “Perceived security is still a real thing,” she said.
Its location is a good fit for people who have been called back from remote work to offices in SF, she said, since the commute is easy on the short ferry ride. It’s also attracting attention because of its novelty, Heathwood added. “It’s an entirely new neighborhood,” she said. “There isn’t another development out there like that. It’s very intriguing.”
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https://www.sfgate.com/realestate/ar...s-18480562.php
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