There’s no shortage of new condo developments in San Francisco these days. It seems like there’s a constant supply of new units hitting the market, with each release offering properties that are shinier and newer than the last.
I toured a few condos in older but still very solid buildings this week. The takeaway? Buyers considering new construction shouldn’t overlook condos in buildings constructed five or more years ago. One shining example is at Dogpatch’s Esprit Park, which is in good shape both physically and within its HOA.
There wasn’t a whole lot in Dogpatch when they finished constructing the 142 units at Esprit Park in 2009, and the neighborhood has grown significantly since then.
The common areas have held up well, with nice landscaping and well-maintained walkways. I checked out 850 Minnesota #556, which is the penthouse with two master suites, a large view balcony and updated finishes listed for $1,795,000:
Esprit Park’s HOA is in good shape after seven years. There are $1,400,000+ in reserves, and only 23 of all 142 residential units are rented. Amenities include parking (not a given in new construction), a concierge, additional storage, gym, and media room.
The average price-per-square foot in Esprit Park is in the $1,043 range, year-to-date. That’s a lot less than the $1,200/sq foot that newer developments command.
Be on the lookout for proven condo developments that have stood the test of time and successfully gotten through their growing pains. They can end up being better deals than the shiny, new inventory that’s out there.