If you’ve recently driven, walked, or taken public transportation along Market Street in the Castro/Duboce Triangle neighborhoods, you’ve seen the cranes and construction sites that belong to a number of new condo and rental buildings. Our economy has bounced back, and with that comes financing for developers both big and small.
Depending on how the developers of new condo projects structure their investments, some buildings may be sold as condos, while others will be leased. Yes, we’re in a seller’s market, but if a developer raised funds for a long-term rental investment, attempting to switch over to a sales strategy doesn’t mesh with what was originally presented to investors. And everyone has to answer to Wall Street at one point or another.
Regardless of whether a building has condos for sale or lease, trends among Market Street residential projects are similar to those in the Hayes Valley developments: one parking space for every two units, as well as landscaped courtyards and “zen” gardens. Developers are positioning these properties to take advantage of a transit-rich corridor, where residents will be commuting downtown or to the Peninsula. You can expect high-end finishes, and premium $900-$1,000+ per square foot pricing in the buildings that will be selling units.
Here’s a preview of the major residential buildings that are on the rise. I will update this post as I confirm lease vs sale offerings:
1998 Market / Buchanan
The Homes: 115 residential units, consisting of one-, two- and three-bedroom condos for sale
The Scoop: Dubbed “Linea,” this development is designed by Arquitectonica—which also designed The Infinity, as well as many other buildings nationally/internationally—and was formerly a gas station and auto repair shop. The building will consist of nine stories, two roof decks and a very cool “glass curtain” design. There will be approximately 90 parking spaces.
Buy If: You want to live in a cool-looking building that’s a block away from Whole Foods, Safeway and near all the bars, restaurants and shops in the Castro, as well as Hayes Valley. Oh, and being able to grab a street car outside your building is a nice perk, too.
Developer: Brian Spiers and Canyon Johnson Urban Funds (Magic Johnson’s company)
Sales Begin: Second quarter, 2013
2001 Market / Dolores (above)
The Homes: 82 units, mix of two and three bedrooms. Though many real estate Web sites have classified the property as one that will involve condo sales, I have confirmed with multiple industry sources that this will be a rental building.
The Scoop: This former Ford auto dealership will feature a Whole Foods on its ground level, and will feature resident gardens, gathering spaces, and rainwater catchment. The parking garage will include 43 spaces for the residences, and 64 spaces for the retail component.
Rent If: You want to be able to walk downstairs to Whole Foods. And oh, yeah, have every possible store, bar, and restaurant at your doorstep. Did I mention great public transportation and freeway access?
Developer: San Francisco- based Prado Group
Leasing Begins: Mid 2013
200 Dolores/15th Street (above)
The Homes: Ten condos, three additional flats in the adjacent single-family house on the same parcel
The Scoop: One and a half blocks from Market Street, this project has been in the works for a few years. It consists of a renovated and relocated single-family house that has been transformed into three 2BR condos, as well as the new building which will feature nine 2BR units and one 1BR across four floors. There will be parking for each unit (surprise!), with private roof decks for select units. Shared landscaped courtyard for both buildings.
Buy If: You’re looking for a smaller building in a hot location, just up the street from the Castro, Mission Dolores, and plenty of public transportation and freeway access.
Sales Begin: Spring 2013
2200 Market / 15th Street (above)
The Homes: 22 condos in a five-story building; leasing or sales availability not yet announced.
The Scoop: This project is being constructed on the site of the former Leticia’s Mexican restaurant, and is at the crossroads of the Castro, Duboce Triangle, and Hayes Valley. There will be two commercial spaces, as well as a dozen parking spots.
Rent or Buy If: You’re looking for a slightly smaller building that’s nonetheless in the thick of things.
2299 Market/Noe, 16th Street (above)
The Homes: Eight 1BRs; 8 2BRs
The Scoop: “Icon” will feature units with high-end finishes, and will have a common area with a zen garden. The 18 parking spaces will be stacked, meaning there are lifts in the garage that will allow cars to park above and below each other.
Buy If: You’d like to be in the middle of the Castro, with a bird’s eye view of everything going on in this vibrant intersection. What was recently once a part-time Christmas tree lot will be a welcome batch of residences.
Sales Begin: April 2013. Sale preapproval is happening now for serious buyers who want to vault themselves to the top of the VIP list. Give me a shout and I will work with you to put your preapproval in place.
Please contact me if you’d like info on any of the developments which will have units for sale. I have extensive experience representing buyers of new construction condos, and can assist you with all purchasing details. Of course, I can only be of help if you visit the project with me, so contact me and I’ll get things going.