New Eureka Valley Projects are Hit & Miss

New Eureka Valley Projects are Hit & Miss

Though financing for new condo projects is scarce these days, there are small-scale, new construction projects popping up in the neighborhoods. I toured two such developments recently in Eureka Valley and found different levels of appeal in each.

I loved the three condos at 412 Noe (see photo),  located between 17th and 18th Streets. Each feature 2BRs/2BAs with 1308 square feet and independent parking.  I was a fan of the extremely central location, as well as the stylish exterior and overall level of finishes. The top floor unit was my favorite, with its office area, skylights, and elevator that opens into the unit itself. There are also nice city views. List price for the top floor is $1,1,49,000. Pricing on the other two condos was $925,000 and $979,000. These seemed like good deals for new construction in Eureka Valley, of which there is not much.

I’m obviously not the only one who thought so, as all three units went into contract in less than two weeks.

The other project I visited was Dorland Homes, about which I was far less enthusiastic:

There are two buildings crammed on to one lot. The main building consists of two tri-level 3BR/3.5BA condos with balconies and private roofdecks, as well as one two-level unit with 2BRs/2.5BAs, private balcony and patio area. Two 2BR/2.5BA, two-story homes remain in the rear property, which also provides two private patios.

List price for the rear units are each $829,000, and the front units are listed at $989,000; $1,595,000; and $1,695,000.

I wasn’t thrilled with the outlooks from any of the units; as you can see in the photo above, a nearby housing complex is an inescapable element that’s not particularly attractive. The rear units essentially face the front building, so privacy is not something you can expect. I also found the rear units to be a bit narrow. HOA dues range from $450-$581/month, and there is no elevator. Parking is stacked, meaning there is a mechanical lift onto which you need to drive some cars in order for the other to park beneath them. I’m not a huge fan of stacked parking, as the mechanisms require maintenance that could be expensive down the line. But it’s one way for developers to provide parking for multiple units.

I’m thinking that the $1.6M and $1.5M asking prices on the larger units are a tad high. You can actually buy a pretty good house in the neighborhood for that kind of money. However, for those seeking new construction condos in a central location, Dorland Homes certainly fits the bill. I believe all five condos are currently available.

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Get in touch:

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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