Madrone is exclusively represented by The Mark Company.
San Francisco is buzzing with news about Madrone, the newest development located in the heart of Mission Bay. With an impressive amount of Phase 1 pre-sales, competition for remaining units is only getting more intense.
Out of a total 329 units, 99 Units are in contract already, with 35 units in reservation. This level of pre-construction sales is a strong indicator that the SF market is on the rebound. For Phase 1, the developer needs to achieve a 50% pre-sale for lenders to fund escrow (meaning 103 units must be sold). Developers believe this number will be hit sometime in March. Wells Fargo has already agreed to fund the escrow with only 40% pre-sale, therefore, all loan programs should be available (e.g. ARM and fixed). The schedule for closing escrow remains on target for Q3.
Weekly traffic and reservations remain strong at the new BOSA development, even after the unilateral price increase that took effect on February 1st. Buyers remain flexible on price as supply dwindles; San Francisco Real Estate still has very little inventory and that’s not going to change anytime soon. Right now, developers are planning to open model homes for guided tours in April or May, and 3D renders and mockups are available online at http://madronebybosa.com .
Salesforce Update: In follow up of the surprising news that Salesforce has backed out of their plans for a sprawling Mission Bay headquarters, company representatives have stated that the CRM giant was growing and hiring too rapidly to wait for construction (a positive sign for the San Francisco tech market). With a record 2.27 billion in revenue in 2011, the company is in no ways suffering, and has signed an 18 year lease to remain in the same building downtown. A loss for Mission Bay, but in no way signal of a Bay Area recession.
If you are interested in purchasing a new construction condo, loft, or home put your trust in the #1 broker for South Beach, Yerba Buena, and Mission Bay. Please contact Todd 24/7 at 415.203.6022 or email at todd@climbSF.com.
See my latest blog entry on Mission Bay: Mission Bay Neighborhood Update
Climb Real Estate provides this information to the public and our clients and does not guarantee its accuracy. Climb Real Estate does not necessarily represent the seller nor the marketing company in any way. For buyer representation, contact Climb or learn how to buy new developments.