Home Buying in 94103>Question Details

Pppppp, Home Buyer in 94103

Price per square/ft at Arterra?

Asked by Pppppp, 94103 Tue Oct 13, 2009

- Does anybody know the price per sq/ft for the Arterra in Mission Bay, for a 1 bedroom?
- How much per floor does the price per sq/ft go up if yougo to a higher floor? How about floors above 10?
- Did you or someone you know bought a place there?
- Any advice on the offer process?

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Answers

5
Michael Novia’s answer
PPSF - Certainly depends on views. Actual sales prices can be all over the place though. Developers study the market and make decisions every day on pricing - depending on what offers they have and what inventory is left. A good indicator is what else is going on in the neighborhood.

Offer process - Pretty simple at a new development. The abbreviated version is - determine what you want to pay - make an offer - more than likely you will receive a counter offer from the developer - agree on a price - thoroughly read disclosures and make list of questions - submit all required docs to your lender - meet funding and closing dates.

If you decide that you want to speak with a REALTOR I can be of great assistance. I worked at a new development myself (still do weekends at Radiance from time to time), have done deals throughout SoMa (Park Terrace, Infinity, One Rincon) and my wife is even a manager at one of the new developments right now. New Developments are a specialty of mine.
0 votes Thank Flag Link Mon Oct 19, 2009
Hi--It's true that new development sales offices guard their data with their lives. They'll occasionally report a couple sales in the MLS, but those are not very representative of a bulk of the sales.

I've know Arterra 1BRs to sell in the high $400,000s, but they definitely increase in price the higher the floor. The main elements that determine price in these developments are outlooks, square footage & level of finishes.

The sales offices write the offers with the buyer; however, I have found myself to be helpful to my new development clients in that I have assisted them in evaluating the disclosures and in getting input from my colleagues about negotiating points. It's challenging to get the best deal possible when you're simply dealing with the sales office.

Have found Francisco at Arterra to be helpful, as well.

Good luck!
Web Reference: http://insidesfre.com
0 votes Thank Flag Link Wed Oct 14, 2009
Pppp. I tend to agree with both Mike. Ackerman's and Sally Rosenman's responses. Sellers can prevent info from getting into the MLS, where it's accessible for data-mining/comps, etc., and, to a lesser extent, the Assessor's Office.

If you're interested in overall information on condo price trends in San Francisco back to 2003, you can find it here: http://www.pegasusventures.net/wordpressblog/2009/07/22/surp…

I expect to be posting a chart on price per square foot trends for condos/TICS within the next few days on my blog (see below), but it would not be specific to Arterra.

Misha Weidman
Pegasus Ventures
Blog: http://www.RealDataSF.com
PH: 415.821.3382
Web Reference: http://realdatasf.com
0 votes Thank Flag Link Wed Oct 14, 2009
Pppppp...

Forgive me, you are asking for real-time in-depth knowledge to be shared publicly?

After all the extraordinary work the Arterra and all the new developments have done to conceal sale prices!

FYI They REALLY DO require EVERYONE in negotiation to sign a CONFIDENTIALITY agreement. So what you're really asking is for someone to post publically and open themselves up to a lawsuit for your benefit. Hmm... what would they get in return I wonder? Notice served perhaps?

Your request brings up another issue; the start of AGENCY. True real estate professionals take this seriously. If you are ready to commit to making a purchase at the Arterra then please, by all means seek out three San Francisco based real estate agencies on this board - in private. The agents at ZEPHYR REAL ESTATE have done many deals at the Arterra and have expertise in all of the SOBE/SOMA (South Beach/South of Market) area.

You can almost always reach one of us at: 415-695-7707 9-6 pm Mon - Sat, Sun 11-5. All my best of luck. I've signed many of those agreements and am not looking to expose myself while running down Market Street... };-)

Mike
Mike Ackerman, CRS, e-Pro
Zephyr Real Estate
ABZ@ZephyrSF.com
http://www.638Minna.com
http://www.zephyrrealestate.com/zephyr3_011.htm
Web Reference: http://www.ZephyrSF.com
0 votes Thank Flag Link Wed Oct 14, 2009
Dear Pppppp,

The problem with all answers to your questions is that Arterra did not put most of their sales into the MLS until close to the end. So no agent would have exact prices unless he/she did a ton of research from the Realdex/Assessor's info. Some developers are giving out prices of units sold since many of those prices are higher than what is being asked now. You need to talk to Franciso at Arterra and ask him.

I personally have not had a client decide to buy at Arterra. The offer process for new construction is a bit different than that of resales. You must use the developer's forms. Arbritration is built in (more than likely) and in other offer forms for resales it is negotiable. Also there is a 10 year warranty by the builder for structural defects. I do believe that starts with the first sales and the days clock from that. You need to ask when the warranty started. There should also be a one-year warranty for appliances and that starts at the close of escrow. Most new developments are free from energy inspections because they must follow strict rules regarding energy efficient appliances and heating, etc.

I would take an experienced outside agent (not a rep of the Developer) with you when you go. Presumably you took one at the beginning (and whose fudiciary responsibility is to you. and you will continue with this agent.) This way, your agent should know what to ask for over and above what is already being offered as a credit. Negotiations can begin from that point. If you did not take an agent with you, then you probably have to deal only with the developer's representatives. If you have other questions, please contact me.

Good luck,
Sally
0 votes Thank Flag Link Tue Oct 13, 2009
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