San Francisco’s Arterra Condos Sell Out Despite Hard Times
- Jun 03, 2010
Dees Stribling, Contributing Editor
San Francisco–Arterra, the first LEED silver residential high-rise in the city, has completely sold out. The condo property, developed by Intracorp Marketing & Sales and marketed by the Mark Co., registered an average of 12 sales per month even during the darkest days of 2009, at an average price of $590,000.
That price is considerably above the average entry-level price for condos in California, which is a little more than $229,300 as of 1Q10, according to the California Association of Realtors. Nevertheless, notes the Mark Co., many of the property’s buyers were first-timers attracted both by Arterra’s location adjacent to the Embarcadero and SOMA; its amenities; and the as relative ease of financing through FHA-backed loans.
“The positioning of Arterra, which focused on the condominium’s quality construction, coupled with the property’s long-term value and location, was the key in the development’s swift sell-out,” says Alan P. Mark, founder and president of the Mark Co., in a statement detailing the sales completion.
The 16-story Arterra, designed by Bay-area architect Kwan Henmi, includes 269 units with layouts that include “junior” one-bedrooms, one- and two-bedrooms with dens, and three-bedroom residences. Among its more conventional amenities are a 24-hour attended lobby, fitness center, a fully furnished suite for residents’ guests, landscaped courtyard, furnished panoramic view deck with community barbecue, deeded parking for most homes, and resident community lounge with indoor-outdoor fireplace, entertainment system and kitchen.
Sustainability also counts as an amenity, especially in San Francisco. Among several green components, Arterra features sod-covered “living” rooftops to help reduce heating and cooling costs, Low-E insulated windows and renewable and recycled materials in the development’s public spaces.