SF’s Union by Palisades Condominium Sold Out in Nine Months
- Dec 16, 2010
San Francisco–The national condominium market continues to struggle, but there is no sign of that at Union by Palisades, a new loft community in San Francisco. Pacific Marketing Associates, which marketed the property on behalf of developer by Palisades, managed to close deals for each of the 76 residences in just nine months, marking the fastest sales cycle for new residential projects in the city this year.
Carrying the address of 2125-2101 Bryant Street, Union is located on the edge of the Potrero and Mission neighborhoods in an old area of San Francisco that is fast becoming the new place to be. The project completes the 10-year revitalization of a full city block.
Designed by SB Architects, Union features one-, two- and three-bedroom condos and lofts ranging in size from approximately 712 to 1,980 square feet. Buyers were enticed by both the property and its surroundings. “What helped us was the fact that the bulk of inventory being delivered was in high-rise condominiums,” Paul Zeger, president of Pacific Marketing, tells MHN. “Union is hip and unique. It has that brick and timber charm and it really engages the neighborhood–architecturally, it really fits in.”
And while visually the neighborhood has an old San Francisco charm, the environment itself is emerging and vibrant with a creative atmosphere, surrounded by restaurants and art galleries. “We knew people would be attracted to it because it’s a cool neighborhood that offers easy access to a lot of San Francisco’s popular destinations,” Zeger says. “It’s close to Mission Bay–a huge, growing area where they’re building a new $2 billion hospital and a huge new headquarters for salesforce.com. It has cool stores and a lot of culture. It attracted people with an urban energy.”
Sales activity at Union was also boosted by the government’s homebuyer tax incentive program, as well as low interest rates. “Financing was hard to get, but man, was it cheap. When you look at it, it was a perfect storm for the buyer–cheap money, adjusted prices and a great selection of units in a great area. So the momentum of a hot neighborhood, reasonable prices and financing, and a great product helped bring in buyers. We presented Union as a limited opportunity.”