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March 9, 2010

Checking in On 25 Hotaling in Jackson Square


It was back in September when I first visited 25 Hotaling, the nine-unit boutique building in Jackson Square. The project is a mix of eight one bedrooms and one two bedroom, with three commercial spaces as part of the HOA.

For a building with somewhat small units and no deeded parking, 25 Hotaling is doing decidedly well. It’s at the halfway point for completing its sales; two units have closed, and two will be selling shortly. What remains are four 1BR units ranging in price from $629,000-$689,000, and the two bedroom listed at $889,000. (I’m told an offer is actually on the way on one of the remaining 1BRs.) Prices have been coming in 3% lower than asking, which tells you how buyers are using that credit.

The seller is offering a 3% credit toward HOA dues, parking or closing costs—or you can just knock 3% off the list price. Leased parking is available nearby at $300/mo, which isn’t bad for downtown. Buyers seem to be professional couples looking for second homes in San Francisco, says listing agent Ken Eggers at Zephyr Real Estate, as well as primary home buyers who work in the Financial District.

Contact me if you’d like to check out the remaining inventory. I really like the location of Hotaling and they’ve done a nice job with the property.

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