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September 19, 2011

Luxury Inner Richmond Condos Seek Buyers


I toured the four new construction condos at 2900 Fulton recently and was more impressed than I thought I would be. Purchased for $1,125,000 in 2009 with full entitlement to build the current units, 2900 Fulton was transformed into four two-level luxury condos with 3BRs and 3-3.5BAs each. 

They all have one-car parking (except unit 1, which has deeded parking for two spaces). Finishes are high end (see above kitchen), and feature outdoor spaces and nice park or Presidio views.

My favorite main-level floor plan was in unit 1, which has this great private patio:

Units range from 1,587-1,836 square feet, and HOA dues from $532.36-$546.05. Though the corner of Fulton and 5th can be busy, the floorplans are designed to minimize exposure to the traffic along Fulton. And you can literally fall out your door and be in Golden Gate Park.

The condos came on the market in May 2011 or so, and pricing has come down a bit since. For example, Unit 2 was originally listed at $1,099,000 (now $999,999) and Unit 1 at $1,350,000 (now $1,249,000).

Part of the developer’s challenge may be that buyers are aware of the fact that 3BR condos in the neighborhood have sold this year ranging from $735,000 – $905,000. Granted, none were as modern and high-end as that of 2900 Fulton. But many were just as spacious, situated in what would be considered superior locations, or had the period detail that many buyers appreciate.

The pricing at 2900 Fulton is more similar to that of the single-family home market. (However, it’s important to note that the most expensive 3BR house sold in the Inner Richmond this year was $1.3M for a 2400-square foot property on Funston.) 

I personally think that the units are an excellent fit for buyers who want the space a house can provide, along with terrific finishes and a convenient location. But given that none of the units are in contract yet after several months, I’m betting there’s probably still room for negotiation on price.

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