Mission Bay: Where once tumbleweeds tumbled and defunct buildings moldered, a thriving community has emerged, one that's been developing over the past decade and a half. And part of it is Bosa's Madrone at Mission Bay, a condo complex that broke SF records for the rapidity with which it sold out.
Composed of two 16-story towers and a total of 329 units, these condos, according to a recent press release from The Mark Company, are 100% spoken for. Despite facing a still recovering economy, The Madrone closed on more than 200 residences by the building's completion in August 2012. In August, its grand opening month, a total of 97 units closed, making it San Francisco's fastest selling property (previously, the most units closing escrow in a month was 50 for a single development).
Luxury condos back in demand
San Francisco's appetite for luxury condos has been reawakened of late, but the dearth of inventory makes satisfaction of that hunger hard to come by. In March of this year, the number of available condos on the MLS was down 32.9% year-over-year, while the median sold price was up 31.6%. The Madrone met the needs of well paid tech, education, and science employees looking for for waterfront 1, 2, and 3 bedroom units with swanky amenities. But the record sell-out of every single condo in the complex is still a striking accomplishment given the price point here: Property records for a sold 2-bedroom unit show a sale price of $1,818,750; and a 3-bed for $1,995,000.
Evolution of a neighborhood
Mission Bay covers 303 acres of land between the San Francisco Bay and Interstate-280. The San Francisco Board of Supervisors established the Mission Bay North and South Redevelopment Project Areas in November 1998, successfully planning the building of the University of California, San Francisco research campus, a state-of-the art UCSF hospital complex, housing and services, all steps away from AT&T Park, the home of the San Francisco Giants.
Read the full story at SF Gate.
