After catching this press release from the Mark Company on the business wire this morning (where SF RE is a rarity), our minds began to wonder . . . So The Potrero opened its doors in February 2007, right? Nearly a year ago. And when we took a spin at the end of October (just days shy of two months ago) our tour guide cited a 67% as the sales figure. Today's release claims that "over 70%" are sold at this point. And yet given the numbers for other, far-from-completed buildings in the city— Arterra, the Hayes, and One Rincon Hill spring to the fore, for instance (and yes, we realize that Rincon/Potrero is an unfair comparison)— we're feeling like the Potrero is languishing in the slow lane.
Today's release delivers a hard sell, boasting its ground-floor Whole Foods as a major selling point, and characterizing the area as a perfectly walkable one for residents that don't own cars. Now let that one sink in a minute. Potrero Hill— not an arbitrary nabe name, peeps. Prices appear to be holding steady‚ an "extremely rare" $400K for studios, 2-bedrooms upwards of $600K. Are we completely off base here? (Not outside the realm of possibility.) And if not, why?
· Be Home for the Holidays at The Potrero: San Francisco's Newest Development in Potrero Hill Announces Studios Available for $399,000 [PR Newswire]
· Curbed Inside: The Potrero [Curbed SF]