California Pizza Kitchens townhouses at Summit 800 haven't been on the market long, but some have already hit the pricechopping block before construction is even completed. The Lake Merced suburban-style houses were priced around the $700-750-per-square mark upon their arrival on the MLS, but at least two versions of the townhomes have seen big price drops. A three-bedroom, two-bathroom house with two garage parking spots started at $1.167 million and went to $1.049 million over the weekend. A three-bedroom, two-and-a-half bathroom version that also has two garage spots dipped from $1.269 million down to $1.149 million. The first home is now asking $678 per square and the second $625 per square, which is absolutely cheap for new San Francisco construction.
So why the big $100K-plus price drops for brand-new homes in San Francisco? The houses are very different from the flashy new condos garnering top dollar in neighborhoods like Hayes Valley and SoMa. Lake Merced is on the southwestern outskirts of the city, with very little within walking distance. Although 182 homes will eventually sit on the site and move-ins for the first round of homes start next month, the 7.7-acre parcel of land that the houses will sit on still feels more like a construction site than a neighborhood.
That said, this is the largest new single-family home development in San Francisco in years, and, as we all know, demand for homes in the city is soaring while supply is low. We imagine that these townhouses will find buyers soon, even if at slightly lower prices than originally planned.
· Model Home Wire [Curbed SF]
· New Summit 800 Townhouses Will All Cost A Solid 7 Figures [Curbed SF]
· 96 Summit Way [Redfin]
· 102 Summit Way [Redfin]