First Resale At Murano, New Low For 2-Bed Condo Prices

An inaugural resale listing at Murano landed on the market just two weeks ago, and already the condominium has received two price cuts totaling $195,000. The 2-bed/2-bath corner unit is now priced more than 20% below the neighborhood’s median sales price and average dollar per square foot*, and six-figures below its November 2021 purchase price. And if the seemingly very motivated seller of 3131 Pierce Street #306 runs with an at-list $1,395,000 offer, it will undercut all other 2-bedroom sales in the almost-sold-out building.

Source: muranosanfrancisco.com

The subject property is one of six 2-bedroom homes on the development’s third floor. Only one of those residences — arguably the best one — sold before Murano‘s sales team began reducing prices and offering buyer incentives. By the end of Q1 2022, however, they were all under contract.

› 3131 Pierce Street #301: Sold $1,549,000 (03/24/2022)

 

› 3131 Pierce Street #303: Sold $1,695,000 (08/03/2021)

 

› 3131 Pierce Street #304: Sold $1,495,000 (04/15/2022)

 

› 3131 Pierce Street #305: Sold $1,595,000 (11/30/2021)

 

› 3131 Pierce Street #306: Sold $1,554,000 (11/19/2021)

 

› 3131 Pierce Street #308: Sold $1,465,000 (12/29/2021)

On floors both higher and lower, 2-bedroom units have sold for between $1,449,000 and $1,795,000. Three 2-bed units — the final unsold homes at Murano — are still available from the developer and start at $2,249,000.

Murano isn’t the only new condo development in Cow Hollow with a first resale on the market. At Union House, a 2-bed/2-bath home has been on the MLS for 90 days and counting despite a $100K+ price reduction last month. Currently listed at $1,995,000, the seller of 1515 Union Street #3H appears to be holding out for an offer that will allow them to realize a long-shot gain on their July 2020 purchase.

Opportunities to buy the dip are abundant as we head into summer. Surging mortgage interest rates have dampened competition among home buyers, and fear of recession is spurring sellers to action. Together, it’s a perfect storm to score some uncommonly good deals.

We’re always scoping out great buyer opportunities in San Francisco, both on and off market. Whether you’re just beginning your home search or on the hunt for something specific, please get in touch > 415.715.9205 / homes@vulcca.com