Major Price Reductions Come To 2238 Market

Had sales begun at the brand new 2238 Market back in early 2021 when originally planned, the condominium development likely would have sold out by now. Alas, supply chain disruptions significantly delayed the project, pushing the launch to May 2022. The timing has proved unfortunate: savings-crushing inflation, climbing mortgage interest rates, layoffs at several high-profile Bay Area companies, and ongoing resistance in-office work has dealt a huge blow to San Francisco’s condo market.

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2238 Market is marketed and listed exclusively by cooperating broker Polaris Pacific. Building rendering courtesy of 2238market.com.

 

According to realtor.com numbers, nearly 200 residential listings in San Francisco experienced price cuts last month in an attempt to attract buyers. Meanwhile, the median sales price of condos in the city dropped to $1,010,000 per NorCal MLS Alliance, down 15.8 percent year-over-year.

There are hundreds of new construction units excluded from the MLS that are also competing for offers as the market swings further away from sellers’ favor. In addition to adjusting prices, major projects like Serif and 88 at the Park have recently offered purchase incentives including low down payment options, closing cost credits toward HOA fees and design upgrades, and even mortgage interest rate buy-downs.

2238 Market is the latest new development to reflect the market shift, introducing six-figure price reductions to select residences last week.

Images above are of a model home representative of select 2-bedroom residences at 2238 Market and may vary from actual homes for sale. Listing photos courtesy of SFAR MLS.

 

2238 Market Street #207, a 2-bedroom and 2-bathroom unit at the rear of the building and featuring a private walk-out patio and secure parking, dropped a full $200,000 from its original list price. It is now offered at $1,675,000.

2238 Market Street #303, a 2-bedroom and 2-bathroom north-facing home with garden outlooks, was reduced by $148,000. An interest rate buy-down to 3.625 percent fixed for seven years was previously advertised with this unit. It is now offered at $1,350,000.

The project is still weathering the cooled-off market better than some of its peers. Approximately 25 percent of its 42 units were under contract within a month of launching sales, and currently all 1-bedroom homes are reserved. High rollers interested in purchasing something really special should stay tuned for the release of 2238 Market‘s two 3-bedroom townhomes in the coming months.

 

You can always live chat with us to get real-time data and a qualitative take on the market. We’re actively identifying unique opportunities and making deals happen. We know what’s good!

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