It’s A Ho Ho Holiday Hiatus At Union House

Dec 8, 2022

‘Tis the season when a growing number of unsold properties are pulled off the market. While home buyers take off for holiday travel and sales activity all but freezes, it’s an opportune time for sellers to revisit their strategy in anticipation of returning in the springtime fresh-faced (and perhaps price-adjusted). And, so, it comes with no surprise that Union House withdrew all four of its active listings from the MLS just before Thanksgiving weekend.

1515 Union Street #3B is a 2-bed/2-bath unit at Union House in San Francisco. The residence previously appeared on the MLS for as much as $2,435,000, marketed and listed exclusively by cooperating broker Polaris Pacific. Images above courtesy of SFAR MLS.

 

When we last featured the upscale Cow Hollow development back in September, our investigation of public records revealed that DM Development still owned 15 of the 41 units two-plus years after sales commenced. Six-figure price reductions had just come to a number of the remaining residences, including 1515 Union Street #2A and 1515 Union Street #4D which have since sold. Then, in October, the list price of 1515 Union Street #6C was slashed by more than 10 percent and 1515 Union Street #3B was reintroduced at a $240K discount.

None of this is to say that any of the unsold homes are not available to purchase while withdrawn from the MLS. Buyers who are represented by an agent outside the development’s sales team are apt to negotiate the best purchase price and terms. Contact us today to arrange a private showing of one-, two- and three-bedroom flats, townhomes and penthouses starting in the low $1 million range.

The first resale listing of a 1-bed/1-bath residence at Union House, 1515 Union Street #5E, is currently on the market for $1,395,000, marketed and listed exclusively by cooperating broker Side Inc. Images above courtesy of SFAR MLS.

 

While market exposure of Union House‘s brand new inventory is on hiatus, there is one resale unit still making the rounds. The 1-bed/1-bath home is the largest such layout encompassing approximately 955 square feet at the southeast corner of the building. Purchased new for $1,495,000, it appeared on the market in mid-September asking $1,395,000. Whether the seller lets it go at that price (or less, considering an evident lack of demand) or ultimately decides to rent it out like the other attempted resale earlier this year is to be seen.

Looking ahead, what happens with real estate market next year is anybody’s guess and there are a lot of opinions out there. Large-scale layoffs across the San Francisco Bay Area, economic recession and continued rate hikes are just a few possible obstacles that lie ahead. That said, fewer buyers and fewer real sellers may well make a more balanced field and bolster property values. If and when inflation recedes and mortgage interest rates drop by any attractive measure, pent-up demand could be up against a supply shortage.

Our advice to buyers right now is to figure out what you can afford, make reasonable offers based on recent comparable sales, and be aggressive in asking for seller concessions.

 

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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