As the once-highly-anticipated development approaches the end of its first year selling, a fresh round of major price reductions at 2238 Market has arrived. The move comes just as San Francisco’s selling season is heating up, and as the clock ticks toward another interest rate hike that will all but certainly put a damper on purchase activity. It’s a short window of opportunity for the developer to unload remaining inventory. It’s also, perhaps, the best time to buy looking ahead into the foreseeable future.
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Among the most recent six-figure price cuts is 2238 Market Street #208, now offered at $598,000 — a discount of 20+ percent from its previous listing. The 625-square-foot studio which features a full-size kitchen, large walk-in closet, in-unit laundry, central air conditioning and southern exposure is the least expensive unit in the building. For what it’s worth, a near-identical unit on the fourth floor sold six months ago for a reported $835,000.
Also now listed at 20+ percent below its original sticker price, 2238 Market Street #307 is available for $1,345,000. The mid-floor condominium includes two bedrooms and two full bathrooms across 1,142 square feet. Located at the rear of the building and overlooking a landscaped courtyard, the space is awash in soft northern light. Secure parking in the underground garage comes with a nominal monthly fee.
2238 Market Street #204 is by far the most unique of the LEED Platinum certified development’s 42 residences. The 2-bed and 2-bath home is one of the largest such units at 1,211 square feet. Its one-of-a-kind layout incorporates an historical structure featuring extra-tall ceilings in the south-facing rooms where light pours in from restored arched windows. This unit with on-side parking, too, has been reduced from $1,595,000 to $1,298,000.
The aforementioned units represent only a fraction of what is currently for sale at 2238 Market. Also, still to come are two 3- and 4-bed townhome-style condominiums with private entrances on 15th Street. Estimated pricing last spring was at approximately $5 million each, although that number is likely appreciably lower today. As for the development’s 1-bed condos, those were completely sold out within a few months and are presumably being enjoyed by happy homeowners.
