Cue up some Lizzo and celebrate, because the first ever price adjustment for new homes at 311 Grove just arrived and it’s About Damn Time! Whether the six-figure cuts will prove sufficient to attract buyers remains up in the air, but are a move in the right direction at least. Better late than never, as they say.
To get our readers up to speed: the boutique 8-unit building debuted quietly way back in January 2022, commenced hard-hat tours and pre-sales in April 2022, and has so far managed to find company among San Francisco’s least-successful projects in recent history with not a single unit sold. Meanwhile, the Median Sales Price and Average $/SqFt of condominiums in Hayes Valley plunged in the second half of last year toward lows not seen in a decade (note: both have since fully recovered). And when just about every other new development was broadcasting purchase incentives — interest rate buy-downs, paid HOA dues, etc. — 311 Grove was having none of it.
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Three 2-bed/2-bath residences without parking are now available from $1,149,000 — that’s for 311 Grove Street #5, previously listed at $1,299,000 (a discount of 10+ percent). It’s one of two almost-identical units facing Ivy Street which are approximately 800 square feet and have a private deck. A more spacious but otherwise similar 2-bed fronting Grove Street and with city views rounds out these offerings.
The largest of 2-bed/2-bath homes which include on-site side-by-side parking is 311 Grove Street #4. It measures just under 950 square feet and, like all non-ground-floor units, features a private deck overlooking the building’s interior courtyard. It has just been reduced to $1,399,000 from $1,650,000 (15 percent). The other is a top-floor south-facing view unit — superior, in our opinion — priced at $1,249,000.
Those of us in the industry know that selling real estate boils down to two things: pricing and marketing. The sales team at 311 Grove seems to now have half that equation dialed in. As for marketing: maybe not so much. We don’t intend to be critical but there are tools for gaining exposure that other developments leverage to their benefit and which still are not employed here. And, frankly, it’s doing plugged-in buyers a favor while everybody else is left in the dark.
The most basic of these is the MLS. Yes, two of the three specific units mentioned above are Active listings as of today, but the recent major price reductions are not reflected and they’re looking stale at 140+ days on market. We’ve spotted a Facebook ad for the building however there are no dedicated social accounts to highlight inventory and neighborhood attractions. There was once a website with floor plan renderings and home specs — 311grove.com is now just a landing page for the domain registrar.
So, now is the time for buyers to jump in and take their pick of these newly constructed condominiums before the word gets out. Contact us to arrange a tour.
