Almost three years since Murano debuted, the sole unsold condominium is officially off the market. The move ends a dismal 18 months in which only three* new homes were purchased in the concrete-and-steel building — all for a fraction of their already-reduced sticker prices. Meanwhile, the first resale returned a six-figure loss for its original owner and set a record low price for 2-bedroom units. Anticipating property values to no doubt climb in the months and years ahead, time is on sellers’ side.

All property images provided courtesy of SFAR MLS

According to Vanguard Properties, the broker representing Murano, its developer is pivoting to a for-lease approach. The completely unique layout of 3131 Pierce Street #101 features 2 bedrooms and 2.5 baths on two levels totaling ±1,731 square feet. With it comes a gated street entrance, private patio, secure on-site parking, deeded storage, and of course access resident-only amenities. Following a half-million dollars in price cuts, including a final 10+ percent reduction in September 2023, the townhome was last offered at $1,995,000; it would have been the only new home at Murano to sell for less than $1,200 per square foot.

Below, a graphical look back at the development’s sales performance from January 2021 to present. All four 1-bedroom residences were purchased within the first year, joined by eight* 2-bedroom units. Entering 2022 at halfway to closeout, another seven* units sold in six months. Among those are the only two homes to fetch more than $2 million, penthouses purchased for $2,295,000 and $2,300,000. It wasn’t until March and August 2023 that the final two penthouse units sold, each at a $500K+ discount from their original list price.

*Not all sales reported to MLS

While the inventory of new construction townhomes nearby on the north side of the city is exceedingly slim, buyers do still have three options:

› Union House #TH2: 2-bedroom, 2.5-bath, details

› Maison Pacific #TH1: 2-bedroom, 3-bath, inquire

› Maison Pacific #TH2: 2-bedroom, 3-bath, inquire