We’ve been covering new releases, price adjustments, and home sales at Murano for what feels like forever. Its debut during the height of the COVID-19 pandemic did the developer absolutely no favors, to say the least. That unfortunate timing left almost half the building — which has only 22 units — unsold heading into a year of unprecedented interest rate hikes, then tumbling property values. When we last checked in, only three homes there had been purchased in the preceding 18 months.

The pivot from selling to leasing in Q4 2023 was only the latest example of developers responding to a down market. Beginning in 2022, a handful of new condominium buildings including Fulton 555, 950 Tennessee, Le Centre, OneEleven, and The Quinn made the change for their remaining units (in some cases all units). But by the end of last year, at least two of those were again courting buyers. And, so, as commendable as it may be that Murano‘s developer and sales team persevered up to that point, the switcheroo was behind the curve.

An early and dramatic uptick in purchase activity this season shows no sign of pulling back. What little inventory there is for buyers to compete over, the selection of new homes is infinitely more slim. More than half of the 20 projects we currently track are at least 50% sold or close to it; a majority of these are at least 80% sold. In all, there is only ±500 condominiums still available in those buildings. Barely one hundred additional units will wrap up construction in 2024. Prices are generally still below what they once were, however a market shift in sellers’ favor has arrived.

Alas, after a very brief stint for-lease (asking $10,625/month), the final listing at Murano is back. And a $100K adjustment has brought its ask down to $1,895,000.

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, deeded storage, and of course access resident-only amenities. There is an attended lobby, Google Web Pass internet service, and a rooftop lounge area atop the concrete-and-steel building equipped with firepits, barbecues, and a dining area.

Deeded on-site parking is explicitly excluded from the advertised price this time around. A space is available but must be bought independently. *womp womp*

In actuality, then, this most recent $100K reduction may not translate to six-figure savings for a buyer who has parking on their needs list. That said, they can count on a purchase that’s a half-million dollars less than the original ask, and also the only sub-$1,200/sqft sale of a new home at Murano. With respect to the mood of the market today and our prediction of increasingly feverish conditions ahead, we’re calling 3131 Pierce Street #101 an opportunity worth considering.

Ready to make your move? Get in touch.