When it comes to modern condominium developments in the Dogpatch neighborhood, 2177 Third is the standout. Premium is the standard here, from resident concierge and valet services, and on-site amenities aplenty, to the high-end custom finishes that grace all 114 homes. And mere steps from Crane Cove Park, RH San Francisco, and the Chase Center, its waterfront location is second to none.
Yes, you can have it all.
2177 Third is marketed and listed exclusively by cooperating broker Polaris Pacific. All images provided courtesy of SFAR MLS.
Less than two dozen new homes remain available for purchase. Many recently reduced in price, they include a mix of Studio, 1- and 2-Bedroom layouts starting in the $500,000s. Let’s take a look at some of the offerings, below, followed a comprehensive list of units for sale. Contact me to arrange your private tour today.
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Residence 713
Residence 605
Layout, finishes, and view are representative of 2177 3rd Street #605. Photos may be of another similar unit.
Residence 221
This residence is one of ten near-identical 2-Bedroom / 2-Bath + Den configurations ready for purchase. Each is completely detached on three sides and boasts a front-row view of the waterfront. For optimal privacy, bedrooms are located at opposite ends of the home separated by a central living area with kitchen island and balcony. This home comes with valet parking for one vehicle. Once priced at $1.995 million, 2177 3rd Street #221 is now listed at $1,549,000.
Available Homes
Studio
› Residence 407: $689,000
› Residence 713: $549,000
One Bedroom
› Residence 104: $925,000
› Residence 311: $945,000
› Residence 322: $699,000
› Residence 422: Inquire for price
› Residence 605: $779,000
› Residence 622: $875,000
› Residence 704: $799,000
› Residence 709: $749,000
› Residence 722: Inquire for price
Two Bedroom
› Residence 615: $1,495,000
Two Bedroom + Den
› Residence 121: Inquire for price
› Residence 125: Inquire for price
› Residence 221: $1,549,000
› Residence 225: Inquire for price
› Residence 321: Inquire for price
› Residence 325: Inquire for price
› Residence 421: Inquire for price
› Residence 521: $2,095,000
› Residence 721: Inquire for price
› Residence 725: Inquire for price
New Homes 101
Transparent Pricing
› Tired of being outbid by other buyers? You’re in luck! By the time new homes hit the market, there has been months, if not years, of pricing analysis by the developer to ensure they’ll hit the numbers they need. The list price you see is the price you pay (unless a good argument can be made for a reduction — and if you have independent representation described below). Make no mistake that new construction carries a premium over comparable resale units. But in a rising market, by the time escrow closes on a new place, the buyer could have already banked some healthy appreciation.
More Inventory Than Meets The Eye
› Especially in larger developments, units available for sale are held off the MLS and other public listing syndicates so as to not flood the market with inventory. By releasing only a few homes at a time, the developer and their sales team are able to keep prices up. But that doesn’t mean your dream home isn’t available — you just need a broker on the inside track to scope it out and make the deal happen for you before another buyer gets to it. That’s where we come in.
Not Your Standard SF Purchase Agreement
› New residential condominium projects of five or more units require the use of a special purchase agreement approved by the California Department of Real Estate. These contracts are long — super long — and include notices about issues like latent construction defects as well as resale restrictions. It should be accompanied by a Public Report (Final or Conditional). And if a Certificate of Occupancy has not yet been issued by the San Francisco Department of Building Inspection, you’ll want to make sure your purchase is contingent upon receiving that.
Dual Agency vs Independent Representation
› If you walk into the on-site sales office at a new building, you’ll almost certainly be asked to register yourself as a visitor. Read the fine print! Unless you disclose that you are working with a broker, you’ll be waiving your right to independent representation. Why do you want independent representation? For one, it could save you tens of thousands of dollars (and possibly a whole lot more) on the Documentary Transfer Tax described next. Conversely, if you’re represented by the sales team also representing the developer (dual agency), you have effectively zero leverage to ask for seller concessions.
Documentary Transfer Tax
› In San Francisco, this tax is customarily paid by sellers in an ordinary real estate resale transaction. Not the case when buying new construction! New construction purchase agreements almost always stipulate that the buyer pays the tax. With independent buyer representation, you have a chance at negotiating for the seller to pay. Take a look at this guide from the SF Assessor’s Office and you’ll see the tax isn’t cheap — especially when you’re dealing with a purchase price of $5,000,000 and above.
