At Marlow, a condominium development rising at the corner of Clay St and Van Ness Avenue in Nob Hill, hungry buyers are devouring the new inventory as quickly as the Sales Office can release it.
On April 15, 2013, Marlow quietly opened its Sales Office and released 18 of its 98 one and two bedroom units. By April 19th, there were offers made on 20 units in the building. For the official Sales Office opening on May 1st, Marlow released 20 more units. Now in their fourth week on the market, Marlow has 25 units officially in contract. In other words, 30% of the market rate units* have sold in one month. That’s an average of 6 sales per week.
This should be no surprise. Aside from a lack of inventory throughout San Francisco, Marlow has three things going for it:
Location – Marlow sits at the nexus of some great neighborhoods: Nob Hill and its neighbors Russian Hill and Pacific Heights. It is also close enough to Hayes Valley to enjoy its rich cultural offerings, such as the Opera House, SF Symphony, the Jazz Center and the SF Ballet.
New Construction – there has been a lack of newer construction buildings on the north side of the City. The most recent new construction buildings to come to the north side were The Washington, 26 condos that sold out in a blink last year, and more recently The Heights, 13 condos that were also gobbled up as soon as they were released. Buyers wanting a newer building with the latest design concepts will flock to Marlow.
Long-term Value – Marlow is what I like to call a “flex” building. It meets the needs of so many types of buyers (first timers, pied-a-terrers, investors, and down-sizers) that it is a great long-term hold property.
If you are interested in purchasing a unit at The Marlow, or would like help selling or buying a property, email me at email@example.com or give me a call at 415.533.2496. For more real estate insights, you can also follow me on Facebook and Twitter @AmyBlakeley.
* 15 of Marlow’s 98 units are BMRs (Below Market Rate) and subject to low income housing qualifications. counter/” target=”_blank”>