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SNK Realty Sells Out East Bay Condos

OAKLAND, CA-The Phoenix-based company sells out its Franklin 88 project here at an average price of $560 per sf and does the same for its Andante project in nearby Emeryville at $500 per sf. The units in both projects weren't released until shortly before construction was completed in 2004.

By Brian K. Miller | Updated on October 02, 2005

OAKLAND, CA-SNK Realty Group has finished selling off the condominiums in its two East Bay projects, the 88-unit Franklin 88 in Downtown Oakland and the 102-unit first phase of Andante in nearby Emeryville. With demand expected to be high, unit sales did not begin until shortly before construction was completed last year.

SNK VP Don Peterson tells GlobeSt.com that sales per sf at Franklin 88 averaged $560 per sf while sales at Andante averaged $500 per sf. Part of the differences in average sales price has to do with the fact that close to 70% of the Emeryville units had only one bedroom and, therefore, lower price points, because they were targeted toward first-time homebuyers.

“Macro factors such as the general housing shortage and low interest rates were at play in both developments, but beyond that there was stark difference in buyers,” says Peterson. “With Andante, the buyer was much more diverse and more focused on the development’s proximity to Berkeley, Oakland, San Francisco and proximity to freeways and public transit.

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