The condominiums and townhouses' tower will have large view windows.
SAN FRANCISCO—Sales are responding briskly at the Transbay site being developed by Tishman Speyer, says team reps. Moreover, prospective buyers can now make appointments to preview the first homes released for sale at Mira, the 400-foot, 40-story condominium/townhouse residences. The developer opened a sales gallery at 163 Main St., one block from the construction site of the new tower at the corner of Spear and Folsom, one block from the Embarcadero.
The gallery has a fully furnished model home vignette with a kitchen, dining and living rooms, and a master bathroom. Visitors can review the floorplans and view options via a digital home selection process. Sales are represented by Polaris Pacific.
Occupancy is slated for late 2019. When completed, the one-, two- and three-bedroom homes will feature large windows with views of Bay, the Bay Bridge and the skyline. Prices start at slightly more than $1 million for one-bedroom homes to $5 million for 2,300-square-foot three-bedroom homes with Bay views, GlobeSt.com learns.
The community will feature amenities such as a courtyard, rooftop deck, private dining and lounge, a fitness center, children's playroom, conference room, dog washing station, valet parking for 340 cars including electric vehicle charging stations, parking for 150 bicycles, and more than 10,000 square feet of retail at the street level.
The site was previously known as Block One of the Transbay redevelopment plan, now known as the Transbay neighborhood. The development will offer access to the waterfront, the Salesforce Park and Transit Center, and a wide array of retailers, nightlife, restaurants, transportation options, and sports and entertainment venues.
“The initial buyer response to our first homes has been fantastic,” Carl Shannon, senior managing director at Tishman Speyer, tells GlobeSt.com. “Buyers have been notably excited about these beautiful homes right out of the gate. With construction on schedule for completion by the end of 2019, we're looking forward to delivering these homes and contributing to the growing Transbay neighborhood community.”
Mira is designed by architecture practice, Studio Gang.
At this point of the year, median home prices maintain a healthy momentum, with most regions continuing to grow at rates seen earlier this year. Year-over-year median prices peaked in March 2018, according to Terradatum Inc. from data provided by local MLSes.
September market activity shows a changing dynamic between buyers and sellers. Both sides may believe that housing price growth has reached its peak and are acting accordingly, with buyers pulling back and sellers rushing to list homes before the slow winter season kicks in.
To some extent, volatility in financial markets and geopolitical developments may be exaggerating consumer fears. However, the underlying macroeconomic environment and California's continued growth confirms that housing markets may be returning to a more normal balance between buyers and sellers rather than preparing to topple, says Selma Hepp, chief economist and VP of business intelligence with Pacific Union.
While this month's real estate market reports indicate a slowdown in single-family Bay Area home and condo sales, Mira is bucking the trend. Since the release of the first 32 homes, 29 homes have been placed into contract, with more reservations in the works. With this continued buyer interest, Mira recently released an additional 29 homes.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
