For Values and Views, San Franciscans Looking East

Written by Frances P. Kitchen    Thursday, 22 December 2011

The first quarter of 2011 has brought an increased interest in the luxury condominium homes at The Ellington and sales in 2011 have been setting the pace for prices and sales in the East Bay. The Ellington opened in May of 2009 and has become one of the hottest moving properties in the Bay Area with more than 15 sales concluded since the beginning of 2011 alone. This accelerated level of sales is largely being driven by San Franciscans taking a new look at the East Bay where both remarkable value and the best of urban living can still be found. Sales associates report greater numbers of San Francisco-based realtors and clients touring The Ellington and making offers on the East Bay’s premiere high-rise condominium building. For example, 35% of walk-in traffic during the first quarter of 2011 lives or works in San Francisco, compared to only 20% in 2010. In a tough real estate market with cautious consumers, The Ellington continues to draw buyers to the property because of its unparalleled value, amazing views, and extraordinary amenities. Few comparable homes in San Francisco are available for under $500,000 while prices at The Ellington start below $300,000. “The interest in The Ellington being expressed by San Francisco buyers this year is unprecedented,” said Pacific Marketing Associates Vice President Kim Cole. “Home prices at The Ellington reflect the high end product our buyer is looking for; interestingly we’ve noticed that these same buyers are opting for a prime East Bay waterfront location over a more pricey San Francisco address. For example, a home at The Ellington featuring two bedrooms, two baths and a city view recently sold for $405,000. The same home in San Francisco would have sold for $700,000.” Online traffic numbers reflect the increased activity at the building as well. January saw a two-fold increase over December in the number of new visits to www.the-ellington.com, with 50% of those visitors living in San Francisco. “Oakland’s popping art and food scene is clearly opening the eyes of some who previously hadn’t considered Oakland chic enough to satisfy their desire for upscale culture. We expect that as Oakland continues to attract top talent so too will the discerning buyer continue migrating to the Ellington,” continued Cole. “Our clients are definitely showing more interest in Oakland than ever before,” states Tiffany Combs, Principal with Climb Real Estate, urban real estate specialists located in San Francisco. “The Ellington offers a similar luxury high-rise lifestyle they have experienced in San Francisco for a fraction of the cost. The restaurant, entertainment, and art scene is really taking off, and buyers are purchasing in downtown Oakland as a great alternative to renting in San Francisco.”

Last Updated ( Thursday, 22 December 2011 )