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8 Octavia breaks price records in Hayes Valley

The first few condos from the Stanley Saitowitz-designed 8 Octavia started coming to market in July, and are already breaking pricing records for Hayes Valley, according to a recent post from SocketSite. The developer told the local real-estate blog that the condos have been selling for over $1,300 per square foot for the top-end units on the upper floors of the 47-unit development, with about one-third of the brand-new building’s 40 market-rate units now in contract. (The other seven will be sold through the city’s below-market lottery system.)

But as above, not so below. While the upper-floor units have been breaking records, a lower-floor unit has actually been adjusted downward to “target a more value conscious buyer.” Unit #404, a 1,001-square-foot two-bedroom, was originally listed for $995K in July but quickly and quietly dropped to $939K on August 21. That’s only $938 a square foot for the same wide-plank grey floors, SieMatic kitchen cabinets and individually controlled louvered window treatments as the more expensive units, plus a Saitowitz-designed Japanese soaking tub (not available in all units).

Obviously, people are willing to pay more for the floating-above-Market-Street views and the exclusive extras that come from being on a top floor. Each of the three three-bedroom penthouses comes with a private roof deck (separate from the common roof deck open to all owners), plus a walk-in closet and a super high-end Marlie soaking tub in the master.

For now, the developer is keeping quiet on which units have sold and for exactly how much. But with the first closings and move-ins scheduled to begin in October, so we should find out soon enough.

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