Tuesday, July 10, 2007

Property Watch - 81 Frank Norris Place, Condos for 55+

Frank Norris Place advertises itself as a space "for people who want to live in a community of adults that embrace City life." As Baby Boomers age, how the 55 and over crowd chooses to embrace city life will make for some interesting communities.

Developers in San Francisco are enticed to build these 55+ communities because they are allowed to build more densely on the same site. For instance, without the age restriction, the developer could only have built 16 units at 81 Frank Norris Place, rather than the 32 for which they were approved.

While at least one of the residents of each unit must be 55 or older, there is no age restriction for purchasing a unit. So in addition to owner occupancy, some people will buy the condos for relatives and others will buy as an investment to rent out.

The units are all one bedroom/ one bathroom and some also have a study niche and/or a balcony. There are an in-unit hookups for a stacked washer and dryer. Take a look at the bright rooms and sleek finishes on the website: http://www.franknorrisplace.com/.

Square footage ranges from approximately 482 to 907. Apparently, part of embracing City life is paring down belongings to the essentials (an idea I am in favor conceptually, but to my husband's chagrin, have a hard time engaging). Prices range form $439,000-$619,000.

Common Areas: Nice courtyard on the third floor (three units have direct access), parking for 11 cars (sold separately), deeded storage cage, off-site manager to keep HOA fees low (about $328-$428).

Nine of the 32 condominiums have been sold. Move-ins are expected to begin in 45-60 days.
If you drop by, say hello to Carlos Cabarcos (my friendly tour guide), Frank Nolan and David Clarke of Vanguard Properties.

Check back tomorrow to read more about Frank Norris, the man.

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