Saranap Village Residential Units:
How Many? How Much?
AUGUST 17, 2014—Neighbors have been asking us how many rental and for-sale units would be included in the Saranap Village development. They’ve also asked what the selling and rental prices would be. The first question we can answer. The answer to the second one wouldn’t be determined until the units go on the market, which would be in about two years, according to the developer’s timetable.
How many units will there be?
Here’s the breakdown on the number of residential units:
Building A: 143 one-, two-, and three-bedroom rentals
Building B: 62 one-, two-, and three-bedroom for-sale units
Building B1: six two-bedroom for-sale units
Building C: 24 one-, two-, and three-bedroom for-sale units.
So there would be 143 rental units, all in one building on the north side of Boulevard Way, and 92 for-sale units, all on the south side, for a total of 235. (In the original plan the total was 325.)
How much will they cost?
Asked about pricing, Mark Hall, president and CEO of Hall Equities Group, the developer, said that won’t be determined till “the buildings are complete and buyers and renters can come ‘kick the tires’ for themselves.”
The price of the for-sale units will depend largely on their size, location, floor plan, orientation, and other variables. “We think values will be somewhere in the $525 a [square] foot range to as much as $800 a foot, depending on the unit,” Hall said. At $525 a foot, a 900-foot unit would sell for $472,500; at $800 a foot, it would be $720,000.
At the SCA’s annual meeting in July, Hall said the largest units in the project, in Building C, would measure up to 3,300 square feet, which is larger than the typical home. Depending on its perceived desirability, a unit this large would be expected to sell for $1.7–$2.6 million, based on Hall’s cost-per-foot estimates.
Rentals, he said, would probably range from $2.25 to $3.15 a foot, depending on the same variables. Thus a 700-foot unit would rent for $1,575–$2,205 a month and a 900-foot unit for $2,025–$2,835.
At this point, though, “these are really just educated guesses. We’re doing lots of market analysis. So many factors go into the final pricing. Who knows where the economy or interest rates will be at the time the units are ready to move into, sometime late in 2016? This is the risky part of my business that keeps me awake at night, fretting over world events, actions of the Federal Reserve, election results, federal deficits, and other things that impact people’s outlook and confidence and livelihoods.”
Ultimately, Hall said, “the market will tell us” how the units will be priced.