SNK VP Don Peterson tells GlobeSt.com that sales per sf at Franklin 88 averaged $560 per sf while sales at Andante averaged $500 per sf. Part of the differences in average sales price has to do with the fact that close to 70% of the Emeryville units had only one bedroom and, therefore, lower price points, because they were targeted toward first-time homebuyers.

"Macro factors such as the general housing shortage and low interest rates were at play in both developments, but beyond that there was stark difference in buyers," says Peterson. "With Andante, the buyer was much more diverse and more focused on the development's proximity to Berkeley, Oakland, San Francisco and proximity to freeways and public transit.

"Franklin 88 was the beneficiary of a very niche buyer due to its location in the heart of the city's Chinatown. The buyer was predominately Asian, with a lot of people buying condos for their aging parents."

Peterson says interest in Franklin 88 was so high that a lottery method was used to determine who would be able to reserve units. Andante Emeryville started out more slowly but then experienced more than 50% of sales within three months of its grand opening earlier this year.

Franklin 88 is located at 989 Franklin St. in Oakland. Andante Emeryville is located at the corner of 40th Street and San Pablo Avenue in Emeryville. Construction on Andante's next phase began in March 2005. An additional 23 units will be released during the first quarter of 2006.

Instant Insights /

SNK Realty Sells Out East Bay Condos

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