L.A. Developer Opens New Phase of Condos

The units range from one to three bedrooms and from 713 square feet to 1,980 square feet, with prices starting in the $500,000 range. The project is at 2125 Bryant St. in the resurging Mission neighborhood of restaurants, galleries an incubation zone for entrepreneurs and other new development.

In a US condo market that was at a virtual standstill for some time, the Union by Palisades project has met with strong demand since the first building was released in mid-October, according to Danielle Laurent, sales manager for Union. She notes that prospective buyers made five contract-offers last week during pre-sales at the second-phase Union North.

Brosh's firm, called by Palisades, says that it drew from its roots in the hospitality industry to give Union "the finishes and feel of a boutique hotel." The firm's other projects include the Lofts @ Hollywood and Vine in Hollywood in addition to its hotels in Los Angeles.

According to a report from San Francisco-based Pacific Marketing Associates, which is managing sales at Union by Palisades, the number of condominiums sold and under contract was up 61% in the City of San Francisco in December 2009 compared with December 2008. According to Pacific Marketing report, which is based on data from the San Francisco Association of Realtors MLS service, during that same time, the median price for condos either sold or under contract rose 8%, according to Pacific, and the average number of months of supply declined by 39%.

Union by Palisades is one of only three new condominium projects that have opened in San Francisco in the last four months, and since construction takes a year or two, experts say the declining inventories are beginning to stabilize prices, depending on the neighborhood.