SOURCE: McGuire Real Estate

October 24, 2007 12:30 ET

McGuire Reports Buyers Willing to Pay Premium Price in Dogpatch for Homes on Esprit Park

SAN FRANCISCO, CA--(Marketwire - October 24, 2007) - Since opening a sales office on October 6, McGuire Real Estate reports that sales of Homes on Esprit Park (www.espritpark.com) at 900 Minnesota in San Francisco's Dogpatch neighborhood are attracting significant interest from buyers, especially for the larger and most expensive selections. With a price range from the upper $600,000s to approximately $1,595,000, 12 homes are now under contract that requires a 3 percent nonrefundable deposit.

"People are attracted by the superb quality of the homes and the thoughtfulness of the entire project. Add in the livability of the community along with the peacefulness of the neighborhood and you have a package that's hard to match," says Rob Levy, McGuire Partner™ and manager of its development sales group. "The mix and diversity of the community includes intimate cafes, shops and wine bars, plus convenient access to the Third Street light rail and Cal Train just two blocks away plus immediate access to Highway 280."

Levy observes that sales are exceeding expectations compared to surrounding submarkets of the Central Waterfront and Potrero Hill. For example, the most expensive unit under contract at Homes on Esprit Park is $1.329 million with 1670 square feet and two bedrooms and two and a half baths. The average price per square foot for all 12 homes under contract is approximately $802. The highest sales price for a condo in the past year on neighboring Potrero Hill was $1,344,000.

"What this indicates is that people are willing to spend at the upper end when the product is worthwhile and the community of homes offers something special," says Levy. "People like what they are seeing at Homes on Esprit Park and the homes are still to be delivered."

McGuire Real Estate is the exclusive marketing partner of the project's developer, Build Inc. of San Francisco. Homes on Esprit Park is located on the site of the former Esprit de Corp. headquarters and bordering 1.8-acre Esprit Park. The first homes will be ready for occupancy early 2008. The unique development comprises 142 homes in the Dogpatch at the edge of Potrero Hill. The sales office is located at 888 Minnesota Street and it is open Tuesday through Friday from 11 a.m. to 6 p.m.; Saturday, 11 a.m. to 4 p.m. and Sunday, 12 noon to 5 p.m.

About McGuire Real Estate

Since 1919, McGuire Real Estate (www.mcguire.com) has been an integral part of the real estate scene in the San Francisco Bay Area. A mid-sized, regional boutique, it specializes in luxury real estate. McGuire has been increasing its involvement in sales of residential developments that focus on urban in-fill and the conversion of historic properties, such as The Landmark Union Square at 333 Grant in San Francisco. This development was the first of several conversions of office buildings to residences in the city's downtown area. (See www.mcguiredevelopment.biz)

About Build Inc.

Build Inc. is a commercial and residential developer based in San Francisco. Its goal is to find extraordinary sites where the partnership's creativity and expertise produces vibrant projects that are responsive to their neighborhoods, in harmony with the surrounding urban fabric, and environmentally responsible.

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