“Believe it,” the San Francisco Business Times headline read.
Waterfront condos in Richmond’s Marina Bay are being offered for around $250,000 to $350,000, the news publication reported, as the developer seeks to build momentum toward selling 300 units in the next few years.
The median home price in Richmond is $324,500, according to Zillow.com.
Sales of units at The Shores at 1 Shoreline Court began earlier this month. The one-to-two bedroom units range from approximately 500 to 1,000 square feet.
“The Emerald Fund and its partner Kennedy Wilson were able to offer the low prices because the project is a renovation of a complex originally built in the 1980s,” the Times article stated. “The roughly $20 million investment included modernizing the interiors of the units and landscaping. Citigroup provided financing. Amenities include high ceilings up to 11 feet, dryers and washers, fireplaces and views of the bay.”
Oz Erickson, chairman of Emerald Fund, described the development in a statement as a ‘quaint community with picket fences, charming coastal design, breezy walking paths and extensive views.”