In July, we told you about condos in Richmond’s Marina Bay that are going for as low as $240,000 as the developer aims to build momentum toward selling 300 units over the next few years.
On Wednesday, representatives of The Shores at 1 Shoreline Ct. say the response from home buyers has been “tremendous,” with 51 homes sold over the last seven weeks, averaging about one a day. A number of the homes have been purchased by West County residents, a spokesperson for The Shores told us.
The one-to-two bedroom units range from approximately 500 to 1,000 square feet and have access to water views and trails. The development was originally built in the 1980s, but developer Oz Erickson told ABC7 he turned them into rental apartments following the market crash of 2008. With home values back to form, the Shores underwent a $20 million modernization and transitioned back to condos. Upgrades were made to the interior of the units and landscaping.
The condos have been selling like hotcakes, given the fact that similar units just across the Bay can exceed $1 million, according to the developer. A buyer told ABC7 the mortgage on a $380,000 unit would be less than his rent used to be.
“This may be the best value in the Bay Area,” said Paul Zeger of Polaris Pacific, the sales and marketing firm for The Shores. “With prices starting at $240,000 and the property located right on the Bay, you have an elegant lifestyle for an amazingly affordable price.”
The Shores is set to hold a major open house event on Sept. 12 featuring pop-up food tents, live music and personal tours of the homes. The grand opening will run from noon to 4 p.m. at 1 Shoreline Ct.
“We look forward to welcoming visitors to this quaint community with picket fences, charming coastal design, breezy walking paths, and extensive views stretching down to the harbor and across the San Francisco Bay,” said Erickson, chairman of Emerald Fund, the ownership representative.
For more information on The Shores and the grand opening event call 510.215.1600 or visit www.theshoresca.com.