Development for Dummies: Mercer Walnut Creek

Our correspondent Negocios Loucos keeps us up to date on news from Mercer Walnut Creek, a condo development that went up near the BART station.

These condos are pitched as hipster urban living in the suburbs -- "Mercer boasts the perfect blend of urban sophistication with suburban ease." One problem: urban hipsters don't want to live in the suburbs. That's why they're called urban hipsters, not suburban hipsters. High-income young people pay asinine prices for condos in San Francisco because it's so cool to live in San Francisco. You can't get the same asinine prices for a two-bedroom shitbox a half hour out of the city. People who want to live in the suburbs want a little space, and a back yard.

Nevertheless, after more than a year on the market, Mercer is still trying to charge outrageous prices for tiny suburban shitboxes with big HOA fees:

Our Featured Luxury Collection includes the following designer homes:

Residence 449 - 1 bedroom, 1.5 baths, private, top floor home with rare 10-foot ceilings, interior pool views for $530,000.

Residence 222 - 2 bedrooms, 2 baths, upgraded entry hardwood floors, glass tile kitchen backsplash, west facing interior courtyard views for $707,777.

Residence 235 - 2 bedrooms, 2 baths, upgraded entry hardwood floors, east facing interior courtyard views for $717,944.

Residence 217 - 2 bedrooms +den, 2 baths, extended hardwood floors, Berber carpet, closet cabinetry, east interior view for $932,772.

Residence 130 - 3 bedrooms, 2.5 baths, extended hardwood flooring and Berber carpet for $1,048,739. mercer walnut creek

Anyone who buys those condos at anything close to those prices should be locked up in a mental institution for his own good.

UPDATE: Huge price reductions in October and they still aren't selling.

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