Lennar Urban's San Francisco Shipyard, a $7 billion housing project that offers some of the less expensive homes in an area known for a median home price of $1 million, has proven to have strong selling points for potential buyers. San Francisco Business Times staffer Jean Lee takes a look at the community offers to buyers —waterfront homes and a view of downtown skyline as well as the Bay—and how Lennar Urban wants them to feel.

Could this be a return to the Miami condo madness of the early 2000s in which buyers with small down payments bought rights to million dollar condos early, later selling them at huge markups later? Maybe not, but early buyers are seeing a good return on their investment with two units in the community's first building hitting the market at a 30% price increase from two years ago when they were first purchased:

Sheryl McKibben, chief marketing officer for Lennar Urban, told the Business Times that a resident who purchased a town home in one of the buildings last year is now putting it on the market and moving into a bigger unit in the community with a better view.

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