October 25, 2006
New In North Beach: 520 Chestnut
A new development in North Beach, 520 Chestnut consists of 20 one and two bedroom condominiums that are being advertised as “starting in the $700,000s” (yes, that’s most likely $789,000). And as is the norm, only three of the 20 units are currently listed (#406 - $789,000; #403 - $859,000; and #402 - $1,299,000).
And while we have yet to take a tour, there are a couple of advertised features that caught our attention: commercial grade appliances; polished concrete floors with carpeting in the bedrooms and radiant floor heating throughout; and of course, large windows. Would anyone that’s taken a tour care to share a first impression or a complete rundown on pricing?
First Published: October 25, 2006 10:03 AM
Comments from "Plugged In" Readers
See, this is what I don't get. Although the 2-2.5 listing does not indicate its sq ft, I'm just guessing that at $1.299MM, it's probably being offered at around $1000/sq ft.
Am I nuts or is that just plain foolish? There are so many new developments coming online (although not in North Beach, which may be the answer to my own question) within the northeastern part of the city that are such better deals than this. Why would anyone pay what they are asking at 520 Chestnut given the current environment?
Posted by: 1RinconBuyer at October 25, 2006 10:37 AM
for all practical purposes, i don't believe properties can be boiled down & distilled to one ultimate square foot price and compared effectively. next, as you alluded, there is not many new project happenings for north beach and it is a sought after neighborhood even with a few rowdy drunken tourists. as much ink as the rincon, beacon, palms, met, infinity, etc. generate, not everyone desires to live over there. i think there is a lot to be said about the established sf neighborhoods which can provide some charm & history.
Posted by: rut at October 25, 2006 12:54 PM
I was in this building yesterday and was not at all impressed. They tried to do the modern thing but failed miserably. Extremely expensive for the spaces. The building is really not yet ready to show as much of the "final touches" are still missing. Altogether I was dasappointed. Curious to hear what others have to say.
Posted by: Anonymous at October 25, 2006 1:29 PM
It sounds like Anon's assessment somewhat validates my initial thought above, although I do acknowledge the valuation wild card referred to above by rut based on the type of neighborhood involved.
Posted by: 1RinconBuyer at October 25, 2006 1:52 PM
I agree that the prices are absurd in the current environment, despite being in a "desirable" neighborhood. I hope the developer is prepared to sit on these for a couple of years (at least).
Posted by: Anonymous at October 25, 2006 2:45 PM
On Anon's point, the more frightening scenario for me would be that the developer actually receives its asking price for these condos.
It would give new meaning to the phrase, "A sucker born every minute."
Posted by: 1RinconBuyer at October 25, 2006 5:00 PM
I saw it on Tuesday. It was okay, but not amazing. I actually preferred the smaller floor plans to the larger. If you're in the market for a one-bedroom condo, this place is more interesting than, say, The Watermark or Beacon (although it has no amenities.) The design is a step above the usual cookie cutters.
Posted by: Damion at October 25, 2006 10:04 PM
I also saw this building the other day. Although not my dream spot, I was impressed with the taste of the developer in relation to high end everything (kitchen, bathroom, etc.). Yes, they are priced high but the fact that a limited number of new inventory will be coming to North Beach in the near future may give this developer the upper hand even in our semi-soft market. I know for a fact that an offer has already gone on the table for the largest unit. Anyway, its worth a look for those thinking about the North Beach area and looking for something that feels like its out of Dwell Europe (if such a thing existed). It actually has a very strong european feeling. Is the developer from Europe? FYI - I love this site BTW. :)
Posted by: buylowsellhigh at October 25, 2006 11:07 PM
high end new construction condo's in the best neighborhood in San Francisco. your comments are ridiculous, these units are all sold your complaining about. i wish i had jumped on one.
Posted by: stiles at February 26, 2007 5:50 PM