January 30, 2007
It’s Not Just Condos That Are Going Rental
After 138 days on the market, and three price reductions (now $505,000 or 15% below its original list price), 2523 Steiner is still on the market. But now it’s also testing the waters as a rental ($10,000 per month). We’ll let you run the numbers.
First Published: January 30, 2007 3:53 PM
Comments from "Plugged In" Readers
I've always wondered who rents these kinds of properties? In other words, if you can afford $10K/month of rent, why wouldn't you buy? That kind of cabbage covers a $1.7 million mortgage.
Posted by: Dude at January 30, 2007 4:15 PM
This one really is a piece of crap! Maybe knock it down and make more parking for the place next door!
Posted by: Anonymous at January 30, 2007 4:31 PM
Apparently there is a pretty good market for these high end rentals. Rentals to corporate big wigs who are only in town on a temporary assignment are one of the main markets as it is preferable for the exec as opposed to staying in a hotel. Also, as mentioned the other day, people downsizing their residence or between houses after their original residence sold are another market for these expensive rentals.
Posted by: Anon at January 30, 2007 5:02 PM
In Vancouver, BC, a large number of units in those slendor condo towers everyone admires are rented out for temporary stays by film companies. Just like all the other filming costs that are lower up there, they could probably rent this place for $2500.
Posted by: redseca2 at January 30, 2007 5:10 PM
I went to an open house here and it really is just awful. It was like walking around in an M.C. Escher painting it was so ill conceived: bizarre stairs everywhere, bathrooms you can't turn around in, a "media room" that's pretty much a dungeon, and poor, poor finishes. Definitely a WTF were they thinking property. I seriously doubt it'll ever sell...
Posted by: Sleepiguy at January 30, 2007 6:16 PM
Sleepiguy, that was a great post. I like those MC Escher paintings, but I wouldn't want to live in one.
I actually like the exterior of this property and you can't beat the location; but you got to figure it was a $1M to buy and tear down the old place, plus a $800 to 1M to construct this place. Too bad they didn't get it right cause it might have sold for $3M+ if it was more of a family house, or more of a bachelor / party pad.
Sadly, it seems this place is more likely to rent at 10k than sell anywhere north of $2.5. Who could live there.
Also, the for sale sign has said, "do not disturb occupants" so I suspect it was rented from the get -go? And the for lease sign has been up for a few weeks now.
Posted by: eddy at January 30, 2007 7:25 PM
Whoa, I totally see a lion faced man, possibly aroused, in that marble shower wall. Weird.
Posted by: Anonymous at January 30, 2007 8:12 PM
Looks like they bought the tear down for about 600k:
Hey, why does Joel Goodrich of TRI have the rental and McGuire the sale? Is that odd?
Posted by: Anonymous at January 31, 2007 11:03 AM
Holy crap, you're right about the lion in the bathroom!
Posted by: Lori at January 31, 2007 11:30 AM
Anon 5:02 is correct. Before I moved to the city, I expensed an apartment that cost as much as my monthly salary. Much cheaper than staying in a hotel every day, without the hassles of checking out.
Now that I moved to SF, my old apartment is way too expensive for my tastes.
Still, at $10,000 a month, it is slightly cheaper than the daily $400 or so for a room at the Ritz.
Posted by: Anon E. Mouse at January 31, 2007 11:36 AM
The lion that is a little too excited is there! That would be the first thing I would re-do if I were interested in this property, and I am not.
Posted by: Anonymous at January 31, 2007 12:56 PM
Sleepiguy totally nailed the description. No mater where you stand in that place you feel like you're in a tiny room about to trip over something.
It's hard to imagine that place renting unless the poor CEO rents it site unseen.
Posted by: Sparky at January 31, 2007 2:09 PM
Jeez, I wondered what happened to this architectural mess! Next time, these investors won't hire their undergraduate nephew for the design work! This home is unliveable. For all of those who felt as though you were constantly standing in a small room, ready to trip over something...imagine when it is not staged. Did anyone notice the unstaged downstairs? I wonder if they can even fit furniture down the stair way or will these rooms stay vacant? Maybe guests can bring a sleeping bag?
Posted by: Anonymous at February 19, 2007 1:57 AM
this place has received a notice of default. The investors are in serious financial trouble all around, but look how long they managed to hang on despite not being able to sell the place. This could be a good example of why it has taken so long for prices to come down here, as these people managed to hold on for two years after they couldn't sell at a break even point in Pac Heights.
Posted by: anono at March 20, 2009 11:37 AM
Still for sale at the same price. Still for rent, but at 9K/month.
Posted by: San FronziScheme at March 20, 2009 11:46 AM
Classic. They could have rented it for $5K per month, and would have put more than $120K total in their pockets before the NOD (I would have suggested untraceable gold coins purchases - under $10K at a time and dealers don't file any paperwork). But they couldn't "give it away"! Just think how much worse the market/outlook is today, as compared with January 2007. It seems like a whole different world....
Posted by: LMRiM at March 20, 2009 11:51 AM
Foreclosure sale earlier today. Bank took it back as no bidders at $2,408,718.
Posted by: whatever at July 29, 2009 3:02 PM
Bring the price down $6,000 and it will make our website.
Posted by: SF4LESS at March 29, 2011 3:52 PM
Make that $951,000.
Posted by: SF4LESS at March 29, 2011 3:56 PM