September 28, 2007
Take Two For Twenty-Seven Twenty-Two Sutter Street
And speaking of new beginnings, 2722 Sutter Street has quickly returned to the market (after being withdrawn) with a new website (2722sutterst.com), a new price (reduced $116,000), and (perhaps not too surprisingly) a new agent.
And yes, it's also a new start for its days on the market and the baseline from which they'll measure "over asking." So if you thought it was well priced earlier this month…
∙ Listing: 2722 Sutter (4/2.5) - $1,579,000 [2722sutterst.com] [MLS]
∙ A San Francisco Edwardian With An Asian Influence (2722 Sutter) [SocketSite]
First Published: September 28, 2007 2:10 AM
Comments from "Plugged In" Readers
Wow, I thought it would sell at $500 psf. So now it's around $470? Incredible!
I noticed from the thread below with the pretty photo of Soma that this isn't the only part of town struggling. 400 Beale street (Bridgeview) has several MLS listings that are struggling to hit a number that is 10% below what properties routinely sold for in that building during 2005-2006.
Soma is so overbuilt with people using the condos as second homes that are easy for people to walk away from, that area's decline doesn't surprise me. But I'm surprised to see things this nice falling on this side of town. $470 psf for something this nice is amazing.
Posted by: Tipster at September 28, 2007 6:47 AM
One guess on the low PSF - housing projects. I've looked at some properties in the area. The area isn't known for projects but there are some hidden behind the hospital buildings. When we move (live near some other projects now), we are not going to even consider anything remotely close to a project.
Posted by: Michael E at September 28, 2007 8:44 AM
Who staged this place? I'm Asian, and I'm offended. The style even extends into the nursery, that poor baby.
Posted by: bonny at September 28, 2007 10:05 AM
I understand why this place didn't sell. The location is a C-
1)it is next to the bus terminal. loud
2)This particular block is EXTREMELY windy all the time. I have a friend who lives on the block.
3) It is surrounded by housing projects
Posted by: Spencer at September 28, 2007 10:47 AM
I guess the key to all of this is for the last 8 years ANYTHING would sell for over asking wherever it was located, no matter what other negatives there were with the property, neighborhood etc. Now it appears that actual underlying value is creeping back into the equation. The start of the return to rationality perhaps?
Posted by: Patrick at September 28, 2007 2:31 PM
Spencer:
I would love to see the price of this house continue to drop. I must, however, call you on the idea that this house is "surrounded by housing projects". No it isn't. There are nearby housing projects just down the block on Sutter (I work at Sutter and Divis and ride my bike up Sutter every day), but "surrounded" means, at the very least, "on more than one side".
Posted by: David at September 28, 2007 7:31 PM
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