101 Lombard: Aerial

The individual condos can be hit or miss, but we do find the 1980’s development (101 Lombard) to be underrated in terms of location, views, and setting (not to mention that it’s currently undergoing some major capital improvements).

101 Lombard #405W: Living

And while we haven’t seen its views, and perhaps it’s simply all the wood and styling of the living room, we’re leaning towards “hit” for #405W, a two bedroom listed for $1,229,000.

UPDATE (4/2): 101 Lombard #405W closed escrow on 4/1/08 with a reported contract price of $1,190,000 (3.2% under asking).

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Comments from “Plugged-In” Readers

  1. Posted by Michael L

    Call me crazy but this place seems like a decent value.

  2. Posted by Sleepiguy

    Actually, this does look rather nice! It looks like someone lives there and bought their own furniture! It’s so refreshing to see a place that looks like a home. Plus, this location is actually pretty good. It’s right next to Levi Plaza and the Bay Club (so no more excuses about not going to the gym!). It even has a garage with large parking spots.

  3. Posted by fred

    $907 a month for the homeowner’s fee is a bit steep.

  4. Posted by Amen Corner

    I think they are replenishing reserves at that place, so that may explain the high hoa’s.

  5. Posted by gh

    It’s actually a cool location. 1983 but still a nice looking place.

  6. Posted by Foolio

    OK, Michael:
    You’re crazy. What weak-brained, yuppified moron would pay $1.3M (plus $1k per month) for a 1500 sf, 25-year old condo?
    Huh? What’s that? It’s in San Francisco? Oh well, then, never mind. 😉

  7. Posted by [citydwell4me]

    This is a great location – and looks like a very nice place in the photos. I think it’s a hit as well. HOA fees are high and cover a lot of reserves toward all the ongoing capital improvements – as stated in the original SS post, a lot going on at the building right now. It’s no different than owning an older home and having to sink thousands into it every few years for exterior repairs, painting and maintenance. Overall it’s a good value when you compare and think about it.

  8. Posted by Debtpocalypse

    “Overall it’s a good value when you compare and think about it.”
    Ummm, when “you compare” it to what? Ridiculously overpriced units for sale around it? Transactions on comps that occurred during the past few years when lending standards collapsed?
    Yes, perhaps then, on a relative basis, it may afford “good value.” Sort of the way a beaten down dot-com stock afforded “good value” on a relative basis to its non-beaten down cousin… before they both went belly-up.
    On a fundamental basis, I might request that you pencil out the most basic of cash flow analyses that considers the cost-of-carry on a reasonable transaction price, opportunity cost associated with any downpayment assumption, that pesky HOA, likely potential rental income, tax-shield advantages, and assumed appreciation of it all… before advancing the unsubstantiated claim that this represents “good value… when you think about it.”
    Thinking I’m looking at just another local value trap,

  9. Posted by anon

    I lived here for a while. In some ways the buiding was good but in others, it was kind of dumpy. Seemed like 90% of the units were put into the rental pool for corporate housing. Overall the location was fantastic but the building needed some serious updating to be competitive with the more modern players on the market.

  10. Posted by [citydwell4me]

    @debtpocalypse – no need for me to substantiate my opinion, nor is there a need for you to start some sort of argument with your silly analysis.
    I like the place – plain and simple. End of story.

  11. Posted by Michael L.

    Over time some 80’s structures will retain some historical appeal and relevance. Considering the place is off Sansome and across from the Embarrcadero…Oh yeah..your comments..
    “What weak-brained, yuppified moron. Huh? What’s that? It’s in San Francisco? Oh well, then, never mind. ;-)”
    Excuse me – I was thinking Pied-a-Terre, you know us city folks….LOL

  12. Posted by Telegraph Hill Homebody

    This for the Anonymous poster who “lived there for a while”:
    90% Renters? Corporate Housing?
    Wrong building. That’s 220 Lombard, which was built ten years later and sold during a major downturn to mostly investors.
    101 has a hugely stable, many original owner, very affluent profile. Local celebs like Willy Brown, Joe Montana and others bought there new in ’82. They’ve moved on but all you have to do is check out the cars in the garage to get an idea of the resident base. Lots of big Mercedes sedans, i.e. lots of older (50-60-70 something) establishment couples, singles and pied-a-terre owners who don’t dig South of Market and prefer the convenience (Bay Club, Il Fornaio, access to bridges) to Pac Heights. It’s also the cleanest block in town (no homeless), the safest (private security force courtesy Levis), the utilities are underground and the streets are tree-lined (what a concept)!
    But thanks for your opinion. It helps to point out the reality missing in your observation.

  13. Posted by The Milkshake of Despair

    Telegraph – since when are prestige cars an indicator of affluence ? Anyone who can pony up $600/month can be driving around in an E-class.
    Prestige cars are an indication that the owner seeks status. You can lease one on a burger flipper’s wage.

  14. Posted by GiddyHitch

    Milkshake wrote:
    Telegraph – since when are prestige cars an indicator of affluence ? Anyone who can pony up $600/month can be driving around in an E-class.
    Prestige cars are an indication that the owner seeks status. You can lease one on a burger flipper’s wage.

    While this may be the case – you can definitely get into a C-class, I’m thinking – I think the fact that the residents live where they do and drive the cars they drive attests to the fact that they are affluent in comparison to the San Francisco population as a whole.
    And while many owners do seek out luxury and premium brands for the perceived status, there are noticeable improvements in quality, features, and performance that justify these brands’ existence in the mind of this aficionado.
    Cool condo, btw. Count me among the fans.

  15. Posted by Frederick

    These posts are typical of most socket site posers!
    Obviously none of you have ever visited 101 Lombard, joined a friend for dinner who resides at 101 or have even been to the building.
    101 Lombard is one of the most prestigious buildings in San Francisco and the Grand Dame of the Barbary Coast (home of some of the most creative and successful business in SF – Advertising, Media, TV & Radio, Legal, Publishing and e-businesses).
    101 has 202 condominiums
    *lush common area gardens
    *heated year round swimming pool & spa
    *all with outdoor patios
    *Bay view roof decks
    *private club rooms surrounded by gardens
    *1/3 of the units have dramatic Bay, Bay Bridge & Coit Tower views with 9 ft ceilings & fireplaces
    *24 hour door man and concierge
    *large garage with excellent security
    *extra 600 car public garage for guests or public
    * directly across the street from the Bay Club & Levi Plaza
    *popular local market and drycleaners at your door step
    *walk to over 45 restaurants within 15 minutes
    *one block to Embarcadero walkway and Historic Trolleys
    *three blocks to Fisherman’s wharf
    *5 blocks to Golden Gateway Swim & Tennis Club (9 tennis courts & two pools
    *10 minute walk to Ferry Building
    all this for $812 per sq ft.
    Compare that to most SOMA condo units with not a neighborhood retail store, recreation facility, park or garden in site, much less walking distance.
    101 Lombard is a steal!!

  16. Posted by Amen Corner

    Personally, I find that area somewhat soulless, particularly in the evening after Levi Plaza shuts up shop. I wish I liked it better because this isn’t a bad building.
    Btw, it’s almost a mile to the Ferry Building. That’s quick walking if you can do it in ten minutes!

  17. Posted by Sleepiguy

    It’s in contract if anyone cares…

  18. Posted by SocketSite

    101 Lombard #405W closed escrow yesterday (4/1/08) with a reported contract price of $1,190,000 (3.2% under asking).

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