March 31, 2008

Another Non-Comp Comp Along The Booming Van Ness Corridor

151 Alice B. Toklas Place #708

There's no longer a kitchen (or even really a bathroom). But the listing is touting “instant equity” and a “motivated” seller for this “unfinished” loft in the Marquee building along the booming Van Ness corridor.

Currently listed at $620,000, 151 Alice B. Toklas Place #708 changed hands on 9/30/04 for $607,500, on 10/05/06 for $865,000, and most recently on 1/9/08 for $708,933. Of course that last “sale” was to Merrill Lynch Mortgage Lending.

It's also interesting to note that #808 last changed hands on 4/27/2007 for $819,500. And at the time, the buyer likely counted on the sale of #708 in 2006 (at $865,000) as a comp.

∙ Listing: 151 Alice B. Toklas Place #708 (1/1) - $620,000 [MLS]
JustQuotes: A Reminder That They’re Not Just Building Down In SoMa [SocketSite]

First Published: March 31, 2008 1:30 AM

Comments from "Plugged In" Readers

I remember seeing this for sale a few months ago complete with kitchen and bath (don't quote me exactly on this)for about 1.2 Million.

Posted by: Maki Hodnett at March 31, 2008 6:00 AM

Looking at these pictures, I can't tell if this is unfinished work or if there was an installed kitchen and bathroom that was removed? Is this a case of an underwater apartment owner stripping and selling what they could before being foreclosed on?

Posted by: kernelboy at March 31, 2008 6:40 AM

Did they even remove ceiling light fixtures in some areas? It sure looks like it.

Posted by: Jules at March 31, 2008 7:00 AM

Any ideas why the HOA fee is nearly $800?

Possibly special assessments over the years?

Posted by: frank at March 31, 2008 8:32 AM

I can see the sunny, MLS comment from the optimistic listing agent now:

"Wonderful upgrades, everything but the kitchen sink!"

Posted by: Foolio at March 31, 2008 9:09 AM

Zillow shows following Sale History:
01/09/2008: $708,933 *
10/05/2006: $865,000
09/30/2004: $607,500

The most recent (1/9/08) is most likely the bank taking it back.

Posted by: SD at March 31, 2008 9:10 AM

How could the bank possibly hope to get over $600k for this pitiful 1-BR that needs at least $50k of work to be even liveable PLUS there's an insanely high $800/mo condo fee (that's $9600 after-tax per year by the way!!). Given the condo fee, the $50k in work required and the comparable rents in the area ($2k/mo for a 1-BR?), this place is worth about $250k at most.

I say this lingers on the market for a very, very long time....

Posted by: Jimmy (Bitter Renter) at March 31, 2008 9:16 AM

"How could the bank possibly hope to get over $600k for this pitiful 1-BR that needs at least $50k of work..."

With a remodeling budget of $100K you're in for $720K. Last real sale was at $865K in 2006. That's a quick $145K change.

Posted by: Michael at March 31, 2008 9:37 AM

few buyers will be able to do this.

you gotta start paying that mortgage once you close... imagine closing and then needing to basically redo everything from scratch.

it can take MONTHS sometimes.

thus, you need someone with deep pockets who can rehab the place while paying to live elsewhere (or who can get a >100% loan so they can roll the costs into the new loan).

or you need a flipper to do it.

difficult to do in this market

this is the exact wrong kind of property to have in this sort of market IMO.

Posted by: ex SF-er at March 31, 2008 10:34 AM

I would be seriously interested in this if the HOA dues were not so insanely high... and if it went down $100k.

Posted by: Pete at March 31, 2008 11:44 AM

pete,

i'd strongly suggest making an offer then, i'm pretty sure you'll be pleasantly surprised given the state of the market and the state of this unit.

Posted by: mrbogue at March 31, 2008 12:00 PM

As I recall this building offers a staffed lobby, large gym etc., this presumably calls for high HOAs.

Astonishes me that someone would be so petty as to waste the time and energy tearing out bath fixtures à la Nicolae Ceausescu.

Posted by: DerrySF at March 31, 2008 1:00 PM

My understanding is that a bank will not make a loan on housing that does not have a functioning kitchen and bathroom meaning that the buyer of this unit must be all cash. If that is the case the value should be even less...

Posted by: Russian Hill Dweller at March 31, 2008 4:32 PM

I actually think it's got some potential. I'm not sure about the banks requiring a functioning kitchen/bath to lend - if true, they may make an exception for the right buyer, as in someone with a large amount of capital but that doesn't want to pay all cash. I think it's an awesome building with cool architecture, and as someone who just finished a 2 year remodel of my own home (4 years including the planning process), I think it presents an opportunity to inject your own design style into it. But that's just my humble opinion.

Posted by: Luba Muzichenko at April 2, 2008 3:42 PM

Posted by: John at April 5, 2008 8:50 PM

I am trying to make sense of the "before" pics. Is that a built in tub between the kitchen and bed? Crazazy!

Posted by: Skillet at April 7, 2008 9:59 AM

Russian Hill Dweller: If I read correctly, it's OWNED by a bank. You don't think they'd lend on it to get rid of it?

Posted by: BT at April 7, 2008 10:37 AM

HOA's for this building is quite ridiculous for what you get actually. There is no staffed lobby, and the gym is Crunch gym, which requires membership which is not included. There use to be a concierge lady, but that ended back around 2000. HOA at least does include indoor parking. The security is shared with the movie theater.

Posted by: Lofter at April 8, 2008 9:23 AM

Hahaha!
He took the money and ran!
I'm surprised he left the hardwood floors.

Posted by: Joker at April 8, 2008 10:01 AM

Hah! I designed and sold that kitchen! Sure, I'm a little late to the party, but I couldn't resist posting. That kitchen was a beautiful little kitchen, high gloss finish on ebany, lot's of stainless steel accents. The customer was clearly in over his head financially, but he really did have a great sense of style. Really a shame to see what happened to the unit.

Posted by: Spencer at October 14, 2008 5:00 PM

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