March 27, 2008
They’re Feeling A Little Fickle Over At 1158 Sutter (i.e., They’re Back)
It’s a plugged-in tipster that first caught the return of the 15 condos at 1158 Sutter Street to the MLS just two weeks after having been withdrawn (and indicating they were going the rental route). One new brokerage (Vanguard has replaced Makras Real Estate), four new listings, and all new prices (as best we can tell).
And by new prices, we mean they’re up. List prices on the four units that have returned to the MLS have been increased from between $10,000 (1.4%) and $110,000 (19.7%).
1158 Sutter Street #4: Original price $559,000, new price $669,000
1158 Sutter Street #11: Original price $779,000, new price $849,000
1158 Sutter Street #13: Original price (“Pending”), new price $825,000
1158 Sutter Street #14: Original price $719,000, new price $729,000
No word on the certificate of occupancy, or if any of the eight or nine who had previously taken the time to write an offer will get first dibs. And yes, it looks like they're now right back where they started.
Coming Soon Here And Now "Off The Market": 1158 Sutter Street [SocketSite]
Coming Soon Here (And Starting At $559,00): 1158 Sutter Street [SocketSite]
∙ Coming Soon: Fifteen New Condos At 1158 Sutter Street [SocketSite]
First Published: March 27, 2008 2:25 PM
Comments from "Plugged In" Readers
Looks like irrational exuberance on the part of the developer.
Posted by: Amen Corner at March 27, 2008 2:59 PM
I wonder if they did this thinking that the new "jumbo conforming" loans will open up borrower ability to buy these places?
if a borrower had 20% to put down (yeah, I know, few do) then they could use a Jumbo conforming for all of these properties.
whereas a month or so ago the market for Jumbos was difficult due to borrower qualifying issues
just a thought
Posted by: ex SF-er at March 27, 2008 3:22 PM
Also, from the listing, $500/mo HOA. For this little 3-story hovel that probably has a cheapo hyrdaulic elevator? That's pretty steep.
Posted by: Jeffrey W. Baker at March 27, 2008 3:24 PM
could the strategy be, list it at the higher price and then close at something around the original asking price letting the buyer think they got a deal while still maintaining their margin?
Posted by: badlydrawnbear at March 27, 2008 3:38 PM
ex SFer, speaking of jumbo loans, I thought the new conforming loan only apply to single family homes. Can someone clarify?
[Editor's Note: The new limits don't apply to cooperatives or multi-family properties, but they do include individual condos as well as single-family homes.]
Posted by: jk at March 27, 2008 3:57 PM
Okay, so it's that time again. Consider this a semi-gentle reminder to stay on topic, watch the personal attacks, and aim to add value with your comments. And now back to 1158 Sutter...
Posted by: SocketSite at March 27, 2008 3:59 PM
What a sad and lonely picture...
Does it really say 'Buy Me!'
[Editor's Note: That photo was pretty creepy, but it was ours and not theirs (and has since been replaced).]
Posted by: Observer at March 27, 2008 5:44 PM
Must be zoned multi use
1) Old Folks home
2) Hospital rooms (from picture above)
3) Single Family
Posted by: Michael L at March 27, 2008 6:10 PM
4)Looks like a nice rehab facility - enough...
Posted by: Michael L at March 27, 2008 6:11 PM
" cooperatives or multi-family properties, but they do include individual condos as well as single-family homes."
What exactl is the difference between multi-family/co-op and condo/single family?
Do TICS qualify for jumbo conforming or are those co-op?
If they are the latter, then it sucks to own a TIC right now -being they are a large part of non-single family SF market
What would SF do to prop up TIC prices in such a case knowing all those "hardworking poor" families rely on them?
Posted by: anonOU812 at March 27, 2008 9:23 PM
I guess the tranny hookers who inhabit this block must be flush with cash. Rock on, tranny hookers!
Posted by: Snark at March 28, 2008 10:21 AM
This is ridiculous....they think they can really pull it off!! I was preety interested earlier and was there on the open-house the first weekend..the real estate broker, the guy, is arrogant and constantly showing his fake smile every 2 seconds. Now with the national financial crisis, they're raising it by 100K..doomed to fail strategy....
Posted by: marketlookout at March 28, 2008 11:41 AM
BTW, these units are not even that nice... you either look into your neighbor's window on the interior side or you bake in the sun on the Sutter Street side. Not worth it...
Posted by: Snark at March 28, 2008 11:50 AM
agree with snark. the most comfortable units are on the north side of the building.
Posted by: yao at March 28, 2008 5:42 PM
3 steps to success in selling real estate
1) overprice tenderloin condos in a falling RE market
2) remove from market and announce that they are going to be rentals
3) put same overpriced tenderloin condos back on market for up to 20% more in an even more depressed falling market
Posted by: Spencer at March 29, 2008 12:23 PM
Please tell us the source of you calling this the "Tenderloin". The Tenderloin is at LEAST three to four blocks from this location, more under what most people would generally agree upon. You can call a neighborhood whatever you want, but your use of Tenderloin for this location makes no more sense than me saying that you live in the Western Addition.
Posted by: Brutus at March 29, 2008 4:08 PM
This map was created prior to the real estate bubble and before realtors started making changes in the neighborhood maps to"upgrade" the impression of certain neighborhoods. the tenderloin extends north to pine st. if you ahve any doubt of this walk in the neugborhood after 10PM and count crackheads, homeless and transsexual prostitutes as well as malt liquor sales.
Posted by: Spencer at March 31, 2008 11:36 AM
I assume you're talking about the different shading that is used on the map - now - take note of where the word "Tenderloin" is on that map - half inside the shading, half out.
LOL though - Pine and Franklin is in the Tenderloin using your logic.
Posted by: Brutus at March 31, 2008 12:02 PM
Here is the city of SF's official boundaries for the Tenderloin:
Posted by: Dan at March 31, 2008 1:58 PM