April 25, 2008
Don’t Confuse The Market’s "Appreciation" With Ours: 2140 Bush #5
While we featured 2140 Bush Street #5 two years ago when it was listed for $1,195,000, the fact that it’s back on the market today for $1,695,000 doesn’t actually speak to market appreciation (think complete overhaul and another aspect of "mix").
The higher resale price will, however, contribute to a higher average sales price for properties in the neighborhood (and industry reports of said "appreciation"). But the only appreciation of which we can be absolutely certain is ours (for the pad).
First Published: April 25, 2008 12:00 PM
Comments from "Plugged In" Readers
Seems a bit high for a one bedroom loft on Bush and Fillmore. Also maybe its just the photos, but it doesn't seem like 1969 square feet. The location is fine, I'll be sure to take a look this weekend.
Posted by: Byron at April 25, 2008 12:57 PM
I notice the mapjack view of the outside does not look quite so enticing. Nice graffiti! I wonder why the Agent left the outside view out of the pics? Anyway, do like the bathroom!
Posted by: Simon at April 25, 2008 1:43 PM
This is so so overpriced. Bush is a loud street and this is not really Pac Heights. There is a housing project a mere 1 blk away. Insuide is beautiful but the building is really ugly.
I estimate it sells for $1.27 M or roughly 25% less than asking.
Posted by: Spencer at April 25, 2008 2:03 PM
I have looked at units in this building in the past. Very rare true lofts almost in lower Pacific Heights just a block off the core of the Fillmore strip.
The exterior is total camoflage, with a tatty frontage on Bush and a slightly scary frontage on the alley, the side you would probably mostly use.
You could almost believe it was really just a warehouse or shop of soem kind, and that I guess could appeal to someone very discrete.
Posted by: redseca2 at April 25, 2008 2:35 PM
Is that hardwood flooring in the bathroom?
Posted by: fred at April 25, 2008 2:38 PM
I remember the first posting and thought it was a cool place with a lot of potential. The agent has it as Tribeca in PacHeights. Haha. More like Williamsburg. Still nice pad. Nice transformation. Probably got 150k into the redo and some sweat equity. Nice flip.
Posted by: eddy at April 25, 2008 3:01 PM
What are you guys talking about: this is the PERFECT spinster pad.
El humungo closet space from Ikea for all those outfits you've worn once but can't quite bring yourself to take to the consignment shop a few doors up on Fillmore, a bathroom bigger than the kitchen (which you'd never use anyway), including an odd glassed in foot of the tub so the spinster can run their twice a week housekeeper ragged trying to keep that part free of mold, and the second wash basin so you can brush your teeth and soak your delicates at the same time.
Heated stone flooring in the bath (not hardwood!) to soothe your stilletto-worn tootsies after a hard night elbowing out the twenty somethings on Fillmore street for the guy with the nicest Tag watch in the bar, and a double door entry way for those grand entrances to impress your cats after a hard day at work. Just don't bring home a guy who is too tall, with those humongous exposed beams - Bonk!
I'm telling you, even at 1.6 for a 1 bd, even on a busy street, even in a so so nabe, with not the nicest curb appeal, this is the spinster pad to die for, and I say it goes way over, even if the square footage measurement started at the center of Bush Street.
Posted by: tipster at April 25, 2008 3:03 PM
I do like it, but it is not worth 850 tons of rice in this market.
Posted by: redseca2 at April 25, 2008 3:13 PM
"I do like it, but it is not worth 850 tons of rice in this market."
ok, that is the best comment I've seen in a while. I snorted!
Posted by: ex SF-er at April 25, 2008 3:16 PM
as for the house... it's cool... but it seems of limited target demographic.
how many people want a $1.7 million 1 BR condo?
I would think you'd want a place for friends/relatives/visitors
but it is a pretty nice place, although not my style
but then again, I doubt I'll ever be confused for "hip" or "cool" or "trendy".
Posted by: ex SF-er at April 25, 2008 3:25 PM
Nice redo of an old industrial place. Definitely a place for a single who likes to entertain, and there's the best of Fillmore 1/2 block away.
A few minuses: one BR with apparently no natural light. And all the IKEA stuff that is a turn-off for someone who would expect more for his 1.7M.
Posted by: San FronziScheme at April 25, 2008 4:01 PM
"and there's the best of Fillmore 1/2 block away."
Bush is the very edge of the good part of filllmore. certainly not central to upper fillmore as the MLS ad suggests
Posted by: Spencer at April 25, 2008 4:04 PM
At least you don't have to crawl back up home when you have a nice buzz from the great places Fillmore has to offer. It's all the way down.
Posted by: san FronziScheme at April 25, 2008 4:33 PM
someone please help me understand this insanity. according to sfarmls this is the most expensive 1-BR in all of SF except for one equally priced smack in the middle of nob hill (and this ain't nob hill). for about 200 grand less you can get a 1BR at the Ritz Carlton. With 1900+ sq ft why in the world didn't the owner turn this into a 2BR??
also can someone help me with the math logic? very roughly this will cost $7768/mo in pre tax interest (assuming a conservative 5.5% loan and 5.5% opportunity cost on the down) - that's about $5000 after tax for the highest tax bracket. $1000/mo in property taxes after tax. $400/mo HOA. So without any maintenance, appreciation, or depreciation, it's gonna cost very roughly $6400/month rent equivalent.
There are some pretty sweet rentals for far less than that. I agree with Spencer - maybe $1.2M-$1.3M for someone single that's OK with only walking North when they go out at night.
Posted by: resp at April 25, 2008 8:24 PM
Going way out on a limb here, resp, but I reckon what's going on has more to do with being rich and living well than making sense.
"I must create a system or be constrained by another man's. I will not reason and compare! My business is to create." --William Blake
Posted by: Mole Man at April 25, 2008 9:35 PM
Come on guys, this is a nice looking place. Did happen to notice it advertised on Craiglist two years ago and was envious at that time (again now). Way out of my price range, but would be nice for someone rich. ;-)
This is the very ideal of a "loft" (I know, no loft here) for someone who was young in the 80's; i.e. run down looking on the outside and nice on the inside.
Posted by: John at April 26, 2008 12:13 AM
The listing bills the bathroom as one you would never want to leave. "The tub is Kohler's Tea for Two with programmable jets and chromatherapy lights. Flooring is heated stone flooring. Onyx surrounds for both sinks, tub and shower seat. Wow!!!" Sigh, for that kind of money I think there is more to life than sitting in the tub all day, sipping tea with your sweetie. But maybe I am just jaded. I'll take my 3 bed, 2 1/2 condo in Cow Hollow with its glorious garden any day of the week, sipping wine under a fig tree.
Posted by: Oceangoer at April 26, 2008 12:30 PM
Ick. The neighborhood is a disgusting sewer of the worst of San Francisco's reputation. No thanks !!
Posted by: sf at April 26, 2008 5:15 PM
"But maybe I am just jaded. I'll take my 3 bed, 2 1/2 condo in Cow Hollow with its glorious garden any day of the week, sipping wine under a fig tree."
I agree Oceangoer! I cannot believe this price at THAT location. I must be jaded as well, for I would rather be in my 2bd with view of the Golden Gate and Alcatraz in the Marina about 1/2 a block off the Marina Green at almost 700,000 less than this place. The only noise I hear at night is the foghorns, but I guess I am just not a hipster, and do not get the "true value" of a Bush Street location.
Posted by: anonandon at April 26, 2008 5:56 PM
Is a 'hipster' just anybody under 50 to you?
Posted by: irene at April 26, 2008 9:59 PM
The neighborhood is a disgusting sewer of the worst of San Francisco's reputation
And here I thought that was Sunnydale. Silly me.
Posted by: NoeValleyJim at April 26, 2008 11:22 PM
Sunnydale as well, but the problem with this area is that it PRETENDS to be something special, when all it's claim to fame is is a 1 screen movie theatre. Down the street we actually have REAL culture- a brand spanking new jazz club, the infamous Fillmore, to name a few, and the real Fillmore area doesn't rely on boutique soap stores to keep it afloat. But I know, most of you will think that the real Fillmore is not worthy because you would have to live around people who have hair darker than yours, which is a shame.
Posted by: sf at April 27, 2008 8:49 AM
Hipsters, in Lower Pac Heights? LOL.
Posted by: fluj at April 27, 2008 9:29 AM
Hipsters fled San Francisco long ago. See Portland, Venice and Silver Lake down in L.A., and other locations, while we have been left with skinny jean clad Google Shuttle riders who only pretend to be urban.
Posted by: anon at April 27, 2008 9:42 AM
Intrigued by all this buzz, I stopped in today, and I WANT IT!
You: IKEA obsessors, the dude stroking his figleaf, and, oh yeah, the humanist who can't count his blocks to figure out that this pad is closer to the Sundance cinema than the Clay, you didn't do yourselves proud with your postings.
The building is intriguing, kinda scary going in, but as advertised. It has history, is unique in this neighborhood [which was bustling with all kinds of people] and the space is really great. See for yourself.
Posted by: edweb at April 27, 2008 11:31 PM
edweb - thanks for your insightful post. you made my weekend. we need more like you.
Posted by: movingback at April 27, 2008 11:52 PM
Blah. The neighborhood smells like urine ! I'll stick to Marin County, thank you.
Posted by: sf at April 28, 2008 12:01 AM
At nearly 2,000 sf, I'm surprised there are no additional rooms. And I'm not sold on the remodel. I'd like something a little more lofty in this space. I like the concept, though: loft living in the Fillmore.
Posted by: pwb at April 28, 2008 1:41 PM