The sales office for 368 Elm Street on the edge of Hayes Valley first opened its doors in November of 2006. At the time, 368 Elm Street #406 was priced by the developer at $589,000. And it sold.
Back on the market last month for $615,000, the list price has been reduced twice since. And yes, most recently by only $2,000 (obviously to catch all those buyers with a cutoff of $598,000…).
Now asking $597,000, a sale at which would represent annual appreciation of roughly 0.74% over the past two years.
∙ Listing: 368 Elm Street #406 (1/1) – $597,000 [MLS]
∙ 368 Elm Street Condos: First Release Pricing And Scoop [SocketSite]
∙ 368 Elm Street Condos: Complete Pricing (And An Update) [SocketSite]
Ah but the pergraniteel just leaps out at you.
fulton is the edge of hayes valley. not golden gate or turk. holy mother of god is this expensive for a ghetto-fied block near jefferson square and a mental health outpatient center
Gotta admire their moxie for staging this 685 sq ft 1/1 condo with a crib in the bedroom. I know, I know: In Europe…
[Editor’s Note: We don’t think it’s staged (which might help explain the sale).]
a nightmare on elm st
Serious question for anyone plugged-in: why does this place deserve $872 per sq ft. Within a few blocks in either direction, there are places selling for $650-700 psf. Heritage on Fillmore, only 3-4 blocks west of here, has a penthouse listed for $867 psf.
http://www.redfin.com/CA/San-Francisco/1310-Fillmore-St-94115/unit-PH1E/home/12298593
They also have a 7th floor unit for $761 psf.
http://www.redfin.com/CA/San-Francisco/1310-Fillmore-St-94115/unit-705/home/17179301
What’s going on? Are they just giving it a good old college try? Better location?
do people really have a cut off of $598K? if you could afford $598K, why wouldn’t you be looking at $560k? sh*t, in this market, why wouldn’t you be looking at $599K in the hopes that the place sits on the market or gets reduced? i think the $2k reduction is for no other reason but to have the listing pop up with a status/price change.
The view of the gas station across the street is terrible. Why would you put that in the listing?
[Editor’s Note: We don’t think it’s staged (which might help explain the sale).]
In that case, I humbly withdraw my snarky criticism!
“What’s going on? Are they just giving it a good old college try? Better location?”
I’ll take a wild stab in the dark. That’s what they owe on their loan plus 6% for selling costs.
Ugly building.
This one still has a ways to fall…
Two words on the Bath room- Algae Bloom
Yuck
Looks like they might be raising their toddler in a 700 sq ft 1/1 on the edge of a ghetto for the next 5-10 years, unless they are willing to eat a loss.
This is why IMO 1/1’s (especially in a “transition” area) should cost LESS to own than to rent. Too much risk. At least if it costs less to own than to rent, you are in effect paying yourself a dividend, which reduces the financial risk of price decline by allowing you to save the excess. Just common sense, which has been forgotten by the “gotta get on the property ladder” and “gotta build equity” crowd.
Obviously less of a risk with a nice big house that you can choose to live in comfortably no matter what comes.
Ugly building in a “challenged” location. I stopped going to that gas station opposite as I got tired of being hassled by the squeegee guys and other hangers on. Can’t imagine I’d choose to pay anything like $598k to live in a 1/1 near there…
Ugh, that building is so ugly outside!
As far as the view pics goes, that is a SHELL station, my dear fellow, and most of that pic is taken up with apartments that look out at the park which is shown in the other pic.
This is a move in the right direction, but these prices can’t hold for this kind of inventory and location. I don’t care what the stove is made of–yuck!
fair price: $350K
I checked out this building while waiting for a movie at Opera Plaza a while back. The units were surprisingly nice. Bigger rooms than one usually finds in new construction. And, while it’s not a great neighborhood, it’s actually better than a few blocks over at the Fillmore Heritage. I used to live a block away (at GG and Gough). There’s very little neighborhood feel to the area because it’s all office buildings and apartment complexes.
The short sale of 368 Elm #406 closed escrow on 12/11 with a reported contract price of $420,000.
Must have been 4:20 when the 2006 buyer listed it for $615K before selling it for $420K.
De-listed, so it won’t show up as a comp. Even if it had been a comp, it would have shown sold at asking in under 30 days. *sigh*