Considering the size (1,410 square feet), layout (dual bathrooms and lofts), and upgrades (the glass railings are working for us), the current $600,000 list price for 1578 Indiana Street #8 caught our attention (as it was designed to do). Then again, so did the fact that it was originally listed for $735,000 four days ago (when we passed it by).
UPDATE: As a plugged-in reader notes, is $600,000 is the new “made you look” black?
∙ Listing: 1578 Indiana Street #8 (1/2) – $600,000 [MLS]
Hmmm… the units were going for about $350/sqft back in 2003 when the complex was built and now this unit with upgrades is being offered for $420.
I think we’re beginning to see some actual deals in the market.
It’s a buyer’s market 🙂
And this one at Beacon caught my attention with its price drop from Aug 21 from $828,000 to $600,000. Advertising 2bed/2bath/parking/spectacular views.
http://www.redfin.com/CA/San-Francisco/260-King-St-94107/unit-535/home/8191019
Originally priced at lucky $888,000 🙂
Last sale appears to be at $850,000 or more. Offering tons of “instant” equity.
Too bad it’s one of the Beacon’s infamous south facing units or as they’re also known “solar ovens”.
Air conditioning? You don’t need air conditioning or working windows in SF.
It’s also in the hood and murder rates are climbing rapidly. Think that has anything to do with it people?
I’d rather live in the Tenderloin than Potrero Hill anyday. At least there’s stuff to do in the Tenderloin.
That’s not really the “hood”, and it’s hardly Potrero hill. It’s Cesar Chavez in the Bayshore Commercial. All wharehouses and workshops. No nieghborhood and not as good as the Tendo, I agree.
Looks a lot more spacious then 1400 sq ft.
Industrial but not a dangerous location. Good freeway and 3rd street Muni access. Might benefit from Eastern neighborhoods development.
You’re still in Potrero Mission Hill. That gang infested area isn’t worth $200,000+
That location…..ughhhh
I had a storage unit right around there once I think.
This areas is actually technically the Dogpatch (which has a very interesting history). Anything bordering on Cesar Chavez is technically not great…But a few blocks north, it’s an awesome neighborhhod – lots of great neighbors who really like their neighborhood. I lived there for a couple of years and would love to find myself back there.
The recent murders were in locations in the Mission about the same distance from Noe as they are from this spot on Indiana. But you do have a good number of shootings on Connecticut at the projects. Which is close but with the way the street access is, this area is separate.
But that corner of Indiana/Chavez does suck. You’ve got homeless camps right there. One guy even has a box building on a broken down pier type thing. He’s decorated it with paint too. I take Caltrain by it almost every day. This location is going to need a lot of time to improve for sure. Too bad the city can’t come in and just do a clean up of all the debris and camps there. At least once. Sure, they might come back but at least the huge piles of junk along the fences will be gone.
That being said, I’m goofy enough to have bought a condo at Esprit Park which is at 20th and Minnesota, only five blocks away. But it’s an important five blocks. Hopefully? That’s my story and I’m sticking to it!
Not really infested with gang members or anyone else, as it is in an industrial area. The Potrero projects are a few blocks away. Noisy, a bit bleak, but very convenient for the car-oriented– it’s right by the on ramps to 280. . One minute on 280 will take you to UCSF Mission Bay campus– the 280 Mariposa offramp will someday lead right into the new UCSF hospital parking garage. For the transit-oriented, a short, but not pleasant walk to the 3rd St. Muni rail line.
It will be a long time, if ever, before one can walk out the door to any neighborhood services.
Wow, I bitterly hate the Beacon, but that does seem like a good price. Think they’re expecting a bidding war, or is it preforeclosure?
That unit at the Beacon is a north west corner with excellent views. The building is undergoing major refurbishing with all the hallway carpets, door and hallway paint re-done. I think the price is just an attention getter.
At the rate it’s been dropping ($135K per 4 days), I’m going to wait 8 days and pick it up for a cool $330,000.
Oh…and hallway lights too.
And the thing is, these price drops are not making me want to get out and start looking. Actually, they are putting the fear of God in me. And I am an atheist 🙂
“Oh…and hallway lights too”
Lipstick on a pig.
According to this thread, that Beacon unit sold for $998K a few years ago. Now listed for $600K. Amazing. https://socketsite.com/archives/2008/05/bank_owned_with_big_windows_at_the_beacon_260_king_957.html
So now all the pressures are starting to build: on the demand side, loans are harder to get, and without stated income, will be a LOT harder to get, and when the super conforming limits drop, the demand for places above that limit will fall, putting pressure on everything underneath it.
On the supply side, more people with 3/1s have to sell because they simply WON’T be able to qualify for anything, and the option arm crowd is running out of time, with refinancing is essentially impossible on what they owe and the costs of holding VERY high.
Add that to the end of the season approaching, and you have some of the smarter ones realizing they need to get out NOW.
I’m sure both of these units will sell fast and over. But the smart people are bailing.
“the costs of holding VERY high.”
untrue. rates are falling. I/O is an option. Most will hold.
$600k still seems expensive for a 1BR loft, and those glass railings aren’t going to seem like such a cool idea during the next Big One.
tempered glass does not break into shards
I called re: the Beacon 2bdrm unit and the agent said there were already 10 offers and they were not accepting more.
Originally priced at lucky $888,000 🙂
I hate it when people try to exploit ethnic belief. Like 888 7th street. Obviously targeted at Asians.
“I called re: the Beacon 2bdrm unit and the agent said there were already 10 offers and they were not accepting more”
this is interesting, but odd. If I were selling this place I would accept as many offers as possible.
or does it mean that the sellers already accepted an offer?
untrue. rates are falling. I/O is an option. Most will hold.
“Most” won’t qualify.
“Most will hold.”
The Fed and the banks sure hope you are right! Every dollar put into a place increases the loss aversion of the average investor/homebuyer. They knw that a few years of paying 2-3x the rental equivalent cost for a place will have the practical result of trapping that “owner” into making ALL his payments, no matter what comes.
“If I were selling this place I would accept as many offers as possible.
or does it mean that the sellers already accepted an offer?”
Exactly. How do they know they didn’t just turn down a high, cash offer? All the same, can’t wait to find out how it turns out for this property!
Not accepting anymore offers? They dropped the price last Thurs…. I find that hard to believe.
I called the agent as well, but had to leave a VM. His VM was automated and just repeated his phone #… what kind of broker doesn’t leave a message on their VM??? My guess is he’s either sketchy or a bit [Removed by Editor.
I’ll let you know if he returns my call.
$480.00 HOA Fees each month & high crime rate area. Car thefts are through the roof according to S.F. Crime Report Logs.
I remember back in 2003 or 2004 when Vanguard Properties started selling this new development.
The first thing I noticed was the POOR CONSTRUCTION. One of the units had WARPED FLOORS, and I mentioned this to the agent. He saw with his own eyes but said he was only concerned with getting it sold. 5 other potential buyers also noticed the same thing. They walked out immediately.
Windows were of below quality, trim and baseboards were not aligned. Sink in bathroom was crooked.
Still today, they were the poorest quality constructed lofts/condos I have ever seen.
On the Beacon property, it’s worth noting that the current list price is lower than the low estimate for Zillow, eppraisal, and CyberHomes.
I’ve been following socketsite for 8 months now, and love the site. First time posting. I am in the market for a SOMA property, 2/2 condo preferrable, and the Beacon 2/2 for 600K was the first real “bargain” I have seen. I called the agent and he told me they already had 8 offers and were no longer taking offers or showing the property. I congratulated him and hung up.
And by the way, if you look on redfin at the comparable properties recently sold, it shows a 1300 sq ft Beacon condo sold for $376K on 6/27/08. What is up with this? That price is ridiculous. Is this someone selling to their brother in law? Now that’s what I call a bargain.
Hopefully there will be similar deals to the 600K Beacon 2/2 over the next year… That’s what I’m waiting for.
aren’t there tax implications if you sell a property way below market to a family member? Doesn’t it become a “gift of equity” or something like that?
The 1300 sq ft unit could have been a BMR unit or it was foreclosed. I am not sure how Redfin got their information. Some of the sales just don’t make sense. That is the reason why you cannot truly appraise a property until you understand the circumstances of the sale, as I have stated in the past. I am willing to bet that the Beacon 2/2 will close between $780k and $810k.
Realtor called back and did indeed say he’d received 10 offers, and was no longer accepting offers.
So let’s see how much it goes for! My guess is 710k (it is the Beacon after all…)
did anyone actually go to see this 1578 indiana?