November 25, 2008

A Pacific Heights Apple Up In The Tree: 2155 Buchanan #9

2155 Buchanan #9

Top floor, corner, renovated, parking and in Pacific Heights. Purchased for $1,000,000 (said with best Dr. Evil accent) in June of 2006, listed for $950,000 last week, and into our apple cart it'll go. Make the call before it closes escrow or forever hold your peace.

UPDATE: And for those who could only rationalize a plugged-in spencer’s rent paying for a shag carpeted 1970’s hovel with popcorn ceiling…

∙ Listing: 2155 Buchanan #9 (2/1) - $950,000 [MLS]

First Published: November 25, 2008 1:30 PM

Comments from "Plugged In" Readers

I rent 2 bd 2 ba here for $2150/mo. building is great, location great, but so much cheaper to rent in this area.

Posted by: spencer at November 25, 2008 1:46 PM

At first I was going to say $795,000 based on the 1120 square footage - but then I saw that it's a 2/1 (not a 1/1) so I'll gander a guess at $915,000. This still strikes me as too much especially as my 1/1 is larger and way nicer (both building and unit) but I'm guessing someone will respond to the last sold price and the second bedroom.

Posted by: Jake at November 25, 2008 1:50 PM


... there, much better.

Posted by: The Milkshake of Despair at November 25, 2008 1:50 PM

Spencer, your lucky, that's a fantastic price for a 2/2 in the area and it sounds like it's larger? When did you rent it if you don't mind me asking?

Posted by: Jake at November 25, 2008 1:53 PM

2155 Buchanan Street #2, sold for $955,000 on Aug 22nd, 2008

and #7 was recently up for sale for $960K but not sure what happened to it.

Posted by: spencer at November 25, 2008 2:04 PM

april 06

Posted by: spencer at November 25, 2008 2:06 PM

Love the windows. Lots to like. My guess? $942,000.

Posted by: Home Girl at November 25, 2008 2:06 PM

I'm sorry, but a condo this small is not worth 950K, especially in this market, even considering that it's in PH. I don't care what the previous units went for (they sold before the market crashed in October anyway). Call me crazy, but it's not worth more than 750K IMO, and I still think that's a lot of money for small 2/1!

Posted by: waiting2nest at November 25, 2008 2:31 PM

waiting to nest = way too optimistic. I say high $800k's...

Posted by: Adam at November 25, 2008 2:38 PM

Toured it on Sunday. Kitchen is a little funky, but it gets great light. Goes through at least one price reduction and then someone goes in a little low (prematurely). 850K.

Posted by: Whoppertunity at November 25, 2008 2:41 PM

I'm with the milkshake, those pillows have been chopped to within an inch of their lives. Pretty soon they're going to start making trapezoidal pillows so they can be both square and chopped at the same time. That way they look much better through the fisheye lens.

Posted by: EH at November 25, 2008 2:46 PM

I'm going to go ahead and say $970K.

Anyone want to guess what this would rent for right now?

Posted by: DanRH at November 25, 2008 2:57 PM

Scratch that - saw the sq. ft number...I'm going to say it goes right at $950k.

still interesting what that exact place would rent for though.

Posted by: DanRH at November 25, 2008 3:00 PM

Right across the street from a hospital emergency room. Ambulance sirens day and night means discount.

Posted by: Jeffrey W. Baker at November 25, 2008 3:07 PM

And look! What's right across the street? (Drag your mouse sideways to rotate the view until you see the property across the street)

My guess is it gets taken off the market and rented.

Note also that 2220 Sacramento up the street, the redone 1/2 mansion I said I'd be surprised if it hadn't sold by the end of the month, and was jumped on for thinking it would take that long, is, of course, still active.

Posted by: tipster at November 25, 2008 3:08 PM

I live in the neighborhood. I have been told people aren't looking to rent right now (holiday season) but rents are up...2 bedroom, parking...close to Filmore...still a nice on this should be north of $3400...I would think $3400 would be bottom for this...

Posted by: Pumpkin Patch at November 25, 2008 3:11 PM

Charming yes... but where's the parking? What does "independent" mean in this case? I gotta believe that for 900K you should be able to park in your building, no?

Posted by: MBPioneer at November 25, 2008 3:11 PM

Oooh, you are right...Independent probably means leasing a space somewhere else.

No parking? Yikes! Rent could be south of $3400...

This neighborhood is weird when it comes to rent. It really is all over the board. I have seen places that are nicer than others go for a lot less. Here, it is a matter of the owner holding out for a tenant willing to pay his price.

2 bed, 1 bath, 1120 sq ft, no parking...I sits in the range of: $2800-$3800...just my guess....

[Editor's Note: Parking is in the building; "independent" as in a private entrance and area rather than a designated space in a shared garage.]

Posted by: Pumpkin Patch at November 25, 2008 3:19 PM

With parking....I will stick to north of $3400...

Posted by: Pumpkin Patch at November 25, 2008 3:42 PM

ok, now that it's clear that this unit (2155 Buchanan #9) includes attached parking, I'll bump up my estimate to 800K. That's still a lot! It's 1120 sq.ft for christs sake!

Posted by: waiting2nest at November 25, 2008 3:46 PM

spencer's place is presumably not rent controlled, so he must have a generous landlord.

i think this could rent at $3500 today, but hopefully for much less in the near future.

Posted by: blaise5000 at November 25, 2008 3:54 PM

If this sells for more than $775k I'll be surprised. Six months ago, $950k would have been easy. But it's a whole new world now. Redfin shows 71 Pac Heights condos on the market right now, and only about 5 have sold in the last month (from one source on sales -- can't vouch for it). I can't imagine anyone putting up $200k cash for a downpayment on a 2/1 with $400 HOA in a steeply declining market. The timing of this looks like a 2/28 ARM re-cast -- but even if that is not the case, the seller's timing was awful. Looks like #3 in this building is a similar unit and it went for $680k in 2/2004. That's a pretty good indicator of today's worth.

Posted by: Trip at November 25, 2008 4:14 PM

"Ambulance sirens day and night means discount."

there are absolutely no ambulance sirens here.

"i think this could rent at $3500 today, but hopefully for much less in the near future."

Several people in this bldg and the ones across the street rent for significantly less than $3500, with parking. I rent for much less, but think the going rate at this time is about $2800-3100 for the 2bdrooms.

Posted by: spencer at November 25, 2008 4:17 PM

I go chop your pillows.
I don't suffer no be small
Upon say I get sense
Property no good at all, no!

Posted by: vox at November 25, 2008 4:20 PM

This will sell for 875k

Posted by: janeknowsbest at November 25, 2008 9:11 PM

i'm going to agree with everyone else and say that this rents for 3400+... for now.

Posted by: yao at November 25, 2008 10:28 PM

This will sell for $875 or off the market eventually. will probably rent for $3100 to $3200.

I still remember the days when I first started to watch the Pac Height / RH markets about 3-4 years ago, when you could get a decent 2/1 for $650K to $700K.

Posted by: ester at November 25, 2008 10:31 PM

850 psf is about right -- although nothing is moving right now. It really takes an alignment of stars for anything to sell right now. Places are moving, but it's the perfect situations where buyer need = sellers need. Otherwise there is a standoff. So I won't call the sale price on this place since I'd guess the seller ain't gonna sell this for 875 and take a $125k hit/loss on top of ~$60k selling costs. Those chopped pillows aren't cheap.

There will be a foreclosure market in SF in mid to late 2009 unless the gov't works some crazy magic. But if you don't have a job/income -- no amount of gov't intervention is gonna help.

Posted by: eddy at November 26, 2008 9:25 AM

I bet someone catches this falling knife at $869k.

They may even come on SS and crow about the great deal they got.

Posted by: Foolio at November 26, 2008 9:55 AM

"UPDATE: And for those who could only rationalize a plugged-in spencer’s rent paying for a shag carpeted 1970’s hovel with popcorn ceiling…"

True, but I don't know how you can say this guy didn't get a fantastic deal on the place, and let's not forget that he got it in April 06' when rents were apparently lower (at least according to a couple of friends who also got great deals during this period). My partner and I actually tried renting a place together in June '07 and couldn't find anything as nice as these units for the price, not even close - if we had, we would be Spencers neighbors (:

Posted by: Jake at November 26, 2008 10:17 AM

"there are absolutely no ambulance sirens here." --spencer

I'm sorry, but that's a lie. I rent on this block. There are ambulances ripping up and down Buchanan and Sacramento at all hours.

Posted by: Jeffrey W. Baker at November 26, 2008 11:11 AM

jeffrey, i really don't believe you. in the 2.5 yrs i have lived here, i have heard an ambulance less than 5 times. they do not use the ambulance sirens for the ambulatory care at this location. maybe those ambulance noises are in your head. i am totally intolerant of noise and would move if there was ambulance noise here.

Posted by: spencer at November 26, 2008 11:33 AM

jeffrey, if you live on california, you may hear ambulances, but they turn off the sirens for both buchanan and sacramento St. there is a actually a huge decibel difference in noise on california compared to sacramento.

if you actually live on sac at this corner, then i have no idea what you are talking about. if you live on california, then this is the big difference that one block makes

Posted by: spencer at November 26, 2008 11:38 AM

I generally agree that claims of hospitals and fire station noises are overblown as these guys know they are a noise hazard and are pretty respectful. It IS a great negotiation point however.

Posted by: eddy at November 26, 2008 11:41 AM

Aren't there plans to relocate this hospital to Cathedral Hill anyway?

Posted by: flaneur at November 26, 2008 3:20 PM


Posted by: Flower at November 30, 2008 9:44 PM

I saw this and agree that the kitchen is FUNKY and there is only 1 bath OMG! Take a # when there are more than 2 people needing to use the bath @ $950000. But did love the windows & light.

Posted by: samsoma at March 2, 2009 1:01 PM

Posted by: tipster at April 30, 2009 11:56 PM

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