650 2nd #502: Dining
We’re not so sure “phatty” would agree, but perhaps it’s best he didn’t have that extra three million lying around last May when 650 2nd Street #502 hit the market asking $3,215,000. It’s back on the market today seeking $2,750,000. And yes, it’s a sweet pad.
650 2nd #502: Windows
Once again, five bedrooms, four baths, three parking spaces, two dishwashers and one big span (60 feet) of industrial windows. And as Garrett notes, purchased for $2.3M in 2004.
∙ Listing: 650 2nd Street #502 (5/4) – $2,750,000 [MLS]
The Full Count(Down) For Number Five Hundred And Two On Second [SocketSite]

20 thoughts on “It’s Not Quite 2004, But It’s Really Not 2008. Or 2007. Or 2006…”
  1. I remember this party-like-it’s-1999-the-bubble-will-never-burst-wheres-my-cotton-candy-and-slide-bunker. Lots of space does not neccesarily = multi-million dollar prices, especially for loft-type spaces.

  2. Yeah, yeah, yeah. It’s a loft, a bunch of people on here hate lofts. Yadda, yadda, yadda. There are many of us who LOVE lofts and this one looks pretty awesome. No idea what it will sell for in the current climate, but there are a lot of people with means who would love to have this place…
    The hoa’s are high, but when you’re spending $2 million + on a place that becomes a little less important. And three parking spaces is a luxury many people would like to have. Still, no services to speak of for that $1300/month. And no outdoor space. I say it’s a crap shoot-right buyer comes along, it moves within 10% of asking. I know that seems like a failure in SF, but in most cities a seller would build in 10% of “wish” money on top of what they really want to get out of a place. And that would still be above the $2.3M paid in 2004 (although clearly they have paid much more to live here for the past 4+ years with interest, taxes, hoa, etc.)
    With that said, I hope they negotiate and sell soon. A year from now this will be an entirely different conversation…

  3. The HOA dues are high because when units are combined the owner must still continue to pay the dues for each. In this case that’s dues for 3 units.If dues were purely based on square footage, that would be fine. But typically there is a rather large base charge plus a smaller amount that varies depending on unit size. As a result you really take a hit when combining units.
    On the bright side, though, it’s about the only way to rack up 3 parking spaces. Rent them you say? Hah, try and find them!

  4. “I say it’s a crap shoot-right buyer comes along, it moves within 10% of asking. I know that seems like a failure in SF, but in most cities a seller would build in 10% of “wish” money on top of what they really want to get out of a place.”
    Agreed – it’s a clear sign of SF’s unusual robustness in these tough times that sellers don’t need to disingenuously pad their asking prices with ten percent ‘wish money’ buffers!
    Oh wait … this person has already dropped their asking price by FIFTEEN percent, huh? 😉

  5. @grimwood
    lol-what’s disingenuous about leaving oneself room to negotiate? This is done basically everywhere else in the US…
    And I know I’ll probably get killed on here for saying this, but SF has been unusually robust compared to the rest of the country. Not saying there hasn’t been a big drop. Not saying the drop won’t continue. Not saying we are doing anything more than lagging the greater US market by 12 months. Just saying…

  6. Not saying we are doing anything more than lagging the greater US market by 12 months
    Why only 12? More like 24. The rest of the really big runup areas, which everybody on here seems to think we are a part of, were all already getting their butts kicked in early 2007 right? Vegas, Miami, San Diego, Pheonix, inland Empire, what else?
    [Editor’s Note: General inventory observations have been moved to: SocketSite’s San Francisco Listed Housing Update: 1/21/09. And now back to the loft at hand…]

  7. Isn’t a loft supposed to have a “loft”? Its hard to tell from the photos (and some of them look ‘shopped as well), but it looks to me like about a 12′ ceiling, and all one level. The “loftiness” of my loft (16’ ceilings) is one of the reasons I love it…

  8. Chris, a “loft” is supposed to be a converted industrial/commercial space. Some spaces like this (think a classic NYC SOHO loft) were in buildings with high ceilings, which then allowed construction of sleeping “lofts” above the main open floor space.
    In San Francisco, the concept of loft has been perverted into a new construction shoe box rectangle, skinny and tall, with a two story living room, and a bedroom “loft” over the kitchen.
    This building is a classic loft, and much preferable to the SF variation, IMHO

  9. The loft is in very mediocre condition, the decor is 80s ugly. The lobby is disgusting. Not worth even the 2004 price,

  10. 2.3MIL in 2004 =
    Less than 2.3MIL today.
    whatever the story is.
    ps, 4000 sf with 60 feet of windows sounds like there are a lot of rooms with NO windows. the photos of the BRs and lack of plans pretty much confirm this.

  11. Took a look back in July. As Jay says, the lobby is gruesome. Two of the five bedrooms have no windows, although they have done a very good job of bringing light into one of those. Three of the four bathrooms need replacing and so does the kitchen, so count on $200K of work before you move in. It’s hard to imagine that this will close above the 2004 price.

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