540 Delancy #401: Remodeled Kitchen

If you liked it at $1,150,000 in September, you’ll like it even more today. Now asking $1,098,000 for Cape Horn Lofts (540 Delancey) #401.

31 thoughts on “New Year, Listing, And Price (Same Sweet Loft): 540 Delancey #401”
  1. Probably a magnetic induction cooktop; boils water twice as fast as the high-BTU gas version. Still won’t get $1.1M for a 1 bedroom in this market.

  2. This is a nice place, but I hope the seller includes whatever it is he’s smoking – cause a buyer will definitely need it to drop 1.1M on a one bedroom.

  3. Curiosity on general opinion: 1300sf for a 1 bedroom, yes too much. However if this was a 2/2 but with the same sf. fair? What about a 3/2 same sf.?

  4. Agreed re: the induction stove. Most conversion lofts don’t have gas lines, but induction crushes gas in terms of both performance and efficiency. The Bulthaup kitchen is well done. But it’s the outdoor spaces that make this a great spot.
    Will it sell for $1.1? I don’t give a shit. It’s a nice loft.
    [Editor’s Note: A SocketSite Smackdown: Gas Versus Electric In The Kitchen (and watch the language).]

  5. The nice thing about this loft is it has windows on both ends. Many loft conversions have windows on one side and long rectangular floor plans, so they are dark in the interior. This one is much better.

  6. i had a buyer who would have paid $1 million for this in October… I don’t recall what the listing agent’s comments were since we looked at a ton of properties… but they clearly weren’t ready for that so we didn’t bother to write up the offer. so $770k predictions are either naive or way ahead of their time… i’ll see you on the bread lines when $770k is accepted. My guess is that a list price of $899k would attract multiple offers and there would be a lot of interest if this were anywhere in the 9’s. It is currently asking more than FMV imho

  7. Sfrob, if your client is still looking in the $1M price range (a big if — the world has changed a lot since October) there are really great places all over town, in far better areas than this Delancey St. listing, in that price range. And there will be no bidding wars to contend with. Your client did well by waiting.

  8. “there are really great places all over town, in far better areas”
    Trip, Delancy street is my favorite part of town. Maybe it’s not your cup of tea, but do realize there are people out there that would choose this area over anywhere else in the city; despite the bridge noise and the ugly apartment complex across the street, and lack of nightlife.
    That being said – the price for this place is an absolute joke. Why would the realtor even bother with a seller this clueless?

  9. As mentioned, this is a lot of money to pay for one bedroom, regardless of the stove. You’ve got to be a loft lover in the first place to even get excited about it, plus you need to be a household of 2 or less (or maybe 2 with a kid). And at this price, need to be making $250K/year with $220K in cash to put down. At least.
    I can’t imagine there’s a large audience for a unique property like this…that can pay this price. But maybe I’m wrong. Current owner paid $825K in summer of 2004 per PropertyShark, so there’s plenty of wiggle room here. I’d guess it’s probably worth 8-something today, but as always, it only takes one person to fall in love with it.
    In any case, at this price, the monthly nut here would be around $6,000 while larger lofts with 2 bedrooms are renting for literally half of that:
    http://sfbay.craigslist.org/sfc/apa/1003183045.html
    http://sfbay.craigslist.org/sfc/apa/1003146147.html
    http://sfbay.craigslist.org/sfc/apa/1001028058.html

  10. Hey Dude:
    I really don’t want to start this thread again, but unless one has lived in the area, it’s hard to understand the difference. The lofts you’ve referenced are in SOMA. This loft is on Delancy, in South Beach. There is a difference (whether you believe it’s justified or not) between two neighborhoods. Lofts in this area, actually do rent for much more. This building is next door:
    http://www.afirealestate.com/properties/200brannan-302/
    http://www.afirealestate.com/properties/200brannan-143/
    I recognize that some of you will rebuttal with “well no one actually pays this”. Actually, they do. As I know an owner in this building who is getting this and in one unit more.
    I agree with your estimates of how much you need to be making to support living in this type of building. However, I am in the aforementioned category.

  11. $4k puts you in a high-floor unit in any number of South Beach high-rises. AFI and JWavro always ask for absurd sums and the same places show up week after week.
    The Infinity Unit B-23D is asking $5k/month; higher floors have leased for $4k/month.

  12. This place is NICE!!! Not sure what it will sell for or how much but it is located in the “real” South Beach.

  13. Lets get real Dude on the listings you posted. 2 of the 3 are located on 6th street and one is in an alley (Skid Row) and the 3rd is listed in the dogpatch. How can these 3 even compare to this unit? I’m surprised anyone would pay $3k to live on 6th.

  14. Well, loftlover, you guessed part of my rebuttal correctly. From my experience, AFI is notorious for overpricing rentals as well as listings. For example, you could rent this 1-bedroom at the Beacon from them for $3,495:
    http://www.afirealestate.com/properties/beacon_862/
    Or you could rent a 2-bedroom in the same building for the same price:
    http://sfbay.craigslist.org/sfc/apa/1001582164.html
    Which seems like a better deal?
    In any case, rents are coming down citywide, so I doubt that $4,500 holds for long. And even AFI’s delusional wishing rents still don’t make this place pencil out on a purchase.
    But as I always say, it only takes one person to fall in love with it. If you’re that one person, and you can afford it, have at it.

  15. Hey Dude,
    Actually, I do think it’s over priced. I own a 2/2 next door, so I won’t be buying this. Like fine art and good design, value is in the eyes of the beholder (and the owner, of course). There is something very special about the Cape Horn Lofts. It may not get $1.1M, but people will pay a premium to live in this building.

  16. Oh last thing Dude and 250 King Street aka The Beacon is in SOMA. It’s not the same building. It’s several blocks away (4th and King). Once again, it’s South Beach vs. SOMA. Whether you agree or not, there is a difference.

  17. I love when they stage furniture outside? Like you can really leave nice stuff outside year rouhnd. Where do you put that stuff when it rains?

  18. loftlover: I’m well aware of where this place is, and where the Beacon is. I posted those Beacon links to show you that the wishing rents posted by AFI are ludicrous, regardless of building or location (not to say there aren’t people who are dumb enough to pay them). But I’d take anything they list and deduct about 15-20% if you want to come close to actual rents that most people pay.
    Regarding this place, it may yet get $1.1 million and surprise us both. Maybe you have a doppelganger who’s just waiting for something like this to hit the market. Barring that, my guess is mid 8s to low 9s, if it sells at all.

  19. Dude:
    Let’s wait and see where this one goes. We’ll meet again and have a good laugh. After all, it’s not like it’s our money…it’s just our opinion 😉

  20. I toured this unit back when it was originally listed. Very nice but it is pretty small and I couldn’t imagine 2 people living in it when I was there. A bachelor pad is what I would call it. Seems like a high price I agree. I am a bull and say it is worth less, but there are people who really love this tiny corridor in South Beach. It is a great street and cannot be compared to Soma, Dogpatch, alleys on Natoma, etc…

  21. I’m w/loftlover; I live in a nearby loft building that has a mix of owners and renters – getting $3k+ for a decent sized one bedroom (not $6k) is normal (and $3k makes my nut). Is the median income in my building $250k+? Probably yes for those that bought in the last four years, maybe not for people that have been here longer.
    Many SS posters don’t like South Beach because it’s not the Real SF. I looked for 10 months before buying here and wouldn’t change a thing. Maybe as more units are occupied there will be more foot traffic and as retail rents go down there will be more services. Someone is going to open a burrito palace and make a fortune.

  22. “Ah yes the ‘Real South Beach’, a 1/4 square mile mecca underneath the Bay bridge…”
    Posted by: unearthly
    LMAO! This says it all… I never understood what or how this glamour view of South Beach was created. To some it is considered the Tribeca of SF when there is not an abundance of retail shopping near & and it seems every eatery has a Grand opening followed by a Grand closing (remember FireSide?). Also the districts name – (where is the beach?). I do admit I like the Portside buildings design. I once could only afford a JR one bedroom there; if I can only retain my job + savings – in a year or less maybe I will be able to get a 2br there at the rate our RE climate is moving 🙂
    Thanks for the laugh unearthly

  23. “Also the districts name – (where is the beach?)”
    South Beach’s beach is easy to find. Just go to North Beach’s beach and turn right.

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