March 23, 2009

Three At Three Hundred Beale Priced At One Point Three (Nine Five)

300 Beale #406: Bath

Asking $1,595,000 early last October, Embarcadero Lofts #406 was re-listed in February asking the same, reduced by $100,000 two weeks later, and then by another $100,000 two weeks after that. Now asking $1,395,000 as are 300 Beale #609 (listed in February as well) and 300 Beale #611 (listed in March).

∙ Listing: 300 Beale #406 (2/2) 1,686 sqft - $1,395,000 [MLS]
∙ Listing: 300 Beale #609 (2/2.5) 1,899 sqft - $1,395,000 [MLS]
∙ Listing: 300 Beale #611 (2/2.5) 1,820 sqft - $1,395,000 [MLS]
You’ve Seen Two, But You Haven’t Seen Them All: 300 Beale #406 [SocketSite]
Loft By Nature, Luxury By Design: Embarcadero Lofts (300 Beale) [SocketSite]

First Published: March 23, 2009 8:30 AM

Comments from "Plugged In" Readers

Undignified use of mirrors in there, if you ask me.

Posted by: dub dub at March 23, 2009 8:34 AM

A luxury warehouse. Okay.

The concept reminds me a bit of the luxury outhouse (a 4-holer) I saw in southern Kentucky on a high school spring break group trip to spruce up homes for the rural poor (my sister was apoplectic there was no electricity to plug in her curling iron). Only you could buy the whole town for half of what one of these places costs.

Posted by: Trip at March 23, 2009 9:14 AM

Surrounded by Avalon, post office parking lot, transbay construction site, empty lot for the Californian, PG&E substation and a bunch of graffiti buildings. It's luxury alright. I hope nothing get built on the post office lot. That's the only place it'll get some sunlight, 10 years from now.

Posted by: jj at March 23, 2009 9:38 AM

Post parking lot - project all ready proposed and it's tall.

Posted by: gowiththeflow at March 23, 2009 9:56 AM

These places have nice finishes, huge square footage, and, priced in the $700's psf, are moving toward the right price point for SOMA these days. Is the radiant heat electric, I'm guessing? If so I bet elec bills would be sky high. Anybody have any data on the monthly cost to heat a place like this?

Posted by: sunnyvalesteve at March 23, 2009 10:00 AM

Toured the building and the units are beautiful by the way. One of very few buildings with such spacious terrace in the area. Having an outdoor space in the city is awesome not to mention it being in a locale that has the best weather in the city. Crazy I remember back in the day having a drink at the old Elroys... those were the day's when Soma was truly out in the middle of no where.

Posted by: gowiththeflow at March 23, 2009 10:13 AM

So #406 is a 2/2 and listed high back in October, now has to compete with two other much larger 2/2.5s at the same price.

That's what the owner got for being greedy. The other two are just sitting and he hasn't realized he needs to undercut them by a substantial amount (because they are overpriced too) to get rid of it.

It's that kind of seller that buyers don't even want to waste their time dealing with.

Posted by: tipster at March 23, 2009 10:34 AM

I love this building. 406, although the smallest, has the best layout and has more of a loft-like feel. But the other 2 have that great outdoor space. HMMMM.

I want all 3 of them.

Posted by: steak knife at March 23, 2009 10:49 AM

The other units finished to the quality of 406 wouldn't be cheap. $100k for the Kitchen to start with, throw in $50k for the bathrooms. Also my biggest peeve is you can't use a grill in the outdoor spaces; such a waste.

Posted by: unearthly at March 23, 2009 10:58 AM

I just don't get it. I have been watching this neighborhood and these types of buildings for quite some time now.

Brand new units are being sold at the Infinity for $500 sq/ft and for similar HOA fees you actually get some real amenities such as a gym, workout pool, theatre room, etc. Of course they appeal to different tastes but it does show the value of space in the neighborhood.

What do they put in the water at 300 Beale (not to mentioned 640 and 650 Delancey) so the sellers think that their units/building have not been impacted by the bursting of the housing bubble, the bygone era of easy credit or neighborhood comps. What bank / appraiser could justify these prices?

The last sale in 300 Beale was for a large (1400 sq ft), 2 story, 1 bedroom unit which went for $759k or $543 sq/ft in similar condition to #609 and #611 (i.e. not remodeled). Now some of these currently-listed units have outdoor spaces or two parking spaces but these prices are a joke.

Just look at when they were purchased and how much they were purchased for:
- 300 Beale #611 last sold for $837k in July 2002 ($459/sq ft)
- 300 Beale #609 last sold for $870k in August 2002 ($460/sq. ft)
- 300 Beale #406 last sold for $550k in July 2007 (this looks too low but it is public record per Property Shark / Redfin and $325/sq ft - can anyone clarify this?)

Now #611 and #609 look to have the original kitchens and bathroom yet in a declining real estate market, somehow the owners think they should be able to turn a hefty profit. Looks like #406 has done an interesting remodel but the unit was purchased at or close to the peak of the bubble so I don't understand how that translate into a huge profit in this market. Can anyone enlighten me?

Anyone looking at these units, please remember the remodeled 1 bedroom (#319) which sat and sat and sat at $850k ($850 sq/ft). #319's owner tried to sell their other 2 bedroom (very similar to #406) unit in the building for $1.3MM but that didn't work either.

I guess the neighborhood has changed dramatically and the recent murder in the area is a sign of improvement. I would say 2003/2004 prices are about right for this neighborhood (and for most of SF) so maybe $500 sq/ft could be justified but given the market is still heading south then this should a ceiling and not a floor.

I highly doubt any of these sellers are serious and if they are, Good luck to them finding someone with more [money than brains].

Posted by: loft watcher at March 23, 2009 11:55 AM

Many of the units on the 6th floor at 300 Beale are extremely nice.

Posted by: pwb at March 23, 2009 12:28 PM

Down the road at 400 Spear, it looks like #119 had trouble making the mortgage payments. Currently priced at $543/sq.ft ($766.9k). Sold in 2005 for $799k with 100% financing. No zen tub, though...

Posted by: EBGuy at March 23, 2009 1:29 PM

319 was sold and the owner will move in soon. The radient heat is hotwater and comes with the association dues. No one needs heat in SF anyway. The building is great. I live out of state and own a vacation home there.

Posted by: johnboy at April 5, 2009 8:07 AM

"No one needs heat in SF anyway."

My @ss. Air conditioning you can live without but heat is another story.

Posted by: diemos at April 5, 2009 8:27 AM

^^^Haven't used heat in seven years. Not at all needed in SF, unless you live in a place that has never updated its insulation.

Posted by: anon at April 5, 2009 8:35 AM

Jeesh folks. I guess when you are paying > 40% of your income on housing, even *heat* can seem an extravagance.

We already know cars and 2nd bathrooms are! :)

Posted by: dub dub at April 5, 2009 8:39 PM

Haven't you heard, frugal is the new black?

Turning off the heat is a bit much though, even for me. It is nice to know you can, if you need to though.

Posted by: NoeValleyJim at April 5, 2009 11:09 PM

The building is located in the last part of the city to see fog or bad weather. It will de dreary in the Sunset but still sunny at this location at 5:30 - 6:00 PM. I have only closed the bedroom warehouse windows a few times per year. Out of the 100 Days I used the unit last year the heat might have been turned on 5 days.

Posted by: johnboy at April 8, 2009 9:01 PM

The listing for 300 Beale #406 has expired without a sale.

Posted by: SocketSite at July 1, 2009 1:25 PM

The sale of 300 Beale #609 closed escrow yesterday with a reported contract price of $1,275,000 (9% under asking).

Posted by: SocketSite at August 19, 2009 9:11 AM

The latest list price for 300 Beale #406 has been reduced $76,000, now asking $1,299,000.

Purchased in October of 2005 for $1,103,000 but prior to its rather extensive (and expensive) Boffi, Subzero, Miele, Porro and Agape remodel.

Posted by: SocketSite at October 19, 2009 9:39 AM

The listing for 300 Beale #406 has once again been withdrawn.

Posted by: SocketSite at November 12, 2009 7:12 AM

Unit #201 at 300 Beale (811 sq.ft.) heads for the auction block on December 22. Bought for $200k in 1998 with a $160k variable mortgage (20% down, remember those days). The owner appears to have gone the home ATM route (via Wells Fargo) every couple of years. With an unpaid balance of $138,493, one has to wonder if the second lien holder will show up at the auction. The tide is going out folks...

Posted by: EBGuy at December 7, 2009 12:50 PM

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