June 17, 2009
First Feng Shuied Now Sai Wonged At Sutter Heights (1521 Sutter)
Listed for $879,000 when roughly half of the 28 "Feng Shuied" Sutter Heights condos were spoken for in April of 2008, 1521 Sutter Street #306 was relisted three days ago with a new “original” list price of $678,900 (a drop of 23%).
At the same time the listing for 1521 Sutter Street #305 is now asking $709,080 (a 27% drop in pricing since 2008), while 1521 Sutter Street #206 is in contract with a list price of $745,000, originally asking $879,000 (a drop of 15%).
According to the new listing Sutter Heights is now 66% sold. And on the positive side, perhaps it's a blessing in disguise for those who were previously "priced out forever."
∙ Listing: 1521 Sutter Street #306 (2/2) 930 sqft - $678,900 [MLS] [Floor Plan]
∙ Floor Plans And Feng Shui At Sutter Heights (1521 Sutter) [SocketSite]
∙ Sutter Heights (1521 Sutter) Update: Preview Showings And Pricing [SocketSite]
∙ Sutter Heights (1521 Sutter) Update: Construction Nears Completion [SocketSite]
∙ Chinese Idiom: Misfortune may be a blessing in disguise [asianresearch.org]
First Published: June 17, 2009 12:30 PM
Comments from "Plugged In" Readers
Wake me when unit 506 hits $500K.
Posted by: jd at June 17, 2009 1:17 PM
I used to live around the corner on Bush and OCtavia and can attest that this block on Sutter is kind of crap. You are surrounded by retirement homes on your left and in front and also a halfway house. Also, parking stinks and there are a lot of car break-ins. I kind of agree with the above comment. This could easily see sub $550K
Posted by: spencer at June 17, 2009 1:52 PM
Yeah, and Wake me when some or all of the 6 "Reserved for Developer" units also hit the market at 50 percent or more discount !
Posted by: Chad at June 17, 2009 2:09 PM
i saw it when it first hit the market.... it was obviously WAY over priced, and i thought they were boxey and small.
as for it being a crap block... welcome to lower pac heights... there are more crap blocks than nice ones, and car break ins are a fact of life all along bush, sutter and pine and everything in between.
as for difficult parking... what, you have to park 2 blocks away? try living in russian hill or north beach. spending 2 to 3 minutes finding a spot with a max 2 block walk is not hard to find parking. and these condos come with a spot each
#506 at $500k? good night Rip
Posted by: hangemhi at June 17, 2009 2:55 PM
'tis better to be a sleeping buyer than a dreaming seller.... ;)
Posted by: jd at June 17, 2009 3:12 PM
Decent looking building, but they'll have to knock off a lot more considering the 2nd bathroom is out of place. Who'd want to walk through the kitchen & dining room every time after showering?
Posted by: looker at June 17, 2009 3:36 PM
One whole picture of the interior! Nice work, real estate pros!
Parking in this neighborhood is ludicrously easy if you count the garage at the Japan Center.
Posted by: Jeffrey W. Baker at June 19, 2009 10:57 AM
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