SocketSite™

His and her sinks, but an apartment-sized fridge (correct me if I'm wrong).

Perfect for a couple who decides to save money on their spa treatments, and by going childless, but still want to eat out a lot, and pay 767/month HOA. Parking too!

It's nice to see folks adjusting to the new normal.

Purchase:$580K
Floors: $ 10K
Kitchen: $ 30K
Bath: $ 10K
Realtor $ 35K
Hold $ 35K
-----
Total Out$700

List: $739.

I like the redesign! It's always nice to have a kitchen.

One thought: I've never understood how this kind of 'loft' set up qualified as a 1 BD? vs a really good studio set up? In this case the sleeping area is essitially tucked in behind the kitchen. At least with most 'lofts' the bedroom space is at least on a sperate floor. Or does it really matter how many steps (up)it takes to get up to the sleeping space?

tipster may want to add one other item to the flipper's costs : the remodel of the posts. It looks as if the posts were shrouded in a boxy inverted ziggurat structure in this place's last incarnation. I like the current remod where the concrete posts appear in their original bugle shaped form.

Pretty! Seven WHAT?!?!

@mole yeah. $766 HOAs! If this really were for "discerning buyers" that would stop them in their tracks right there.

I bet $1,000,000,000,000 that this closes under $700K

TIC

Have to commend the brave condo-flippers who stuck their necks out in this market.

Of course, sticking your neck out isn't always a great idea. We'll know how if all ends up in a few months.

I think the real question is: "will they look smart in 5 years?"

LOL

I like the kitchen, and obviously in was done on a tight budget. Any idea where the cabinets are from?

Someplace where the trees grow sideways, I would think...

I read this in the Business Times, to put pricing into perspective. I guess the developers are losing, and getting ready to lose a lot of money, or they may try to sit tight hold the properties?
"Even with the price of land down more than 50 percent, it still costs at least $750 a square foot to build a steel-frame tower. A tower with 1,000-square-foot two bedrooms would have to average $750,000 a unit to break even."

Here is a similar condo from a flipper who bought a foreclosure (it's been on Socketsite before when it was originally advertised for more than > 1kk)

http://www.redfin.com/CA/San-Francisco/1671-Bush-St-94109/home/570957

Wonder what it will eventually sell for. Less than $400 per square foot in the "near lower pac heights" area seems almost passable.

So I guess the investors who bought it to flip didn't buy the ripped out kitchen pieces from Craig's List.

i'm interested in seeing what happens with the Bush St apt.

What is the neighborhood around here like? What are the amenities? Current and projected?

gowiththeflow - The numbers from the San Franciso Business Times are suspect. According to Wikipedia, the 1,150,000 square feet Millennium Tower cost $350 million to build, working out to $304 psf. And that was the peak of the real estate cycle: Construction costs have come down since.

I see the numbers you are looking at; yes, suspect. I wonder if the numbers are rigged or if the Wiki info does not account for all the cost? What could they have left out? Perhaps Wiki is strictly construction cost to build, not including land, fees, etc.?

It's all the more funny as the source for the $350 million figure on Wikipedia is an article in Business Times Dop they generate their numbers with dice?

On the subject of numbers provided by developers, see this WSJ article on Trunp's estimates of his net worth. Wonder why some of us do not trust developers?

I'm not exactly sure, but I think the 350M is only for the cost of constructing the building.

Yes, and it was in reply to gowiththeflow's quote from the Business Times that "Even with the price of land down more than 50 percent, it still costs at least $750 a square foot to build a steel-frame tower." Granted Millennium Tower is concrete, but the price difference between concrete and steel is not that great.

On second thought, I see what you mean "The cost to build" does not necessarily refer to construction cost. I am still skeptical of a figure in which the construction cost is a fraction of the total cost. On the other hand, given the astronomical rates you would have to pay to get a construction loan these days - assuming you could get one - this might be true.