One-bedrooms are a relatively scarce commodity in The Hamilton, a building that’s known for its studios (in a good way). And while said studios recently started trading at under $300,000 once again, 631 O’Farrell #708 (a one-bedroom) was just listed at $299,000.
No interior photos for the 945 square foot number 708, and the listing mentions some needed TLC, but it doesn’t appear to be tenant occupied or bank owned.
∙ Listing: 631 O‘Farrell #708 (1/1) 945 sqft – $299,000 [MLS]
So what’s the standard industry metric for comparing HOAs? I ask because on this place, the HOA seems high, but perhaps that just due to the fact that the asking price is fairly low in absolute terms (not relative to other places like this).
Let’s do a back of the envelope calculation and assume that a buyer finances $239,200 for this place. Assuming a 5% fixed 30 year mortgage, the buyer’s monthly payment is going to be between $1200 and $1300 per month. And after they write that check, they’re going to turn around and pay $649, or half of the amount of their mortgage payment, for the HOA dues? I realize that the prices of each payment don’t have anything to do with one another, but presumably the same person is writing both checks and is going to think about what they are getting in exchange for each.
The HOA dues cover ALL utilities except telephone. Compared to a condo in a neighborhood like Pacific Heights whose monthly dues also covers all utilities except phone, the fee is $1000+. The difference? Not sure. Maybe because The Hamilton is in the Tenderloin and in Pacific Heights you are paying a padded amount for the neighborhood. All I know is that these monthly charges look like a fair deal to me.
It isn’t clear from the curt description, but I’d assume that the HOA disallows owners from using their units as vacation rentals. Do any buildings in SF tolerate vacation rental activity ? It seems as if VRBO investors could help buoy the market a little.
Studios and 1BRs make good formats for vacation rentals.
Short-term vacation rentals no, corporate/longer term (3 months+) generally no problem. Short-term rentals are probably much easier in smaller 2-4 unit buildings.
I can’t remember what the HOA documents said about vacation rentals. The Hamilton might have a 30 day minimum rental clause. Not sure.
The only reason that this wouldn’t be an ideal short term rental for vacationers is that there is no parking, per se. The parking in the building has a long wait list since there are approx. 30 spaces for 186 units. This is not a great neighborhood to be walking in late at night.
IMO there’s the tenderloin and then there’s the tenderloin. and although this intersection will never win awards for most-sought after intersection on Earth, I have to say that I lived on Post and Leavenworth in the 1990’s and it was fine. (although Post is 2 blocks to the nicer side than this street)
Does this count as “Lower Nob Hill” or “Tendernob?”
a 1BR in the 200’s starts to make some sort of sense IMO.
I personally would rather walk from Union square to here, than from Union Sqaure under that terrible bridge at 1st and Natoma.
there are no pics of the unit: usually a very bad sign. But how much could it cost to bring it up to liveable status? (no, I’m not thinking about Bertazonni stoves or whatever)
I wish I could see this… sadly stuck in Omaha, NE for awhile. Love the Hamilton, prices have been way down. Recently there was a studio listed for $199,000, not sure what the final price ended up being, but the listing didn’t last long.
Random comparable info on this one:
5 – 945sf, one bedroom, units have sold in the Hamilton since 2005 with a range of $400K to $531K, including the other one bedroom unit on the 7th floor that sold in the fall of 2005 for $450,000.
[Editor’s Note: Speaking Kindly Of The Hamilton…A Studio Asking $199,000.]
The one bedroom unit #416 listed at $199,000 is an “as is” probate sale that is still pending. Although on the fourth floor the views aren’t great it is a corner unit which allows extra windows for great lighting.
could i ask for comments regarding HOA.
i own a small SFH in SF. obviously no HOA but i have my monthly expenses:
PG&E 50 (average)
water 30
garbage 25
insurance 100
off the top of my head i have about 200 bucks a month.
am i missing something? what accounts for a $600 months HOA? i understand reserves and maintenance but rough calculations show HOA income of 100k/month.
is there a 24 hour doorman?
Snider you’ve got a great deal going with your utilities. Congrats.
Here is what the Hamilton dues go towards:
Water, Hot Water, Electricity, Heat, Garbage, Ext Bldg Maintenance, Grounds Maintenance, Door Person, Security Service, Outside Management.
Forgot to mention that the manager is onsite at least 5 days a week with the door open. While I was showing a condo last year my client had a question I couldn’t answer. I went right in with her and he gladly gave us a few minutes of his time. He was very approachable and gave us info we would only find in the homeowner’s documents. We were impressed.
Yeah good job on not using much energy. My PG&E bill is $90 a month for my small 2bd/1ba condo where we never use any heat. Although I think my stove uses more gas then it should, so that might be upping the bill.
Vacation rentals? People, you’re thinking too small. Fractionalize! I hear it’s the future…
Regarding the HOAs, a former owner in this building told me that when the place went condo the HOA fees were set up on a sliding scale – the higher floors paid more. He always thought that was unfair because the higher floors had more natural light and natural solar warming, so they used less electricity and heat than the lower floors.
I guess the original set up was supposed to charge people for the views or somehow assume that people on the higher floors could afford to pay more.
I can’t imagine that the subsidized folks on the lower floors ever agreed to change this, but perhaps it is different now.
As nice as everyone says this building is, there are always multiple units for sale, which suggests that many who move in there leave when they are able to trade up. Anyone have any stats on the average length of occupancy?
Vacation rentals, short term rentals and/or furnished rentals are the first to take a hit in down economy. Most CC&R’s prohibit them by putting stipulations on minium required lease length.
I don’t have any stats on average length of occupancy though looking through sales records on the building there are still quite a few people that bought in the 70’s and 80’s still living in the building. Keep in mind the building has 186 units, so 3-4 listings at any given time is only about 2%.
How would sales records show that people who bought in the 70’s and 80’s are still living there?
Do you have access to sales records going that far back?
For people who bought in the 70’s, would a transfer via inheritance show up in your sales records? Would an off-market sale?
Isn’t it just as likely that someone who bought in the 70’s and still owns their place has moved and rents out their condo?
I do have access to records that go back that far, and the records do not directly indicate if the owner still lives there, but when the owner’s mailing address is the same as the condo address it’s fairly safe to assume that they still live there.
When the owner’s mailing address is the same as the condo address, it’s fairly safe to assume that
theythe bank still thinks they live there.The sale of 631 O‘Farrell #708 closed escrow yesterday with a reported contract price of $320,000 for the one-bedroom at The Hamilton.