February 9, 2010
Another Chance To
Buy "Steal" It For Even Less...
As we wrote last week with respect to the sale of 601 4th Street Penthouse #2 at $663 per square foot: "…perhaps not a great comp for the "It’s a steal!" penthouse number three directly next door (last asking $835 per square)."
Lo and behold, yesterday the list price for 601 4th Street Penthouse #3 was reduced $100,000 (7%) to $1,398,000, now asking $780 per square foot. Purchased for $1,500,000 in October 2006 ($837 per square) but then remodeled a bit we do believe.
∙ Listing: 601 4th Street #3P (2/2) - $1,398,000 [MLS]
∙ The Heublien Building Lofts (601 4th Street) [SocketSite]
∙ Year 2000-esque Penthouse Comp Atop The Heublien Building [SocketSite]
∙ Hitting For The Heublien Building Penthouse Cycle (#PH3) [SocketSite]
First Published: February 9, 2010 7:30 AM
Comments from "Plugged In" Readers
The listing sez, "Detached on three sides Penthouse 3 is highlighted with sweeping views from a private patio"... I looked at the pics and not sure what the these view might be. Anyone been up there to look see? Also some folks I know living in this area complain about the low frequency sound from the CalTrain trains while they wait in the station...or just "wait". Anyone know anything about that "noise"?
Posted by: Sweeping Broom at February 9, 2010 9:43 AM
I don't think you would hear the trains from this building, since it is east of 4th and north of Townsend.
The views would be Downtown, Twin Peaks, and The Beacon.
Posted by: J at February 9, 2010 9:55 AM
What's interesting is that this relatively "new buyer" thought the value of his or her property had not decreased.
Fortunately, the sale of the adjacent property was able to start the process of acceptance of the loss of what will probably approach about $10,000 per month to own a 2/2 SOMA condo.
I'd hope that the current owner wasn't going to lose as much, but then that would mean the new owner would lose even more than he's going to, so I guess I'll just have to hope that the current owner got an education that will last a lifetime!
Posted by: tipster at February 9, 2010 10:12 AM
A train is a diesel generator with an electric motor. The generator powers not only the motor, but the lights, AC, etc. Caltrain installed a hookup at the station that allows all of the trains at the station to be powered by a single engine, so one engine is kept running all the time nearly 24/7 (I think they may shut it off on Sunday morning - but otherwise it stays on) so that the maintenance workers have power to all of the trains.
The hum from the large generator kept running all the time permeates that area. It's a low frequency hum that can go through closed windows and walls easily. My significant other lives in the area a little less of a distance from the train station as this property and we hear it all night long. It's annoying.
Posted by: tipster at February 9, 2010 10:18 AM
Tipster is right that low-frequency noise can really travel, and that building envelopes provide less isolation against those low frequencies. Just give it some time, though, as Caltrain Electrification is on the way.
Posted by: acoustician at February 9, 2010 10:24 AM
I live in the area, and honestly I don't hear any noise unless you are within 1 block of the station (i.e. when I walk to the Safeway).
Anybody who buys this place (albeit we recognize its overpriced) wont have a problem with that noise.
My bigger concern (vs train noise) would be the parking situation, since its kind of tight and sloppy in the garage area. Even bigger than the parking would be the lack of A/C given you are on the roof and fortunately have sun all day.
Posted by: SFRE at February 9, 2010 10:30 AM
This is the unit owned by Twitter's co-founder. With the millions that he has, why is he living in this building in the first place? Where is moving to?
Posted by: steve at February 9, 2010 12:19 PM
Twitter founded in 2006, this loft purchased in 2006 well before Twitter caught on. I don't know where he's going, but I've got The Jefferson's theme song stuck in my head.
[Editor's Note: Not going but rather gone: While A Bird Tweets, A Shark Sings.]
Posted by: SFisHOME at February 9, 2010 1:23 PM