March 4, 2010
Albion Castle Cuts $550,000 (19%), Now About That Karma...
∙ Listing: 881 Innes Avenue (4/2) - $2,400,000 [MLS] [Map]
∙ Care To Get Your Castle On? A Restored Albion Castle Returns [SocketSite]
First Published: March 4, 2010 2:30 PM
Comments from "Plugged In" Readers
I'd be all over this place at $700k. I'd even start a bottled-water company. Or perhaps not. Bayview / Hunters Point doesn't have a great rep for water quality due to the abandoned shipyards and nuclear processing plant.
Posted by: Jimmy (No Longer Bitter) at March 4, 2010 3:39 PM
This listing, even reduced by $ 500,000, shows just how far out of touch San Francisco Realtors are. Do they read the newspaper? The cops just handed down idictments for a gang that is headquartered about 6 blocks from there. It is also 6 blocks from Hunter's View Projects, the most dangerous in the City. Right next to another project.
A terrible neighborhood has grown around this old place and there is nothing you can do about it. It is not an "up and coming neighborhood" like you may be able to say about the Western Addition or NOPA. This is the ghetto. Westmob and Big Bloc gangs fight over this area.
They really need to make that clear to any potential buyers, because they will be targets of gangs.
Posted by: Tom at March 4, 2010 4:33 PM
To Jimmy's point, I'd want to get the soil tested for this place also. I'm unclear exactly what the source of the water here is.
Posted by: anon at March 4, 2010 4:39 PM
You are aware that the Hunters View projects are scheduled to be torn down beginning this year by the John Stewart Co. as part of HopeSF and the entire hillside rebuilt in 3 phases with a mix of market rate, and BMR and of the 1300+ units going in a mere 267 will be low income housing, and likely not to be populated by those who are about to be pushed out, especially members of West Mob and Big Block.
You really think the City and Lennar are going to pour billions into an area only to lose any chance of recouping their outlay by letting it be compromised by gangs. As much as there is a partnership for development you can be sure there is a police plan involved. Yes the current area is blotted with blighted properties, undeveloped and abandoned properties, as well as the Hunters View projects, but im sure the buyer of this place, if and when there is one, is banking on the very long haul and to a time when the hillside and the demographic is very very different.
Yes it is the "ghetto", and your right isnt "up and coming" because "up and coming" usually has a sense of a neighborhood defining or redefining itself, but this part of town was never a neighborhood in any real sense and never developed with that in mind, with nothing ever truly constructed of purpose till now and as part of that it is simply being erased and rebuilt from scratch. It isnt up and coming, it is "planned" with a planned demographic and planned lifestyle.
Posted by: Rob at March 4, 2010 5:12 PM
yeah, it would be a good idea to analyze the spring water before using it for consumption. But I doubt that the HP shipyard woes have contaminated the spring's source. Water generally travels only downward and all of the HP shipyard soil contamination is at sea level. If there's a contamination source to worry about, it is hundreds of residents on the hillside above accidentally dumping while changing their motor oil or tranny fluid.
$1600/sq.ft. is waay waay too much for Hunter's point, even if the place is unique and on a large lot. I've gotta believe that a lot of coke was consumed leading up to that last sale @ $2M.
I'm gonna come out and make my first ever sale price prediction : $1.1M
Posted by: The Milkshake of Despair at March 4, 2010 5:59 PM
Does the area at least qualify as "vibrant"?
Very selective angles in the outdoor photos on MLS.
Posted by: J at March 4, 2010 8:15 PM
Tough sell. Who the hell would fork out 2.4 Million bucks for an industrially tainted spring-water property in Bayview? Someone crazy, maybe smart, maybe stupid, but definitely crazy.
Posted by: Schlub at March 4, 2010 10:40 PM
^ the guys who bought the armory?
They could put this architecture to use.
Posted by: Troy at March 4, 2010 11:52 PM
> You are aware that the Hunters View projects are
> scheduled to be torn down beginning this year by
> the John Stewart Co. as part of HopeSF and the entire
> hillside rebuilt in 3 phases with a mix of market rate,
> and BMR and of the 1300+ units going in a mere 267
> will be low income housing, and likely not to be populated
> by those who are about to be pushed out, especially
> members of West Mob and Big Block.
Unless EVERY housing project in Hunters Point (not going to happen) is torn down the area will continue to have problems and lots of gang members.
> You really think the City and Lennar are going to pour billions
> into an area only to lose any chance of recouping their outlay
> by letting it be compromised by gangs.
Yes, since the purpose of city and state real estate real estate investment is really to put public money in to the hands of politically connected developers and politically connected Unions (and managers in the case of John Stewart).
Back when Willie Brown was Mayor he spent/gave the Unions close to $250K a unit to “renovate” the projects on the hill above the old Anderson Paint factory that you see on your right as you are on 280 driving from the ball park to the Peninsula. Willie paid more to paint and add some new appliances in an apartment unit than it costs to add a garage to a Pacific Heights home (or for me to renovate 30 apartment units). My guess is that Lennar will go BK on the Hunters Point deal just like they did in Vallejo (where CalPERS lost about a BILLION dollars).
Some other recent public money to private developers transfers are:
CalPERS recently lost ~$50 MILLION on an office building in downtown Portland and the Watergate Office Towers in Emeryville.
CalPERS invests $100 MILLION with PageMill Properties to buy up crappy low income apartments in East Palo Alto. No surprise to me (since the apartments and tenants are way worse than the crappy East San Mateo apartments my family has managed for over 40 years). It looke like CalPERS will lose every penny of the $100 MILLION investment.
As reported on Socket Site CalPERS has lost every penny of its $500 MILLION in Peter Cooper Village and Stuyvesant Town apartments in NYC.
LandSource Communities Development LLC (a Lennar Company) filed Chapter 11 and CalPERS ended up losing its roughly $1 BILLION investment in the venture.
CalPERS wrote down the value of the CalEast Global Logistics investment from $3.8 BILLION in the first quarter of 200 to $1.52 BILLION by the end of June 2009.
A MILLION here a BILLION there and next thing you know you are talking about real money…
Posted by: FormerAptBroker at March 5, 2010 9:49 AM
My dream home!
Posted by: kathleen at March 6, 2010 9:46 AM
This is a fantastic property. If you haven't seen it you shouldn't knock it. For $1,799,000, it's a steal.
Posted by: Ann at June 24, 2010 4:54 PM
Now July 19th 2011...still for sale at 1.1 million...I suspect it won't sell until it's well under a million...
Posted by: LongonAmerica at July 19, 2011 7:45 AM
With what's happening not too far from there, this location is a really tough sale.
Posted by: lol at July 21, 2011 11:21 AM