April 7, 2010
Over Asking (But Well Below 2005) For 200 Brannan #504
The apples to apples sale of 200 Brannan #504 closed escrow yesterday with a reported contract price of $680,000. And while that’s 5% "over asking!" it’s also 26% under what a local agent paid for the 1,123 square foot one-bedroom five years ago (April 2005).
Once again, the top-floor unit became bank-owned this past December with what appears to have been no bidders at $780,000.
First Published: April 7, 2010 5:30 AM
Comments from "Plugged In" Readers
$680k for a 1/1.5 is a lot, even at 1,123sqft.
I guess this one is a case of little inventory and determined buyer.
Posted by: SFRE at April 7, 2010 9:17 AM
This was a good deal, I give it a "B+". Top floor, Viking Appliances, nice kitchen, 1123 sf, no one above you, only one shared wall, huge terrace and 2 parking spaces (they only advertised one (Maybe because it was a tandem)). Even though you may not use the terrace or want the extra parking spot, you have to value it. $50k min for Terrace, and $50k min for parking, so really the equivalent would be $580k for 1123 sf nice finishes (Viking) on the top floor no one above. Not bad I think.
A bit officey feeling and you are looking at HVAC (noise too) on the roof on the negative side. 2nd bathroom was kind of a waste too. We (a buyer client of mine) offered $500k cash for it! LOL.
Posted by: Paul Hwang at April 7, 2010 9:34 AM
Paul, normally I'm a big fan, but "B+"? I would give it at best a C-.
a) Top floor of 4/5 story building is not really much to care about.
b) Viking appliances are nice, but those are cosmetic, and whatever you buy, you can always swap out appliances.
c) 2 parking spaces (yes they were tandem I believe), its hard to value a tandem spot at $50k - more like $25k. And you can never sell it.
d) I can't speak to the terrace, because I dont know the size, but $50k seems like a lot there too. And you can never sell it.
e) I think the second bathroom actually adds value (an extra one for guests is always great).
There have been 2/2s that went into contract at the Metropolitan at an asking of $699k. There was a 2/2 that went into contract at 246 2nd for an asking of $679k. There is a 2/1.5 at the Glassworks asking $749k for the longest time (1,455sqft), Museum Park 2/2 at $699k, etc.
I do like how your all cash offer went in at $500k, tough buyer, but good buying attitude. Just out of curiousity, if you thought it was a B+ at $683k, why didnt you advise to go in at $640k, which would have made it an A+ transaction?
Posted by: SFRE at April 7, 2010 10:28 AM
Nice post SFRE! Paul probably never met a deal that was not a B+. He gets paid for making each one!
Posted by: chuckie at April 7, 2010 11:02 AM
To be fair to Paul, he is normally on his A-game, and I take him to be a good buyers agent (I would use him). And I'm not saying the location isn't great or the unit isn't nice, I was only questioning the pricing.
Posted by: SFRE at April 7, 2010 11:17 AM
The photographer used the wrong lens- this one is supposed to be used on the interiors! Look how far back the street sign and light pole is stretched compared to the sidewalk across the street, lol!
Posted by: montananewsom at April 7, 2010 2:45 PM
We put in a cash offer at $635k and didn't get a response.
Posted by: Taures at April 7, 2010 4:08 PM
Ok, maybe not B+ at $680k, maybe B, not C- though. The Patio was huge, (15' x 20'?), extra parking space and no one above or on 3 sides of you. Carrera marble and Viking appliances too. That's got to be worth something.
Posted by: Paul Hwang at April 7, 2010 7:10 PM
I don't think there is such a thing as a lens that should only be used indoors. It's the photographers job to try to fool and it's your job not to let em. The fisheye makes the building look larger than it is and evokes movement - like 200 Brannan is still erupting from the earth. It may only be 5 stories today, but maybe by next year it'll be 6 or 7!
Interior fisheye shots indoors always bug me. They can make 100 square foot rooms look enormous.
Posted by: Valentino at April 8, 2010 11:36 PM