May 24, 2010
Presidio Landmark Priced And On Track For An Opening In July
...asking rates on junior one-bedrooms, which weigh in at 500 square feet, will be $2,125 a month. Full one-bedrooms, most of which are about 850 square feet, will average $2,875 a month. And two-bedrooms, which range in size from 1,000 square feet to 1,500 square feet, will average $4,325 a month. Parking will be $150 a month for an outdoor spot, and $200 a month for a space in the underground garage.
Once again, 154 units with floor plans online (and a rather big backyard).
∙ Presidio Landmark Building 1801 Recovering Nicely From Wingectomy [SocketSite]
∙ Forest City rises in Presidio [San Francisco Business Times]
∙ From Graffiti Canvas To Apartment Campus: PHSH Breaking Ground [SocketSite]
First Published: May 24, 2010 7:30 AM
Comments from "Plugged In" Readers
Let's see, if they are able to get their pricing, because I think it is quite aggressive. I live in the Marina right near the Presidio, and I pay less than their Junior 1-bedroom for a large 1-bedroom (built for a couple) and 1 parking spot. This isn't some rent control sweet deal either. My girlfriend and I got this apartment in January. I would also argue that the side of the Presidio near Crissy Field is more desirable than the Inner Richmond side, too.
Posted by: MarinaRenter at May 24, 2010 8:01 AM
For the moment, it's a bit of a hike to get to the market, hardware store, sandwich shop, bus and related amenities. But after so many years it is nice to see a big improvement in the old eyesore. Next step: demolish the revolting Wherry Houses and build something nice.
The whole park needs to start generating a profit, soon. It is ludicrous to ask taxpayers who live elsewhere to pay for the upkeep of a city park that is no different from hundreds of other city parks around the country.
Posted by: Philip at May 24, 2010 9:00 AM
I will be AMAZED if they get these rents. The building isn't very pretty, and the location is kinda lame.
Posted by: Mike at May 24, 2010 9:14 AM
+1 more calling this a bit over priced. You can get a nice 2 BR off of Lake street for much less than $4,325, and be in a good neighborhood closer to shops and restaurants.
Posted by: kthnxybe at May 24, 2010 9:42 AM
I'm sure they're nice and convenient for some. But not a lot of places to walk too. That's Doubtful they will get anywhere near those rates. Convenient if you work in Marin. Not convenient if you work down in the peninsula/s. bay or downtown.
Posted by: mike t at May 24, 2010 9:46 AM
PS I thought "aggressive" meant "priced to move?"
Also - any word on how much the townhomes would go for?
Posted by: kthnxybe at May 24, 2010 9:48 AM
They are well known for starting high, then dropping rents over time.
The good news is that about 300 people will not only find more rentals than were available last year, but the rentals will be in very good condition. This will do two things.
1. When the prices are dropped, the other owners in the area will find they need to upgrade their units to compete. With a significant additional supply coming on line in a recession, the competition will be brutal.
2. People who might buy because the quality of the rentals they can find wasn't high will find not only these units available as an alternative to buying, but the other upgraded units will also be an alternative to buying.
It's really a win win for everyone.
Posted by: tipster at May 24, 2010 9:51 AM
Well, I guess I am one of those nearby owners of rental property about three and a half blocks away on 15th Avenue.
My current tenant is leaving at the end of the month so my asking rent for a one bedroom/one bath ground floor flat (approx. 670 sq. ft) with outside parking is $1,295. Then again, my flat is older style with some 70's wood paneling.
Posted by: Live Smart at May 24, 2010 10:02 AM
Good pt. tipster. These units are definitely good for those individuals looking to buy but want to wait a year or 2 to test the market. Target market seems to be for expats/ Proff. athlete's/executives that may have uncertainty with how long they will be in SF. Montly is still less than a mortgage payment, insurance, HOA, taxes, etc. (Unless you put a substantial amt. down).
Posted by: mike t at May 24, 2010 10:07 AM
Wow If I could get those rents I'd put my SOMA loft in the rental market... I could make a net profit, yes net after ALL expense.
Posted by: I should rent my loft at May 24, 2010 10:07 AM
The Presidio has generated enough cash to cover expenses for several years now. Don't worry, none of your local tax dollars are spent maintaining this NATIONAL park.
Posted by: anon at May 24, 2010 10:19 AM
"city park that is no different from hundreds of other city parks around the country."
Alas, the Presidio is a National Park...and is indeed quite different from any other "city" park in the country...being not only the birthplace of San Francisco but also a military base for 3 different countries as well as an important location for the local Native Americans.
Its environmental, historical and cultural importance is significant and IMHO quite different from any other urban park in the country.
But I am biased, I lived there for 6yrs.
Posted by: CSK at May 24, 2010 10:32 AM
"a city park that is no different from hundreds of other city parks around the country."
The words of...oh screw it. "If you can't say anything nice..."
One question about this building, is the Federal Government going to be the landlords here, the way they are with the clapboard townhouses elsewhere in the P that have long been released to plebes for rental?
Posted by: EH at May 24, 2010 10:56 AM
Interesting pricing. These rents are significantly higher than what they achieve elsewhere in the park. The little white houses at Pilot's Row at the foot of the bridge, which are 3-4 beds and beautifully restored, only go for $4,250 *before* the 20% construction discount, including a garage and street parking permits.
In general, $4,250 these days will get you a perfect-condition 2-bed 1800sf apartment in Pac Heights/Russian Hill. There are about a dozen to choose from on Craig's List right now. I suspect these prices need to come down at least 15%.
Posted by: Scooter at May 24, 2010 11:22 AM
No affordable housing in the mix?
Posted by: kathleen at May 24, 2010 11:24 AM
Presidio Landmark? Blah. Call it Fish (PHSH).
"Hey, you live up in the fish? Is it nice?"
"All those fishers are causing a traffic jam in the afternoon."
Get on it, people.
Posted by: alexei at May 24, 2010 3:03 PM
Any new news on whether the Presidio Landmark is getting the rents they're asking for? I did look at them and they have nice finishes but they're pretty small and, as someone said, no rent control, and you have to pay water and garbage (and they can't tell you how much that runs a month), which is very rare in the City. I'm not sure what the benefit of living there would be. Although they do have huge storage rooms and you have your own washer and dryer in the unit.
Posted by: Alex at September 20, 2010 3:54 PM
sure thing tippy. except my rentals are never vacant and they pay out over 10%. and everytime i upgrade a unit i am paid back handsomely. but its all good. just keep paying that rent. i'm laughing all the way to the bank!
Posted by: anonee at September 21, 2010 8:59 AM
Anonee (aka Ester) that is excellent news. I'm similarly situated. My stocks never go down. And they all pay 10% dividends on top of that. And my CD rates always climb. And my condo is the only one in SF that has continued to increase in value. We sure are two smart and lucky fellows, unlike the rest of these chumps. I'll join you on the way to the bank and have a laugh with you.
Posted by: A.T. at September 21, 2010 9:07 AM
"except my rentals are never vacant and they pay out over 10%."
Never is a long time but I'd easily believe 10% if he bought back in 1996. I still get dewy eyed every time I remember how much my landlord paid for the building I live in back in 1996. $400K for a three unit building that's probably pulling in around $7K/month. [Sob! Fetal position!]
P.S. Not enough name dropping and sucking up to perceived high status individuals to be ester
Posted by: diemos at September 21, 2010 9:17 AM
I've toured these units and although the finishes and amenities are very nice, I'm not sure if the asking prices will hold up. The courtyards and landscaping are very nice, with an outdoor fire pit in on courtyard and an outdoor jacuzzi in the other. I didn't get a chance to tour the townhouses, but I noticed they're quite close to Park Presidio Drive, and I had to wonder about the noise. The sales gal who walked me around told me there was one tenant so far. Only floors 3 & 4 are available for rent at the moment, according to her.
Posted by: Fishchum at September 21, 2010 10:16 AM
Prices are completely ridiculous!! I pray that they don't get any bites with prices at those levels. They need to come way down.
You can get a much bigger 2-3 bedroom in the Richmond District for less than the price of a dinky 1-bedroom at that place. Shame on the people who will pay those unbelievable, asinine prices. And shame on the builders for charging so damn much. The greed is unbelievable...
Posted by: dave at January 11, 2011 12:13 PM