October 26, 2010
A Sale (And Subsequent Reduction) At 1355 Pacific Avenue
As the sale of 1355 Pacific Avenue #401 closed escrow yesterday with a reported contract price of $799,000 (11 percent under original asking of $899,000 for the 813 square foot two-bedroom), the list price for the 842 square foot two-bedroom a floor below (1355 Pacific #301) was reduced from $849,000 to $799,000 (originally asking $899,000 as well).
At least five other condos in the twenty-three unit building are still looking for buyers.
∙ Listing: 1355 Pacific Avenue #301 (2/2) 842 sqft - $799,000 [MLS]
∙ 1355 Pacific: Inside (And Priced From
$799,000 $749,000) [SocketSite]
∙ 1355 Pacific: Two Top Floor Two-Bedrooms Listed At Eleven A Square [SocketSite]
First Published: October 26, 2010 1:30 PM
Comments from "Plugged In" Readers
Funny, I remember being lambasted on this site (and others) for saying that these prices were too high for this section of Chinatown Lite...aka Mongolia.
Looks like I was right....and that these asking prices are still too high. $950 per sq/ft? LOL. Yeah right. Try $675 tops. I don't care what "high end" appliances are in there. That section of that neighborhood aint that great and can't command Huntington Square prices. Hell, not even the top of Nob Hill is going for $950 sq/ft in 1 nor 2BR's.
Posted by: scurvy at October 26, 2010 2:15 PM
Wow, I couldn't agree more with scurvy. It's not the best neighborhood by any stretch. You can't even get $950 per/sq ft. in much of District 7, let alone a "meh" part of Nob Hill.
Plus, 813 and 842 sq. ft. are tiny for 2 bedroom condos. I can't believe anyone paid $799k for #401.
Posted by: Gigi at October 26, 2010 3:14 PM
Building looks like it comes with 7 year olds as chimney sweeps.
Posted by: EH at October 26, 2010 5:31 PM
But Huntington Square prices come with HOAs that are $1000/month. The HOAs are on the low side here. And, we are talking about a brand-new unit that is in perfect move-in condition. The prices might have been on the high side before, but I don't think there are any other 2 bedrooms with views that are in perfect move-in condition, with parking, and a finished roofdeck for under $800k.
Posted by: RT at October 27, 2010 10:16 AM
The units are nice - but VERY VERY small. Not very practical for anyone living there full time. The price per sq/ft is still too high. These two units had a bit of a view. Unfortunately what these buyers don't realize is the rest of units are going to sell for a much lower price per sq foot...which will hurt their comps when they try to sell. It's not like they haven't given thought to the order they are selling these things.
Posted by: flaneur at October 27, 2010 1:52 PM
Wow they are brand new! That is worth at least an extra $250/sf which is one two 100Ks.
Or you could get a professional cleaner and/or a painter to refresh an older place and maybe pergraniteel-ize the place for a few Ks if it's what makes you happy.
The new condo smell goes away the first day you cook Sauerkraut.
Posted by: lol at October 27, 2010 2:19 PM
Sounds like you have never had to redo an older place. Older units never just need a painting and "refreshing," they usually need floors redone, windows replaced, entire kitchens redone, and possibly major wiring and plumbing repaired. And, you can't finance this work, it has to be done in stages, and you have to float it for the months it takes to complete. But, ya, if you have a lot of extra cash, time, and like dealing with contractors go for it.
And, you have the issue with units greater than 20 years old (which is most of San Francisco) are subject to rent control. New units are not.
Posted by: RT at October 28, 2010 9:22 AM
Agree with RT that taking care of older places can bring lots of money-pit issues. Our simple kitchen remodel brought a lot of surprises and about doubled the price.
On the rent control issue -- note that condos are not under the rent control ordinance no matter how old they are.
Posted by: A.T. at October 28, 2010 10:24 AM
Remodel an old place or not, these prices are too high. This building, no matter how nice of a job they did, is not worth $1000/sq ft. It's that simple.
RT, you overpaid (or you're the builder and are asking too much).
Posted by: scurvy at October 30, 2010 9:09 AM