October 27, 2010

A Two At Eight Twenty-Nine Folsom Closes For Close To Six

Having reduced prices by around 25 percent at the end of January (at which point two-bedrooms with parking were priced from $699,000), the sale of 829 Folsom #214 closed escrow a week ago with a reported contract price of $607,000 for the two-bedroom with parking which had indeed been listed for $699,000.

Full Disclosure: The new sales and marketing company for 829 Folsom advertises on SocketSite but had no prior knowledge of this post.

829 Folsom Cuts Prices And Pushes For April Closings [SocketSite]

First Published: October 27, 2010 9:00 AM

Comments from "Plugged In" Readers

Although I'm not a huge fan of this building, I have to admit that $607K for a 2-bedroom is a great price, especially with parking. Depending on their tax situation, the buyer is better off buying than renting, or at least at parity, assuming 15-20% down. And it only took a 25% price drop to get there! See how easy that was?

Are prices in Soma finally starting to approach reasonable levels, or is there some idiosyncratic nuance here? (i.e. place is 500 square feet, has only one window, structural column in the center of the bedroom, etc.)

Posted by: Legacy Dude at October 27, 2010 10:58 AM

OK, I usually hate it when people spout their opinions, but I must say that this is a particularly bad looking building (at least from Folsom street).

Perhaps this is partially due to the proximity to Yerba Buena Lofts, next door. The later never lived up to it's renderings, but is restrained and elegant in comparison to this.

Posted by: John at October 27, 2010 11:46 AM

BTW, my initial assumption upon seeing the facade of this building was that this might be low or moderate income housing.

Posted by: John at October 27, 2010 11:48 AM

Square footage isn't listed, but HOA Dues are $560.33

Posted by: lyqwyd at October 27, 2010 11:54 AM

i think the Yerba Buena Lofts facade is even uglier. ya, condos are primarily boxes, but that doesn't mean the exterior has to look like one too.

Posted by: yao at October 27, 2010 11:59 AM

Legacy Dude,

It's getting closer but I don't know if we're at rental parity yet. Assuming a 4.5% interest rate, and 10% down, and the HOA listed above, I get a monthly cost of ownership of $2,974. I think one may be able to find a comparable rental for less than that.

Of course, none of this takes into account the risk of this property decreasing in value over the next few years.

Posted by: SFHawkguy at October 27, 2010 2:12 PM

"You want bay windows? I'll GIVE YOU bay windows."

Posted by: Al at October 27, 2010 9:40 PM

#214 is a one bed room with dens. The so called 2nd bed room has no window can not be called a "bed room" legally. Not sure if $607K for one bedroom with a den is a good price especially it is on the 2nd floor right above the building parking garage entrance.

Posted by: Mike at October 27, 2010 10:07 PM

Thanks Mike. Figured there was a catch.

Posted by: Legacy Dude at October 28, 2010 2:00 PM

#214 is 971 sqft, and is a "Plan C":

http://www.829folsom.com/floor-plans/2-bedroom-plus/plan-c/

As you can see, the 2nd "bedroom" is just a windowless den with a sliding glass door.

Back in February, I questioned the legality of calling such a unit a 2BR (February 17, 2010 10:22 AM):

http://www.socketsite.com/archives/2010/02/829_folsom_cuts_prices_and_pushes_for_april_closings.html

Shortly after that post, a subsequent sales sheet dated March 7, 2010 listed the same unit (#214) as 1BR+2Dens. And then they went back to calling it a 2BR? Perhaps that's the only way they could sell it.

At least #214 faces Shipley. Which is definitely more desirable on the lower floors (the higher floors on the Folsom side have better city views, and the ones facing the courtyard are just depressing).

I do like the location, at least for SOMA.

Posted by: joh at October 28, 2010 11:19 PM

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