October 8, 2010

One Ecker Take Two (Or Three)

One Ecker Lobby

As we wrote in July:

One Ecker Place has officially changed hands. And as a plugged-in tipster noted earlier this week, the sales office is positioning for a September grand (re)opening.
Asking $450,000 to $1,400,000 for the 475 to 1270 square foot units in 2008, the 51 condos are expected to be priced "in the $650 a-square-foot range, with the largest two-bedroom corner units priced about $800,000" in 2010 (i.e., reductions of around 40 percent).
The new owner paid $14 million for the building and is planning on spending another $5 million to finish construction and market the property. The previous owner had purchased the building for $13 million and invested the proceeds of a $15 million note converting the building to residential before losing the building to the bank.

Make that next week for the opening (or this weekend for the plugged-in people who are already on the interest list). And the junior ones with alcoves (which fit a queen sized bed) will start at $299,000; the one-bedrooms will start at $439,000; and the two-bedrooms will start at $599,000.

Our pick of the building is number 403, a top-floor corner two-bedroom with the view below, it's expected to be priced in "the upper $800’s" where prices top out.

One Ecker Window

For those who have previously toured the building (or been in escrow), the interior of the units will look the same. The lobby, hallways and other common areas, however, have been redone with a bit more designer flair. Still no doorman or parking if either are musts.

Full Disclosure: The sales team which was selected to represent One Ecker advertises on SocketSite but provided no compensation for this post.

As One Ecker Turns (Back On): September Grand Re-Opening Planned [SocketSite]
A Heller Manus Renovation Of 1 Ecker Place [SocketSite]
One (1) Ecker Place Update: Sales Office Open (And A Few Details) [SocketSite]
The SocketSite Scoop On One (1) Ecker Place: Going Condo Rental [SocketSite]
The Scoop On One (1) Ecker Place Redux: Going Condo Rental Condo [SocketSite]
As One Ecker Turns (Our Fourth Update): Selling In Receivership [SocketSite]
As One Ecker Turns (Over): Lender Forecloses As Nobody Bids [SocketSite]

First Published: October 8, 2010 3:45 PM

Comments from "Plugged In" Readers

Might just move with the revised pricing - even in this market. Staffing the front door would really amp up the HOAs with only 51 units, but without someone there the owners are going to need to take other actions to keep the folks that previously called the Transbay Terminal home from napping on that nice lobby furniture . . . .

Posted by: GoodBuyBadTimes at October 9, 2010 6:20 AM

^ yup:

$15/hr * 24*7*365 / 50 units = $18000 per unit per year for the minimal full-time staff.

Be cheaper replacing the couch every week . . .

Posted by: Troy at October 10, 2010 3:16 AM

^ nevermind obvious lack of coffee. $2620 per unit per year.

Posted by: Troy at October 10, 2010 3:18 AM

looks awesome to me.
can't wait to see more pics!
cool lobby
great brick arch.

Posted by: ex SF-er at October 10, 2010 5:26 AM

People have complained before about how this building is right in the thick of things and so exposed. This is what some buyers want for convenience and views, and it also makes the vicinity uncomfortable for homeless travelers. The Transbay mess happened in part because that building was tucked away without much in use immediately adjacent. Here people are stuck in full view without especially easy exits in case of trouble. Staffing buildings is a huge expense, and the kind of buyers that want that level of service aren't going to be considering these units in the first place.

Posted by: Mole Man at October 11, 2010 8:13 AM

Cool location. Real urban living. Still a bit pricey per sf but closer to a decent buy-vs-rent comp than before. No parking will be an issue to many.

Posted by: lol at October 11, 2010 8:40 AM

Someone needs to check their math! Formula is wrong.

Posted by: John at October 11, 2010 12:59 PM

OK, saw the correction.

Posted by: John at October 11, 2010 1:00 PM

Talk about homeless on doorstep live at belcher and 14th....anyway, life in the the heart of the city, cool space unique different, hope from all the stucco boxes that normally get built......
Transit first, leave car hidden for weekend...

Posted by: Jimmy at October 11, 2010 9:26 PM

Great looking units but very little natural light and no view (except for the top floor ones facing the Market Street direction) but those units are facing a busy garage with a very loud "car is coming" signal. The units facing the ally and the ones facing the Mission Street directions have no view and very little natural light,they just look straight into other office buildings, the same for the units that is facing the small courtyard of the building. The building is rather cramped in between tall office buildings. The units could work better for some kind of work/live space?

The area is so cold and dead in the weekends and in the evenings and with a large amount of homeless people on the Market street, First street and Mission street.

Great looking lofts, cool building but in the wrong location.

Posted by: Mike at October 12, 2010 7:50 AM

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