March 15, 2011
Atop 455 Vallejo For Under A Million! (Plus Two For Parking And Views)
Our penthouse parade continues with the 3,100 square foot condo atop 455 Vallejo now listed for $2,850,000. While the day old listing notes "First time on the market!" we’ll note it was also listed for $2,995,000 last year (and as still noted on its brochure).
And yes, there's seven car parking below. Oh, and speaking of said parking, and by way of that aforementioned brochure, they're touting some rather unique Realtor math:
…the 7 car parking alone is worth a million dollars – the breathtaking views are worth another million dollars – which leaves this spacious penthouse at under a million dollars.
UPDATE: You can now click the floor plan above to enlarge.
∙ Listing: 455 Vallejo Penthouse (2/3.5) 3,100 sqft - $2,850,000 [monicaslist.com] [MLS]
First Published: March 15, 2011 10:30 AM
Comments from "Plugged In" Readers
Wow is this ever nice. The answer to everyone's first question is $2577. And that's the end of my interest.
Posted by: tipster at March 15, 2011 10:56 AM
That $1M + $1M + $800K math is pretty hilarious though seven car parking is indeed quite valuable in this 'hood. You could probably sublet those spots out to cover most of the HOA.
Nice place. It should find a buyer without too much time or trouble but why didn't it sell last year ?
Posted by: The Milkshake of Despair at March 15, 2011 11:15 AM
Looking at the building on Bing Maps, I can't help noticing that it is right at the edge of a cliff. If memory serves, wasn't this area the location of a big rock/mud slide a year or two ago?
Posted by: Drew at March 15, 2011 11:25 AM
Let's hope thos geological surveys are done from 2007, and let's hope the building doesn't slide down the cliff in the next big storm. Does anyone remember 2007, when the owners of 12 units in this building were not allowed into their condos for 2 months while the city, and HOA determined if it was 'safe to enter' or not...?
Posted by: Ryan at March 15, 2011 11:27 AM
Horrible floorplan. You have to go through the master bedroom to reach the multimedia room. That just does not work.
Posted by: Marten at March 15, 2011 11:32 AM
It looks like you can actually close off the master, and go through the den. I thought that too at first till I looked a little closer...
Posted by: Ryan at March 15, 2011 11:34 AM
It's really an unusual floor plan. Very interesting. Lots of ways to get from point A to point B. Good for keeping staff hidden away (except for the open kitchen). Good for sneaking in and getting to your room without bothering the rest of the household. Great for kids playing hide-and-seek.
Posted by: BobN at March 15, 2011 11:41 AM
UPDATE: You can now click the floor plan above to enlarge.
Posted by: SocketSite at March 15, 2011 11:50 AM
It has a bar? And those light bulbs over the vanity? Really?
Posted by: JM at March 15, 2011 12:17 PM
I think the floor plan is actually really cool, and while the whole place might actually be worth the money it's asking, the whole "realtor speak" with the breakdown of the 3 million is a total turn-off.
(Not that it matters, I guess, as I am hardly the target audience, but still. . .)
Posted by: Austin at March 15, 2011 12:53 PM
What level do you have to reach in the Scientology hierarchy to understand the meaning of the fireplace?
[Editor’s Note: Think Transamerica building out the window to the left.]
Posted by: redseca2 at March 15, 2011 2:23 PM
This place is pretty awesome. It could use some updating (although it looks perfectly livable) and the HOA dues are nuts, but it would be tough to beat those views.
Posted by: lyqwyd at March 15, 2011 2:33 PM
Posted by: Kurt Brown at March 15, 2011 2:54 PM
i am surprised the realtor did not monetize the electric baseboard heating design feature like the parking and the view.
Posted by: snider at March 15, 2011 2:57 PM
"Livable"??? For $3M I think I want more than livable. I can get livable for under $500k. Floorplan is awful. This is basically a one-bedroom plus maid's quarters. (ie - you have to pass thru the laundry room or dining room to access bedroom #2.) Complete remodel necessary for a buyer at this pricepoint. Realtor should have just said "$2,850,000 VIEW" and left it at that.
Posted by: jason at March 15, 2011 3:16 PM
I say "livable" because the stuff that I think needs work is mainly taste specific (layout & finish). From my perspective it would required $100s of thousands to get it where I would want it to be, but others would probably be perfectly happy, and in fact I would possibly be perfectly happy there, even without a remodel. This place clearly isn't for a family with kids, but a single or empty nester that has family/friends visit often would probably prefer the great separation between bedrooms.
Regarding price, it's so far out of my range that I really have no idea what would be comparable alternatives, but it seems far preferable to the 4 Clarence loft that was featured on SS last week.
Posted by: lyqwyd at March 15, 2011 3:31 PM
I'm going to go against the grain a bit. For whatever reason this place just strikes my fancy! I can't say why, it just does.
It is completely impractical. It is clearly for those Austin Powers wannabees... but I think this place is groovy.
I love love love the sunroom.
does it need a reno? yeah a lot.
but it just screams unique.
I wouldn't be surprised if some nefarious plots are hatched, or foiled, from that fireplace...
all it needs is a superhero with $3M of spare change lying around...
Posted by: ex SF-er at March 15, 2011 3:58 PM
All it needs? Ground that will not slide out from underneath it. Other than that, heck of a deal.
Posted by: Not Bashing at March 15, 2011 9:53 PM
Realtors must hate the internet. Too much actual information for the consumer. Was much better for them when they could control the mis-information.
Posted by: nanon at March 16, 2011 9:02 AM
I'm dying to know the formula the realtor used to valuate the parking and view at $1,000,000 each.
What's the most a single parking spot could fetch? $30K? So, seven of them would be just shy of a quarter of a million dollars.
Posted by: Fishchum at March 16, 2011 11:42 AM
I would have tried to value the view at 2.850.
Because when the thing slides down the hill, that's all you're going to have.
Posted by: tipster at March 16, 2011 11:46 AM
A parking space in TH is worth $250-$350/month. Fair purchase value would be 70-100K. I'd say 500K for the 7.
Posted by: lol at March 16, 2011 12:09 PM
lol - OK, I'll go with that. But your figure is still well short of the "million dollar" value put out there by the realtor.
Posted by: Fishchum at March 16, 2011 12:16 PM
Yeah, a Cool Million is a stretch I think. Even my guesstimate is pretty high and greatly depends on what the HOA says (and asks). What use are these spaces if you only have 3 cars and the HOA doesn't allow you to rent out to outsiders for security purposes? Just guessing there.
1M for parking: If the spaces are 8 X 20, this would set the $/sf at $1000/sf for parking. No plumbing, no gas, no view. Yikes ;)
In the old bubbly days, anything that would wow from your friends or business partners would be worth a fortune. Now people look at the reality of the market and make their decisions with their heads cooled off.
Posted by: lol at March 16, 2011 12:44 PM
Well, assuming $350/mo for a space X 7 = $2450/mo.
Places with that fair rental value have sold for not a whole lot less than $1mm, so this was an exaggeration but not a comical one (on that basis, which is becoming less and less valid as prices decline).
Posted by: A.T. at March 16, 2011 1:16 PM
Right A.T., but that $2450 figure represents space you can actually live in instead of just being able to park your car.
Posted by: Fishchum at March 16, 2011 1:35 PM
Actually, parking spaces do not cost anything apart from HOA dues and taxes. No need to change the carpets, appliances, paint them, maintain the plumbing and electrical, etc, etc...
I would say because of that you'd expect parking to be worth a bit more than living spaces for rental income.
For 2450/m in rent, housing-wise, I wouldn't pay more than 400K. But for parking, 500K seems OK.
Posted by: lol at March 16, 2011 1:50 PM
Can someone explain the apparent three entry doors in addition to the elevator? I'm thinking they aren't actually entryways, but I dunno, maybe there's a trash chute in the hall or something.
Posted by: EH at March 16, 2011 3:22 PM
I saw this and made up a back-story: it was the developer's unit that he triplexed (hence the triple a one bedroom HOA fees apx) when the second wife divorced his ass, with the car collection that he spent more time with than her, and kept the house in Woodside.
It is a total man cave. An architect should be in on the viewings if the clients have an average imagination.
Posted by: GetOffTheIvy at March 16, 2011 8:41 PM
I am a little late to this thread...it's an awesome place...you could take your time updating as it is entirely livable. As to the rock/mud slide of 2007, it is my understanding it not related to the building's property, but the properties adjacent. This building is bolted to the rock and is not going anywhere. I am a neighbor and I can tell you no one I talked to in this building was at all worried after the "slide", they all knew the building was safe, but I can understand why those who are not intimately familiar may be a bit wary! Anyway, it's a great 'hood and this bldg is on a dead end street, which is a nice plus.
Posted by: Billie at May 3, 2011 7:26 AM
The sale of the penthouse atop 455 Vallejo closed escrow today with a reported contract price of $2,435,000.
Posted by: SocketSite at May 23, 2011 10:05 AM
Is there a diving board? That would be worth at least 250k in Realtor Math.
Posted by: 4oceans at May 23, 2011 10:20 AM
realtors when representing sellers are selling. ever hear someone say this makes you "look like a million bucks". anyone with half a brain gets what they are trying to say.... oh, but the SS'ers who take every opportunity to bash agents.
parking spots, by the way, would likely sell for $100k each in this neighborhood. but since SS'ers think there must be an exact rental to purchase price ratio you are of course right.
i saw this place - hella cool. way out of date - so whoever bought it will be gutting it.
Posted by: hangemhi at May 23, 2011 2:04 PM