February 13, 2012

The Year Of The Black Water Dragon Brings 255 Berry #708 Back

255 Berry #708: Kitchen

Back in 2008, it was the wood paneled ceiling and wide plank floors within 255 Berry #708 that first caught our attention, and the multiple balconies, southwest exposure, and completely overhauled kitchen (and baths) that kept it.

On the market for $2,495,000 at the time, the 2,293 square foot designer remodeled two-bedroom penthouse ended up closing escrow for $2,350,000 a month later.

It’s now the year of the Black Water Dragon and 255 Berry #708 has returned to the market listed for a rather auspicious $2,688,800. Gong Xi Fa Cai?

A Designer Remodel Of A Relatively New Penthouse: 255 Berry #708 [SocketSite]

First Published: February 13, 2012 8:00 AM

Comments from "Plugged In" Readers

Really, 2.7 million for a place in 255 Berry? The unit itself looks great, but it seems to me that quality of the common areas doesn't really support that price.

It's also overlooking a 20 year construction zone that will turn into a view overlooking a state of the art low income housing building. Not that there's anything wrong with low income housing, just that it tends not to be known for its architectural achievements.

Wishful thinking for a place where price levels should have decreased since 2008?

Posted by: Robert at February 13, 2012 9:15 AM

Delusional. Over priced by a million.

Posted by: lolcat_94123 at February 13, 2012 10:35 AM

Well, that's the thing. The current holder thinks that they caught this place at market bottom, paying 5.8% under asking in 2008 at the height of the bust, and now they think things have turned around and want to turn a profit.

Posted by: Brahma (incensed renter) at February 13, 2012 10:42 AM

Yeah...probably not worth more than $1.8 - $2MM today, IMO. There are a lot of options in this town for $2.7MM, and most are in better areas.

That said, no one is perpetuating the Facebook IPO hype here yet. Don't forget that SF will soon be awash with gazillions of gazillionaires, and they need pied-a-tieres for when they come into the city to, say, wait 30 minutes for a grilled cheese sandwich in South Park. Or go bowling.

Posted by: Legacy Dude at February 13, 2012 12:38 PM

"Not that there's anything wrong with low income housing, just that it tends not to be known for its architectural achievements." Not so. Funny thing is that the affordable housing projects are often of better architectural design than the market rate projects. The affordable housing developers tend to be very sophisticated clients, often architects themselves, who will own the buildings forever, not flip them in 90 days. They tend to build quality. The tenants are grateful for a roof over their heads, and don't caterwaul over modern design like the middle classes do. Oh the horror of it!

Posted by: Jim at February 13, 2012 6:23 PM

You could test-drive for $7000/mo:
http://sfbay.craigslist.org/sfc/apa/2842228795.html

Posted by: commie at February 14, 2012 3:08 AM

Most places that have no hope of selling at a ridiculous wishing price are simultaneously listed for rent. I think they only list on the MLS in case some rich idiot falls in love with the place and makes the bubble buyer whole. The "it only takes one" theory. Unfortunately that theory tends to work more in Pac Heights and Noe rather than down here at the fringes. Enchanting canal view notwithstanding.

Posted by: Legacy Dude at February 14, 2012 8:43 AM

The listing for 255 Berry #708 has been withdrawn from the MLS without a reported sale. As a reader notes above, perhaps in order to be taken out for a "test drive" for significantly less than the monthly cost of buying.

Posted by: SocketSite at March 19, 2012 9:13 AM

Still trying to find a renter @ $7000. If someone took it for a test drive, it was a short lease and they didn't stay.

Posted by: tipster at July 11, 2012 3:01 PM

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