November 25, 2013

Catching Fire On Mission Street At $2,550 Per Square Foot

301%20Mission%20%2348B%20Living%20Room.jpg

As we noted when the 1,664 square foot condo on the 48th floor of San Francisco’s Millennium Tower hit the market in February asking $4,500,000, the Millennium Tower wasn't built with any fireplaces in place, but that didn’t stop the buyer of 301 Mission Street #48B from adding one.

Purchased as new for $2,400,000 in February of 2010, the Grand Residence was more or less gutted and rebuilt over the course of a year. And in addition to the new alcohol burning fireplace, the second bedroom was reconfigured as a library with an electronically controlled Murphy bed behind the Ebony cabinetry and the master bathroom was rebuilt in marble, limestone and glass:

301%20Mission%20%2348B%20Master%20Bath.jpg

This past Friday, the sale of 301 Mission Street #48B closed escrow on Friday with a reported contract price of $4,250,000 or just over $2,550 per listed square foot.

First Published: November 25, 2013 7:45 AM

Comments from "Plugged In" Readers

Yeah $4.25M for a 1600 sq. ft. apartment is totally worth it...but it has a fireplace OoooooOOoooo

Posted by: Strike at November 25, 2013 11:35 AM

I think the tile in the bathroom would give me a seizure...

Posted by: lyqwyd at November 25, 2013 12:47 PM

Love to know how many days of the year they will inhabit the place...I know it is really none of my business but it would be interesting to know from a sociological/urban georgraphy point of view because it so ties into the cultural shifts that are taking place in this City regarding real estate, neighborhood and the value of money.

Posted by: noe mom at November 25, 2013 1:46 PM

I know the common wisdom is that no one really lives in the Rincon Hill/SOMA highrises. I did a little study as part of some other professional work I was doing in the area. I pulled the Assessor's data, and looked at how many properties received their tax bill at the property address, vs. some address in New York or Hong Kong or a lawyer's or accountant's office in the SF Financial District. The answer: about 2/3 of the properties actually receive their tax bill at the property address. Not scientific, but a good indication of how many people actually live in the property. In other words, the "common wisdom" is extreme.

Posted by: Jim at November 25, 2013 4:25 PM

@Jim

Thanks for that, very interesting research!

I would add that many of other units are probably rented out to people who live in the unit, although it is much more difficult to determine how many absentee owners are renting, vs. using it as a vacation home...

Posted by: lyqwyd at November 25, 2013 5:44 PM

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