November 15, 2013

Nine Months Later And One (SOMA) Grand More


The 1,146 square foot southeast corner condo on the 18th floor of the 22-story SOMA Grand was first purchased for $1,160,000 in 2008. Nine months ago the condo resold for $1,198,000 and then three months ago the two-bedroom hit the market listed for $1,289,000.

Reduced to $1,269,000 last month, the list price for 1160 Mission Street #1806 was just reduced again, this time to $1,199,000 which is $1,000 more than its purchase price of nine months ago or 3 percent more than in 2008.

Do keep in mind that the SOMA Grand's homeowners association has filed suit against the building’s developer, builder, and architects as we first reported six months ago, which is why the "pending litigation" box is checked on the listing.

First Published: November 15, 2013 8:30 AM

Comments from "Plugged In" Readers

I'm just not sure how this pencils out:

$6,000 mortgage payment
$700 HOA
$1,200 property taxes

And you're looking at close to $8,000 / month to live in a 2 bedroom apartment? Seems like you'd be better off renting even in this crazy rental market

Posted by: Greg at November 15, 2013 12:09 PM

It's the times we live in if you plan to buy in SF. Though the mortgage payment calculation seems a bit high at todays rates, I don't know what you'll want to say about premium 1 bedrooms in other buildings such as the millennium and such.

There are other 2 bedrooms out there if you are cost conscious when purchasing.

Posted by: AJ at November 15, 2013 5:41 PM

And yes, this must have been a special case. Seems like the original price for the unit was to at least break even when selling. Unfortunately circumstances come first and i feel bad that this happened for whomever is selling!

Posted by: A J at November 15, 2013 5:44 PM

I remember when this was the inexpensive condo:

I imagine this commands a premium for the view, but still. Can you get a 3/2 for under $1M in that building anymore?

Posted by: NoeValleyJim at November 15, 2013 8:00 PM

Yeah, $6K is way too high, with 20% down you should be able to get 4.25-4.5, possibly lower, for a 30 year fixed jumbo, which would run you about $4,700 - $4,9000 You could always go with an ARM and save another $700 plus per month, still quite a lot of money per month of course....

Posted by: lyqwyd at November 15, 2013 8:37 PM

Most units are 2/2. There are only a handful 3/2 which are pretty unique. The 06 stack which this unit sits on all are 2/2 and command one of the highest premiums in the building for the unobstructed and protected views. 7th floor on this stack now is pending sale after a very short trip to the market for about 1M

Posted by: A J at November 15, 2013 10:43 PM

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