The top floor “penthouse” unit atop the three-unit development at 56 Ringold Street was purchased for $975,000, or roughly $1,300 per square foot, back in March of 2015, having been listed for $895,000 and touting an “excellent SoMa location in close proximity to uber techie Mid-Market, and across street from [the] soon to come 350-8th Street [development] with new restaurants, cafes and retail options!”

Featuring “designer finishes & high-end appliances,” and an open floor plan that extends to a private deck with space for a lounge, full-sized dining table and a newly added outdoor kitchen to boot, the one-bedroom unit #3 returned to the market this past June priced at $995,000 or 2.1 percent more than two years ago.

But as a plugged-in tipster (who was “thinking of buying this back in 2015 [but it was] a pretty frenzied rush [so we] decided to pass”) notes, the asking price for 56 Ringold Street #3 (which includes a parking space and dedicated storage in the garage) was reduced to $899,000 at the end of last month, a sale at which would now represent depreciation of 7.8 percent since early 2015 (not accounting for the value of the aforementioned outdoor kitchen addition nor the completion of 350 8th Street).

And for those running the numbers at home, the monthly HOA dues for unit #3 are listed at $285 per month.

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Comments from “Plugged-In” Readers

  1. Posted by Dave

    These anecdotes over-emphasize the price situation in SF. It has plateaued to be sure, but it’s a mix. Some condos are up, some down. The takeaway, IMO, is and has been since 2014 that SF not a good RE investment. I got out 3 years ago. That said, if one owns their home it is not an issue. Over the coming years SF will appreciate – not like before, but at the national home appreciation rate.

  2. Posted by Oaklandlover

    Well we all know the lovely street conditions around here. that and certain not so hot anymore social media companies in the area…

  3. Posted by folderpete

    The market really has nowhere to go (but down). That said, there continues to be beaucoup investment in SF, which can only portend good things to come. Sure, prices may halt the stupendous rise … but I don’t see much of a loss in value.

    That said, sh*t is overpriced!

  4. Posted by 101

    What they ask and what they get are two diffent things. I am sure this will sell for over a million.

  5. Posted by Ricker

    Looks to me like the construction of L Seven had a material impact on the light and views for this unit — so is not really an apples comparison to Mar-15.

    • Posted by SocketSite

      Keep in mind that the adjacent development had already broken ground at the time of 56 Ringold’s purchase and the development’s impact was actually positioned as future upside for the unit and priced in.

  6. Posted by Mark F.

    I like the unit. Anyone remember the notorious days of this street?

    • Posted by Sir

      Yes. Want to relive them?

    • Posted by stevenj

      Sure do but never went to the baths (or the bars except the Stud occasionally) until the last one was about to close at 21st/Bartlett. I was the new face and man, what a night! I was more of a nature boy and loved the beach in the Presidio below Ft Scott.

  7. Posted by that_dude

    $1300 a sq ft in 2015? That was the real mistake.. not that it’s “sub 2015”.

    I bought at $800 a sq ft in 2015.

    • Posted by SocketSite

      You bought a brand new 750-square-foot, top-floor unit with a large private deck, high-end finishes and parking, a couple blocks from Twitter, for $800 a square foot in 2015?

      • Posted by that_dude

        I own multiple places in West Soma, and the place near twitter specifically, is a unique building and it has a 24×24 sq foot deck, with high end finished. It is 1400 sq ft w/parking. It never got to 1300 sq ft. Ever. It hit 1000 a sq ft, and plateaud, then dipped…now back up (to around $1000 a sq ft).

        $1300 Sq ft in West Soma is not reality. Even “new construction” peaks around 1200 a sq ft.

        • Posted by SocketSite

          Keep in mind that the smaller the unit, the higher the price per square foot (at least in general and up until the premium for luxury units kicks in). In fact, the average sale price for Western SoMa condos under 750 square feet in size was over $1,150 in 2015, and that’s the average (which this unit is not) with very real sales of over $1,400 per square foot for the smallest of the small.

  8. Posted by Jon

    Don’t like the prospect of walking down Ringold alley on a regular basis at night. Google streetview depicts what I believe is a topless woman bathing on the 8th street side of the alley.

    Outdoor kitchen is great, though.

    • Posted by JChild

      I just can’t imagine an outdoor kitchen aging well. What happens to it when it rains?

      • Posted by SocketSite

        Typically, an outdoor kitchen (or whatever cover one places over it) gets wet when it rains. And when an outdoor kitchen is properly designed to weather the elements outdoors, it’s typically not a big deal.

    • Posted by Mark F.

      A topless woman could be a feature, not a bug, for some people.

  9. Posted by Panhandle Amigo

    In 30 years, when SoMa has more fully reached its mixed-use, foot-trafficked, well-lit destiny, these alleys have the potential to be great. A unit like this is a good buy and hold option if things dip a bit in the next 1-3 years.

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