SF: Bipolar Offerings from San Francisco Buildings
Perhaps best depicting the up/down good/bad debate that “defines” (using the term loosely) SF’s real estate market are recent listings from our many towering buildings. Some of these listings are exhorbitant. Others, by this city’s standards, are downright economical. More proof, then, that San Francisco properties are selling wonderfully/miserably. Take your pick.
1083 Clay St., #201 is a 915 square foot 1/1 condo selling for $589,000. The unit does include parking, but the complex itself offers no pool, no spa, nothing that might entice you to accept without pause the $577 HOA. At $644 per square foot, this listing (no contingent) reflects the happier version of the market.
On the other end of the spectrum, 201 Harrison St. offers several studios, all but one under $400K. The largest of these studios, #924, which has been on the market just 14 days, is also the cheapest: 432 square feet for $375,000. The owner may have taken a pointer from sellers at #324, a studio of 410 square feet, asking $435, 000; this listing has been on the market 66 days. Both of these properties seem to point to what Socketsite commenter “Trip” explains as follows:
[Before] you just needed to throw something on the MLS and wait for “multiple offers, bidding war, over-asking, Google millionaires . . .” We now have a 180-degree turn — a pricing war among sellers to drop the listing price and undercut each other in the hope that SOMEONE will buy my place instead of yours. It’s a pretty monumental shift in a very short time.
Down the street at 950 Harrison, things look even worse. #202, a spacious 1/1.5 loft, sold in 2006 for $700K. It’s now listed as a “Great Short Sale Opportunity,” asking only $575K. Still, it’s been on the market 54 days.
Don’t get comfortable in the depressed zone just yet: 765 Market St., Apt GPHA, is a 4/5.5 penthouse condo located in the Four Seasons Hotel. At $8,975,000 for 4,336 square feet, this property is selling for a staggering (to me) $2,000+ per square. And as long as there are buyers who can afford such a price, the bubble in SF can’t be 100% burst.
