Overpriced… and Overpriced.
Why is this overpriced? Because the seller, a mortgage broker apparently, paid just under $1M for it less than 2 years ago (at the peak of the local market, mind you) and would like a $400k return on his investment now. Claimed to have been remodeled extensively — turning the 2nd bedroom into a large walk-in closet with very nice dressers and closets — it is virtually a 1 bedroom bachelor pad now. The 788 sq ft patio is quite nice, although loses sun around 4:30pm at this time of year. And don’t forget the next behemoth 40-story high-rise set to go up directly across the narrow street of Lansing. That construction noise about 15 yards away should be fun for awhile. Having been on the market over 2 months with a petty $4000 price reduction so it shows up in reduced-price searches, this property is priced over $1000/sq ft, which is the magic number for some of supposed “higher end” units at Infinity and One Rincon nearby. This property will definitely require the right buyer, but I guess they all do don’t they.
At almost $1400/sq ft, I just don’t get this one. And there are several in this complex at or near these multiples. I realize it is Cow Hollow and all that, and data shows that price per sq ft does actually increase once you get up to a fairly high threshold of the higher end of property prices. But this is only 1500 sq ft and it is on the corner of busy Van Ness Ave on Greenwich. The photos are decent but nothing stands out as spectacular by any means for that price. I don’t typically follow Pac Heights or Cow Hollow, but I would be very surprised if these all sold for asking relatively quickly.
