Forget “starting at $669,000” as originally advertised, three of the new two-bedroom condos at 1158 Sutter have hit the MLS and they’re listed from $559,000.
Granted, the footprints aren’t huge (ranging from 807 to 1,100 square feet), but we’re not intimidated by small spaces (in fact we’re kind of partial to them). And we’ll reserve judgment until we’ve taken a tour (or get a full report from a trusted plugged-in tipster).
As best we can tell all of the photos are from upper floor units rather than the three that are actually listed, and at this point the website doesn’t provide floor plans or additional photography. But the site does provide basic stats and promises pricing; notes monthly HOA dues will range from $460 to $517; and once again highlights “deeded-secured-parking.”
∙ Listing: 1158 Sutter #3 (2/2) 1000 sqft – $649,000 [MLS]
∙ Listing: 1158 Sutter #4 (2/2) 815 sqft – $559,000 [MLS]
∙ Listing: 1158 Sutter #5 (2/1.5) 962 sqft – $595,000 [MLS]
∙ Coming Soon: Fifteen New Condos At 1158 Sutter Street [SocketSite]
That’s a 15% decline that the other new construction condos will all have to compete against.
As stated above, the website for this development does not at this point include floorplans. Unfortunately, the website does include a photo of the interior of one of the units and the most prominent sight in the unit is the ugly, exposed concrete. Tacky and cheap looking.
so what’s the verdict? is the new price reduction enough?
Not enough. Looks like my old dormroom. Maybe if the $500 monthly HOA included unlimited PBR…
The starting HOA fees look high to me, given the fact that they actually can increase 20% a year without a vote. If they include insurance, though, that would be a rationale for the high fee.
Raw stylings like exposed concrete do appeal to some. The radiant floor heat feature should serve to differentiate this unit from similar stuff on the market. Sushi of quality is just steps away. The price still seems high, especially the $6k a year HOA which often rises for a time with new construction.
It probably beats whatever was there previously. It’s not a terrible area. It’s not a stroller valley area. I live a few blocks away on California and would seriously consider these places if the HOA does were less. As Mole Man pointed out, HOA dues on new constructions tend to go up and starting around $460 seems high considering that it doesn’t get you much. $200-250 would seem more reasonable.
i just got back from the open house. the units on the second floor are horrible. the ceilings are way too low. i’m shorter/average height and i could easily touch the concrete beams. however, the third and fourth floor units have really high ceilings which i liked a lot. the middle units (courtyard facing) are kinda annoying in that you basically stare straight into your neighbors’ bedrooms (and vice versa) so some sort of window covering is probably in order.
why are the HOAs so high? the building has an elevator and a kinda useless fountain in the courtyard.
the roof seems partially finished with the area above unit 14 (north side) having planks laid out. but other than the wood, there’s nothing else on the roof. not sure if they plan on putting a grill or chairs/table up there.
My husband & I went to the open house today and looked at the second floor, courtyard-facing units #4 & 5. There were tons of people walking through.
After having seen quite a few new box developments (The Potrero, etc.), we thought the exposed concrete to add interesting visual detail. The units are quiet, have full hardwood floors, and are small but well laid-out and the radiant heat is sure to be cost-effective and cozy. If you crave sunlight choose one of the street-facing units as the interior ones don’t get much light.
The ceilings are a bit low but at this more affordable price point that’s a small quibble. The kitchen cabinetry and other details throughout the condos were very nice. The HOAs include radiant heat, deeded parking below the building, janitorial costs of common areas (including the roof deck), water, garbage, and fire/hazard insurance, which is required by banks.
It’s an active neighborhood with lots of personality, street action, and great restaurants nearby. There is a massage parlor two doors down too.
The pricing seems aggressive and priced to move quickly so let’s see what happens in this sluggish market.