The Cove: Current Pricing

While we often note the first few resales in a new development as a measure of open market value, here’s a new twist: the first short sale (as far as we know).

SHORT SALE. Gorgeous 3BR/2BA 1 year new condo at Candlestick Point, a beautiful gated community. Inviting living room/dining area combo has interesting outlook to the ballpark and water. Good-sized bedrooms and two baths with ample closet space. Two decks for lounging and outdoor enjoyment. 2 parking spaces. One of the few units with 2nd parking space.

Our initial thoughts from afar (and original pricing for the development).

UPDATE: From a plugged-in reader: “There was another unit @ CP that was sold at public auction it was listed in the high threes and ended up selling in the high fours it was a 2 brm unit.”

∙ Listing: 401 Crescent Way #4109 (3/2) – $579,000 [MLS]

Comments from Plugged-In Readers

  1. Posted by ryanb

    Hah, I have often wondered what sort of [person] would buy one of these places. They are cookie-cutter ugly and COMPLETELY isolated from any existing community/commerce/jobs/etc. You couldn’t pay me to live there.

  2. Posted by Oceangoer

    Still looks like a prison.

  3. Posted by Jason

    Nearly 440g for 800 sq ft. What a waste of money.

  4. Posted by badlydrawnbear

    I will reserve judgement until fluj decrees if this is or is not actually in SF and therefore worthy of notice.

  5. Posted by CameronRex

    I love the ‘interesting’ outlook in the description. It sounds vaguely rude. You step out onto someone’s deck and say, “What an ‘interesting’ outlook you have. I don’t think I’ve ever seen anything quite like it.”
    I checked these out several years ago. They are not convenient to anything.

  6. Posted by condoshopper

    how do you guys feel about this location as compared to 1 Mandela Pkwy a little bit further south along the 101? I’ve been looking at 1 Mandela Pkwy.

  7. Wow, that was quick to a short sale. That area is pretty bad. Anyone else think that this one will go back to the bank and come back on the market at a even lower price?

  8. Posted by jimmythekid

    There was another unit @ CP that was sold at public auction it was listed in the high threes and ended up selling in the high fours it was a 2 brm unit.

  9. Posted by jk

    condoshopper, I’d pass on 1 Mandalay if I were you. The place is a terrible mess even compared to Candlestick Point. Recently, a 2 bedroom penthouse that was a shortsale went for only $500k and Mandalay. I can’t imagine paying anything more than that over in South San Francisco. Reseales are getting beaten alive and i wouldn’t be surprised to see more going the short sale route. If you must live at mandalay, wait a little and you should be able to get a 2 bedroom for under $450k soon.

  10. Posted by Homeless Guy

    Gated! so what, I still need to pass by the neighbourhood; the war zone. I don’t think they have guard tower and 24×7 guards armed with M-16.
    That area!? they pay me $500,000 to live there, I still need to think twice.
    Sorry, safety first.

  11. Posted by condoshopper

    JK,
    thanks for the insight. i was looking at the MLS listings for Mandela and they seemed to be asking close to 500K for a 1 bedroom (there are several of them available). I had no idea a 2 bedrm PH went for that price.

  12. Posted by jk

    condoshopper, are we looking at the same building? 1 Mandalay in South City? The building right on the mountain? Anyhow $500k for a 1 bedroom is way too high. Check out #1011. It’s a 2 bedroom and a shortsale. They are asking $550k but I’m sure you can offer $499k to the bank. good luck!

  13. Posted by Marina Boy

    Why would anyone in their right mind ever live on that side of SF. I mean there are drug dealers and nothing but violence over there. The Cove is in the Ghetto no matter how you try and make it look nice. You would need to have a guard at each door and have built proof glass to live there.
    But at the same token its perfect place for low in common residence to grab a piece of the SF market.

  14. Posted by condoshopper

    Yeah we are talking about the same building. I’m shy about it now, after the info you brought to light.

  15. Posted by Zap

    Does the word “Gated” also turn people off? I’m not just talking about this particular community…but pretty much any gated community. Any time I see, “Gated”, I automatically ask in my head…”What the hell are they gating it from?”

  16. @jk I saw the Mandalay 2 bedroom penthouse you were talking about last year September. It was listed for 823k, and then it went off market for a while and then went back for 650k, and now it’s at 549k. I agree it could drop to 400k.

  17. Posted by curmudgeon

    Many of the comments above are ridiculously over the top re: security. While this development is bland and boring, it is not “in the ghetto”. It’s the only residential development in what is essentially an office park just off 101. The Bayview Hunters Point neighborhood is on the other side of bayview hill.
    I’m sure that residents live a very 101 centric life, and feel safe behind their gates. If they walk anywhere, it’s probably just across the street to the park. Otherwise there is NOTHING. Sounds absolutely awful to me, but there is no reason for the hyperbole that some posters have presented.
    [Editor’s Note: Well said.]

  18. Posted by jimmythekidsf

    curmudgeon
    I think this is not only the case with this property but almost every property featured on SS that is not in pacific heights. It is very predictable and very tiresome!

  19. Posted by MarinaBoy

    Gated communities are very nice when you are trying to be exclusive, not when you are trying to keep out the trouble makers out.
    Even though this place may not be in Bayview Hunters Point (curmudgeon) it still is in a very bad part of town. Would you live there if someone offered you the place for free?

  20. Posted by NoeNeighbor

    With the gates and everything, this place is probably reasonably safe; it is just a deadly boring and inaccessible location. I was shocked when I saw the initial prices on these places. Maybe if they get dirt cheap they will be good starter places for someone, but I certainly would wait before purchasing.

  21. Posted by Homeless Guy

    Curmudgeon, if you like this property so much, why don’t you live there.
    We an’t no bias on that area, go check the crime rate in San Francisco. why should I pay Half Mill to have the street warriors become my neighbor. Hunters Point on the other side of the hill, I don’t see any future at that session.
    I don’t care what cosmetic they put on, or how cheap it is. Safety First.
    By the way, Jail also consider a gated property, what the different.

  22. Posted by ALJones

    Homeless Guy – before you attempt to insult, perhaps you should check your grammar AND spelling. Or, don’t insult at all.

  23. Posted by Mole Man

    Wow, all this and interesting off topic info about Mandalay Place’s terrible curse also!
    Marina Bay says Why would anyone in their right mind ever live on that side of SF?
    Remember that people in the classy Western Addition used to say things like that about troubles in Eureka Valley in the distant past. Places change greatly over time.
    What Zap says about gates strikes me as true. Sure, residents probably feel safe there, but the whole idea creeps me out.
    What curmudgeon is missing is the level of danger. There was a recent incident where a woman had car trouble and ended up on the side of the road at that exit, which could happen to any resident at any time. She was assaulted and raped. I’m all for brave urban reclaimation, but lying to yourself or anyone else about the danger is a really bad idea. That area can be extremely hostile, especially once it gets dark at night. Knowing that is the first step to avoiding any threats there.

  24. Posted by MikeyattheStick

    I work in that office park and it ain’t safe. Cars are broken into all the time. It’s pretty much a standard rule for all the offices located there that you have to get the hell out of there before the sun goes down. On the plus side you never have to stay real late at work!

  25. Posted by Homeless Guy

    ALJones, thanks for remind my poor Grammy, actually I am a high school dropped out, but I have my own company and dozen of people work for me. My poor lang. never stop me telling my true feeling. I saw lots trying to surpress voice from others by using all kinda non-sense excuse.
    And, my standard of home is at least can provide a secure feelings, not next to some drug dealers or so. The rumor says about Hunters Point, after sunset noone willing to go outside.

  26. Posted by Oceangoer

    Gated communities don’t always indicate that they are there to protect from home invasions or whatever is implied in the above comments. My daughter lives alone in a condo in a semi-gated community in Newark in the East Bay. That is, people can walk in through open areas and pathways, they just can’t drive in. So the gates give a feeling of privacy, some security but does not indicate the fear that a fully gated community might give. However I know of plenty of fully gated communities in Santa Cruz in very nice areas near the Harbor and they certainly are not worried about gangs in that neighborhood. If I were a single woman living alone I might appreciate the extra security. Nice to be an urban warrior, but sleep at night is important. This said, no way would I buy at Candlestick Point.

  27. Posted by Rob

    Wow! forget the pricing of the units for a moment, I’m more in shock at some of the assinine comments that have been left. War zone? M-16’s? Jail?
    If we’re simply talking about it being cut off, there is no argument there. No more so, or less, incorporated than the rest of the BVHP, but that too is changing. But the “Hunters Point” projects are nowhere close to Candlestick Cove, no closer than SOMA is to the Potrero Hill projects or the North Beach projects were to the Marina. Alice Griffith Housing may be close, but Prop G sealed the fate of those and the rest of the stadium parkway as well for that matter.
    But War Zone? has the Business Park beneath it gotten that dangerous? and I didnt know that Little Hollywood, was the new Compton and Bayview Heights the new Watts.
    Maybe I’m just the eternal optimist who hopes that the eventual changes finally bring people into the BVHP on more than gameday and they can finally see more than just the disposessed out on 3rd St. and in public housing and see some real people with a pride in their neighborhood, and not one created becuase of a new corner Starbucks or a trendy write up in a local rag. I do apologize if you happen to live in a part of San Francisco that is completely crime free, and has long been incorporated in City oversight, budgeting, etc. I do understand how much of shock it must be to realize that wonderland has a southside.
    And to the rest who would like to knock location this is San Francisco for christ’s sake from Candlestick Cove you can be in SoMa in less than 10 minutes on the freeway and about 10 on surface streets, or anywhere else in about 15 if you know your way around. Or are you really that lame that everything has to be placed three steps outside your door?
    So yeah i’m on my soap box about my neighborhood, which isnt a war zone, and if anyone should feel like a prisoner its probably the residents who felt kept in for so long. And on top of that to all those who believe it as such, maybe you should consider renovating…you know what they say about people in glass houses and throwing stones! Because one thing is painfully obvious…we know you wont come here looking for us.

  28. Posted by Homeless Guy

    Rob: “…comments that have been left. War zone? M-16’s? Jail?…”
    Why so surprise, you’re living in the glass house so long, forget what our reality is? We all San Francisian known who are living in “Visitaction Valley”,”Silver Terrace”,”Bayview District”,”Hunters Point”. Remember we lost couple of good policemen in that area last couple of years, what a shame.
    I like to see it change, new project to make change, and like to see our city moving to the right direction, but be a GiniPig, risking myself to be robbed, rapped, gunned down … no way. It is “Bayview Height” not “Pacific Height”.
    Recommend you go check out the San Francisco Crime Map, you won’t be surprise of what I am saying.
    Like experiment, field trip, go see after sunset.

  29. Posted by Richard

    I’ve lived in Little Hollywood for 15 years and these comments about the area are laughable. I know of two break-ins and zero other crime. Executive park is a ghost town at night.
    PS before the recent downturn in RE my house had more than doubled since 1999 so I guess soembody likes it there. It is not the Marina for sure but is far from these silly comments about gangs etc.

  30. Posted by Rob

    I live in the Bayview, I dont need a field trip. But your assumption that you’ll be robbed, raped, or gunned down without casting overwhelming aspersions against you is to say that you are very versed at reading a crime map, reading press clippings, and for making widespread assumptions about a vast array of people who are “known” to live in Visitacion Valley, Silver Terrace and BVHP. So while i know and have seen all of what the crime map indicates, I also know it says twice as much about City Hall as it does the people those virtual thumbtacks represent.
    I was never trying to insinuate that Bayview Heights or Little Hollywood was Pacific Heights, but fact remains that its far from the image people (and i’m directing this directly at you) seem to have when driving past the projects. Simply put if your valuation of a population, a neighborhood and especially people individually is based on a comparison of market values, automobiles, and retail upscale-ness of a place like Pacific Heights then all is already lost on you.
    I’ve known all those areas you spoke of, and i know they are not perfect, and far from it, but to think a police blotter and a SFPD crime map tells me everything about all the people in that area is ridiculous. To think that you going to the Bayview is going to get you robbed, raped or gunned down is about as naive as me thinking that if i went to Pacific heights they’d hand me the keys to a BMW, a renovated victorian, and a private bench in Alta Plaza Park!

  31. Posted by Homeless Guy

    “Richard…comments about gangs etc.”
    Tuesday, May 20, 2008
    (05-20) 15:30 PDT SAN FRANCISCO — A 34-year-old father of two who had a reputation as a neighborhood peacemaker was shot to death today outside his home in a Bayview district public housing project, in what police termed an execution-style killing.
    Apr 12, 2008 1:53 pm US/Pacific
    SAN FRANCISCO (BCN) ― A 40-year-old man who died at a hospital early Saturday morning after being shot just before midnight Friday in San Francisco’s Bayview District has been identified by the medical examiner’s office as city resident Fred Bishop.
    Mar 23, 2008 3:20 pm US/Pacific
    SAN FRANCISCO (BCN) ― Jeremiah Fisher, a 36-year-old San Francisco resident, has been identified as the victim of a fatal shooting in San Francisco’s Bayview District Wednesday afternoon.
    SAN FRANCISCO (BCN) ― San Francisco police are searching for suspects today after a violence-filled morning left three men dead in two separate homicide incidents.
    The first incident was reported to police at 12:18 a.m., a San Francisco police dispatcher said. A man was found shot near the intersection of 16th and 7th streets in the Mission district. He was pronounced dead at the scene.
    Jun 30, 2007 11:10 am US/Pacific
    The second homicide of the morning took place at Fitch Street and Innes Avenue in the Bayview neighborhood, a dispatcher said. Police received reports of a homicide around 4:20 a.m. and reported to the scene where they found two men dead on the side of the road. The cause of death for both men is still unknown.
    Aug 11, 2006 11:58 pm US/Pacific
    SAN FRANCISCO (CBS 5 / BCN) ― Two San Francisco teens have been identified as the victims of a double homicide Friday evening in the city’s Bayview District.
    Is it enough or want more?

  32. Posted by jimmythekidsf

    Homeles Guy
    God did not make all men equal,Colonel Colt did! So if you don’t want to get killed shoot back!

  33. Posted by VV resident

    Nine safe years in my 1907 Victorian across 101 on Goettingen Street. Bay Views, Mountain View, ten minute walk to McLaren Park, one of the city’s most under-appreciated amazing parks. The demographic of Vis Valley, which is just over the highway from 101, is diverse in a way you find in few SF neighborhoods. And so much much change is afoot in this neighborhood. Yes, we are lacking the services I’d like to see, but it’s remarkable how the dark and scary attitude about southeast SF is shared by folks, generally living north of Ceszr Chavez, that have never bothered to explore the area. The city is only about 160 years old, and change is coming–what Cortland avenue on Bernal was 15 years ago will be Leland Street in Vis Valley in not too many years.
    [Editor’s Note: Worthy of its own discussion: Neighbor(hood) Perspective: Happily Ensconced In Visitacion Valley.]

  34. Posted by Richard

    Rob pastes several news articles about shootings etc. in BVHP. Just drive into Little Hollywood or Executive Park sometime. All that stuff is miles from there. I try to avoid Third St on my way home because of that stuff but you are painting with too broad a brush.
    To compare Fitch and Innes or Third and Palou with Little Hollywood is dishonest at best unless you have never been to LH or Exec. park which I suspect.
    I care less how many condos they sell over there but Rob is full of it.

  35. Posted by SFlooker

    We used to live in this building (around 2001 – 2002) when it was an apartment complex prior to turning into condos. We thought it’s a great location close enough to the city and easy access to our jobs down south. However we soon discovered that the stench from the garbage facility across 101 is unbearable on warm days. Besides that the last straw was we got mugged walking outside the gate. Time to hall a**.

  36. Posted by Cove resident

    Hm, a lot of conversation here around the Cove and surrounding area. I actually bought/live at The Cove and have been happy thus far (7 months). I haven’t been able to smell the garbage facility regardless of the temperature, but perhaps because my building is farther in. I haven’t had any issues with safety or feeling unsafe, either.
    As more residential is developed in the area, I’m confident that it will improve. Don’t forget that SOMA just 7 years ago was a ghetto.

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