A plugged-in reader tests out SocketSite’s Real Estate Forums seeking information on 733 Front Street, a condo conversion of a former office building in San Francisco’s Barbary Coast. Frederick answers: 69 condominiums (3 junior one bedrooms, 43 one bedrooms, and 23 two bedrooms); 39 units with parking (deeded); and prices (“which are not firm, because the project has not been announced to the public”) ranging from $550K to $2.4M. And we add (perhaps stating the obvious): it’s seven stories in total with retail on the first.
The balcony spaces for the upper floor units will be nice, and I am a big believer that this area is over-looked and a pretty good deal compared to certain Soma locations. Many of us could walk to shops, dinner, work, etc. and still have PARKING for a vehicle when needed.
BUT, what is interesting to me about all of these condominium conversion projects is that it makes one wonder, what kind of city will this become? About 10 years ago, the SF AIA had a talk presented by a USC arch. prof. predicting that San Francisco would become the Venice Italy of the U.S. No more jobs, offices, and industry. Instead we will have shops, restaurants, hotels and condominiums. The economic center of the region would shift south to the peninsula and San Jose. I think the prediction is coming true, though I am happy to see the added housing inventory.
I like the location a lot. Close to restaurants etc. but very peaceful on the weekends. In comparison to the lofts next to Westfield, this area is very clean and un-touristy. Curious to see the units, although I am happy living in South Beach.
Morgan,
I disagree. I don’t see SF turning into Vancouver anytime soon. While it makes sense to convert marginal office buildings that command low rents into condos given the pricing differential, SF is still an attractive destination for big corporate employers.
Given the amount of office space that already exists in the city, the low vacancy rates AND the increasingly high rents (especially for Class A office space), you can expect to see more office space to be built and occupied in our burg by the bay.
SF is a long ways away from turning into a living museum like Venice
“BUT, what is interesting to me about all of these condominium conversion projects is that it makes one wonder, what kind of city will this become…?”
As I understand it, many of the office to condo conversions involve older buildings whose floor plans and lack of amenities render them less desirable for contemporary office uses. That said, I don’t have the slightest doubt that the USC professor’s prediction about the SF economy is coming to pass. SF, for all practical purposes, is becoming a bedroom community and weekend playground for Palo Alto.
And so…..?
I don’t see what the issue is. If the market moves in that direction, it is expressing the (somewhat) free will of the collective marketplace.
I, for one, would find a boutique, gentrified city, a little boring. I like some diversity.
Nevertheless, I ALWAYS vote with my money for whatever good or service I WANT.
Cary
Its like spitting into the wind. Its not much better than the BOS trying to protect manufacturing in the Central Waterfront
Cities are evolving. Even in NYC metro most job growth is in the suburds. You can either accept it and adapt or lose out.SF=Venice is silly
Where there are opportunities such as Biotech I think we’ve done a pretty good job.
Otherwise I think we need to focus on SF as a center for entertainment, high rise lifestyle living and jobs
Better to also focus on some regional planning too to attempt to push suburban development/jobs to places near Bart and Caltrain (to transbay) and to give more people access to the City.
To zig and zzzzzzz, I wonder if we are talking about the same city here.
Because in the city I live in, I see office rents rising at the second fastest clip in the nation (behind NYC), I see large Finance firms competing to be in the best Class A office space, I see large office buildings being built in Mission Bay and downtwon and I hear about developers wanting to put in more new huge office buildings downtown.
I think your focus on empty nesters moving back to the city to enjoy our cultural attractions is myopic because it ignores the very real demand for employers to have offices in the city.
Of course most of the job growth in the Bay Area is going to happen in the suburbs, as it is so much cheaper to operate out there. But SF will continue to thrive by attracting and keeping the employers who desire to have a SF address and are willing to pay to do so.
I was fortunate enough to have an early tour with the developer. They have put a lot of thought into this project and its a wonderful location. The kitchens and baths have a clean modern palette and designer fixtures. There is a great roof top deck and gym in the building, low HOA’s (all to be confirmed when the property hits the market). I believe they will allow corporate rentals for your investor clients. It is my understanding that “The Mark Company” has taken over the listing.
So far the office to condo conversions I’ve seen in the City just look like offices with kitchens and closets put in, so I don’t have high hopes for this one. Look forward to seeing it though.
There you go. You’d have to get that carpet and put partitions all over the place to complete the effect, like wainscoting.
Hi Morgan,
“The balcony spaces for the upper floor units will be nice, and I am a big believer that this area is over-looked and a pretty good deal compared to certain Soma locations. Many of us could walk to shops, dinner, work, etc. and still have PARKING for a vehicle when needed.”
Overlooked!! Most condominiums at Golden Gateway Commons sell (across the street from 733 Front)with multiple offers within days of coming on the market (even now)! The average unit is 3 Bedrooms with over 2,000 sq ft. The 155 condo’s at GGC were first occupied in 1980 and began life with a Safeway, drug store, 2 banks, 4 coffee shops, a swim and tennis club with 9 courts, two pools, over 20 restaurants within 4 blocks, not to mention 6 blocks to North Beach, Chinatown and now the Ferry Building and the Embarcadero. All of this in a 4 story building. Plus a private park across the street and a short walk to the most prominent office complex in Northern California – The Embarcadero Center.
Overlooked – ask what is the office rental rate at One Maritime Plaza & the Pyramid, where are the majority of the television headquarters, advertising agencies and top architectural firms located? What Bay Club? What GGC Swim & Tennis Club? Where was San Francisco Born!!
And besides, get a real drink when Flika is pouring at Pier 23!!
What’s up!!
Frederick
Glad to see a nice development like this in the area — should attract a more upscale set of neighbors.
^Not when they are renting for $2600 per month!
That’s basically the HOA+property tax, plus $1400!
http://sfbay.craigslist.org/sfc/apa/1941457286.html
Whats up!!