Purchased for $2,500,000 in November of 2007, the three condos that compose 2829 Steiner have undergone a “ground-up renovation” and modern makeover. We do like the windows. And we can’t argue with the top floor’s damn nice private roof deck and views.
And as a reader points out, now listed for the equivalent of $4,769,000 combined, or ranging from $879,000 to $2,195,000 apart.
∙ Listing: 2829 Steiner Street [3palmssf.com]
∙ Listing: 2829 Steiner #1 (1/1) – $879,000 [MLS]
∙ Listing: 2829 Steiner #2 (2/2) – $1,695,000 [MLS]
∙ Listing: 2829 Steiner #3 (2/2) – $2,195,000 [MLS]
WOW. What a great job they did with the remod. Kudos.
Or said differently, $4.8 a pretty sick property with juicy income potential. I’m sure they’d take $4.6 if 1 buyer took it off their hands.
The lack of garage space is a bummer though.
it’s very nice! ’nuff said.
I kind of watched this one go up.. It was a pretty quick flip, but I actually feel kind of bad for the seller. I saw the staging going in the other day and kind of grimaced. It’s a nice property in a nice Cow Hollow location, but the price seems really high given the market. I agree with Eddy; it would make a lot more sense if this was bought by a single buyer and used as a quasi-single family home. That said, I’m still waiting for at least one SFH to go into contract in D7 since the market crash… Yikes.
Nice deck and yard but (too?) pricey. From the assessor, the entire building is 3588 square feet (and that should include common areas like interior hallways). Figure 700 sq feet for the 1 bed and split the difference between the remaining units and you have something like two 1400+ square foot 2-bed units. At 2.2m That’s about $1500 per square foot for the top level flat and over $1200 per square foot for the 1-bed. The 2-bed with the garden might be the best value at about $1200 per square foot as well (oh to have a garden in SF!) but of course this is all just a rough guestimate.
I think they are too pricey for this market. High end stuff has been SITTING since the stock market crash. Anyone care to guess as to what these units will go for?
There was a single family on Washington that went into contract…… and then out again about a week ago.
There is also a nice little apple Condo sitting on Pierce that is tracking towards its 2004 sale price that isn’t moving either..
Buy today at 2006 prices! Pix look nice, but excessive use of Caesarstone, the formica of tomorrow (fireplace surround??). Cheaper 2BR has a totally weird floorplan and the LR looks like it’s shoved into some small dark corner. 1BR is priced comparable to some very nice 2BRs on the mkt these days. I can’t picture anyone biting at anything close to these prices.
“Before” pix, anyone?
This is an odd remodel of a two flat building. The 1/1 is the front of the lower flat, and the lower priced 2/2 is the back. Because they used what would have been the living room and dining room of the lower flat as the 1/1 and therefore they were short a living room, they tacked on a living room using the bonus rooms underneath behind the garage. So the living room is on a separate level from the kitchen – that’s just weird. They might have gotten 1.7 if they had just remodeled the lower flat and added the downstairs as a bonus room. Instead, they added a second kitchen and are asking 2.57 for the two lower units. Nice try.
The lower 2/2 in its odd, chopped up form, facing only the back of the building, would be lucky to get 900K – about 40% off asking. The 1/1 is probably the closest priced: worth about 700K, maybe a bit more for the great neighborhood, about 20% off asking.
The upper 2/2 is a normal 2/2 flat, but looks to be fairly small. Well done, but you usually get a formal dining room in this neighborhood. It’s too small for that, so you get a small living room and a dining room L. Fantastic neighborhood and a view deck probably gets you to $1.5M on a good week, about 25% off where they are.
I’m guessing the two lower units probably have tandem parking, so knock off a bit for that.
Another example of a pretty nicely done remodel which will have a tough time selling under these market conditions. This thing was probably redone using proforma numbers from the most frothy of times. If the owner doesn’t get his tail caught in the door here, they are very, very fortunate indeed. 20% over priced may not be too far off…but time will tell. And time is not the flipper’s friend these days…
Why is this called the 3 Palms? It should be called the 3 Aloes, since that what they have in the planter box.
I’m not a fan of stupid branding. Giving the complex some generic name isn’t going to drive more people to property. It’s a 3 unit building for crying out loud.
Nice… ’nuff said on that.
tipster, propertyshark shows this to be a 3 unit property.
http://www.propertyshark.com/mason/san_francisco/Reports2/showsection.html?propkey=30431741
Ok, I’ll take a stab at the numbers. Propertyshark shows the sq footage to be 3,588 and I’ll assume they didn’t add any.
List price: $1329 psf
Purchase cost: 697 psf
Remodelling: 300 psf
Holding Costs: 65 psf (5% of list price for a year)
Sales Costs: 65 psf (5%)
Net: $202 psf (15%, if they sell at list price)
So are they making a killing? paco, noearch, sparky, I know you can earn your keep here 🙂 Come on, break this down for us …
“…are they making a killing?” Does it matter? Will they make a killing? I doubt it. But if they can make a killing in this market then they deserve to. Timing is everything… and it will be fun to watch the market play out on this one.
chuckie,
They didn’t put in new foundations or new framing per the permits, so I don’t think they spent $300/ft. They did add the rooms down, lets say 700 new feet(per Jake above). Oh, also the sales cost is much more than 5%, that’s just agents you should use a 8% number (including staging).
This is something I would never do. They are not adding enough new footage. They look to make some money if these sell at this price but I don’t think they will. They should have gone up!
sparky the bear, was going up even an option there? If so, I guess by the time they had received approvals and played nice with neighbors and gotten it built and finally gone to market, we’d be in the next boom cycle…and maybe $1,329/sf would be realistic…
some guys make good money doing this and i wish these guys luck.
its not a re niche that i have a stomach for.
tipster is right on. the units are awfully small. that upper 2/2 is tiny. the deeded roof deck is killer, but no where makes it $2.2m.
great finishes, but the spaces are too small (for the asking price) and in some cases, weirdly laid-out.
neighborhood is what it is.
very nice units, but way better values out there for the price.
I don’t understand the complaint about garage space for each unit has it’s own deeded parking spot. I also don’t understand the comment “neighborhood is what it is” (?) for I still feel there is a strange bias by many who post on this site against the north side of the city. These units are small, and they are too expensive, but so are many of the units similar to these I see currently in Noe Valley. I have lived in three parts of San Francisco, a blcok away from these units at Pierce and Green, Russian Hill, and near Scott and Jefferson St in the Marina where I live now, and by far this part of Cow Hollow was my favorite, for I had a view almost exactly like the roof deck, and I never tired of viewing the bay, but my view was from indoors, not by having to walk up steps to a roof. I am curious what others think would be a reasonable price for the top floor unit? 1.75m?
It looks like all three units have been sold now – does anyone have an idea what they sold for?