Picked up for $820,000 in September 2009, the industrial “flex space” at 765 Clementina has since been repainted, redecorated, and repositioned as a “boutique Soma residence.”
The 2,275 square foot warehouse residence is back on the market and asking $1,200,000.
∙ Listing: 765 Clementina Street (0/1) 2,275 sqft – $1,200,000 [MLS]
wow. it’s very… uh… taste specific.
it actually has a lot of potential, but a very narrow list of potential buyers.
Putting a tree under the skylight was pretty cool though.
I like the ‘bones’ but I don’t like what they did with them. This space is just begging for a high-end million dollar remodel and redo of everything they did.
That’s some pricey paint. I think using an old bed sheet as a closet door, in a $1.2M home no less, goes beyond “taste specific.” 🙂
No kitchen cabinets whatsoever. Just one set of stainless steel shelves to store pots and pans. I guess the stager is trying to appeal to those who want to fantasize about cooking on The Next Iron Chef.
How delightfully hideous. I agree with jason on this one on “taste specific.” I also agree with Michael that it seems to have decent bones, but I don’t see how $400K of value was added in the past year and 4 months.
That’s the funniest thing I’ve sen yet! I don’t think it’s “taste specific” so much as “we ran out of money before we even put in a kitchen but let’s still shoot for the moon”.
The owners should include a pair of Bianchi bicycles in the staging to complement the color scheme.
It is funny how many people here think that every one wants fancy high end stuff. How many more years will it take to make the interior of every single unit in the City into a monument to stone, steel, and the favored material of the moment? Lots of folks like dressed down and basic with potential held there like some forgotten savings account. The real problem is that the property markets are all stoppered up nationwide.
wait, am I reading this right … 1.2 Mil for ZERO bedrooms?!?!?!
Good luck to the seller with their ROI on this one.
@badlydrawnbear, my thinking exactly. Zero bedrooms? That trumps taste specific.
Mole Man – No, not everyone wants fancy high-end stuff –
but they don’t expect to have to pay $1,200,000 for it! Do you really think someone is going to put down 20% ($240,000!!!) and borrow almost $1,000,000 in a declining market to have zero bedrooms, zero kitchen, zero neighborhood? When you find that fool please send him my way. I have some things I could probably sell him.
I would suspect that residential use of this building has never been legally approved. Buyer beware.
This is technically a commercial property, no? So we’re looking at commercial, not residential, lending, which is non-existent right now.
On the other hand, I think this is a prime candidate for the conversion into an sro for artists that was featured in NYT a little while ago.
“I would suspect that residential use of this building has never been legally approved.”
Wouldn’t that have been picked up by permitting? The 1997 reroofing permit says:
Building Use: 20 – WAREHOUSE,NO FRNITUR
The 2010 remodeling permit ($50K claimed for “Interior remodel-update and enlarge bath/utility room; relocate and update kitchen a few feet forward; add radiant heat floors”) says:
Building Use: 27 – 1 FAMILY DWELLING
Once again, I marvel at what some people think is an almost $400K improvement.
sam, you’re like I was about three or four years ago, naive and blind to the wicked, wicked ways of “the real world”. In the rock ’em sock ’em world of real property development, rules are impediments to be worked around by the Howard Roark-like, Nietzscheian ubermensch, who imposes his will on the built environment and doesn’t let the little people at DBI or the DRE for that matter get in his way!
I’m not a licensed California mortgage broker, but “people in the industry” that I’ve talked to say that people get residential loans on “technically commercial property” all the time. Whether or not they should be getting them is pointless to discuss since enforcement is nonexistent, or at least was during the credit bubble.
Look at the pictures and in your mind, remove all the objects. You end up with a big empty box and a few appliances for 1.2 million.
I bet $700K max.
It is funny how many people here think that every one wants fancy high end stuff
In my opinion this bones of this are basically like the old artist live/work lofts from NYC way back in the 1970s and 80s (and even earlier)
however… back then “starving artists” lived like this in those industrial lofts because they were poor and had to scrounge by with little… so they paid dirt cheap (for NYC anyway) prices and then they did the best that they can with what little they had. but since they were artists the effects were often striking (or odd, or input adjective here). but rarely were they boring spaces.
I remember going to an uber cool hip artist loft… it had no heat and no way to cook… but boy did it have killer light and awesome exposed beams and brick.
thus began the cool industrial artist loft movement… (or whatever the “real” name of it was)
this on the other hand is a $1.2M dollar empty box that lacks any of the above…
doubtful a cool starving artist will move in here… although maybe a trustafarian “artist” will. who knows?
as for the rest, obviously my “taste specific” statement was tongue in cheek… hence the “… uh… ” that preceded it!
@sfrenegade:
An interior remodel permit generally doesn’t get Planning Dept review and they don’t sign it. You can put pretty much whatever you want as the use of the building, it doesn’t matter, and people do all the time. Unless the Planning Dept signs a permit that affirms a change of use from industrial to residential, it’s not legal. Dept Building Inspection isn’t verifying legally approved uses per Planning, just Building Code compliance. So you can have a fully permitted kitchen installation and interior remodel for an illegal unit. It happens everyday.
^^^
That’s not totally true, at intake they check the zoning. You have to fill that in on the permit app. So you can claim a unit is legal when it’s not if the zoning works, but if it’s not zoned residential and you say it is they can catch that without looking for it.
My impression is the same as sparky-b’s. Usually you have to indicate the zoning on these sorts of things.
The shift hanging on the rack inside the front door is inspired … Or not.
They have a grand piano, but no bed? Perhaps it’s a rehearsal hall?
$350/sf puts it at just under 800K, so I’ll guess 800-820K. But that’s so far under asking, I bet it’ll sit a long, long time.
It’s hard to tell how the first floor is laid out, but it would be nice if you could make the garage bigger.
Must have been fun getting the piano up the stairs. I bet you could get them to throw it in with an offer at asking.
Reduced to 1.150
So, at this rate, they’ll be asking $800K by the middle of October, which might make it interesting to some buyers.
On its way to “price discovery”, the list price has been reduced to $1.050.
A property this unique will have difficulty finding its true price/value via normal marketing. The final sales price depends on whether a suitably matched buyer surfaces during the marketing period. If such a buyer appears then the sales price will be higher. If not it may sell for the value of a blank warehouse/light industrial space.
In Sept. 2009 you probably could have bargained hard and got this place for $650K – or taken your $820K (plus, let’s say generously $10K “remodeling” budget) and bought a nice place in a wide variety of neighborhoods. The sort of person who would look at this place in 9/09 and say “wow, a steal at $820K” is the same sort who would think, in 2011, that it should be worth over a million. Did God make two of them? The 2009 seller should be burning some serioius incense for his outrageous good fortune.