In early 2008, the 1,146 square foot southeast corner condo on the 18th floor of the 22-story SOMA Grand was first purchased for $1,160,000. Six months ago, 1160 Mission Street #1806 resold for $1,198,000. And today, the two-bedroom hit the market listed for $1,289,000.
As plugged-in people know, the building’s homeowners association filed suit against the building’s developer, builder, and architects three months ago which is why the “pending litigation” box was checked on the listing, so check with your lender if you’re interested in the building.
Hope no one plans on buying, selling or refinancing for the years, and years it will take to work through that lawsuit. Want to take advantage of the hot market? Unlikely now…
When I have passed by this building I have wanted to ask, was this orginally going to be an affordable hotel and they switched to condos? The exterior says suburban hotel chain architecture to me.
@anon2
It was always planned to be condos.
@develpr, actually, for whatever reason, there’s been a fair number of units that have turned over over the last nine months or so, with no real abatement after the legal filing. Whether or not people are coming in all cash, I don’t know. But units are selling.
I recall this building being marketed as having “housekeeping” (paid for by resident HOAs obviously).
It’s built in a tough location. Years from now it may evolve into a nice neighborhood but it’s pretty rough around the edges today to justify million dollar condos.
“for the years, and years it will take to work through that lawsuit”
Not necessarily. The condo association of my 14-unit building here in SF sued the developer and won $1 million+ and it was all wrapped up in about 15 months.
Make that seventy-one grand more as the list price for 1160 Mission Street #1806 has just been reduced $20,000, now asking $1,269,000.
The list price for 1160 Mission Street #1806 has just been reduced to $1,199,000.