Purchased for $2.8 million, or roughly $2,113 per square foot, in May of 2017, the two-bedroom, two-bath unit #503 in The Pacific at 2121 Webster Street returned to the market priced at $3.295 million this past August.
The 1,325-square-foot unit features “high ceilings, custom light fixtures, power-operated shades, air-conditioning, ultra-luxury bath and kitchen faucets, walls and counters of majestic stone, and in-home laundry,” along with secured parking in the building and access to a penthouse-level library and rooftop terrace.
And the re-sale of 2121 Webster Street #503 has now closed escrow with a contract price of $3.4 million, or roughly $2,566 per square foot, representing total appreciation of 21.4 percent for the high-end Pacific Heights condo since the second quarter of 2017 or average annual appreciation of 4.6 percent.
The the Case-Shiller index for Bay Area condo values was up 15.3 percent over the same period of time.
3.4M and your living room is cramped. Incredible. Selfishly, nice to see condos doing well.
That’s the result of allocating nearly a third of the space to the master suite. That might suit people who spend a large amount of their waking hours in the bedroom, but for those who mostly sleep there, shifting some of that space to the LR would be better.
Given the apparent placement of the utilities – specifically the sewer stack(s) in the middle of the floorplan – I’m not sure they had much choice….were going to be basically bisecting the space regardless.
Maybe it is simply the photography, but I was thinking….cramped, narrow, lightless spaces for three million dollars? A reasonably handsome building, but it looks more like a suburban office building in Walnut Creek than an uber-luxe residential property?
That’s because it WAS an office building!
Converted a few years ago. Was a dental college IIRC.
Was looking to buy a 3BR condo in the area when this was under conversion, but never saw anything in it because the work ran so over schedule that we found something else (better!) before it ever opened.
[Editor’s Note: From Classrooms To Condos In Pacific Heights]
Ahhhh, that makes sense. My first thought was “huh, always thought that building was part of the hospital.”
…representing total appreciation of 21.4 percent for the high-end Pacific Heights condo since the second quarter of 2017
Cherry picking!! Cherry picking!!!!
What? Oh: appreciation, sorry misread that…
🙂
Should this catch plugged-in readers by surprise?
Virtually NO kitchen cabinets or spot for a pantry. In the new trend for openness the kitchen has replaced the fireplace as the focal point, dirty dishes assume new importance inn many floor plans as the living room and kitchen merge.
If you’re spending $3.4M for a place like this, you’re eating out or getting meals delivered a majority of the time.
This logic seems to apply to builders operating significantly down-market as well. Yet they’ll happily put name-brand Italian appliances in the kitchen because they sell… to the very people who need no counter space or cabinets because they don’t cook??
Are you suggesting that the concept of informed consumer(s), the very paradigm that underlies not just our economic system but out entire political system as well, is flawed? Or are you just trying to say “some people have too much money”, in a Miss Manners‘ approved sort of way?
Uh, neither? I’m saying I’ve hoped out a lot of showings with the bizarre combination of expensive range tops and nowhere to put a prep bowl. Perhaps I’m too informed?
Nope, those are the menu choices: no substitutions please!
(but you’re free to leave a suggestion in the box) 🙂
It’s almost like some people are still willing to pay a good amount for the privilege of owning a nice home in San Francisco, despite some issues.
And for everyone else? Well, there’s still more than one unit currently listed for sale at The Lumina.
That’s because everyone loses money at the Lumina always. Don’t you read SocketSite?
I don’t believe you ever provided a counterexample to that thesis.
That’s because there isn’t one. The same story can be written over and over again for plugged-in readers, who are never surprised.
Yeah, but $3.4M can get you a nice SFH, even in a decent neighborhood.
Pretty much any “big/expensive” condo in SF can be replaced at an equivalent price with a nice SFH.
People who buy them don’t want a SFH. I’m one of them.
OK……$3.4M gets you a bigger, equally as nice condo, even in Pac Heights.
Can someone please explain to me why THE PACIFIC gets such high price per sq feet? This home is no different than any other condo at Lumina or Infinity, and it has zero views.
Is it because it’s in pacific heights? I don’t understand.
As the saying goes, location, location, ceiling height…
Because it’s in Pacific Heights.