We can’t help but notice that since our last update on 255 Berry (which caused a commenter to accuse us of “pseudo-omniscient pretence” and “dramatiz[ing] a most benign situation”), the following has transpired:
∙ Unit #307 was withdrawn
∙ Unit #309 was reduced $50,000 (now listed at $1,100,000)
∙ Unit #317 was withdrawn but has been relisted at $1,249,000 (reduction of $76,000)
∙ Unit #321 was reduced $14,500 to $875,000 and sold for $865,000
∙ Unit #408 was listed for $749,000
∙ Unit #513 was withdrawn but has been relisted at $739,000 (total reduction of $110,000)
At its new price, unit #317 (which is very much “waterfront” and advertising “$120k [in] upgrades”) is now listed at $787/sq.ft. Waterfront unit #113 sold for $837/sq.ft. three months ago. Damn it, there we go again…
∙ A Troublesome Trend? [SocketSite]
∙ Listing: 255 Berry #309 (2/2) – $1,100,000 [MLS]
∙ Listing: 255 Berry #317 (2/2.5) – $1,249,000 [McGuire]
∙ Listing: 255 Berry #408 (1/1) – $749,000 [Coldwell Banker]
∙ Listing: 255 Berry #513 (2/2) – $739,000 [Pacific Union]
Awesome post. On many levels. Thanks
Is it just me or does anyone else find it funny that looking out at a dirty little channel can be defined as ‘waterfront’? Who in their right mind would pay a premium for that?
That’s true, I don’t consider units along that canal as “waterfront”. Maybe “canal front or slough front” or whatever that thing is.
If units there are worth $700-800 SqFt for that view, then certainly $1000 SqFt for panoramic “Bay and Bridge views” at the Brannan, One Rincon, and Infinity are reasonable…
Personally, I prefer canal view and the fact that 255 Berry is next to a public park (Mission creek park). It is a much more sane neighborhood (when Mission Bay is built up 3-5 years from now) than the I80 traffic madness of One Rincon.
Infinity location is great. But it is so expensive.
From what I was told, the “dirty little channel” will eventually be bordered on the other side of 255 Berry with a somewhat high end hotel, homes/development, and a greater South Beach community currently occupied by parking lots. Personally, I’d love to see the 49ers in a brand spanking new stadium right across “the dirty little channel” but that won’t happen in anybody’s lifetime. I think this is the quintessential “betting on the future.”
I visited Mission Bay recently and was surprised to find a “Mission Bay” Visitors Center across the channel.
To my knowledge this is the only San Francisco neighborhood with its own Visitor Center.
Sooooo this is where the additional $25/month additional Mission Bay neighborhood tax goes.