CFAH

The Brannan (Image Source: Listing for unit #9B)
In May we explored “The State Of The Brannan.” At the time there were 12 Active listings in the three upscale modern buildings that make up The Brannan (219-239 Brannan). And as we noted, “from what we’re told it’s taking 60% longer to sell a unit in The Brannan this year versus last year (70 days on the market versus 42), but we believe that this reflects an overall slowing of the market rather than any particular weakness in The Brannan.”
Today, 18 of the 336 units in The Brannan are Active listings (plus 3 in contract). And of those 18 units, at least five (28%) have been reduced from between $20,000 (2.7%) and $128,000 (9.9%), while one is offering “2 Years of HOA Dues PAID by Seller or Interest Rate Buy Down Option!” And once again, we believe that this reflects an overall slowing of the market rather than any particular weakness in The Brannan.
Somewhat ironically, the least expensive unit currently available in The Brannan is 219 Brannan #9B ($689,000), which has not been reduced, and is presented with some of the best photography of all 18.
The State Of The Brannan [SocketSite]
∙ Listing: 219 Brannan #1G (1/1.5) – $729,000 [Coldwell Banker]
∙ Listing: 219 Brannan #8K (2/2) – $1,449,000 [Coldwell Banker]
∙ Listing: 219 BRANNAN #9B (1/1) – $689,000 [Pacific Union]
∙ Listing: 219 Brannan #12A (1/1) – $850,000 [Coldwell Banker]
∙ Listing: 239 Brannan #5C (2/2) – $1,149,000 [Coldwell Banker]
∙ Listing: 239 Brannan #8C (2/2) – $1,160,000 [MLS]

Comments from Plugged-In Readers

  1. Posted by Mike

    I love that bulding. But there are always at least 10 units for sale, so they’re all competing with each other.

  2. Posted by AgentInSF

    Yep, and usually with the same agent. Is that a good idea, sellers???
    BTW, the commission to the buyer’s agent on one of them is an unusual FOUR percent (the usual is 2.5).

  3. Posted by RinconFan

    They’re only competing if the units are similiar, which is not really the case. Most vary in floors, views, # of bedrooms, etc…
    Units like 8K with the nice bay views are going to attract different buyers than say unit 1G, which looks like a ground floor entry level unit.
    (8K and 8C would probably be competing for the same clientele though….)

  4. Posted by Anonymous

    Anybody know if 239 Brannan 8C and 5C have the same floor plan? According to the MLS, they have the same exact square footage. But, 8C has no in-unit photography. Is there any reason NOT to include in-unit photography (maybe outside of the fact that it doesn’t photograph/show well)? The photography for 5C looks OK. I see no reason that photography for 8C wouldn’t look similar if the floorplans were the same – or is this the problem? Two units that look identical while one asks $11K more for essentially a 3 story higher view…

  5. Posted by sore arm

    The owner of 219 9B is under contract at 9C which was asking 739K and most likely went under asking. 9C is a larger and superior floor plan. Seems that at an ask of 689K the owner of 9B might be looking for a free upgrade…

  6. Posted by Anonymous

    I cannot believe the HOAs are 645 a month?!?

  7. Posted by AgentInSF

    645 — do you think that’s high or low? Co-ops on Russian Hill are well over $1000. Plus, consider that parking is included in that 645 fee.

  8. Posted by Sexy & Sassy in SF

    What’s with all the dark pics of the interiors? They’re off-putting and annoying. Either the agent needs to get a better camera or learn how to take better pictures. Don’t sellers even care how their agents are presenting their properties? And don’t agents take any pride in their work? How could an agent put up pics like that? Are they in that much of a hurry, hoping to make a quick buck that they can’t even retake these pics?
    Great pictures are what initially entice buyers to go see a place — ok, at least for me, anyway. And what about properties that have no interior pictures at all? When there are no pics, I just imagine the interior must be a pigsty.
    Boy, am I just being b!tchy? Maybe I just need to get more sleep, and I’ll have a different perspective tomorrow.
    Nah — I bet I’ll still feel the same way.

  9. Posted by observation

    It seems that a certain number of units have to be for sale at all times to handle normal churn, as people move out of 1BR and 2BR and into single-family, or just need to relocate.
    The building is four or five years old, so an increase in move-outs might be expected. The artice said it takes 70 days to sell a unit.
    Under these conditions, having 18 of 336 units for sale at one time, does not seem unusual. However, finding new owners is the key, is the buy-in level attractive?
    Does anyone know the split between 1BR and 2BR units in the building and the demographic it attracts?

  10. Posted by Brannan Neighbor

    excuse me… but didn’t my neighbor in 16D in Tower 1 just sell her unit for $2.1M? Her unit is 1347sf … isn’t that over $1600/sf? Who said the Brannan is over..?

  11. Posted by RinconFan

    Well, hate to burst your bubble, but that buyer probably bought at the absolute peak of the market.
    Having said that, I think the Brannan is a great building and if that buyer plans to hold for 3-5+ years, they should be ok.
    But for now, they’re probably under water…
    Also, with prime units at the Brannan going for up to $1600 SqFt($1200-1400 is probably more reasonable), why are people complaining that Rincon and Infinity are expensive at $900-$1100 SqFt??

  12. Posted by SFSal

    Looks like 18A and 18K (tower 1?) were both reduced $100K yesterday after 90+ days on the market. At about $1580/sqft it’s no where near the end of the Brannan, but it’s definitely a change in direction. And a lower $/sqft than your neighbor two floors below…

  13. Posted by somasleuth

    no closet space in 18a and 18K and no deeded storage downstairs.

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