CFAH

The Hayes (55 Page) Rendering (Image Source: thehayessf.com)
Right on the heels of Arterra, six listings for condominiums in The Hayes (55 Page) have been added to the MLS. Once again, it’s additional insight into pricing (and perhaps sales activity) on the 128 condos.
HOA dues for these six condos range from $234-$322/mo. And no, we can’t explain the somewhat odd pricing.
∙ 55 Page #418 (0/1) 400 sqft – $431,375
∙ 55 Page #314 (0/1) 475 sqft – $440,510
∙ 55 Page #619 (1/1) 664 sqft – $619,150
∙ 55 Page #624 (1/1) 856 sqft – $697,305
∙ 55 Page #716 (2/2) 991 sqft – $900,305
∙ 55 Page #312 (2/2) 1,022 sqft – $913,500
Arterra (300 Berry) Hits The MLS [SocketSite]
The Hayes: 55 Page Street [SocketSite]
Arterra and The Hayes: Sales Centers [SocketSite]

Comments from Plugged-In Readers

  1. Posted by badlydrawnbear

    anyone have any insight on why a 400 sqrft studio is ever worth over $1k per sqrft?
    I mean come on $431k for a 400 sqrft studio?
    So like 1 out of every 3 CA residents in 06 (see yesterdays LA times) I am supposed to get an option ARM to afford something a little larger then my college dorm room plus pay HOA’s taxes and maintance (and what about parking?)
    I am sorry but with inventory for Dec already 25% higher then last year going into spring this seller is going to have to drop their price alot before anyone is going to get excited.
    The same goes for most of these units.

  2. Posted by badlydrawnbear

    looked at the orginal comments and parking is leased not deeded.

  3. Posted by Dude

    “I am sorry but with inventory for Dec already 25% higher then last year going into spring this seller is going to have to drop their price alot before anyone is going to get excited.”
    No worries, this will happen. Keep checking the developing headlines in mortgage news. Government wants to do away with option ARMs and other “affordability” loans because they don’t promote affordability at all, they just fuel more speculation and drive prices higher (I refer to recent quotes by Henry Paulson and Barney Frank).
    Luckily for us, California is now starting to lead the nation in defaults and foreclosures. These things take MONTHS to filter through. By next year, when option loans are no longer an option and lenders actually qualify people for loans, prices will have to fall.

  4. Posted by curmudgeon

    Not to defend 1K per square foot, but it does make economic sense for smaller units to have higher per square foot prices than larger ones. Given that they are at the bottom of the market in total price, these type of units are the first units that become affordable for the vast numbers of people on the edge of being able to make the home buying leap. And we have a lot of single people in SF who would love to own something.
    At the right price, I’ve seen people profit from buying tiny units. Several friends bought places like this at the beginning of their careers, built equity, and when the time was right either sold them or rented them out and move up the housing ladder. The downside is you definitely go backwards in the quantity of space you would have in a rental….but if you’re in SF for the long haul, it’s not a bad gambit.
    Again, I’m not sure $431K is cheap enough to make that scenario worth it. But we’ll see what happens in the next year or two……

  5. Posted by Phil

    Speaking as one of those “single people who would love to own something,” 1K per square foot is well out of the range of “affordable.” I earn a very decent salary, but the highest loan I could qualify for would be in the sub-300K range, and these spaces would represent a very significant step back in terms of living space from what I’m now renting. The dynamics of the market seem very out of whack to me right now, esp. given that people who could afford to buy units like this can also afford to rent super-luxury spaces. I don’t really understand who the market is for a a 400 sq. ft. studio that costs in excess of $400k (plus HOA) but maybe that’s only because I’m not in that income bracket.

  6. Posted by Amen Corner

    …plus taxes, plus insurance. It’s a very good question, Phil. Really, the only financial reason to buy right now is the expectation of future appreciation in value. But with prices so far out of sink with rents, what is the prospect of that?
    And, anyway, this development is on the border between Hayes Valley and a not-too-nice part of Market. I’d be surprised if we don’t see reductions here at some point.

  7. Posted by tipster

    Oh, c’mon you guys. You know perfectly well that these units are being marketed to the homeless who absolutely swarm this area. They will certainly qualify for a mortgage and will quickly settle down until the lender realizes they have missed their first payment, goes back to the mortgage broker for repayment, only to find that the mortgage broker has taken off with the commission.
    OK, seriously, these are obviously being marketed to people who go to the symphony,opera, etc., who don’t live in the city, and just don’t want to drive home late at night. They can just walk to those events (OK,so they’ll get mugged – whatever) . I suspect the devloper figures if you want something like this, he’s about the only new game in town, so may as well try to price the first ones really high. I don’t think these are prices or aimed at single people looking to someday move up. I’m sure the place will be essentially vacant most of the time.

  8. Posted by anonymous

    Say what you will; I’ve been told they have already closed on 41 units out of 111 available for market rate. Keep in mind the place isn’t even built yet. The long term gamble is the Market/Octavia development project. If it goes well, the project will affect property values.

  9. Posted by curmudgeon

    It’s also not a bad neighborhood, even now, and getting better every day as the activity level increases. I go to the Kanbar Center on a weeknight each week (across the street from the Hayes on Page), and get out after 10PM. I’ve never noticed any major problems. That isn’t to say it’s Pacific Heights, but still, I think Tipster is (sarcastically) exaggerating a bit.
    I can’t imagine that patrons of the symphony/opera are the only targets of the developer. It seems to me that units in this location would appeal to a lot of people who like living near so many things (arts/culture/museums/restaurants/transit).
    Perhaps some of the units will even be bought by rich parents of SF Conservatory students (also just opened in the neighborhood). I keep reading that that is a nationwide trend near college campuses, although it seems like a silly one to me and I would think SF values would make it a very risky proposal.

  10. Posted by Phil

    Hmmm, I don’t buy the idea that these are for the opera/symphone crowd – over 400K for a pied-a-terre? Isn’t that a bit excessive? I’m also a big arts/culture/middle-of-it-all fan, but, again, why should I pay that kind of money for a much smaller space when my current. twice-as-large apartment is in an ideal, “safer” location, with just as much accessibility, and I’m paying $500-750 a month *less* in mortgage, taxes, etc? Finally, even if the Octavia development plan goes through (and that’s a big risk in this city), how much more could these studios possibly appreciate? There will always be more desirable locations, better views, etc. Over a thousand dollars a square foot I would expect in lower Manhatten, but Hayes Valley is not lower Manhatten, not by a long shot.

  11. Posted by Anon

    The parking thing really pisses me off. I don’t have a car, but they strictly disallow subleasing it to some other owner in the complex. But if I don’t pay the (insane) $100 monthly maintenance fee on my spot, my condo loses the spot forever, severely hurting resale. So I’d have to pay the $100 and the spot would sit empty, also pissing off owners who’d like an extra spot but can’t park there. I wouldn’t even be able to park my bike there because “motor vehicles” are the only thing that’s allowed in the spot. Sorry for being green and using public transportation — I mean the Hayes is near a million MUNI routes and BART is totally walkable!
    Wonder what other draconian policies those greedy chumps enacted.

  12. Posted by Hmmm

    Hi, I’m sereously concidering a purchase and found out more on parking: I’m told that there are 110 spaces for 128 units (over city guidelines for developments) so if a owner chooses not to lease, the space is offered to antother tenant who has no space, if not one wants it then it’s offered to someone who wants two and finaly to the public. Total HOA fees including parking are in the 400 range and without parking in the 300 range. I like that flexability. Oh and there is bike parking in the garage.

  13. Posted by rp

    I walk down Page Street every morning and evening on my way to and from work. If they want to charge $1000 a square foot they better figure out how to get rid of the tent city of homeless people who live on and around that block. Tend to be older alcoholics and drug addicts, so I feel more sorry for them than threatened. Nonetheless it’s gotten pretty ridiculous. They actually group up and set up encampments with fold out tent beds and old mattresses. The cops are probably too busy trying to control the gun-toting murderers that roam up near Page and Webster to bother with this mess. Hopefully this new codo complex will improve the quality of life issues for us longer term residents of the neighborhood.

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