The listing for the 355 1st Street #1907 (in the Metropolitan) notes, “MAJOR REDUCTION: Seller says sell now!” It was, however, about a month ago (and after a month on the market) that the price was reduced $61,000 (4.6%).
∙ Listing: 355 1st Street #1907 (2/2) – $1,338,000 [MLS]
This listing caught my attention too. It’s a nice looking unit. A little color added to the staging could bring out more flavor of the flooring. Interestingly, there has not been too many 2bd sitting around at the Metropolitan lately. The ones that came up went away rather quickly if I remembered right. What’s the story with this one? Also the sq.ft is missing on different sources. Paul?
I took a peek at this unit last week. Nice unit but the price point is too high considering what else is on or coming onto the market at 1.1-1.2m. IMHO, this unit should not command such a lofty price since the view is obstructed by the north tower.
I don’t know, for 1.3M it might be nice if there were room for a dining table and chairs.
What a wimpy listing – looks like someone is fishing. 1.3 with no sq footage mentioned and with all that other inventory looming – I’d venture to guess its an attempt at a weak marketing ploy…..
This listing will disappear in 1-2 weeks then magically reappear as “new” on MLS in 1 month with a more realistic price…south of 1mm. Then maybe it will sell.
The MET is AWESOME. This is a BARGAIN!
Totally speaking objectively. 🙂
and don’t forget to note the high HOA dues…somehow i’m not seeing the bargain in this listing…
Seen it. A lot of money with no bridge/water view. Small bedrooms as well.
Also, the entrance for The Met is on 1st, which has lovely traffic going to the entrance to the Bay Bridge.
Meh.
I’m one of the few Met fans who don’t own a unit there. The HOA dues are high, but you’re paying for access to one of the nicest pools and gyms in a condo. Not to mention the doorperson and other amenities which drive up the HOA dues. There are several other nice buildings without those amenities if you’re looking for lower HOA dues. (246 2nd, 200 Brannan, etc)
“Seen it. A lot of money with no bridge/water view. Small bedrooms as well.”
The unit is over 1300 sq ft and the bedrooms, especially the master and closet are generous in size, especially when compared to others in the area. The view is expansive and there is water view from the living room and bridgeviews from the balcony. This will sell at or close to asking in the near future.
The hoa dues at the met are very reasonable considering all the amenties that it offers.
“This will sell at or close to asking in the near future.”
I guess the 4.6% reduction in asking price was all that was required!
A note to prospective buyers: Consider the alternatives at that price point.
the met is a possible pre-cursor to what can happen at rincon. my sister rented at the met a couple of years back and she hated it. you can’t get into or out of it for the 3 hours every day during the bridge commute, 24x7x365. i thought dealing with the giants was bad in my hood, this is way worse.
add to that the fact that you have no neighborhood, just shelters surrounding it.
what were they thinking?
This is one of the very best units in South Beach and a great value compared to similar 19th floor units at Infinity, the Brannan (only goes to 18 floors) or any other new construction you can think of. The Kitchen has all Viking Aplliances with Charcoal Mirage Hardwood Floors in the living room and 2nd bedroom.
The view is 180 degrees and encompasses the ballpark all the way to the financial district.
I have placed several professional athaletes as well as CEOs and other executives into the Metropolitan. The Metropolitan has the best amenities in the city, the best security, the best management and an involved, intelligent group of owners.
Thank you for the suggestions and comments.
Before you pass judgement I encourage you to come to the Open House to see what a truely special unit this is.
Hey Paul,
If i were an average working class guy (making 80k/year), but had a quite a downpayment and could actually afford a 500k studio unit at the Met, would i be the only poor person in this building? is everyone else a CEO and pro athlete like what you mentioned above?
Surely, I as a CEO or other high ranking officer wouldn’t mind staying here as corporate housing…it is all together a different proposition to purchase this property for 1.4m. There is a difference on where I would rent vs. what I would buy.
condoShopper,
That was a weak response to Paul. His statement about pro atheletes and CEOs says a lot about the building. And I make much less than 80k/yr and with I could afford a studio at The Met.
[Editor’s Note: Agreed (with regard to the weak response). And now back to the property…]
I don’t think you’re going to get a view like this on the 19th floor for $1.3 mil. at Infinity now or ever. What else is comparable? Remember, it’s going to be at least two years before resales start showing up at Infinity or One Rincon. Think you’ll get a high-level view unit in the second towers of Infinity, or One Rincon, or uber-pricey Millennium or on Lansing, for $1.3? Doubtful. Perhaps you’d have luck at The Californian, but construction hasn’t even begun. Really the next good view unit building seems like it will be Blu on Folsom.
metshopper,
I don’t think it is wise to take our cues from pro athletes. They usually don’t make the best models to emulate or follow their financial patterns.
I think that it’s a WEAK sales pitch for Paul to be flaunting “several professional athletes (sic) as well as CEOs and other executives” as a reason to spend $1.4 on a condo! Since when is that a benefit to a building’s community??? Those would be the last people I’d want to live next to. Talk about detached from reality!
Shame on SocketSite for criticizing one of it’s readers comments!
Does socketsite have a financial relationship with skybox realty? (I’m curious about the editorial defense in the metshopper post above).
Condoshopper asks a good question, directly related to the propery, although he/she could have been less-snarky 🙂
Certainly no less-lame than the listing agent saying “come see what a special property this is”.
[Editor’s Note: First and foremost, we have absolutely no “financial relationship” whatsoever with Skybox Realty; second, “no less-lame” isn’t exactly the standard we’d like our readers to adopt; and finally, it’s just going to be one of those days.]
I’ve looked at units in the Met. I thought it was a very “cold” building and I really don’t want to live on a road that is essentially an on-ramp to a freeway. Pro-athletes or not, each to his own, I guess.
Personally I’m just offended by the crooked picture frames in most of the photos on the MLS listing.
“This is one of the very best units in South Beach . . . .”
Paul, in spirit of full disclosure, wouldn’t you agree that the Met should be considered Rincon Hill and not South Beach? Surely over time, the market is going to use Bay Bridge and I80 as the defacto boundary. Maybe we’re there now . . . .
While we’re at it, Rincon Hill morphs into SOMA at where — 2nd?
Instead of weighing in on condoShoppers comments, Socketsite should consider whether it’s even appropriate for Paul to be commenting on this property given his direct financial interest in getting the highest possible sales price for the unit. Something is definitely wrong with this picture…
[Editor’s Note: Had Paul commented under a pseudonym, we’d completely agree. In this case, however, not only did he plainly identify himself but he also responded without getting snippy or defensive about the listing (or even our post). As far as we’re concerned, that’s completely appropriate (and welcome).]
here here. i have no problem with the listing agent coming on and defending his listing. i’d actually like to see this site become a place where we can discuss everything about a listing like this with the owners the agent and the neighbors. if the property is worth it, it only helps us all as readers, investors or buyers.
I live at the Met. For what it’s worth, here are my opinions on the comments that come up each and every time there is a Met posting.
HOA dues:
I pay $670 a month for my 2BR and it’s totally worth it to me. I get an INDOOR pool for my morning laps (is there ANY point in having an outdoor pool in SF), an activity room where we preparty all the time, a conference room where I host my Habitat for Humanity meetings, a fitness room that I use three times a week, and a doorman that signs for my packages, calls me when my pizza arrives, and gets me a cab when I go out. I haven’t even used the theater yet and I am SO looking forward to using the gas grill on the terrace. My buddy at 255 Berry pays $550 a month and gets a doorman from 9-5. I would say yes, the incremental $120 a month is worth it to me. If you don’t party, work out, swim, get packages delivered to your home, BBQ, or like movies, then you probably won’t find these amenities worth it.
Lack of Restaurants/Retail:
I TOTALLY agree – there are few restaurants, bars, retail, or supermarkets REALLY close by and that is a legitimate complaint. However, Union Square is a 15 minute walk away and I do that walk frequently. There are also many restaurants, bars, and clubs that are SOMEWHAT nearby (Osha, Mehfil, FlyTrap, 111 Minna, John Collins, Zebulon, Harlot, NV, Temple, Thirsty Bear, Roe, Supper Club). Some have no problem walking to these places, but I’m a lazy bum so I consider these only somewhat nearby. Also, there is a restaurant coming up right across the street from the Met and the Infinity restaurants and retails will be two blocks away once constructed.
On-Ramp Location:
The car traffic is also a legitimate complaint, but I personally think it’s manageable. I commute to Menlo Park every day and I totally spend more time on King getting off of 280, then I do on Folsom trying to make that right onto 1st. If you are a wily driver (like I think I am) then the Bay Bridge traffic will add at most 2-3 minutes to your commute. Yes, the addition of ORH will probably make it worse, but I will adapt. Now I work in Menlo Park, so for me to live in the Marina or Nob Hill or whatever, would take me MUCH longer to get home than it currently does to navigate two blocks of madness (that I’m used to). Now if you are a poor driver that enters and exits during peak times, than maybe this building is not for you. But remember that the target audience for this building is empty-nesters and young professionals working downtown.
Professional Athletes and CEOs:
Okay so this is a new one. I don’t think Paul is asking anyone to take financial advice from Baron Davis, but he IS pointing out that people who live a life of luxury also live here at the Met. If you think living with CEOs and professional athletes is a negative, then, well, I don’t know…
And again, here is the disclosure. The unit described in the SocketSite entry is NOT mine and I have no financial relationship with Paul or SocketSite or the owner of the above listing. Again, this unit is NOT mine – I won’t be selling my unit until I have kids.
Also, Paul is a friend of mine and to even question his integrity is shameful. Taking shots at him from anonymous usernames on a blog is really just a cheap shot.
Let me clarify; Paul absolutely has the right to comment, and Socketsite, as has been correctly noted, should publish. However I do question whether Paul can be objective given his financial interest.
(BTW, Paul is obviously very knowledgeable of all things SOMA / Rincon Hill and is (understandably) going to say nothing but positive things about the property. In some respects he is in a no win situation. Personally, if I was in that position I would recuse myself.)
More alarmingly however was the apparent wrap over the knuckles handed to condoShopper…Anyway back to the listing, I will be keenly interested in how this one plays out. I may even come by to see the unit in person at the open house!
Paul, wondering why this unit had to be reduced if its so special?
The Met is a great building, the amenities are top notch and I think for what you get the HOAs are not that high.
However, the traffic is bad, from 2 to 7 pretty much every day. In addition to the gridlock, people are always honking their horns. It’s also an island, and the walk to anywhere interesting passes thru some ugly areas (the transbay termial, the bleak caltrains lots, etc). I wonder why they didn’t put the main entrance on folsom.
The general question is how much objectivity one would expect from a BLOG (albeit a classy, high-visibility, and insightful one) from anyone who posts a comment. I would think that the majority of the readers would have some level of financial interest in what is discussed. If you comment that the market is over-priced with enough conviction, you may get enough critical mass to influence it–how much of course is unknown. Write about how great your building is, after you bought a unit there, and maybe you get higher comparable sales…. Paul will probably get better traffic and interest from any level of press or visibility–if I was looking at a unit and there were 10 people in the unit during a showing, I may want it even more. The net is that you only need one buyer to buy it and visibility is key. That said, I personally would desire a view on the other side of the building and would potentially buy somewhere else for that price. SocketSite moves the market.
good post will. you forgot my two favorite walkable spots near the met. Kate O’Brien’s and Town Hall!
on the hoa front, have you managed to reign in the abusers of your media room? i thought you should restrict folks to one sign up viewing slot per week to avoid the early activity in the building of squatters not ordering cable or satellite and sitting in there all day.
With due respect to Paul’s experience in this market and his frequent contributions to this forum, which are always appreciated, we’ve all seen from prior posts that when something is “a great value” with respect to other similar properties, there is *a line out the door to buy it*. Even in this market, a condo priced right will move.
Correct me if I’m wrong Paul, but such a property doesn’t just sit for a month. So I think that it *isn’t* a great value, but is in fact, priced too high. Markets do change, but if the seller wants to sell now, it appears that *this* market already spoke.
smart guy,
i’ll sell you mine for 2mm?
😉
Glad to see my scheme to get folks to start separating my neighborhood from the “South Beach” name is working …. 🙂 I consider Rincon Hill to be the area north of Bryant, south of Mission, and east of 2nd street until ya hit the water – and that’s pretty much what appears on the maps the City puts up all over the place (around the Ferry Building, on those lovely public restrooms, etc.).
Other than sitting on 1st Street south of Folsom (not a great spot to start your walks as a pedestrian), the Metropolitan looks like a very nice building from the outside. 🙂
If this condo is worth $1000/sqft for partial water and skyline views on the 19th floor, then what would a similar condo at say Infinity go for with comparable views except it’s on the 32nd floor? Would it fetch $1200/sqft?
I think both complex are similar (indoor pool, concierge, theatre, modern gym, etc) though I give a nod to Infinity based on location.
Any opinions? I’m in the market for a lux condo and I’m trying to gauge the market.
Any opinions? I’m in the market for a lux condo and I’m trying to gauge the market.
If you have the time, rent at the Met first. I thought it was a great building, but having rented there I would not buy (due to the traffic and noise issues).
“I don’t think it is wise to take our cues from pro athletes. They usually don’t make the best models to emulate or follow their financial patterns.” – notsexy
Whoa, I never said that we should take our cues from pro atheletes. If you don’t like The Met, there are several Mission Bay developments devoid of pro atheletes. (Since their financial patterns suggest that they’re all at The Met, Four Seasons, St. Regis…)
metShopper,
my above question to paul was actually a serious inquiry… not a direct response to his post, which was very informative. sorry for the confusion.
We will be open from 1-4 PM on Sunday.
If you can show me a better priced high level view unit in South Beach, I will buy you a drink (Maybe two after this!).
I apologize for not responding to all the comments on this blog. If you would like to ask me something or make a suggstion (always apprciated), you can email me at paul@skyboxrealty.com.
James – I believe the HOA has implemented some rules around usage of the various common space rooms. That’s actually one thing I forgot to mention – the HOA at the Met is pretty good in my opinion. I used to attend HOA meetings when I thought it mattered, but I now put my full trust in them.
I didn’t know that there needed to be a “scheme” to separate South Beach from Rincon? But then again, since so many of these SFers seem to have just arrived in town, I guess maybe they think that they need to rename everything!
But as for the boundaries, Jamie, you are creating a far bigger neighborhood than “Rincon Hill” every used to be. Rincon Hill was always just considered Beale, Spear and Main, and only north until about Howard. Literally, anything within a few blocks of Market is Downtown/Financial and the numbered streets are always SOMA
“We will be open from 1-4 PM on Sunday.”
Has socketsite become a site for realtors to sell their stuff? Maybe time to unplugg.
[Editor’s Note: Nope. But if we write about it, and it’s relevant, it’s fair game (as has always been the case).]
Has socketsite become a site for realtors to sell their stuff? Maybe time to unplugg.
Cut the guy some slack. The realtor has to promise the sky and a box full of cash (hmm SkyBox Realty? I digress) just to get the listing, or the owner gives it to someone else. “Price from last year? No Problem, i can get that!” Then the realtor lists at the seller’s unrealistic price.
No one shows. The seller blames the realtor for not even producing lookers, who don’t bother when the price is as far out of line as this one is. The seller thinks it’s the realtor’s fault, which in a way it is, but the realtor was stuck.
So the realtors come here and BEG people to JUST SHOW UP so that they look like they are doing their job, so that they can have the discussion they need to have with the seller that he did HIS job of bringing people to the showing but that the price is too far out of line.
His No. 1 focus right now is to get power over the seller so that he can lean on the seller to drop the price. The No. 1 way to do that is to make the seller think he can bring buyers. With an empty open house, it’s tough to do. And with an unreasonably high price, it’s hard to fill the open house. Tough job for the realtor and I feel for him.
I’ve heard a lot of realtors are turning away unrealistic listings so they don’t have to waste time staging, photographing, and posting to the MLS for something they know won’t sell anyway. Can any realtors out there confirm/correct this?
tipster: great post. explains a lot. Well there is a solution to the realtors’ problem: have a group of 100 or so people available on weekends to show up at open houses in order to create the “buzz”. I am sure they are doing it already. Wonder what the hourly pay is…….
you guys are too funny. some realtors are better than others. i am not a fan of them for the most part. why we still pay 6% commmissions on this side of the pond is beyond me. another reason why the europeans will not come to save us. we are ignorant.
realtors are way overpaid for their weekend stick and lack of education.
i just love it when they dont tell you they have a higher offer since its from another competing firm and it would cost them money. or they convince their buyer to take the fist offer so they can move on to the next one and lie when a higher offer comes in a week later.
happens every day folks.
sad.
[Editor’s Note: Okay folks, let’s get back to a discussion of the property/building at hand (and not Realtors/agents in general).]
“Has socketsite become a site for realtors to sell their stuff? Maybe time to unplugg.” – Posted by: anon at July 26, 2007 10:22 AM
You’re joking, right? Socketsite’s postings are generally anti-realtor, and the Socketsite’s anonymous reader comments are entirely anti-realtor.
[Editor’s Note: Anti-Realtor (or even anti-agent)? Not a chance. Anti-industry rhetoric and pro-analytics? Very much so (and we encourage our readers to be as well).]
metShopper,
my above question to paul was actually a serious inquiry… not a direct response to his post, which was very informative. sorry for the confusion.” – Posted by: condoShopper at July 25, 2007 5:03 PM
I have a hard time believing you were serious in asking if you would be the only ‘poor’ person in The Met who buys a $500k studio. Well to answer your question, no, you wouldn’t be the only studio owner there. You won’t get the nice big floor-to-ceiling windows in a studio though.
First of all I want to say that I just recently discovered socketsite thanks to the SF Chronicle article and I really enjoy the site. I think the analysis & insight is extremely valuable and useful for someone like myself who is considering a first-time purchase of a SF condo.
One of the places I am considering is The Met, most likely a studio. I have appreciated reading the pros/cons on the building as a whole both from those that live there currently and those that do not. I am also looking for what the sentiment is in terms of how a unit at The Met is likely to hold up as an investment over the next 3-5 years. I am planning on living there during this period, I am not looking to “flip” the unit or anything like that, but I do think that in 3-5 years I would likely either want to rent the unit out or look to sell it. Do most people think there will be a glut of comprabale SOMA/Rincon Hill units on the market at that point? Is it unrealistic to hope for modest 5-10% appreciation per year over that time period? Any other advice for a novice like myself?
Once again thanks to everyone out there who takes the time to post thoughtful & insightful postings!
“Is it unrealistic to hope for modest 5-10% appreciation per year over that time period?”
You call 10% modest? Maybe you should check out recent headline news in newspapers like NYT, WP, WSJ, FT, Economist. That might give you a hint of what’s coming.
since paul has a good idea of the demographics of people in the building, i wanted to ask him if i actually did buy a studio there, would i seem a bit out of place by being the only working class person there. i am aware there will be other studio owners, but i didnt know if they are CEO types just using it as a pad in the city.
For metlooker, i dont think many people are counting on 5-10% appreciation in the next few years, with new units coming online quickly, and so many people think condo prices are bubbled up as it is. you’ll probably get more people agreeing on 5-10% declines.
“You call 10% modest? Maybe you should check out recent headline news in newspapers like NYT, WP, WSJ, FT, Economist. That might give you a hint of what’s coming.”
I assume you are referring to real estate meltdown throughout the country. I do follow that news very closely, particularly the subprime crisis. However I am of the belief that the San Francisco real estate market should be immune to many of the problems facing real estate markets in other parts of the country due to the strong general demand for SF real estate, lack of subprime buyers in the market, and the relatively limited supply of available properties. [let me add that I am by NO MEANS an expert in the SF, or any other, real estate market!] I know that there is a lot of supply coming on the SF market in the next few years, however it seems to me like it will not be a problem for much of this supply to be absorbed by willing buyers.
Is it safe to assume that you are of the belief that we are headed for a real estate crash here in SF? If so, how bad?
10% is hardly modest, even without looking at the subprime crisis.
You are right to be doing your homework, but have you actually read any of those articles referenced by previous posters? For example, the WSJ has an article examining real returns on real estate over many years (I believe it was referenced here on socketsite). This is a separate (although perhaps not unrelated) subject from subprime lending.
I am quite pessimistic on housing not only nationwide, but yes, even in our own wonderful city. (I’m not a realtor or in anyway involved in the industry, and I own my own home….). And yes, there certainly is the possibility that I’m wrong. But beliefs like “we’re immune”, or “we’re different” are giant flashing neon “DANGER” signs for me! Doesn’t anyone remember the dot-com/bust????
Is real estate local? Of course (even neighborhood by neighborhood, block by block).
Will there be different degrees of change (both up and down) in the market, geographically? Of course.
But if you think we have magical immunity here, you really need to keep doing your homework.
MetLooker, if you do your research and still conclude that SF is immune to a downturn, then by all means buy something. But if your time horizon is 3-5 years (nothing wrong with that, but hardly longterm in my book), do yourself a big favor and at least make sure you can handle the worst case scenario. Better to be pleasantly surprised than unhappily trapped in a home/mortgage you don’t want anymore.
Way over valued……
as a very recent renter of a one bedroom, i would never buy at the metropolitan. the noise from the traffic is very bad as is the exhaust. unless you drive, you have to take two elevators or walk in using the driveway to get to the first floor to get an elevator. the amenities are ok but not worth it when you have to deal with the noise from the traffic!