It was ten months ago (October 2006) that a select few of the 20 condos at 520 Chestnut first hit the (pre-construction) market. It was three months (and a few reductions) later that 520 Chestnut officially held its Grand Opening. And now five months after that, at least one of the units (#103) is back on the market (and might just represent the first resale in the building).
Listed at $879,000 in March, 520 Chestnut #103 is currently asking $988,000. Do keep in mind, however, that a plasma television, stainless grill, pot rack, and stackable washer/dryer are now being included as well. And yes, as always we’ll keep you posted (and plugged-in).
∙ Listing: 520 Chestnut #103 (2/2) – $988,000 [MLS]
∙ New In North Beach: 520 Chestnut [SocketSite]
∙ 520 Chestnut: “Grand Opening” (And Lower Prices) [SocketSite]
Lets run the numbers on this ‘flip’ and see how it all works out:
Realtors fees (@5% to be generous): $49.4k
HOA’s for six months ($482/month): $2.9k
TV, washer/dryer, etc: $3k
Taxes for six months (a guess): $4k
Mortgage (@4%)-$3k/month rental costs: $2k
So even with all of these very generous assumptions AND assuming that the place sells for the asking price the profit is $47k. Not bad for only owning a place for five months.
I guess we’ll find out if the key assumption here – the asking price – holds up. If not, maybe it really would be better to hold onto real estate for a couple of years before selling it.
Can’t tell by the picture if that is a fully functioning fire place. Assuming it is, that is a horrible place for a Plasma.
Isn’t everything a “flip”?
$109,000 premium for a stacking washer/dryer, BBQ, pot rack, and plasma T.V.?
I would only call it a flip if the property sold in a short period of time after the seller initially purchased it and if the sale resulted in a substantial gain.
“Dramatic New York City Loft-like home in the heart of San Francisco. This newly constructed loft is the epitome of modern design.”
Um… no.
Most likely they’re throwing in the television because it’s mounted too high above the fireplace to get it off of the wall.
J – Looks like the fireplace is a gas switch-on. I see the cable and tv mounts above the fire place mantle in many new buildings – including the apartment we are about to move into. Does the heat harm the TV?
Certain TV combos (usually flat panel + plasma) shouldn’t go above a fire place that you plan on using.
I would certainly be very cautious and certain warranties are void (so I’ve read…via avsforum) if you mount above a mantle place like that and use the fireplace.
If the fireplace is more for show, it’s obviously not a big problem. But then again, if you have the money for the home you may have the money for a new tv if your ruin the one that comes with the unit 😉
This is just next to the Housing Projects in North Beach/Wharf Area. There is a lot of petty crime and break-ins in this area, and is not one of the more desirale pllaces to live in the city. The place seems priced at a premium, more like Pac Hts or Russian Hill prices. I really think this place will sell for
This place is OK, but just OK. When I see things like free TV and grill in a listing, it sounds to me like putting “free tank of gas” in a used car ad. It smells of desperation. This guy will take far, far less than asking. (note, this is not necessarily the case in brand new units where builders just want to keep the “comps” artificially high).
Maybe builders and other people should realize that TVs are the new fireplace and stop making it so inconvenient for people to be able to place a TV at a reasonable place and viewing angle.
anyone else notice the fake trees through the window in the background of this picture?
Those are bamboo and they really are there – see mls pic 4. They do look fake above though.
This is totally off topic, but I’m actually just weighing in on the Plasma over the fireplace. Per a previous comment – I was also concerned with this when I had mine mounted, but most experts will tell you that it’s fine. You shouldn’t run wires inside the wall, but you can run them outside of the wall without being a fire hazard. My plasma TV has been mounted like this for a year, and we’ve had absolutely no issues. You can also do a Google search if you want more information on it. BTW, I agree that this TV is too far above eye level here. It looks a little odd.
Think it will appraise for that much higher than 5 months ago when Case-Shiller says prices have fallen and appraisers are running scared in a dramatically declining market? Appraisers are probably reading the winds that used to say, “make the deal happen” that have turned into “don’t help me do something I’m going to regret or I’ll find someone who no longer acts that way”.
The good news is that you need to find TWO greater fools: the buyer and the lender. If any buyer really agrees to pay that, the lender will no doubt have other plans.
Ouch! We lived around the corner from this monstrosity when it first came to market. We really wanted to stay in N Beach but not in this baby. The building has some of the lowest end finishes I’ve seen in such an upscale neighborhood in recent years. The standard floors were gray painted concrete and the developer touted them as though this was a premium feature. The kitchens were tiny tiny tiny – the operative assumption clearly being that since the buyer would be a busy professional he/she would be eating out in N Beach all the time anyway. One of two of the large units had some potential – but at $1.2 mil + who wants to put another $100K-$200 into remodeling for new floors, new kitchens, etc. The basic building had a lot of promises – too bad it turned out the way it did. It also took awhile for these units to go the first time around.
Yes, it’s in contract.