It was five months ago that a reader wondered about all the construction up at Eureka Gardens (4150 17th Street). And it was moments later that a few other plugged-in readers provided the scoop and noted the potential (hopefully you were plugged-in at the time).
And as a tipster now notes, 4150 17th Street #19 was recently listed at $1,800,000. Perhaps all those fixes are starting to pay off. Then again, number nineteen is “being sold furnished, including all art, furnishing, accessories, chandelier, window coverings, as well as a 1994 S320 Black/Tan Mercedes with 60,000 miles.”
As always, don’t forget those invitations to the housewarming (or in this case, perhaps the closing dinner). And feel free to send the car.
∙ Listings: 4150 17th Street #19 (3/2.5) – $1,800,000 [Joel Goodrich] [MLS]
∙ Reader’s Questions: That Eureka Moment [SocketSite]
This unit was on the market a few back at around 1.0 and it was overpriced then and didn’t sell. It’s still overpriced now.
M.R.
Interesting info MR. Is this a new trend among realtors (see Droubi house) — list at some ridiculously inflated price then either drop it considerably or re-list it at a much lower price so the potential buyer feels like he’ll be getting a deal? Perhaps this downturn strategy is the flipside of the tactic used in recent seller’s-market years where listings were a bit below market to generate a bidding war.
Look at the pics of the interior on the site– in gay speak this place has been “Versailled.”
Wouldn’t this place be more likely to sell for top dollar without the gaudy furnishings?
I would be VERY hesitant to purchase any of the 3 bedroom units in the complex. When originally developed they were all 2 bedroom units (with 5 different floor plans). Some of the units had a “hidden” space that several units converted into a 3rd bedroom. There is has been some contention within the HOA as to whether that conversion was allowed. The good news is to date, the HOA has pretty much let it slide. But if any of the additions caused structural damage to the complex … I could see issues.
The price also seems pretty high given the wacky floor plan. Eureka Gardens is one of the best complexes in the Castro, but you have to like climbing stairs.
Just my 2 cents as a former owner.
The furnishings may aspire to “Versailles” but the interior finishes and tacky kitchen/bathrooms scream “90s suburban”.
Technically, Versailles — the real one — is suburban…
Does anyone know if the condo association received enough from the lawsuit against the developer to pay for all the repair work done at this complex or did each condo owner also have to pay an assessment?
Is that what those condos look like on the inside? My boss has a place right above on a hill that overlooks the complex (I can even see her house in one of the panoramic shots) and I always wondered what these places looked like on the inside. Now I know. Expensively tacky.
I have seen very similar townhomes in Southern California (Pasadena, Orange County,). These go for about $500k. I know we live in a great city, BUT does it really deserve that much of a mark-up?
At least the living rooms in these condos are not the pathetically small closet-sized living rooms you now find in all SF new construction.
According to Zillow, two units in this complex sold in the summer of 2006 for $905k and $925k respectively. The asking price for this unit is $1.8m. While the square footage is not listed and the 2006 sales did not include an old Mercedes (off topic: if I was in the market for a used car, does the listing agent think I’d look for one on the MLS? Am I also supposed to look for condos at a used car lot?), have prices really doubled over the past 12 months? I hardly think so.
I would be interested in what people think a reasonable asking price for this unit would be in this market, as well as what a reasonable initial offer might be. My own view is that $1.8m is pure fantasy (and the seller can keep the car).
Amen to @Peter’s comment about living room size. No piano room anywhere, anymore. And we’re not talking true grand, we’re talking mini baby grand. It’s difficult even envisioning fitting a console-style piano in most new construction.
This price is plainly a joke. All I can figure is they are hoping someone will pay half the asking price (which would still probably be too much) because the buyer will feel like they are getting it for 50% off.
Maybe I shouldn’t post this, but I can’t help but wonder why this particular agent continues to list properties at ridiculously inflated prices. He’s had some listings for years.
Didn’t these sell for around $850k or so when they first became available only a little over ten years ago? The sparse staging they had before they were lived in made them look much bigger and brighter.
The original sales prices were in the 3-400K range.
It is just my personal opinion, but…. the tacky furnishings in the listed unit make it look much smaller and darker than other units appear. I don’t know why the seller thinks offering those furnishings with the unit will enhance the value. If I were to buy the listed unit, I first would NEVER pay anywhere near that asking price and, after I bought it, I would call the Salvation Army to come haul all that furniture away.
So, if we assume a NORMAL appreciation over ten years, this should go for about $675k. I used 6%. Anyone know what normal historical appreciation is for San Francisco prior to this crazy run up? I’m guessing 6%, because I thought I saw it posted somewhere.