You’ve seen the interactive floor plans (and some early pricing); and you’re plugged-in when it comes to the parking situation (and car stackers in general). And now you know (if you didn’t already) that the Grand Opening Reception for One South Park is scheduled for this Sunday (10/21) in the building’s atrium from 1-5 PM.
In terms of sales activity, as best we can tell eleven (11) of the thirty-five (35) condos are now either pending or reserved (down from nineteen (19) three months ago). And at least two of the condos (#208 and #209) have hit the MLS (that’s #208 above).
∙ Listing: 1 South Park #208 (2/2) 1,199 sqft – $1,100,000 [MLS]
∙ Listing: 1 South Park #209 (1/1) 831 sqft – $815,000 [MLS]
∙ One South Park: Reservations, Floor Plans And Even A Few Prices [SocketSite]
∙ One South Park: An Overview And Car Stacker Question [SocketSite]
I heard 8 members of claustrophobics anonymous were some of the initial purchasers. Before they saw the units, that is.
Pretty building, great builder, good location, $900 psf. I understand it was a sardine packing plant when it first opened in 2007. I mean when it reopened in 2007.
Nice, but pretty pricey and the finishes are generic for a warehouse conversion.
apologies in advance for going off topic, but what happened to the dataquick numbers we were promised?
[Editor’s Note: Unfortunately we don’t control DataQuick (if only), and they didn’t publish their numbers yesterday (see Update). And now back to One South Park…]
I love the location and I love the building. I’m not enthralled by the photos, but I know there were some massive cost issues that the builder had to deal with as part of the conversion. I understand it would have been much cheaper for them to have torn down the building and created a new one, but either they wanted to preserve the original structure or they had to. Either way, it’s an incredibly unique building that deserves a look. I, for one, … am priced out.
Can’t help but to comment these condos would sell for $250K-$350K in the West or South Loop in Chicago, an area similar to South Park.
This is one hip, edgy Residence Inn!
Seriously, once the Condotowerinium invasion hits stride, properties in the South Park Open Space District will trade at a very nice premium. Don’t know if that day is today, though.
I have to agree with the comment earlier. The location is great…but that’s about it for me. I’m a bit disappointed with the way the development turned out. Pricing a unit at $1.1M with no view, in my opinion, is a bit overpriced. $950K to $1.0M is more like it.
if anyone buys one, let me know. i’ll help introduce you to the neighborhood association and the great spots to eat just around the corner. south park is a diamond in the ruff. it just needs some more community involvement to help get the area back to it’s old luster. this development is a much welcome addition to the hood.
amazing location. This neighborhood is getting better by the minute, even if these units aren’t mind-blowing.
There isn’t enough Pergo and pretentious staged furnishings in the world to cause me to smile when I return to my million dollar apartment that’s smaller than the one I had in college. We’ve lost our minds. San Francisco is one special place to be, but not this special, enough is enough 🙂
Jasper! Don’t go!! We love you!
$900-1000/sf for places that are OK at best in a neighborhood that is OK at best. My bet is that if these (or comparable) places come back on the market two years from now you’ll be able to pick one up for 30% less. You can get way, way more for the same dollar by renting. Even if one can afford to pay cash, why would anyone pay these prices for commodity condos in a market that is turning south? There is a reason that the “pre-solds” in this building are coming back on the market. At least some buyers have wised up.
Any of the above three commenters (not including me) are all that’s wrong with the Socketsite commenters. How about instead of waah-waah-waahing about how much these condos cost (and how you can’t afford them) on a real estate blog all day, you go out and earn, son! That way at least your kids can buy a sweet pad in SOMA like I did!
McBravio –
My spouse and I can easily afford the above condos. Why buy overpriced crap.
anon@10:02
Use of the word “son” in any comment, especially when pared with anonymous self back patting about buying a condo in Soma speaks volumes.
I know that purchasing a million dollar jail cell in a high crime area seems like you’ve really ‘made it’ and that you’re financial capacity and judgment is beyond reproach. I disagree.
I live nearby (as a renter, by choice) and must say that if you like South Beach/SOMA (as I do), this is indeed a nice location.
As for the rest… Calling South Park one of SF’s “most notable parks” is probably the nicest thing that could be said about it. It’s dirty at best; overriden with dog crap and agressive indigents would be more accurate. And the units themselves? Based on the two MLS listings… nearly $1000/sf for a view of a wall? Not for my $1MM++.
Commoditized $1 million bowling alley units. How can these be good investments?
used to live in the neighborhood (mid-soma is now home) and watched the project taking shape. as cool as that building exterior looks, and as fab (i think) as the location is, it wasn’t suited to a residential rehab (in my opinion) because — as we saw when the building was first being prepped — it contains massive concrete support columns every 12 feet or so, like a checkerboard. this makes for extremely small open (i.e., column-free) spaces, and/or living with columns freakin’ *everywhere*. the photos confirm this.
It would be interesting on a project such as this to see the living room “un-staged”, for if this living room was empty, it looks to be about the size of my guest bedroom. It is interesting to go to these new projects, visit the slick sales model, and then get totally sunk when you are finally shown an actual unit without the Limn furniture and upgrades.
I absolutely love this building & the park next to it, and took a hard long look at it. I made every attempt at convincing myself that price wasn’t that unrealistic, but in the end there just isn’t a way to justify these prices; no matter how cool the place looks. It’s just not worth it. Other than the price, it also has small bedrooms – which, personally, isn’t a show-stopper for me. But what is a show stopper is the lack of closet space & no storage. For $1k per sq ft in a non-view unit, you better believe I’d want a place to actually put my stuff.
I think the developer is really shooting himself in the foot with these prices. This building is opening in a couple of weeks, and isn’t close to being sold. From my most recent visit there, I got the impression that only half a dozen units are in contract; and 1 of those is the owner. I can’t help but speculate the other 5 have ties to the owner and the building, and aren’t paying these prices.
It’ll be interesting to see what eventually happens to these units. My guess is they’ll remain sitting on the market for awhile until desperation sets in, and then you’ll see minor reductions that people won’t respond to because of the time on market they’ve sat. Then finally you’ll see massive reductions that could have been avoided by providing the minor reductions sooner.
anon at 10:00am –
I would give you ten to one odds that prices at 1 South Park will NOT drop by anywhere near 30%. And while we share a similar distate for “commodity condos,” 1 South Park clearly doesn’t fall in that category.
My partner and I looked several times at 1 South Park 4 months ago. Overall the building is special and the quality of the rehab seems quite high. Nice attention to detail, particularly in the common areas. I applaud the developer in taking on this project and bringing it to life. The proximity of the park (transients and all) is a real plus and 10 years down the road it seems as this will be increasingly important.
Having said that, the pricing seemed high then and seems not to have come down. This is particularlly true for those units facing south to the brick wall. A key potential future concern is that the building height beyond the wall can be increased if they wanted to build up – further diminishing the light or whatever view there is. Small closets were also a concern.
The units facing 2nd street are much more attractive, particularlly the corner unit on 2nd and SouthBeach. It has amazingly large arched windows with nice protected views. Great layout and nice square footage. Unfortunately for us, at that time, it was priced in the $1.25M-$1.3M range and was above of our $1.1M max. Had it been $1.1M we would have likely taken that unit, enjoying a truly amazing space. Instead, we’ll be happily holded up in The Infinity on the 11th floor at $840/sq. foot.
recentinfinitybuyer -> wow, that is strange. when i read your post, i thought maybe i had written it and forgotten; everything you said matches my scenario and sentiments exactly. Except I’m looking at a different floor in the Infinity, and we haven’t solidified the unit there yet. Oh, and I wouldn’t use the term ‘partner’ – that’s so cliche. 🙂
$840 psf sounds good for the 11th floor – is that the corner 2 bedroom layout? What direction are you facing? I’m just wondering if I should try to lower the price.
Reading this item and its comments on the same day that the bubble blogs have stories about Socal price declines accelerating rapidly and Bloomberg saying even NYC is not invulnerable has my head spinning. San Francisco just has to be months from a real tipping point. The kool-aid supply is drying up.
Not to mention that a developer in oakland just pulled the plug on a half-finished condo development. But don’t worry, it’s different here.
http://pittsburgh.bizjournals.com/sanfrancisco/stories/2007/10/08/story3.html?ref=patrick.net
http://globaleconomicanalysis.blogspot.com/2007/10/housing-woes-and-pain-avoidance.html
i dont know about that mktwatcher. did you see the auction story today in sfgate about the developers finally finding a way to sell out a new development? i’m guessing we’ll see that type of stunt here in one of the less popular condo buildings soon and it will be a win-win, just like the story goes. the developer sells out, the new buyers all feel like they got a good deal, and everyone goes home happy.
that could be the turning point for the burst bubble. we have to see some of the inventory get taken up to see a bottom and this seems like the most promising method.
once the new houses are all sold, then the auctions for resale can start in sub-divisions, and so on and so on.
Good point James. Look for the stories about TIC partners getting squeezed in the credit crunch/slowing economy and dragging their partners down too soon. It will be the SF equivalent of the stories I’m reading from other bubble cities about condos where dues are going unpaid and all the other tenants are left holding the bag.
“the developer sells out, the new buyers all feel like they got a good deal, and everyone goes home happy”
People who bought at peak prices are FURIOUS at this development. Take the guy in the story, who paid $415K for his place, now similar places are getting auctioned off for $250K. So he’s $165K underwater in an instant. If the auctions do correct the market, then regular appreciation will return, say maybe 3% a year. Even if that happens, he needs to hold 17 years before he breaks even. He’s better off walking away from the loan, temporarily ruining his credit, and buying again at the trough in a few years. This is exactly the adverse incentive that has so many people worried….and what will push the market even further down. No easy clean-up here…
Mind blowing building. So sad the units dont have any sense of scale. 836 SF in a conversion loft-lite? Why do that?
So promising from the outside, so underwhelming on the inside. Overpriced for what they are. The location is good, but doesn’t justify the prices. The units also feel small, despite the high ceilings. Personally, if I were buying, I would look elsewhere, there are deals to be had right now and this is not a deal.
nobody will get a house for 250. they’ll go for 375 or so when you factor in all the commissions, basically what that guys should have paid a couple of years ago.
phatty – glad to hear others are going through the same decision process. We’re facing south west – downtown and south bay/end of bridge views. We just clear the tops of the low rise and datacenter buildings. we’re in a corner 2br “f” unit. Am curious to see where you land. In the end it was about location and quailty of design and build the pushed us to The Infinity. There just aren’t that many opportunties to be a block from the waterfront.
RIB – email me @ phatty9876@hotmail.com and I’ll keep you posted on where I end up.
if the guy in the story who bought for 415K walks away from his mortgage he won’t be able to buy again in a few years because he won’t be able to get a mortgage for at least seven years. Even then, his interest rate will be off the charts so it really won’t be affordable for him to buy. I think this reality is the main reason you won’t see many people in S.F. just walk away from mortgages even as they eat up 50+% of income- they are high earners who care about their credit history and understand how devastating it will be to go into foreclosure. The guy in the story is stuck in this condo unless he’s willing to spend a decade on a cash only diet.
We went to the open house yesterday and were very impressed with a number of the units, but not all. Quite a few of the units had small dark bedrooms on the interior of the building, with windows that open to the common area. But several of the two bedroom units faced the street and were bright, and seemed quite attractive. We felt the living layouts were quite attractive and well-done compared to many other buildings. And the kitchens and baths were all very very nice.