A tipster forwards the latest from the sales office at Citrino now advertising two-bedrooms from $599,000 (including two years of pre-paid HOA dues and parking) and one-bedrooms from $449,000.
As you might recall, it was two months ago that Citrino was advertising two-bedroom homes “starting at $675,000” and one-bedrooms “starting at $475,000.” And prior to that it was simply “in the $500’s – $700’s.”
∙ Reductions (And A New Release) At Citrino (566 South Van Ness) [SocketSite]
∙ New San Francisco Condo Developments: Citrino & The Lambourne [SocketSite]
great sign
I was driving through the neighborhood today in fact and there seems to be more supply coming in this area
Oh how a few howled when I referred to this development a few months back as a turkey. How fitting her price has been slashed in advance of Thanksgiving.
My partner and I looked at these places last summer, when 2 beds were going for at least 650K. When my partner asked the rep if they were accepting offers below asking the rep nearly laughed in his face. Hardy har, who’s laughing now?
this one’s sure to be a lemon
This news coupled with the ORH post captures what seems to be going on in SF. More marginal properties are indeed coming down in price reflecting the same trends that are even more pronounced in other parts of the BA, CA, and most of the US where there’s a lot more supply. But, if you hold the reservation for one of the penthouses at ORH, I guess it’s still a seller’s market.
Yeah, that’s a pretty rough block. Anyone see the article on the “Vice Hotel” at 520 South Van Ness in the SF Weekly a couple of weeks ago…
http://search.sfweekly.com/2007-10-10/news/the-vice-hotel/
Probably not the best neighbors I’d think.
The Citrino is suckers. Another bad Mission St. neighborhood. High crime, graffiti, homelessness and car theft. It might be close to 16th & Valencia, but not close enough. 4 blocks is 4 blocks too far. You’re much better off living on the west side of Mission St. Guerrero, Valencia, Delores, etc.
The same negative people who read this will critize me again because I bashed their other Mission St. location (Valencia & Mission).
The Citrino is like buying a new car, that new house smell will wear off very fast and you’ll be looking to buy somewhere soon. And in the process, lose $50k on a bad decision.
DO YOUR HOMEWORK BEFORE BUYING ANYWHERE IN SF. Drive by in the wee hours to see what the neighborhood is like.
Even more than the neighborhood, the problem with the Citrino is the units themselves. The second bedroom (and the only bedroom in the one bedroom units) is barely large enough to put a bed into. And even the ‘master’ bedrooms are very small. And don’t get me started on the layouts…
Oh, I’m not sure about the two bedrooms, but the ones have started at $449K for at least a month now, with one going contingent about two weeks ago (per MLS).
Posters here are so missing the point. When you buy in this OBVIOUSLY rough area of the Mission, you are buying for the future. Yes, I wouldn’t be happy living there either. Now. I bought my various Mission homes years ago when people laughed at me. Laughed! They said in 1993, you are crazy for buying a two unit on Shotwell for $190K. Today, this block is one of the most beautiful in the area, and my house recently appraised for $1.8 million. Another apartment bldg. I bought in 96 near Valencia for $432K. This recently sold for for $3.1 million. Everybody wants to live there now. Another I bought for $180K in 97 near a drug infested needle park, and I ref’d last month for an appraisal of $2.4 million. The hottest area of NEMA.
My point is that one day not long ago, nobody wanted Valencia St. near 22nd. Nobody wanted Florida Street near 19th. Nobody liked York and Mariposa. Look at ’em now.
One day in the (near? far off? who cares?) future, that corner of South Van Ness and 16th will be as cool and hip as any other hot block in the Mission. The Mission, for the 20 years I’ve been here, has always had nowhere to go but up. And it has. Walk around the corner. Not four blocks. Around the corner. Hot designers restaurants/bars in the midst of a trashy scary mess.
So don’t live there if you don’t want to. Go to Pacific Heights. Go to Ross. But if you think about it, do you really want to sink your cash into Pacific Heights, today, 2007, with such a doubtful 3-5 year future? Yes, I cringed when I think of living at the Citron. But I’m 46 years old. If I were 25 or 30, gosh almighty right I’d buy there. $599K for two bedrooms is a deal. Over the long run…. we’ll see who’s the last one laughing.
“My point is that one day not long ago, nobody wanted Valencia St. near 22nd. Nobody wanted Florida Street near 19th. Nobody liked York and Mariposa. Look at ’em now.”
Yes, they are still ridden with criome, gangs, drug use and homelessness.
“But if you think about it, do you really want to sink your cash into Pacific Heights, today, 2007, with such a doubtful 3-5 year future?”
This is one of the only areas that i can see 5years ahead with any certainty. The crash willa ffect the mission and places like it the most. I think it is better to buy in a downtrodden area,like the ones you mentiones, when the housing market is on an upswing, not when it is trending down and with a possibility of the bottom falling out.
Spencer, you have to get out more. The Mission is a great area — I have many friends who wouldn’t live anywhere else in SF.
But I agree with your second point that now is not a good time to buy since prices are likely heading down all over the city — and there is no reason this won’t apply to Pac. Heights at least as much as the Mission since the Mission is up-and-coming. If you can offer some compelling reason why you think otherwise, please share it.
The mission has been up and coming for 20years and it still ahsn’t made it.
Pac Heights made it a long time ago and is still on top.
There is less price depreciation risk in an established neigborhood.
I get out plenty. I eat in the Mission at least once per week. I just wouldn’t live there.
S
Spencer, saying the Mission still hasn’t ‘made it’ is a ridiculous comment. The Mission covers a massive chunk of the City; it’s not a little area. There a blocks that are quite safe, picturesque and clean. (And then there is the Citron.) Remember, Dolores Street used to be the Mission. So did Fair Oaks, Liberty, York, Mariposa, etc. The Mission fragments as it gentrifies. Don’t live here if you wish. But also don’t forget that in the last slump in the early 90s, the hi-end Pac Heights properties were among the worst-hit percentage wise if I remember my Herb Caen articles correctly, experiencing 30%, 40% + drops and sitting unsold forever. Also, if you are waiting for a true ‘crash’, don’t hold your breath within the SF city limits.
Okay, now the MLS lists both $449k units as contingent. Although why anyone would want their stove and fridge in their living room, a bedroom the size of a closet is beyond me, and a view of the common walkway is beyond me.
S.F. needs more 1BR and 2BR condos in this price range. The buyers probably want to live in San Francisco, want to own a place, and can only afford something in this price range. With the easy money days over, relative differences in prices are back in play as people will realize that taking on 50-100K in additional debt is more than just a an increased monthly loan payment. I think the value of 100K in the San Francisco real estate market dissapeared with interest only
Wow! The Mission Street area is hot! My a**!!!
2 people dead and 8 shot in 4 unrelated shootings, all today (November 17, 2007). GUESS WHERE??? ALL IN THE MISSION. The Mission sucked in the 70’s, 80’s, 90’s and will continue in the future. All you homeowners who claim to live on So. Van Ness, Folsom, Harrison, Bryant, etc., I never see you walk during the night. I know what you do: YOU DRIVE TO OTHER, MUCH SAFER NEIGHBORHOODS TO SHOP AND EAT. DON’T BUY OR LIVE IN THIS AREA, PERIOD!!!
Actually, 2 of the 4 shootings (and 1 fatality) were in the Mission. One shooting was inside the nightclub, Whisper, in the NE Mission, and the other was on 23rd and Treat.
The other fatal shooting was on Polk St.
The other non-fatal shooting was South of Market.