An unstaged 1483 Sutter Street #1202 has been on the market for 146 days. Initially asking $499,900, the price has been reduced four times over the past three months. And as of ten days ago, they’re asking $449,900.
A staged 1483 Sutter Street #1002 hit the market yesterday with new carpet, paint, and much better photography. Other than that, a small slab of marble in the kitchen, and a few decorating differences (like mirrors and no built-in shoji), they look to be about the same. Asking $499,000.
Apparently inflation has wreaked havoc on carpet, paint, cleaning and decorating services.
UPDATE: And as a plugged-in reader notes, “1202 looks like a foreclosure from property shark. Last “real” sale was 7/5/2005 for $550K.” Perhaps that helps explain the pricing of #1002. Obviously #1202 isn’t a real comp…
∙ Listing: 1483 Sutter Street #1002 – $499,000 [MLS]
∙ Listing: 1483 Sutter Street #1202 – $449,900 [MLS]
Looks like 1202 has done a nice job of chasing the market down…
1202 looks like a foreclosure from property shark. Last “real” sale was 7/5/2005 for $550K. So, it’s down at least 18%, and it hasn’t stopped its swan dive yet.
The assessor’s office shows that the taxes are in arrears, so when it finally sells, knock off another $15K or so to get at the “true” price. Too bad for the owners of 1002, who look to have purchased it 10 YEARS AGO for $281K (that’s about 4.8% gross annual return, assuming a sale at $449K, or about 4% after the agent gets paid.)
One other thing about 1202 Sutter. This purchase and “attempted” sale is outside the 3-year “safe” window often mentioned by fluj and others. And it still generated at least an 18% gross loss, and more like a 23% loss after commission and selling expense. That’s of course a 100% wipeout to any reasonable downpayment.
But don’t feel too bad for the “owner”. It was 100% financed with two loans from the same bucket shop (Argent). The owner certainly enjoyed a bunch of months of free rent, and never bothered paying his property taxes from what I can tell. As tipster likes to say at times like this, “God Bless America”!
Very familiar sleeping alcove:
http://gocalifornia.about.com/od/casfmenu/ig/Alcatraz/IMG_8449-a.htm
Hmm…wake me up when it gets back to ~$300k. San Francisco is on the downhill slope and gaining speed.
about the palce. The ceilings look to be around 7-8 feet. claustrophic here.
aslo, i would be hard pressed to pay $450 for HOA fees and live in a closet
Isn’t this really a studio? How can they claim this a 1br? Who wants to have the bed right next to the kitchen counter? Bizarre!
It’s a Jr 1BR, which just means that the bed is in a separate space that isn’t part of the main room, but there is no door isolating the bed from the main room. Yeah, I think it’s a stupid distinction too…functionally, I don’t consider Jr 1BRs any different than studios.
Hmmm. . .a virtual studio with a third-rate view, and a Bell Market downstairs that just sort of disappeared one day, for only 499,000!
Bell closed at least two years ago. There were rumors that a 99 cent store was going to lease the space, but I am not sure what endedup happening. I haven’t been by the building in a while. There are some decent one bedroom floorplans (800 sf), and some large two bedroom plans. The building still looks pretty good on the inside, and the location is central.
This is a classic example of why people are WRONG when they say that Americans don’t PRODUCE anything.
We do: we produce “get rich a little quicker” schemes that we sell to foreigners who produce real products and services, for which we ship them absolute mountains of cash. They then ask “wall street” what to do with all that cash.
Wall street manufactures schemes out of thin air to get them to send that cash back to us whereupon, whatever isn’t siphoned off by wall street, gets sucked out of the scheme and back it goes to China or Saudi Arabia or Japan. They get nothing and we get all their stuff.
Remember when we sold them Pebble Beach for $800M and then bought it back for $100M? Guess what? We just did it again. Here’s a great example: We took a craphole apartment worth $300K on a GOOD day, convinced the Chinese that they could loan someone who was financially irresponsible $550K to buy it, and through the miracle of modern finance, lots of irresponsible borrowers would turn into one giant RESPONSIBLE borrower who would pay it back!
The seller absconded with the $250K difference above the $300K it was worth, and pumped it back into the economy, an “appraiser” got paid to give an opinion on it (using the same one he gave when he was 9: not that it was a good idea, but “Mom, EVERYONE is doing it”, which is essentially what appraisals really were for the past 4 years – Ha ha), a real estate salesperson took a big commission after writing “Offers Due Tuesday” and standing in it, among a mob of people, for an hour, and the finance guys took their cut.
Everyone of them went out and bought a boat, a car, etc. All the sellers of boats, cars, etc. bought gas and stuff from China at Wal-Mart and the money went right back from whence it came, round and round and everyone had a great time.
Honestly, why exactly did we stop these good times? Prudent fiscal policies my ass, I say we go right back and pick up on the bubble where we left off!
Face it, congress continues to try to sell responsible people like me up the river because we are NO FUN!! “They just bailed out wall street,” you scream? Well why not? I’m sure as hell not going to send the economy zooming up the next hill.
Bail out wall street for as long as it takes. We may as well keep those finance guys around long enough to come up with the next big thing!
Lord, give me the strength to throw my intelligence out the window, and buy the Next Big Thing: stocks of companies that have no profits run by 22 year olds who don’t work, homes that sell for payments that no one can possibly afford without a Ponzi scheme behind them, etc. Sure, real estate is dead for now, but the next big thing (Biotech?) will be on its way. I hope the finance guys are cooking up a good one. Keep ’em coming.
It’s the American Way!
Unit 1002 in the 16-story condominium high-rise complex now branded “The Sutterfield, a luxury doorman building” located at 1483 Sutter St., wound up closing in December 2008 for $475,000, or 4.8 percent under the asking price mentioned in the main post above. According to the CPI Inflation Calculator on the BLS website, that 475k is worth $712,407 in September of 2024’s money. September of 2024 is relevant for comparison because, according to Auction dot com’s foreclosure property listings, the owner of that unit was served a Notice of Default with $185,746 past due during that month.
The property was scheduled to be sold at a foreclosure auction a month ago, with an unpaid balance of $525,311 according to the same site. If the auction were actually held and the property traded hands for the same site’s $502,400 estimated market value, it would be equivalent to $773 per ft.². Would that price level reflect a significant distressed property discount for a real estate “genius”?
Unit 422, a 1 bedroom, 1 bathroom 780 ft.² condo in the same complex might offer some insight to a layman like myself. While located on a lower floor, it features “a huge patio typically only found in single family homes” and sold in June of 2018 for $950,000, or just under $1,218 per ft.². In September of last year, the condo returned to market, this time listed for a $749,000 asking price, or about $960 per ft.².
Was that a real estate agent-concocted deliberate lowball pricing scheme to generate furious overbids and a closing price over what the seller paid six plus years earlier? Perhaps the seller and their agent felt they didn’t have much of a choice in the matter, seeing as how 1001, a larger (1,120 ft.²) 1 bedroom, 1 bathroom northeast corner unit boasting “breathtaking city views from every room and incredible natural light throughout” and located on a higher floor in the same building had been on and off market since September of 2023, suffered through two price decreases (in May 2024 and July 2024) and had its listing removed in August of 2024 when its asking price was at the $856 per ft.² level.
1483 Sutter St Unit 1001 sold last month for $850,000, less than 0.12 percent under the September 2024-era decreased asking price. That closing, occurring an agonizing 437 days after the September 2023 listing, also represented an equity-impairing 17 gross decrease in value (a nominal $175,000) from the previous sale during the pandemic-era squeeze. The recent sale implied a value of $759 per ft.², so perhaps the estimated market value for Unit 1002 wasn’t too far off.
Unit 422 followed that by closing last week for $719,000, only 4 percent “under asking”, after 125 days on market and a price level equivalent to $922 per ft.²! Clearly, though, through her deep “in the trenches” knowledge of the market and hard work Mary Ann Montano with Coldwell Banker Realty produced a relatively positive outcome for the seller, given the circumstances. However, that price represented slightly over an equity-eviscerating 24 percent gross decrease (a nominal $30k) from the previous sale over six years earlier, wiping out 100 percent of any reasonable downpayment after taking care of closing costs. Ms. Montano evidently represented both the seller and the buyer on the deal.