One of the larger Harbor Lofts units at 1,438 square feet, 400 Spear #205 sports exposed brick (on three sides), exposed redwood trusses (supporting a 16 foot ceiling), and an oversized picture window (should you care to expose yourself).
Leased parking and asking just over $600 per square.
∙ Listing: 400 Spear #205 (2/1) – $875,000 [MLS]
∙ Harbor Lofts (400 Spear): San Francisco Warehouse Conversion [SocketSite]
Wow, the miracle of modern photography: such horizontal distortion in the pictures and still no stretch marks.
I found the photos of Red’s and the ballpark very useful.
This is a great building, and one of the few *real* loft buildings in the city, having been converted from a warehouse. I’m not even a loft fan, but I like this place. Some trivia: this is one of the oldest buildings in SF, the first iteration of which was completed in the 1850s.
That said, #119 in the building is in some stage of foreclosure per PropertyShark, with a loan balance of around $680K. It’s roughly the same size, so it could potentially hit the market at a much lower price point.
This is a great building and location. I have friends that live in the building and they love it. A loan balance of $680,000 does not signify foreclosure.
This was the unit in distress
http://propertyshark.com/mason/san_francisco/Reports2/showsection.html?propkey=30534053
I don’t see anywhere that is in distress. Wouldn’t it be on the market if they needed to sell? Why wait?
“A loan balance of $680,000 does not signify foreclosure.”
Not by itself. But when that amount is the amount of the loan balance at the time it was taken back by the lender, it signifies that that unit (119) already went into foreclosure, and is now is awaiting its dumping into the marketplace.
That’s a good find, Dude. Unit 119 is 1,412 square feet, and looks to have sold for $799K in April 2005. 100% financing, so no need to feel bad for the smart owner/trader. He played the bubble well.
Unit 205 (subject of this thread) looks to have sold for $850K in August 2008 to a business entity. Tough to tell what is going on with it, but $875K sounds way too high, if 119 is foreclosed at 15% below its 2005 sale price.
is that the source of heat, down at the base of the far wall – one of those long electric-like heat ‘bars’ (not sure what you call it). If so, that’s pretty bad…
I live in a loft( a new loft) and it has baseboard heating. I looked at almost every loft project and the majority have baseboard heating or a tacky gas fireplace. The fact of the matter is that you never really need to use heat in a loft as they are well insulated. This building is nice in the sense that it allows you to get a cross breeze as it has windows in front and rear (unlike most lofts)
“I don’t see anywhere that is in distress”
Well, it was purchased on 10/03 by ‘Ahmsi Default Services Inc.’. I think that might be a good sign that it’s in default? Unless Mr. Ahmsi used his company to buy it for himself.
I think we’ve reached the fun stage of the main event. I know that over here, in the good parts of town, banks will still market REOs at prices over the amount foreclosed. I say Unit 119 hits the market at $799k (but sells at closer to $750k).
The listing states ‘If desired, a second bath can be easily added in the loft area’.
How easily?
I found the photos of Red’s and the ballpark very useful.
I’m starting to think that the more there are of these kinds of pictures, the more the agent is gunning for out-of-town buyers. You think some Russian or Chinese money-collector is gonna know Spear St. from Main St? Let’s show ’em where they can get a coffee. People in California love coffee!
Good Deal !