1536 Pacific: From Coming To Coming Along To Six New Condos HereApril 29, 2009
Plugged-in people knew what was coming, how they were coming along, and now that they’re here. As a tipster notes, the six new condos at 1536 Pacific hit the open house circuit this afternoon yesterday with prices starting at $1,250,000 for unit #3.
Comments from Plugged-In Readers
Seems about $300k too high to me. Prices have been falling quite steadily in that area (Nob Hill and Russian Hill). Not huge amounts, but it’s not strong. The listing seems to emphasize great views that are probably not going to last long since 1) it’s on the lower part of Nob Hill and 2) views are never guaranteed. Seems like a better than average 2/2, but the average 2/2 around there is in the 800k-875k range.
Also, isn’t there a tall building of condos going in right there at Polk & Pacific?
[Editor’s Note: The design(s) for the corner of Polk and Pacific.]
The wood combination (floors and cabinets) are quite ugly for my taste. The wood is a bit dark. I agree with the above poster, seems a bit high in this market.
Very interested to see what these go for as, having used to live in that area, I really like that location. Pacific is such a good walking street – easy walk along Pacific to both downtown and Pac Heights areas. Plus, the location’s views should be good.
Scurvy, i think these units are a bit larger than a typical 2/2, in that they have a Den, too, so I would think they all go for north of 1M easily. But all i can make out of it is that they *start* at $1.25M which seems a lot for a unit or two that may not have a GG view (i’m assuming the bottom street facing ones don’t but
Also, the tall building that’s set to go at the corner of Polk/Pacific won’t affect these unit’s GG views as it’s on the other side/down the street. I think these look across / over Broadway and above all of the existing commercial units along Polk (Nicks’ tacos / Peet’s / etc.).
The one part I would be curious is if they did a good job with sound-proofing the back windows that somewhat look down at Broadway, which is like a highway in those parts. I’d guess so and it’s not like they’re right on that street, but the back decks / windows all face that area.
Looking forward to checking those out.
So I take it the multiple recessed lighting cans are now the avocado appliances of the 00’s. Not a single one in the listing photos.
I can see why some people kept their avocado appliances: I sort of liked the look of recessed cans.
speaking of which, anyone know the status of that project on polk & pacific?
The description is almost unreadable. This is the realtor’s own website – can’t they use whole words?
DanRH, I like that stretch of Jackson & Pacific, too. I’ve been looking around there for the past two years, that’s why I said they’re a bit overpriced. I’m on the comps like a bum to the beach.
Yeah, I know that the new condos won’t block the view; wrong side of the street. I was more making a point that supply is coming into the area is large numbers. Scarcity is no longer the name of the game. Also, if they’re going to permit a building of that size there, who’s to say that a similar gig won’t get approved and block this building’s view? You don’t buy the views with the real estate, and they could go away very easily. Paying up for views is silly in my book.
Also, I said they were priced too high by $300k. I didn’t say that they wouldn’t sell for > $1M. Pricing and selling are two different things. Pricing high and hoping to get one sucker is silly. There are lots of (poorly timed) bargain hunters out there looking for “discounts.” Price it low and let them bid it up. They will. Their timing is horrible, and they’ll lose their arses, but they’ll still bid it up.
For these low-rise condos, are the floor partitions between floors constructed of wooden studs with insulation or is it concrete? I wouldnt want to pay $1 million plus and have to hear someone upstairs making noise.
I agree with scurvy. I consider this to be part of the extedned area where I ahve been looking more and more at for 2bd 2ba. while this is new and a bit larger, the average 2bd 2ba in the are is going for about $750-800K. I think these should be priced under $1M, but can foresee someone paying up to $1.1M. I hope if someone does pay >$1M, that they do it fast. We need to weed the “crazy”buyers out so prices can continue to return to fundamentals
I personally agree with you that paying a premium for views in this specific circumstance is pretty silly, but the in general, I’m not so sure it’s the case that the views “could go away very easily.”
I’ve never actually seen it happen first hand, but from what I’ve read (Carol Lloyd made a career out of writing about this kinda thing for the Chron)
proposing blocking the views of well-heeled neighbors is tantamount to waving the red cape at a bull: all those people are going to show up at the planning commission meeting to oppose the project, and at best, the developer has to scale back the project dramatically.
Brahma, nobody in this area is particularly well heeled. Some folks making a few hundred k per year, but no real old money nor old power to speak of. It’s mostly nouveau riche tech or immigrant money. There’s no real power there to stop any connected developer’s plans. Sure, a few NIMBYs might show up at a planning meeting or two. Doesn’t mean they’ll be successful. Now the other side of Van Ness is a different story…
“For these low-rise condos, are the floor partitions between floors constructed of wooden studs with insulation or is it concrete?”
There are no requirements to use concrete for this kind of building, like there is for high rises, so unless the designer wanted to incur this extra expense so that the developer can advertise it accordingly, it probably isn’t there.
Not true on views. I’ve looked into it and the planning department is crystal clear on views: there is no entitlement to retain a view.
The neighbors may scream bloody murder, but plans that block a neighbors view will be approved.
My very first tip to this site (the editor called me a “tipster” and I kept the name) was about 2736 Broderick: a home that was placed on the market a day or two after the planning commission approved the next door neighbor’s plans to block its views. There had been a one story garage at the front of the property that was going to get torn down and a house built in its place. Nothing the homeowner could do to save their views except move.
The original story:
How it looked then:
How it looks now: (click on street view and drag the photo sideways)
Watched this going up and it is all concrete; floors, walls, roof.
And as far as views, the rear of these flats (they all face the street and go from front to back) look out over the new playground on Bdway, then out over lower Polk. Really dont think views are threatened unless something 20 stories goes up north of here – fat chance…
ok maybe but concrete roof too?
one of the smallest all concrete, post-tensioned bldgs i’ve seen. Usually reserved for bigger mid-rises.
yep, the roof too.
tipster, of course views are not protected, but smart, large, rich, and connected groups of neighbors can still protect their views. They simply have to be smart, be willing to be complete jacka$$es, use every means necessary, never use the word “views” when referring to what will be lost (light and air seem to be the new buzzwords), and sometimes resort to flat out lies.
See the Telegraph Hill Dwellers if you need the complete guide.
Toured it a couple of times during construction with my wife but found it didn’t quite meet our needs. Concrete decks, walls separating units, and concrete roof. Best unit in the building from a light and view perspective is the top west unit – but the deck takes a lot out of the living room and careful space planning will be required to maximize it. Worth the trade from my perspective.
All units are 2/2 with a den. Agree on the pricing comments. We thought these would be listed in the 9s. The bottom units have really large decks in back. Top units, large decks in front. Windows were good. Can’t hear any traffic noise at all. All in all, I think they are nice and will sell well. There’s a dirth of product of this type in this neighborhood.
Never understood why there weren’t private or common roof decks. A real missed opportunity. Now to put them in you’ll be dealing with an HOA…
I walked the units during the tour this week and they are nice, but over-priced in my opinion. The views are partial at best and there’s a house-wreck (collapsed structure) behind the building. Broadway is quite loud from the back and if you ever plan on opening the windows, buy noise cancelling headphones. Also, you and your guests will need to walk through your bedroom to get onto the back deck.
Think that a 20% price haircut is needed to get any savvy buyers interested. There are way too many good deals out there and this building is supposed to be located in Nob Hill. Guess it is, but not a good enough part to warrant such a price premium considering the surroundings.
thanks for the clarification scurvy, my bad – read your post too quick.
I really want to see these as I just can’t tell..I hear you on the 2/2’s going for 800-875k, but from touring, it’s all over the map (1438 Green is $799k and that’s just a 1/1 and 974sq’!). I saw a few 2/2’s in Russian Hill that were in the 800-900k but had bad layout or no parking.
But I hear you on how they should have started the pricing on these much lower. Still, I would think view-threat is very low on this, but who knows after reading the posts.
Funny, I know that this is technically Nob Hill (I think?) but I always associate this street still w/Russian Hill.
More later if I get a chance to see these.
After checking available inventory in the area, these are extremely overpriced no matter how nice the finishes are. Seriously, it could have platinum sinks and this is still overpriced by at least $400k.
Good frickin luck mr head in the clouds developer
1536 Pacific Ave #3 has closed escrow with a reported contract price of $1,250,000 (asking) while units #1, #2, and #6 are in contract.
1536 Pacific #2…am I reading this right that it closed and sold for $1.372? (100% of asking)? If so, wow.
The list price for 1536 Pacific #5 has been reduced from $1,375,000 to $1,275,000 (7%)
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