Purchased new for $1,007,000 in November 2000, the two-bedroom Brannan condo #10D at 219 Brannan appears to have been flipped four months later for $1,300,000.
Last March the unit was listed for $1,495,000 and sold with what appears to have been a “confidential” sale price in April 2009. In terms of MLS based statistics, reports, and even comparative market analyses a “sale price” of $1,495,000 would have been employed.
The actual recorded sale price we now know, however, was $1,300,000. And it’s now ten months later and the 1,347 square foot condo is back on the market at $1,295,000.
∙ Listing: 219 Brannan #10D (2/2) 1,347 sqft – $1,295,000 [MLS]
∙ An End To Confidential MLS Sales* (*Unless You’re Willing To Pay) [SocketSite]
1.3M is the constant there…
Buy, sell, buy, sell, buy, sell, repeat, Realtor retires.
Wonder how much that 2nd parking spot will sell for… It sorta sucks that your parking spot has an HOA.
Awful lighting and finishes.
I like how the photographer nicely framed the Bay Bridge in the window.
But that track lighting over the sectional reminds me of what you would see looking up from a hospital bed.
what a beautiful place! Forget about the small details that can be changed.
I would definitely pay $1,007,000 in 2010 to own it.
$1,295,000… not so much
Good thing it has a wonderful open floor plan for “netertaining.”
Hahaha – what in the hell?!
“You can sip your morning coffee or evening cocktails while watching the Bay Bridge traffic.”
Sign me up!
Decent floorplan, good location, but both the kitchen and bathroom are looking dated. Would be surprised if it get a penny over $800 psf or $1.078m.
Perhaps asiago can purchase it this year after all 🙂
I’m relatively new to this, and can’t figure out what is going on here. Is this a (failed) flip between April 09 and February 10? Or more likely a job change or move requiring a quick sale? I see a number of these relatively short turnover times on SS, and wondered if people can speculate how many of these <1 year transactions are flips vs. foreclosure vs. get out quick vs. whatever.
Question. Photo 13’s caption says “Master bathroom with walk-in shower.” To me a walk-in shower should not have a rim that I need to step over to get in. Am I missing something or this just a bad photo / aggressive marketing spin?
Love the views and far enough from the Bay Bridge that you might be able to actually enjoy the balcony (aka, no excessive noise).
NE corner unit. This is the best for views of DT and BB. Also, this is likely electric heaters and no A/C. NE gets plenty of ambient light with large windows without the direct solar gain. I rented in a SW facing unit once. Never again. Shades drawn 9 mos of the year to keep from cooking. My orchids were very unhappy.
The picture #13 is a tub/shower combo. A walk-in shower is just that. If there is no rim at all it is a roll-in shower.
Did I accidentaly order the Psilocybe cubensis w/mozzarella burger for lunch, or did that lead photo slightly change ? I could have sworn there was a sectional sofa below that ICU privacy curtain track.
^^I guess we’re finally learning some of the secret ingredients in a despair milkshake. Photo #4 on MLS shows completely different furniture in LR than SS photo.
April 09 – feb 10? Stupid is as stupid can. At least we’ll have a good post recession microcomp.
^^ Would that be a crabapple?
does anyone recognize the pair of chairs in the LR shot above? (on the 5-star chrome bases)
Did I accidentally order the Psilocybe cubensis w/mozzarella burger for lunch, or did that lead photo slightly change?
The later. It’s still the same unit and view, but the new photo is from the March 2009 listing and was simply a slightly better fit with our aesthetics.
Unfortunately for the owner of 10D, the identical floor plan 7D just hit the market at $948,000. Methinks that the three-floor differential will not command a price differential of $347,000.
http://www.realtor.com/realestateandhomes-detail/219-Brannan-St-Unit-7D_San-Francisco_CA_94107_1115848004
Unless one of them has the wrong sq ft posted, 7d(1167 sq ft) is not an identical floor plan to 10d(1347 sq ft). The kitchen photos also don’t line up.
7D is a differnet floorplan. Smaller and is probably blocked by 200 Brannan on the front so there is no city skyline to see. 10D has Bay view at the front. 300k for the view and space.
Would it be ironic that the person who flipped the unit 11/2000 sold it to someone who escaped with leftover dot com money and who had decided to put his/her funds into more secure “real asset” instead of stocks whose value they saw could vaporize in a matter of weeks. While real estate values are unlikely to go to zero as in the case of numerous stocks during the boom-bust a decade ago, real estate values do vaporize and is far less liquid along with a high transaction cost. I do believe, however, that unit 10D could have a decent gain from the purchase price of 1.3 million had the owner decide to sell it back in 2006…
Unit 7D is asking 53% more than the 7/28/2000 price and 29.5% more than the 2/28/2003 price.
So these owners seem to have quite a different take on the market.
I would say that’s not a bad trade (assuming it sells for anywhere close to $1,000 psf) I’m sure that flat for 2000-2010 in the stock market would be a victory for most of us. Except the gold and commodity bugs. And a great trade for whoever netted $300k.
You are absolutely right. Paying $1000 a sq ft looks so incredibly smart in ’08 compared to buying something like Pink-Monkey.com (PMKY) in ’99 – a 50 million market cap company with something like a hundred dollar revenue !
Awful bathrooms, so-so kitchen, electric range…you can do much better in SOMA for $700-$800/sf. Almost $1,000/sf for this place? I don’t think so, great views notwithstanding.
Look at the comps on the building, the $/SF is always the highest in the area.
Also, for anyone critizing the design, I assume you live in at least a couple million-dollar home decked out in the latest fashion? If not, it is like a Honda Civic driver giving their opinion on Aston Martin styling and features.
“$/sf WAS the highest in the area.”
This building had been the “it” building for awhile, but its higher prices are keeping it out of the FHA sweet spot, and its dated looks are now being eclipsed by other buildings.
It has a very modern, tasteful, masculine decor in the common areas, decent amenities including a very pretty pool, but the mid rise views that are offered are generally not that great. Most units look nearly directly at the clutter of the mechanical units on the tops of rooftops that you really don’t get past until you are at least above a fifteenth floor level that other building have in abundance.
So you are buying into a building whose star has started to fade, and the recent sales are reflecting that. I’ll be surprised if units can still hit $1000 per foot for much longer, but it’s possible that they can live off their former glory for a bit longer.
I agree with tipster.
There is always the “in” “cool” building. Today its the Infinity or ORH or Blu. Tomorrow maybe it will be One Hawthorne.
In the past, it was the Metropolitan, Watermark, and maybe even Bridgeview.
There will always be the next up and coming thing, like a new model of car. Its like buying a Mercedes. In 2000 the AMG Convertible was the coolest car, but the new 2010 AMG Convertible is soo much nicer (it may come with Navigation, better features), it makes that model look/feel dated and less valuable.
$1,000 per sq/ft for this unit is like paying a new car price for a 10 year old car. This building will always be nice, but there will always be something better. That is why it is important to always buy location (which this has) versus newness (such as something like the SOMA grand).
A. This is the only high rise in this entire sub market. All the other ones cited are north of Bay Bridge.
B. This is the only high rise with a real neighborhood surrounding it instead of expressways to the bridge.
C. This is the only high rise with a legitmate lap swimming pool and deck area.
D. This is the only high rise that doesn’t (a) have homeless sleeping outside its door or idling cars stuck in traffic.
E. Units here will trade at $1000 sq ft again.
Good thing you have convinced yourself. What is the “sub market”?
I agree with Grubber2’s list. Just try getting to Infinity, Metropolitan or 1RH at 5pm on almost any weekday coming from any direction you want. Result: wall-to-wall traffic. Even worse if PacBell/SBC/AT&T Park has a Giants game that evening.
Now to Point E. G2 is right that prices will go above $1k/PSF, it just a question of time – 5yrs, 10yrs.
since i was quickly rebuked for suggesting that one might need to own and use a car while living in north beach, i think by the same token if you buy a luxury condo in rincon hill, one should be walking or transit distance to one’s financial district job and have very little reason to be driving home at 5 pm on a regular day.