Speaking of new developments now returning to the market, eight of the sixty units at the previously sold out Book Concern Building (83 McAllister) were just listed at prices ranging from $299,000 for the 261 square foot number 412 (asking $273,000 in December 2006) to $519,000 for the 678 square foot number 508.
At least one of these returns to market is the result of a foreclosure, if realtystore.com’s info is correct. This’ll be interesting when they actually sell, as it seems that 290K is a practical “floor” for reasonable condos in The City right about now, a market segment defined by this building and Cubix as far as I can tell.
The price floor for condos in this building seems to be well below $290k; two recent foreclosures were sold as follows:
(a) $212k (studio with a loft like sleeping area, with headroom in which to stand up),
(b) $227k (one bedroom fitted for handicapped use) measuring 460 sq. ft, i.e. just $500 per sq. ft.
Both were REO units, and the second sold after significant prices reductions, starting with a listing price of $282k, reduced 28 days later by 5% to $267k
Considering these units were marketed originally at close to $1000 per sq. ft. this is an astounding fall in prices since early 2007. Has this market bottomed out yet? We wonder!
Second observation on the new units for sale in the BCB (83 McAllister). There are in fact now 8 units for sale by the original developer, Metropolitan Land Co., at prices ranging from $299k to $519k (the range noted in the original posting). Neither of the two REO foreclosure sales noted in my previous posting is included in the 8 now listed for sale; it is hard to know if any of the eight are indeed foreclosures–most likely they are the inventory of unsold units in the hands of the developer at the time the market went south in the Spring of 2007.
I lived there for 2 years, and now rent out my unit. Benefits of living there [are] it’s walkable most downtown attractions, and basically sits atop a BART/Muni station. Also has a great community of owners and renters. Downside is it ain’t Walnut Creek, so if you’re not a fan of “interesting” street life, you need not apply. PS: awesome burritto place across the street.
“Downside is it ain’t Walnut Creek, so if you’re not a fan of ‘interesting’ street life, you need not apply.”
I never understand these sorts of comments — as if hobos and drug addicts are some how the height of urban culture.
Yes, as an owner in the BCB building, I strongly agree–it is a wonderful community of owners and renters at 83 McAllister. So anyone who wants to become a member of this community should look to buying one of the units now back on sale …
(Cannot say if the burritos are awesome, but there is a very friendly coffee shop right next to the building entrance). Great farmer’s market twice a week in the UN Plaza right outside the entrance, and excellent access to BART and the buses and streetcars of Muni.
When this building was first up for sale I toured it and I have to say, it’s the worst new building I have seen in SF. Minuscule units, toy kitchens, no light, low ceilings. I guess if you’re into prison chic it’s great. But otherwise it’s really heinous.