Looking a little less empty (and staged) than when purchased for $610,000 in October 2004 (“Beautifully renovated condo…Granite counters in kitchen, top of the line appliances, remodeled baths, excellent outlooks, & peeks at the Bay”), the now bank-owned 2040 Franklin #1008 on the border of Pacific Heights is back on the market and asking $532,900. And yes, those appliances remain in place.
At the same time, the 31 percent smaller but “recently renovated” 2040 Franklin #708 is asking $629,000 and going on 266 days on the market. And no, it’s not bank owned.
UPDATE (5/18): The listed square footage for 2040 Franklin #1008 has been changed to 772 square feet and its list price reduced to $519,900.
∙ Listing: 2040 Franklin #1008 (1/1.5) 1,040 772 sqft – $532,900 $519,900 [MLS]
∙ Listing: 2040 Franklin #708 (1/1.25) 715 sqft – $629,000 [MLS]
Wish I could buy this in Paris (or London) for this price.
wow that’s a boring vanilla building and unit. But at least it’s getting more affordable.
I just wish the process let them build more like this when things were bubblicious so we could have more choice now
Is it possible that 1040 s.f. is a typo? Surprised that #1008 would have a different floorplan than #708 given the uniform look of the building exterior. Also, don’t see 1040 s.f. in those photos.
1,040 looks right to me considering bedroom and living room photos.
PropertyShark agrees.
Just looked at propertyshark for first time–cool site. The listing for #708 also shows 1,040 square feet. So, is #708 31% smaller than #1008 or not?
Is it possible that the 1,040 s.f. includes deck space?
they are both probably about 715 SqFt. every unit i’ve seen in this building shows the unit to be 30% or so larger than they really are.
the other problem with the building is that more than 10% of the units are owned by one owner – Jackson Tower Associates/Lone Tree Properties – so you can’t get a fannie backed conforming loan. based on the sale of #504 which sold for $580,000 recently my guess is the inability to get a regular loan cost owners there 5% to 10% in value because unit should have sold for more than $600k.
The list price for 2040 Franklin #1008 has been reduced $13,000 (2%), now asking $519,900. Once again, purchased for $610,000 in October 2004.
The listed square footage has also been changed to 772.
UPDATE: Three Floors Higher And A Hundred Grand Less In Pacific Heights.