Listed for $1,495,000 in 2007, the 1,348 square foot two-bedroom #402 at One (1) South Park closed escrow that October at asking. “Never occupied as a primary residence,” the top floor condo is now back on the market and asking $1,199,000, a sale at which would represent a 19.8% apples-to-apples drop in value for the unit over the past three years.
∙ Listing: 1 South Park #402 (2/2.5) – $1,199,000 [MLS]
∙ One South Park: Reservations, Floor Plans And Even A Few Prices [SocketSite]
∙ One South Park: An Overview And Car Stacker Question [SocketSite]
“Never occupied as a primary residence.” Half the south beach properties probably could have that tag line added. Or “Purchased for investment purposes – used only by my lazy, spoiled kids as their primary residence, but I’m throwing in the towel and selling, so they are moving back in with us.”
Good to see that people at least some people have stopped adding the realtor fees to the purchase price and listing for that, as their opening price, as if anyone would pay that when the market is nowhere near that price.
I’ve started seeing that behavior even for things purchased in 2004. 2243 Bay Street just got listed for $100K under its April 2004 purchase price. 88 King St #707 is listed for $90K under its June 2004 purchase price.
Even the bizarre 6 month apple, 2266 Jackson, is listed for only $4K above its purchase price of 6 months ago. They are not even trying to get their realtor and financing costs back.
And this place comes with the free smell of homeless urine. Great burritos and quiche’s right outside your door though.
“tipster” – how can someone be so bitter on a Friday like this? come on post the “hope they enjoyed it” bitter comment, come one, please post it, please please.
tipster being in a “my business is down, why the f*** isn’t SF RE crashing faster already?” kind of mood, let me cheer everyone up then:
– Great value!
– Their loss, your gain!
– At least you’re not THAT buyer!
– Good thing you waited!
I could go further but there’s too much schadenfreude already.
No reason to cheer there. Still overpriced. Still an Instant Nequity buy.
Isn’t that hipster grilled cheese place downstairs?
The grilled cheese sandwiches are really good and in the building.
The grilled cheese sandwiches are kind of tasty. This place is probably still a bit pricey. I’m not crazy about the finishes, but the deck is nice. You have a view of the Clocktower building, which is probably a better place to find a real loft.
No lofts in this building. All floor plans have proper rooms with doors.
Heiko, this would come down to your definition of a (real) loft. The term loft in common parlance is often “an apartment or condominium built within a former industrial building.” That is the manner in which I used the term.
“Never occupied as a primary residence”
This makes me wonder if they told the bank they weren’t going to occupy it as a primary residence.
Great kitchen for someone who, in addition to not cooking, also doesn’t own cookware, plates, or glassware.
Sorry Pacific, but you’re wrong. just because a former industrial space is converted to residential use doesn’t automatically make the units lofts.
Lofts are generally considered to be open spaces with an elevated mezzanine (the “loft”). I’ve toured One South Park and they are definitely not lofts.
Sorry Pacific, but you’re wrong. just because a former industrial space is converted to residential use doesn’t automatically make the units lofts.
Lofts are generally considered to be open spaces with an elevated mezzanine (the “loft”). I’ve toured One South Park and they are definitely not lofts.
Not to be picky, Fischum, but I would say that a loft is any converted industrial space that has an open floor plan. No need to have an elevated mezzanine…many “lofts” in NY’s Soho do not..and that’s probably the original model. It’s just that loft spaces often have a lot of vertical space, and therefore mezzanines get built as one design solution.
But you are right…when an industrial building is converted to a standard configuration with fully separated bedrooms, imo it is no longer a “loft”.
Good point curmudgeon, and I agree. If I asked an agent to show me some lofts on the SOMA area and he/she took me to One South Park, I’d look at them like they were crazy.
Fishchum, the only thing we’ve established in this thread so far is 1) you have an opinion that I’m wrong, and 2) you have a different definition of “loft” than the one that I was using.
Large warehouse windows and high ceilings in a former industrial building still falls into a loft space for me, although the Clocktower building has more true “loft” elements, IMO. Your elevated mezzanine comment is flat out wrong, however. There is another usage of the word loft which comes from barn terminology that means a mezzanine. It doesn’t have to be a bedroom. You can have both of these “loft” elements in one unit, but that doesn’t make it more of a loft.
Lofts bypass lots of residential and ADA building codes with or without mezzanine floors or open/ closed door bedrooms.