Featuring one of our favorite one-bedroom floor plans in the building, the 764 square foot Soma Grand #1802 was purchased for $649,000 on January 2008. Three months later #1902 sold for $795,000 and two months after that (June 2008) #1602 sold for $765,000.
Three months ago 1160 Mission #1802 was taken back by the bank. And yesterday the one-bedroom condo with all stainless steel appliances intact was listed for $540,000.
∙ Listing: 1160 Mission #1802 (1/1) 764 sqft – $540,000 [MLS]
Still over $700 per sq/ft for soma. No thanks. Especially considering that it has south/southeast views rather than north. $470k is more like it in today’s market (yes still too high)
Rent for similar place appears to be $2500.
http://sfbay.craigslist.org/sfc/apa/2018004255.html
Both GRM of 18 and Cap rate of about 2.7, like scurvy says, point out room for improvement in price.
Yeah, that rent is “wish rent”. Live in the middle of this muck for 2500? No thanks.
Fair price is 400/sf, imho, and because it’s new construction. The original buyer wisely walked away to stop the bleeding. 4K+ in expenses / month for this?
never understood why someone would buy in this place. this is one of wishful buys where you are banking on this area being cleaned up. something tells me you’ll need a lot more “soma grand’s” to be developed before this area becomes livable/safe. anything past 5th street for me is not a buy. as the previous posters said, looks like there is a lot of room for the price to drop.
Well on a more positive note, I do have to agree that when touring the SOMA grand a few years back, this was one of my favorite floorplans. From what I recall, this is also the desireable direction/view to have in this building. If you were to have this equivalent floorplan on the otherside of the building you would be facing the apartment building 30 ft away. The photo above doesnt quite capture the view which is actually decent in my opinion. The neighborhood isn’t exactly walkable, but at least it has a parking space!