Purchased for $761,000 in May 2004, the 1,456 square foot Nob Hill condo known as 850 Powell Street #301 was listed for sale at $819,000 on January 8, 2010 and closed escrow with a reported contract price of $830,000 three weeks later.
Back on the market and listed at $799,000 for a year-over-year Nob Hill apple to be, the two bedroom, two bath condo at The Francesca greets you with upscale appliances in the kitchen, a fireplace, and of course that gorgeous Francesca front door.
∙ Listing: 850 Powell Street #301 (2/2) 1,456 sqft – $799,000 [MLS]
Check out the HOAs and parking costs! Together, they’re almost $1,500 per month! Yes, the building is lovely, location great and the unit well priced for the space, but HOAs that high make this place more appropriate for those looking to buy in the $1M+ range.
Lovely exterior, entrance, and main lobby. The apartment is also nice but the Dwell staging is unfortunate and not in keeping with the Nob Hill location. They should have gone for a richer look.
I believe this is a co-op from my prior look at the building. However, note; “New Owner Interview, Board Approval.” This could be a + or -.
Whoa. This list price is probably not helping unit #602, also a 2BR that has been on the market for over a year at $1,170,000.
I actually like this place a lot. Much rather be here than a sterile box a la Rincon. The HOA’s are high, but looks like they include electric, gas, water, garbage, etc. This doesn’t appear to be a co-op, but Board approval is odd for a condo…
This place is very nice. I’m not a huge fan of Nob Hill because it’s kind of sterile and too paved up there, but I can see the attraction (and would be perfectly happy in this particular place), especially if you work in the financial district. Amazing that you can get this place for the same price (and ~15% less on a $/sf basis) that one paid for a 2BR place at The Beacon just 3 years ago per the other thread. The decline continues.
Lovely place but am I missing something, isn’t this right across the street from what is about to become a major construction project? I could’t begin to imagine what the noise and congestion will be like (and for how long?) once that starts.
#201, one floor below, just came on for less. Durn those neighbors!
Yeah, look at the photos. There’s a reason its cheaper. And square footage looks to be less as well.
Does Chinatown typically command these prices?
Here is another higher-end “apple” one hill over that closed today after several reductions.
http://www.redfin.com/CA/San-Francisco/1177-Filbert-St-94109/home/1152768
10/2005: $1,350,000
11/2006: $1,410,000
2/2009: $1,279,000
12/2010: $1,100,000
So the 2009 buyer at the “bottom” smack in the middle of the financial meltdown sells 22 months later at a 14% loss (-22% from 2006), $179,000 plus transaction costs gone forever. Probably thought the $131,000 discount off the near-peak price in 2006 was a great bargain. But the “bottom” was anything but. More of this to come.
Do you ever know the state of the individual properties you constantly try to call “the market”? For all you know they painted the interiors day glo and had a tarantula collection.
“For all you know they painted the interiors day glo and had a tarantula collection.”
You’re reaching here, fluj. The link includes photos. It is a very nice place in very Real SF. “The market” is down from 2007, down from 2009, and it continues to fall today. Pretending it ain’t so doesn’t change the fact.
You cannot prove that the market is down from late winter/ early spring 2009, one, and I was joking, two. But you don’t know the state of the place and it appears as if it was being lived in during this last sale and possibly staged earlier. However, that said, it’s down from Feb 2009. This condo.
“you cannot prove that the market is down from late winter/ early spring 2009”
I’ve seen plenty of evidence that it is down since then. Of course I’ve seen evidence that it is up and flat too. It depends on the nabe, the price level and the property – in other words, RE is micro. But overall while the time period you point out was ’09’s bottom and it went up from there, we appear to be in ’10’s bottom, down from late ’09 early ’10 and there are definitely properties selling for less than they did in early ’09
Niice graph at the bottom of your redfin link; A.T. what a collapse!
“I’ve seen plenty of evidence that it is down since then.”
The best data that the organic sale market might be down so far was from Morgan Stanley. Nonetheless, I expect mostly flat for a while pending some sort of change, e.g. a rise in interest rates, or the government backing off, or the government putting more stimulus into housing.
What would be nice is if the national housing market stabilized, so that some of the heavy stimulus disappeared. The banksters know that interest rates have to rise, so it’s not worth securitizing 4% loans right now.
From looking at these condos with hi HOAs it seems that they are justifiably priced a lot lower than the others. I guess that each extra 100/mo of HOAs reduces your ability to afford a loan by its after tax equivalent. I’m guessing that each $400/mo reduces ur ability to pay by 100K or more and it seems like these condos reflect that. Anyone else think so? or have noticed similar?