Two of the four copper clad three-bedroom condos atop 17th Street finished in 2008 were listed and sold that year: 4588 17th Street for $1,390,000 ($796 per square foot) that May and 4590 17th Street for $1,255,000 ($731 square) that December.
The copper has since started to patina and the exterior wood has recently been refinished.
And as a plugged-in reader notes, the last two recently returned to the market with 4598 17th Street currently in contract having been listed for $1,189,000 ($777 per square foot) and 4596 17th Street hitting the market this week listed for $1,169,000 ($695 per square).
Having tumbled at the end of 2008, the price of copper has since increased over 200 percent.
∙ Listing: 4596 17th Street (3/3.5) 1,682 sqft – $1,169,000 [MLS]
∙ Listing: 4598 17th Street (3/3) 1,530 sqft – $1,189,000 [MLS]
∙ Copper (And Wood) Clad And Coming Semi-Soon At 17th And Clayton [SocketSite]
∙ The Spot Price Of Copper Has Been Dropping Too (4590 17th Sells) [SocketSite]
The WSJ had an interesting article today about copper in China. Letters of credit are easier to obtain than bank loans, so those needing credit can buy copper (on the London exchange, esp. when their is a price differential with Shanghai) and import to China. They then sell the copper (or warehouse it, waiting for prices swing) and use the proceeds until the letter of credit needs to be paid off (3 months to a year). This practice may account for 25% of imported copper. Monetary policy controls anyone…
Both units are developer owned. I certainly respect a two year hold (and the tax implications on the capital gains). Hopefully just one was a ‘primary residence’. Nice to see that some small developers were able to weather the bubble.
They are pretty bland inside, IMO. Like the bathrooms, though.
I still laugh everytime I see those garage entrances though. Really terrible access. It would have been nice if they’d been able develop one garage entrance rather than individual curb cuts….and further from the intersection.
Back when these units first came online people were predicting that the copper siding would be stolen. Looks like those midnight tweakers didn’t materialize.
I live nearby and always think of that as one of the most windy places in SF. You could mount a vertical row of small wind turbines on the 17th street edge of the curved corner bay and power the building.
OK, I have to nitpick: “patina” is a noun, and in another form it can be an adjective, but it is not a verb. The copper siding can develop a patina, it can even become patinated. It cannot “patina” any more than it can “green.”
another Toby Levy eyesore.
@dubocian, I think copper could “patina” or “green” as a verb just as well as paper can yellow or a person can tan… just sayin, we verb our nouns all the time in English.
@EBGuy: liked your anecdote about using copper as ‘hard currency’ in China. The lengths people have to go to to move money around in China are astonishing … one more reason the yuan will never and can never replace the dollar as a reserve currency.
Nice project by Toby Levy. I admit that the garage entries are a challenge.