1080 Chestnut #7D: Interior

Back in March of 2008 we first featured the before and after floor plans for 1080 Chestnut #7D which had just hit the market listed for $1,350,000 at the time.

Having sold for $1,295,000 that July, the remodeled one-bedroom “located on one of Russian Hill’s most distinguished flat blocks” returned to the market in early 2011 asking $1,149,000 but failed to find a buyer.

Yesterday, 1080 Chestnut #7D officially returned to the market listed for $999,000, 23 percent under its 2008 sale price on an apples-to-apples basis.

∙ Listing: 1080 Chestnut #7D (1/1.5) – $999,000 [Redfin]
A New Floor Plan And Major Remodel Turns An Apple Into An Orange [SocketSite]

13 thoughts on “This Time It’s…Apples-To-Apples On Russian Hill”
  1. Nice place but from a rent versus buy perspective this place makes absolutely no sense. Unless you really want to own a one bedroom condo in Russian Hill, hold onto your down payment and simply rent

  2. As a follow-up to Willow, what would it cost to rent an “apples-to-apples” place like this and how hard would it be to find one?

  3. If you buy this with 20% down your mortgage is going to be approximately $3700. Add on HOA & Taxes and your over 5K per month…No doubt that you will have the advantages of being able to deduct your mortgage interest but unless you feel this place is going to appreciate in a significant way its best to keep your $200,000 in your savings account.

  4. I used to live in one of the other one bedrooms in this building. The layout of the apartments are good and the views are excellent. At $999K even putting $300K down (it’s a co-op and they require 30% downpayment) it makes good sense over renting in my opinion. A five year interest only loan at 3.1% converting to a fixed rate, + HOA + property taxes still puts this under $4K per month. On the rental market this unit would be at least that and there are no tax or investment growth advantages to renting. But I understand coming up with $300K isn’t easy for many of us….

  5. I like. But don’t buy unless the “pride of home ownership” is REALLY important to you. I wouldn’t count on any appreciation in the next 10 years.

  6. “…there are no tax or investment growth advantages to renting.”
    Except for the $300,000 that you keep if you’re renting. That is some serious dough to put to other uses.
    Again, from a pure rent versus buy perspective this place makes no sense. Now if you want to own your home and you place a premium on the ability to do so then that’s another story altogether. The question is what should that premium be?

  7. “…there are no tax or investment growth advantages to renting.”
    And if you happen to sell a home at a loss (like the whopping loss the 2008 buyers are facing) you can’t deduct that “investment” loss on your taxes. Rent, and invest that $300,000 just about anywhere else and suffer a loss, and you can deduct it.
    And of course the time value of the $300k has to be included in the cost of ownership, as do the buying and selling costs, so the “under 4k per month” number is not accurate at all.
    This one is a no-brainer from a financial perspective. May be some non-financial or aesthetic reason one might buy it, but it’s a money-losing proposition compared to the alternative of renting.

  8. Buy vs. rent arguments aside, this 1/1.5 plan really works! There are far too few of these in SF for rent or for sale. The HOAs on this unit are a bit out there, but co-op can be a plus.

  9. this might make sens from a buy vs. rent scenario, if it were not for the HOAs of
    $1,156.40
    you could rent for $3500 vs. buy for $200K down + $4500/mo mortgage+ 1156/mo HOA.
    No thank you.

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