With Millennium Tower 70 percent sold and sales volume picking up, we turn our attention to a one-bedroom apple to be in the building.
Purchased for $884,000 in March of 2010, 301 Mission Street #17C hit the market this past October listed for $849,000 before being withdrawn from the MLS in December.
Today, the 833 square foot corner condo was listed anew for $849,000 and with an official one day on the market once again.
∙ Listing: 301 Mission Street #17C (1/1) 833 sqft – $849,000 [Redfin]
∙ Millennium And One Hawthorne 70% Sold, Madrone Closings In July [SocketSite]
Are you allowed to call the only bath, the ‘master’ bath? =P
The current owner bought after the peak, yet still spent $7000 per month to live in a small one bedroom in a construction zone.
Genius!
Plus HOAs of $800/mo
What would a typical mortgage look like for this? I’m curious.
I’ve been in one of the units. There’s really nothing all that special nor unique about it, except the floor-to-ceiling doors, which I’ve always liked. WAY over-priced for what these are.
In a regular ONE BEDROOM / ONE BATH condo calling the bath a “master bath” and the bedroom a “master bedroom” is, at best, pure realtor BS.
I like the layout of the master kitchen. Also, although the master foyer is a bit cramped they did a great job in turning it into a master office.
Where are you guys getting $7000/month from? At today’s rates a variable with 3% teaser would mean $3000 a month if you put 20% down (not including HOA and property tax). Decidedly not insane, at least not until your rate resets.
I should also add that it seems to me that with HOA and property tax, you’re only paying maybe a 30% premium over a market rate rental to build equity. I haven’t done the math but it doesn’t seem too bad.
If you put 20% down and can get a 30 yr 4% mtg your payments would be about $3,250. I didn’t see HOA fees in the listing, but they are likely in the $700 range, putting your total cost at around $4,000 (not including any taxes). It looks like rents in the area are around $2,900 for a 1 br, so you’re paying roughly a 38% premium to build equity.
It does seem like the unit is a little over priced on a rent equivalent basis and on a comp unit basis, especially when there are a number of other units for sale in the $550k-650k range.
It will be interesting to see what this goes for.
Mortgage after tax + HOA and parking was $4K (two years ago interest rates)
Add $75,000 in loss + realtor fees spread over 24 months, for another $3K.
Total, $7K.
And stop with the “building equity” schtick. You guys are killing me! How much “equity” did the current owner build? Other than for the realtors, that is.
One bedroom at the Millennium for only $2,900 rent?? No way. Even the Beacon is going for $3,000+ now. On craigslist, they go for between $3,670 to $3,970. It’s still a bit cheaper to rent vs buy but isn’t as bad as portrayed.
Ok, how about not building equity but diversifying your investments (aka making a 20% downpayment amount), and having a 10/1 interest only at 3% for a total mortgage payment of $1700 a month.
@tipster, obviously you can’t build equity in a year. I think Russ was arguing from a long term investment perspective.
The list price for 301 Mission Street #17C has just been reduced to $829,900. Once again, purchased for $884,000 in March of 2010.
The unit sold in June 2010 for $825,000 where prices bottomed out. Had they waited two months, they would have been able to sell it for over $900,000. Now they are going for over $1 million.