With a built-in media cabinet, Sub-Zero wine storage, and dry bar installed since purchased for $1,225,000 in June 2008, the resale of 301 Main Street #14D won’t be perfectly apples-to-apples, plus there’s a tenant in place paying $4,800 month-to-month.
That being said, the Infinity two-bedroom is back on the market and listed for $1,275,000 with HOA dues of $781 per month. We’ll let you run the numbers, assume and speculate.
∙ Listing: 301 Main Street #14D (2/2) – $1,275,000 [301main-14d.com]
∙ To Rent Or To Buy, That Is The Question (That Only You Can Answer) [SocketSite]
Here are my observations. That kitchen upgrade costs about $20k and that wine bar with cellar, about another $20k. So this seller is looking to recover their investment.
The one odd thing about this unit is there appears to be no shades througout. That’s going to set the buyer back about $12.5k once they purchase it. I’m surprised the current tenant can stand to live there without shades.
@nacho you can see the shades in the living room. They’re just open.
From the listing “You’ll love the Lutron Homeworks system that can control lighting and be expanded to control shades and home security. This system can be controlled by iPhone or iPad!”
Nacho could be wrong about the shades not being there. But his estimates on the upgrades are solid.
This place sells for $1.125m. These units don’t sell for 2008 prices any more.
Kneel to nacho!
if running the NYT calclator, be sure to click the advanced settings and include the HOA’s.
my assumptions showed that buying beat renting only after 19 years.
Purchased in June of 2008 for $1,225,000 per the Shark. Assuming nacho’s upgrade estimates are correct and 3% commission to seller’s agent, seller will still lose about $30K if it goes for asking. Asking is $970 psf, which seems high to me.
Both 19H and 16F in this tower were recently listed in generally the same price range – does anyone know if either sold, or were they both delisted?
Interesting finishes and island replacement. Obviously some thought and work went into this, though its a dice roll on whether the seller finds a buyer who will pay a premium for this work over the standard kitchen.
Infinity pricing seems to be all over the place right now, with units like 338 Spear 42E (purchased for $1.55) asking $2.9! In reality, the market hasn’t gotten better and more new major developments such as 201 Folsom should begin construction soon. In the meantime, I suppose some sellers are asking very high prices to see if they get a random newly minted FB millionaire type to bite.
I agree with Nacho – the place is only worth $1.1-ish, especially with a unit thats up directly in the grill of your neighbors.
Another relevant question is whether or not the lessor/seller is cash flow positive on the unit as a rental, which of course depends on how much money he put down. If he’s cash flow positive, he doesn’t have to take the $30K hit, he can just continue renting it out “until the market turns around.”
After all, he’s “not just going to give it away.”
“Another relevant question is whether or not the lessor/seller is cash flow positive”
Dickens put it so well:
“Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.”
“In reality, the market hasn’t gotten better and more new major developments such as 201 Folsom should begin construction soon”
I can’t see the economics of moving forward with 201 Folsom. That’s another 600 or so additional units of inventory in a market that hasn’t improved much.
Anyone else read the WSJ article from a couple of weeks ago that talked about increasing demand/prices in SF (mainly Noe and the Mission)? There does seem to be a bit of pre-FB IPO push.
http://online.wsj.com/article/SB10001424052970204781804577271491070580960.html
Also, LD: 19H sold quickly.
Note: I am an Infinity resident.
[Editor’s Note: A bit of context for the WSJ’s poster child Noe sale which the WSJ seems to have missed: It’s Not This Mid-Century Modern Noe Valley Home That Was Flawed.]
Thanks sfjhawk. Any idea what it sold for? It was listed for right around its original 2008 purchase price.
Note: I am a prospective Infinity resident.
apologies for the lag, LD. I don’t know but will post once I get specifics.
LD, in the meantime, here’s an article from TechCrunch this weekend with some anecdotes about the current state of the market in soma:
http://techcrunch.com/2012/03/31/sf-housing-market/
Looks like techcrunch was just looking for a way to shill for airbnb…
No real substance there.
[Editor’s Note: Speaking of which: Airbnb: A Potential Civil And Criminal Penalty Hit List?]
LD, better late than never:
Listed at $1,199,999
Sold for $1,230,040
The sale of 301 Main Street #14D closed escrow yesterday with a reported contract price of $1,275,000.