Built in 2007 with reclaimed olive oil barrels used for siding, hardwood floors from reclaimed mine timbers, and bathrooms with Zuma tubs and Duravit sinks, the 1,880-square-foot unit # D atop 3280 22nd Street was listed for $1,399,000 that July and sold for $1,450,000.
Three years later, the three-bedroom returned to the market listed for $1,550,000 and ended up selling for $1,380,000 in April of 2011, apples-to-apples style.
Today, the same Inner Mission condo is back on the market, only now it’s listed for $2,495,000. Call it $1,327 per square foot for 3280 22nd Street #D at asking and 80 percent more than the price at which it was purchased three years ago.
My recollection from touring this property the second time it was listed was that there is no elevator. That’s a lot of stairs to be climbing for $2.5M. The light was great, however.
My recollection is that the light is great, but the design not as well executed as the new 19th & Valencia condos (which presumably provide the comps to justify the ask). The stairway to the top floor is oddly located at one end of the building, and doesn’t carry light / flow between levels very well. Also, foreground of the vistas to the north is the enormous, ugly Bartlett St. parking structure. So it’s a nice big condo but maybe not $2.5M nice, even in this market.
Personally, I think the mission is getting a bit over speculated. A bit too much rate increase in $psf during the last year or two. Wonder if it’ll just keep on going, especially wrt other established hoods like Noe, marina, Pac heights, etc. At some point the mission will be comparable price wise.
and in 2007 folks in the neighborhood were already fed up with the over-priced gentrification well underway. across the street from these condos the neighbors hung a banner that read “ya basta de gente rica y sus condominos“, loosely translated as: “ENOUGH ALREADY with you rich people and your condominiums.”
Ha Ha. I remember that. That was quaint compared to google bus protests, marches, etc. going on now. It’s like the 2000’s were “welcome to the New Mission” and now it’s “welcome to the New New Mission!”
millennials heart the mish soooooo much. they just consume and don’t add. at least gen x joined stuff.