Quick Flip Of Linea Condo Fetches Six Figures MoreSeptember 18, 2014
Purchased at the end of April for $1,199,500, or roughly $1,150 per square foot, the 1,043-square-foot condo #610 at 8 Buchanan (a.k.a. Linea) returned to the market two months later listed for almost $200,000 more ($1,375,000).
After three months on the market, the sale of the two-bedroom condo closed escrow today. And while the reported contract price of $1,320,000 was $55,000 less than its original list price, it was still $1,266 per square foot and 10 percent higher than the contract price which was paid five months ago. No word, however, on when the previous contract price had been negotiated.
At the same time, the sales office for Linea has recently reduced the asking prices for at least two of the remaining unsold units in the development and a couple of other quick flips in the building have been listed for sale over the past month but nothing else has moved.
Comments from Plugged-In Readers
Good news for the other owners; we deeply appreciated all the attention. The price exceeded the seller’s expectations.
despite the horrible staging….
John, can you reveal anything about the motivation for this short term hold? Did the sellers have a job change requiring re-location?
I live in the building as well and have heard through the grapevine that the seller bought the unit intending to relocate to SF for a job that for whatever reason didn’t pan out.
Thank you, Tplt.
agreed – has to be the worst staging I’ve ever seen…
Why? There’s almost-a-Frank-Stella on the wall in the second pic.
boring boxes for $1.3 million. Feels like 2007 all over again.
The hideously cheap looking aluminum foil covered window panels of an upper floor unit on the Market Street frontage has finally been removed. Good things are worth waiting for.
the aluminum window coverings were obviously temporary as someone waited for the final product to be installed…
Being walking distance to your workplace, many dozens of world class restaurants, bars, venues for ballet, opera and symphony….it might still be underpriced.
“many dozens” might be overstating it a bit.
By many dozens, in fact.
Yeah there are lots of good restaurants in the area but how may are “world-class”? Rich Table is a contender.
And the restaurants now basically blow in the Castro. There used to be good ones, but all have gone downhill, inc., unforch, cafe Flores.
If you think Cafe Flore is the high point of Castro gastronomy, then you are in trouble.
I do miss the old Flore. Not because it’s a culinary high point, but because the space is so comfortable, and the food was good for what it was. Now they’ve converted to table service, and I believe they’ve cut out weekday morning breakfasts as well. So they’ve converted an incredibly comfortable café to a restaurant. Big Mistake IMHO (and a total thread hijack that I shouldn’t be supporting).
On the dozens of restaurants theme…we’re not just talking Castro..this building is equally close to Hayes Valley and Church Street corridor. Plenty of choices.
eh? Frances, Fable, Starbelly, Anchor, Bisou, Poesia, Eureka … all good to great. Either you don’t know food or you don’t know the current Castro scene for food.
Yeah, that’s a crazy statement. The Castro restaurants have generally been horrible for 25 years. They are far, far better now than they used to be.
“Walking distance to your workplace.”
Yeah, if you work at Kinko’s.
… or Twitter, Square, Uber, etc, etc
Could we tone down the nastiness a bit?
When did this become a snark contest?
Hyperbole is the chum of the intertubes…
How do we know that it was someone NOT in the development team that got this unit?
The short term hold was not based on “flipping” at all – the seller’s decision to sell was personal. All the socket site and related attention were quite helpful in terms of marketing the property. Ironically, I know additional interested buyers and hope for another ideal Linea listing soon. The finishes, location and floor plan are ideal in The Linea. The Roof Deck is pretty amazing considering the outdoor furniture and views.
This place is not going to be undervalued anytime soon… SF is not Manhattan, Paris or London.
As an owner I’ll share my (obviously biased) 2 cents:
– you can’t beat the location
– it’s the best design of all the new construction (tho I know you’ll argue)
– the quality of construction is superb: the building is *all concrete* not wood-framed (like some 8 story buildings). This little fact makes a huge difference—it’s very quiet—and what differentiates Linea from every other condo in the neighborhood—unless you want to live in that prison next to the freeway (8 Octavia).
– the rooftop is pretty amazing too—there aren’t dumb amenities costing high HOA fees.
You can squabble all you want but you won’t find the perfect place in SF—unless you have vast amounts of wealth. I’d say this building is pretty hot. But what do I know…
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