8 Buchanan Street (Linea)

Three months ago, a two-bedroom condo at Linea, the listing for which boasted “perhaps the best floor plan” in the building along Market at Buchanan was flipped for $1,266 per square foot.

Two months ago, another two-bedroom at 8 Buchanan, the listing for which boasted “by far the best layout in the building” was flipped for closer to $1,218 per square foot.

And last week, the sale of 8 Buchanan #813, a 963 square-foot “penthouse” two-bedroom closed escrow with a reported contract price of $1,090,000, five (5) percent under its original list price and roughly $1,132 per square foot.

All three of the two-bedroom sales included a parking space.

The one-bedroom Linea condo which had last been listed for less than had been paid for the unit eight months ago has been withdrawn from the MLS without a reported sale.

Comments from Plugged-In Readers

  1. Posted by DM

    Is anyone familiar with the arrangements dealing with the ground level commercial spaces? Once the residential units pass a certain percentage “sold” threshold does the HOA take control of the entire building or just the residential component? Are the commercial spaces considered owned units and part of the HOA or are they under ownership/control of the builder/developer?

  2. Posted by JR "Bob" Dobbs

    The HOA does not own or control the commercial spaces.

  3. Posted by curmudgeon

    Hardly seems like a collapse in values, but I, for one, would have a certain amount of schadenfreude if values went south here….if only because it seemed like such a promising development on paper and is so underwhelming in reality. It looks like a suburban office building, and has about as much charm. This is IM (not so) HO of course, and opinions may vary. But I think there are more appealing condos to buy, which is perhaps why we’re seeing a bit of resistance here.

    • Posted by Ham

      It looks the same to me as the renderings. Care to ‘Splain?

      • Posted by curmudgeon
        • Posted by Sierrajeff

          Yup, this has been discussed in other SocketSite discussions about this building too – IMHO this is one of the poorer rendering vs. actual buildings in recent years.

        • Posted by Ham

          It’s lighter because all the lights are on, lol! Take a picture of the building at night with all the interior lights on and it will look the same as that rendering.

          • Posted by shza

            No, it’s “lighter” because in the rendering, it’s taller and narrower. In reality, it’s much squatter and heavier looking. And the blue glass on that shape really does read suburban office park.

          • Posted by curmudgeon

            I’ve also realized that I see this building most often (and I bet many others do too) as a motorist ascending Duboce towards Market. That perspective makes it particularly heavy and ominous, plus it completely blocks the view of the Mint, which was a welcome sight on that drive.

    • Posted by Spencer

      It looks 10x better than its neighbor at 8 Octavia

  4. Posted by AnalyzeVotes

    Linea has only 115 units and there are already 3 units for resale. Turnover rate is a bit high. Was it popular with flippers? Seems that new condo market is already saturated.

  5. Posted by Booger

    Let’s be honest, interest rates are low and affordability is low. This building will do very well in a few years as soon as the rest of the buildings on this street are completed.

    • Posted by Sierrajeff

      sooooo… when interest rates go up, and more competition is added to the marketplace… prices are going to go up?

      • Posted by Booger

        When there is no where else to develop on Market Street west of Van Ness and people panic that they will no longer qualify for a mortgage loan due to debt to income ratios, then I believe demand for that “location” will firm up!!!

        I don’t think people who can afford to NOT live by Candle Stick Park will buy there if they can afford a more premium location with copious access to mass transit. The fact that there are many tech companies expected to IPO in 2015 (Uber, Pinterest, Drop Box, etc) which will create many millionaires, I think our local real estate market will continue climbing.

        I personally work in Oakland and though it’s an appreciating real estate market, it’s basically garbage (unless you’re in the hills) and can’t hold its own against SF for investment value. JMHO

        • Posted by Booger

          Also, keep in mind that many of the buildings going up in the vicinity of Linea are apartments. So yes, I think that as interest rates start rising (inflation), more people who can afford the market will be forced to buy or get prices out due to the rate increases. It’s counter intuitive, but logical.

        • Posted by Ughughugh

          Sounds like you’ve got a solid grasp of the fundamentals.

  6. Posted by Noodle

    Anyone know when they will take those red sales signs down?

  7. Posted by neighbor

    813 is an inner courtyard with out views and the last unit in the building to sell – not sure why it would be referred to as a penthouse…

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