The Book Concern Building condo #511 which measures a legal 275 square feet – that’s 16 square feet smaller than the “smallest condo in San Francisco” that made headlines when it fetched $415,000 in April – has sold for $465,000 or roughly $1,690 per square foot.
Having originally been listed at $485,000, rather than artificially priced at 50 percent below comparable sales in order to generate traffic, a bidding frenzy and perhaps some press, the list price for 83 McAllister #511 was reduced to $450,000 prior to attracting the two offers which led to its $465,000 contract price. As such, the sale will still be recorded as “over asking” according to industry stats and reports.
And just how crazy is that $465,000 price? Well, the studio was purchased for $391,000 in May of 2007. So that’s total appreciation of 19 percent over the past eight years, or a little less than 2 percent a year, on an apples-to-apples basis.
Keep in mind that while the legal square footage of the Book Concern Building studio is only 275 square feet, that doesn’t include its good-sized sleeping loft which is technically ‘storage’ space.
And while 275 square feet might seem small, even with the loft, keep in mind that there are a couple hundred condos in San Francisco which are all legitimately smaller and more are on the way.