181 South Park

Purchased for $1.4 million in July of 2014, the ‘stunning’ top floor condo #5 at 181 South Park, a two-level unit with a double-height ceiling, oversized steel-framed windows with city views, and parking for two cars, returned to the market listed for $1.45 million last month.

A sale at $1.45 million would represent apples-to-apples appreciation of 3.6 percent for the 1,178-square-foot condo, which also features a private roof deck.

181 South Park #5 Deck

And after three weeks on the market, the asking price for 181 South Park #5 has been reduced to $1.375 million.

25 thoughts on “Now Listed At A Loss In South Park”
    1. Funny, my first reaction to the interior shots was basically “ugh, more open industrial lofts – when will this fall out of fashion?”

  1. For a one bedroom loft, I think it’s pretty expensive. It’s modern and sleek but I think it’s lacking in charm. It looks kind of tricky to add a bedroom or two in there. Plus, South Park kinda shuts down when people aren’t working. I could definitely see why I wouldn’t want to live there.

  2. Just wait until the Fed starts raising rates and the balloon deflates even further. Couple that with an equity market that is quite over-valued which will see a correction soon.

    1. “Starting to pop” is an oxymoron. A pop happens or it doesn’t.

      I think you mean it’s starting to deflate? Although for the time being, what seems to be happening is that it’s inflating less quickly.

  3. Agree with some above that the bubble is going to pop. Actually, this cycle is about to peak is a better way to put it.

    Indications here and there housing has peaked – it never goes up like a straight lin but has its up cycles and down cycles.

    How this impacts the Giants project, if approved. Lennar’s project and others not set to start for a couple years probably will be a delay in these projects beyond current timeline. As RH2 was pushed back 4 years after the 2008 bust.

    1. What are you talking about? The HP component of Lennar’s development has been in the ground a couple years now and the Candlestick piece is now underway.

      Bubble burst or simple downturn there’s plenty of market for SF housing to sustain providing supply.

      1. I think technically you’re right, but the questions are:

        (1) whether developers will address the local market’s real facts (i.e., continue to build because there’s pent-up housing demand), instead of react like lemmings (and shutting down construction across the country), and
        (2) whether banks will provide construction loans in a down market, even *if* developers want to continue building.

        After all, the situation here in 2008 was not that different – there was still pent-up demand for housing, both from people already in the City and from people wanting to move here. That’s one reason why S.F. recovered faster than many markets. But that said, projects in the pipeline got delayed or cancelled because lenders stopped doing construction loans.

        1. 2008 was not that different? That was a worldwide, cataclysmic event. Here, we’re talking about a correction to the super-heated SF residential market which is hyperinflated even by Bay Area standards.

    1. Exactly. BTW the last price paid for a condos in South Park was $8,000,000 million dollars for two units.

      Yes the location next to the gas station is problematic…not to mention gang banger’s rolling into the station all hours of the day and night with radios blasting thumping hip hop music out their windows. Bums and Fans pissing in their front and rear doorways daily.

      IMO… with the HOA dues reasonable and PFSF compared to the unit listed at 10 South Park this is a much better buy if your looking for a nice loft in South Park.

        1. Oh…I’m soooooooo sorry for not being PC. I forgot where I was for a moment….this is ground zero for y’all PC imbeciles. I really meant to say “home challenged poor souls” and “Hip Hop music lovers”. There y’all feeling better now?

          1. hiphop music lovers and gang bangers are synonymous in your world? I had no problem with your first take. The second one was kind of ignorant though

  4. Savvy sellers are listing their properties at 20-30% below market value to draw in prospective buyers and trigger a bidding war. From watching the market for the past year, it’s obvious that the properties that don’t fetch the best possible price are often the ones that are listed closer to their market value. They get their price dropped, and after that there’s blood in the water. If the seller had followed that rule he would have been better off… That said, that $1.4M sale price from last year seems a little high to begin with.

  5. Let’s not forget what the HOA fee is, if there is one. Can’t be too cheap.

    I can’t speak for everyone, but that is why many asians for example prefer SFHs instead of these lofts/condos. Why pay extra fees for things you don’t use?

  6. I was the first owner/occupant of this unit. I paid $750k when the building was new and sold it for around $950k a few years later.

  7. (2) whether banks will provide construction loans in a down market, even *if* developers want to continue building.

    Developers want to continue building all the time. What stops them is capital. If banks won’t lend then your forced to pay double the interest rate with double or triple the up front points.

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