From Great Expectations to Listed at a Loss on Mint PlazaJune 7, 2017
Purchased for $1.5 million in October 2014, the “Manhattan-like industrial condo” unit #1 at 10 Mint Plaza – which features high-gloss concrete floors, exposed beams and high ceilings, high-end finishes, and direct elevator access to the full-floor unit in the Silver Building – was then offered as a high-end, Mid-Market rental, a few blocks from Twitter, for $8,000 per month.
And a year ago the 1,559-square-foot unit then returned to the market with a $2.5 million asking price.
Reduced to $2.35 million after a month on the market and then relisted for $2.195 million last August, the list price was dropped to $2.095 million in September, to $1.995 million after a few more weeks and then to $1.795 million at the end of last year.
Briefly offered as a rental for $7,850 per month in January, the unit was relisted for $1.6 million in February. And having been reduced to $1.49 million last month, the list price for 10 Mint Plaza #1 has just been dropped to $1.4 million.
For those looking to do the math, the HOA dues for the unit are $1,426.47 per month which includes a deeded parking space in the garage.
Comments from Plugged-In Readers
Well at least they can rent out the parking space…always a demand for parking.
It’s listed as a 2BR on the website; I suppose the owner or tenant could use the family room as a second bedroom, but the bathroom access is extremely awkward, with the only access to a shower through the proper bedroom.
The HOA for a gym, deck and grill seem very high. I wonder on what they spend the HOA dues.
There’s a shower in the second bathroom, the first one pictured in the gallery above, as well.
Whoops, I stand corrected.
No access other than the elevator? Is that even code? (There must be a stairway not shown on the plan.)
there are ‘stairs’ in the pic – if you don’t mind counting the fire escape as ‘stairs’.
While not shown on the plan, there’s a stairwell access between the family room and elevator.
If you take the “virtual tour” you’ll see there’s a door opening off the corridor b/w the foyer and family room…er “second bedroom” I guess, if this is a two bedroom – which would seem to lead to a stairway.
Of course exactly what this should be called is somewhat of a mystery: on various other sites it’s listed as both 1- and 2- bedroom – sometimes in the same listing!! – or a “loft”, which might make people think there’s another level (particularly given the gratuitous phrase “main level” which appears on many of the floor plans)…props to the SS editor for avoiding these missteps.
Not only no view, but virtually no windows (including in the *one* bedroom, the bath, and the kitchen)… not for me.
at least they are within 1 block of 100 homeless people on a daily basis
I dig it. A lot more character than most of the generic condos on the market, but the HOA fees are steep.
Sounds like someone’s business strategy took a hit. I wonder if they had any takers at 8k/mo when they first purchased. If not and it stood vacant for all this time, that would be a major loss.
I think it’s insanely sexy. Unfortunately, its layout isn’t conducive to actually being used as a 2 bedroom. This seems to be designed for a single person or couple with the occasional weekend guest. I also find the view from lower level units make for great people watching!
Beautiful view of fire escape stairs. San Francisco chic?
At $1.4M this seems like decent value.
Well, this unit does have a comprehensive view of Mint Plaza with a Blue Bottle across the way. And whenever Forest City’s 5M breaks ground this unit will have front row seat!
$1000+ HOA?!! I rather buy a unit at the Leaning Tower of SF =)
I, too, am not getting the HOA. I’d be interested to know if anyone has a reason for this. Perhaps a small number of units in the building makes things like the elevator significantly more expensive on a per unit basis than the norm.
When the market is The Adversary.
Beautiful, but not much in the way of windows is it?
is it actually an attraction or a drawback to have things like exposed concrete, exposed steel frames, exposed ducts, etc.? to me it seems like huge negative but from marketing material it sounds like a selling point.
Personally I agree with you, but at least for someone who wants to live in an “industrial” setting, it’s honestly arrived at…unlike new construction which is frequently built as such for no practical reason (though as I believe the X-bracing is for seismic purposes even new construction might be so equipped).
As a side note, it also might have some historical significance as this may have been part of the warehouse for the Hale Bros store (the building to its east was – you can still see where a bridge connected it to the store building – and this may have part of the complex as well).
For $1.4 million I want a window in my bedroom.
When I see ‘Manhattan’ in a San Francisco listing I automatically know it’s geared toward the newbs from BFE. No wonder these units don’t stay occupied for long. Being surrounded by bums and drug dealers quickly loses its charm.
The location stinks (literally), but I like the unit.
With City real estate taxes and that fairly crazy HOA, you are looking at paying about 34k/ year to own this place, on top of your large investment. Renting a big one bedroom in a different but also cool part of town looks like a better deal.
Another place that sold in october 2014, 1352 Sanchez St. 2 BR condo sold for $1,050,000 then and just closed on June 9 for $1,275,000. Up 21.4% in 2 years and 8 months. Anecdotal, of course, just like any individual sale.
And as everybody knows, when trying to spot the trends for modern Mid-Market condos, the best point of comparison is a 30 percent smaller, traditional flat in Noe Valley.
I popped into an open house for this unit just for funsies when I was in the area recently. The “family” space definitely can’t serve as a second bedroom–it is divided from the “main” bedroom by a CURTAIN. No door. It’s awkward as hell. When I saw the HOA fees and asked the realtor why in god’s name they are so high, the answer was “Well, when you buy the place, you can join the HOA board to find out!” …what a freaking racket. It IS a gorgeous unit, the walk-in-closet is insane, and I love the windows and concrete floors. It’s nice and quiet. However, the INSANE HOA has got to be a preventative for most people. (I mean, the price itself is bonkers, but then add that over the top HOA and even if I could afford the place, I wouldn’t. That’s ridiculous.)
UPDATE: High-End Mint Plaza Loft Fails to Fetch 2014 Price
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