Having been completed remodeled from the studs up, with custom finishes throughout and the phrase “Success consists of going from failure to failure without loss of enthusiasm” prominently stenciled near the ceiling of the 2,000-ish-square-foot loft’s main room, 767 Bryant Street #403 sold for $1.87 million this past June.
Soon thereafter, the loft was listed for rent at $11,500 per month. In September, the advertised rent was dropped to $8,500 per month. And in October the “stunning panoramic view penthouse loft” suddenly returned to the market listed for $1.695 million without a tenant, but new furnishings, in place.
Reduced to $1.495 million in November, the sale of 767 Bryant Street #403 closed escrow on December 26 with a $1.55 million contract price, a sale which is officially “over asking!” according to all industry stats but $320,000 (17.1 percent) under the price the remodeled loft fetched six months ago on an apples-to-apples basis.
I like the bathroom tile.
(And that’s pretty much the extent of the nice things I can say. Even the bed off alignment from the skylight drives me crazy…)
The new staging is definitely better, but I still struggle to envision a nice interior design for this unit. It’s a mess.
I live in this building. It’s a great place to live and the area is undergoing a lot of good changes.
From what I hear and briefly chatted with the owners, they wanted more of a Lumina lifestyle. They decided to rent it out and eventually put it on the market. I don’t think they did much due diligence when they purchased the place.
However, a lot of improvements are coming in the next few months and in the next few years, the flower market is getting built up, which is sure to have a positive impact on the neighborhood.
Keep in mind that the unit was listed for rent within two weeks of having closed escrow in June (which would suggest that the circumstances behind the quick flip were likely a little different than the story you were told/sold).
Does Lumina do zero down loans? Because they lost the entire down payment they made on this place and then some.
Either they are very rich and flippant, or total airheads. Either way they just screwed the pooch to the tune of -$400,000 (incl. sales commish.) The $11,500 asking rent must have been the result of some serious dope smoking. Out of towners getting stung by the hit of the bong of liberal SF, I imagine!
I went. Meh. Very low ceilings. Like VERY low.
If anyone likes that Potty Barn dining table, I’ll be selling one in a few months. No benches tho.
A key thing to notice here is that even with this huge 17 percent drop over just six months, this sale actually pulled the median price *up*. Every sale over the current median of $1.3M pulls the median price up, regardless of whether that sale reflects an investment (apples-to-apples) gain or loss.
Some people like to play statistical shell games with different metrics (price/list “over-asking”, DOM, median,..), geographical areas and time periods. But you can look at the ground truth here to see how actual investment results are not necessarily reflected in median prices and price/list.
This is a good point.
Yes, just like a $900,000 sale that had previously sold for 10% lower would “pull the median down.” Try as you might, all the data confirming still rising prices in SF do not “really” indicate falling prices.
Nicely situated between the Hall of Justic and the St. Vincent de Paul shelter and 5th St underpass tent city. Location, location, location,