Back in 2009, the roughly 3,600 square foot penthouse unit #2101 atop The Hamilton at 631 O’Farrell Street hit the market with a $4.5 million price tag, as we first reported at the time.

Subsequently remodeled and relisted multiple times over the past nine years, including with a post-remodel list price of $5.25 million in 2013, the penthouse was most recently listed anew with an official “1” day on the market and a $3.95 million price tag this past September.

And the sale of 631 O’Farrell Street #2101 has now closed escrow with a contract price of $3.8 million and an official “82 days on the market,” and “within 3.8 percent of asking,” according to all industry stats and aggregate reports.

Comments from Plugged-In Readers

  1. Posted by tipster

    HOA in 2000: $1842

    $1842 in 2018, adjusted for inflation: $2750

    HOA in 2018: $4637

    The increase was 3X inflation.

    • Posted by civ-e

      so $4637 HOA plus about $5,000 in property taxes for a total of say $10,000 in fixed costs each month just to own this place, without even beginning to talk about servicing the 3.8M. it’s amazing that someone wants to pay that for some airspace on a block surrounded by lunatics, drug dealers, and hobo’s.

      • Posted by Brahma (incensed renter)

        According to the Dec ’17 puff piece on SFGate, the listing agent “estimates the renovation cost the seller upward of $680,000”. The seller bought the apartment for $2.5 million in 2003, so the person probably wasn’t servicing 3.8M in debt (2008 – 2010 would have been a great period for a refinance if they didn’t pay cash). Of course there’s opportunity cost to account for.

        At least the various interior designers, trade and craftspeople that worked on this place during its remodeling got a piece of the action. The stagger probably laughed all the way to the bank.

      • Posted by Condo Boy

        Doubtful that the purchaser needs a mortgage.

        • Posted by civ-e

          @condo boy, it doesn’t matter, then the opportunity cost of the 3.8M cash become the cost, instead of the paid interest.

  2. Posted by Amewsed

    If this was in UES or UWS in NYC, it would be over $10M. Location, location, location. Undoubtedly bad neighborhoods depresses sale prices and result in lower property tax revenue for the government. To get prices to the level it should be, either change the neighborhood demographics/politics or design/build/renovate according to the existing neighborhood demographics.

    • Posted by Jimbo

      It would also get $10M+ in nob hill, Russian hill or pacific heights

      • Posted by emanon

        How much would it get in Seattle? Vallejo? Alviso….

    • Posted by Your Rational Friend

      Ah, but this is not NYC, is it? it would also be worth $150,000 in ohio, or $10M in London. But this also isn’t London, is it?

  3. Posted by jenofla

    The market can’t be that bad if this place finally sold! J/k. The place was a beautiful place in a s***** location, perfect for someone who was a homebody and didn’t go downstairs that often. It would be hard to resist shining a Batsignal from there though.

  4. Posted by Miraloma Man

    O’Farrell Street is just barely the Tenderloin. It’s not like it’s at Turk and Hyde or anything. The Hamilton is actually a nice building. Kids are such ninnies these days.

    • Posted by Where is the pizza lady

      No kidding. SF is not that rough people.

      • Posted by Miz Bettye

        keep telling yourself it’s just fine here

        • Posted by Dick

          Any place is as fine as you choose to make it.

    • Posted by anon2.5

      Agreed. Not the right location for someone with children. But without children, the location is awesome, particularly if you work long hours in the financial district. Plus that solarium is as big as most yards in SF, but with complete privacy.

    • Posted by Tenderloin Dweller

      No, but it’s not great either. I’ve lived on O’Farrell and Hyde for 20 years. It’s no picnic.

      • Posted by rentsdue

        Rye, Swig, Redford, Mensho Ramen (2 michelin stars), Elephant Sushi, Ryokos, August Hall, Maestro’s Ocean Club (coming soon), Liho Liho, Black Cat, Piano Fight, Matador, Pacific Cocktail Haven, Jones, Bourbon and Branch, Zombie Village (formerly tradition, now a tiki bar), Chutney, Shalimar, Borobudur, Farm:Table, Redwood Room at the Clift, are just a few places that come to mind that are within walking distance.

        It’s no picnic, especially in your area (nightcap lol), but that’s part of the charm of the Trendyloin.

  5. Posted by Sam Walters

    Hope the new owner really likes the place…. cuz if they want to sell…they might die first.

  6. Posted by Eddy

    I always thought this place was cool personally. Rough location but nice. Congrats to the buyer and seller.

    • Posted by [Dick]

      The Hamilton is an Art Deco gem. It has beyond good bones.

  7. Posted by james

    The tenderloin has the highest percentage of children per capita than any other neighborhood in city, what is wonderful is that if you don’t want to live here, you don’t have too……

  8. Posted by sf

    This is my favorite property in all of SF. Too bad it sold before I became a multimillionaire. Hope the buyer appreciates it as much as I would have.

  9. Posted by ricardo de anda

    What, no backyard or even a deck?

  10. Posted by Fogster

    Kudos to the LA for hanging in there for nine years!

  11. Posted by Sean

    I’ve lived on this block for 20 years and have followed this story for years. This is far from the roughest block in the Tenderloin, you can walk to anywhere, and it commands the entire top floor of a drop dead art deco building.

    There is a backyard common space with a fountain, and deck…? There are two ENORMOUS atriums in the unit, perhaps even too large. Plus there is a huge sitting room space downstairs and a ballroom.

    This must be the most glam unit in the entire neighborhood. The layout is… fine. Personally I would keep the LIberace-esque murals in the bedroom just to respect the original owner’s berserk style sense.

    If I won the lottery this would be mine. Period.

  12. Posted by Robert Sokol

    I live in the building and love it. Hoping that the new owner becomes a part of the community and not an absentee owner who swoops in for a few weekends a year and loans it to friends.

    FTR, our CC&Rs prohibit rentals of less than six months, so no Airbnb! : }

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