388 Fulton Street

The 714-square-foot, two-bedroom unit #411 was the last unit to sell in the Hayes Valley development at 388 Fulton Street back in 2016.  And while originally priced by the sales office at $962,000, which was in-line with the pricing for the other 68 units in the building which sold, the list price for unit #411 was dropped to $899,000 in November of 2016 in order to wrap up sales in the development by the end of the year and the unit was sold for $863,250 that December.

The “fabulous South West corner” unit, with “modern finishes,” “Bertazzoni & Bosch appliances,” and “lots of light and city outlooks,” returned to the market priced at $850,000 two weeks ago and has already closed escrow with an “at asking” contract price of $850,000, which only down 1.5 percent from its discounted sale in the fourth quarter of 2016.

At the same time, the recent sale was also 11.6 percent below the unit’s original list price, prior to its close out sale. And as we outlined two weeks ago, the top-floor, two-bedroom corner unit #605 at 388 Fulton Street, which was priced at $1,075,543 in early 2016 and sold for $1,069,433 that September, just re-sold for $960,000, down 10.2 percent on an apples-to-apples basis.

Comments from Plugged-In Readers

  1. Posted by WiseGuy

    This all depends on how you look at it. Sure, it sold less than it did 4 years ago. But a 746 sq ft condo in a shi*ty neighborhood (it is, I lived one block from here for two years) sold in two weeks.

    • Posted by jimbo

      i dont think most people would consider hayes valley as a shi*ty neighborhood. but buying there at >$1100 sq ft in this environment is certainly not a good investment

      • Posted by SocketSite

        As we noted when unit #605 closed escrow two weeks ago, smaller units naturally fetch higher prices per square foot.

        And in fact, “the average sale price per square foot for newer (built in the past 10 years), sub-750-square-foot units over the past six months,” as of two weeks ago, “has been roughly $1,330 per square foot.”

      • Posted by Sierrajeff

        I agree that I wouldn’t call the neighborhood as a whole “shi*ty” – but my first thought was that a corner unit on Gough and Fulton won’t exactly be quiet and restful – and this building is definitely at the bleeding edge of Hayes Valley (and far closer to the [subsidized housing] along Fulton and McAllister).

        • Posted by sparky-b

          The bottom commercial space is Johnny’s Donuts. They are fantastic.

      • Posted by WiseGuy

        Calling Fulton and Gough “Hayes Valley” is a HUGE stretch.

        • Posted by SocketSite

          The northern border of Hayes Valley, between Webster and Franklin, is actually McAllister (versus Fell between Webster and Divisadero).

  2. Posted by UnlivableCity

    At an averaged room size of maybe 140 sq ft – i.e. something in there is likely about 12×12 – maybe they should rechristen it “Lilliputian Estates.”

  3. Posted by alan

    SF is all [a S-Hole] with the exception of maybe parts of Pacific Heights. the homeless roam the City neighborhoods along with that the increased crime and lame political morons who the run the City, who the hell would pay 1 Million to purchase 714 sq. ft and “work form home”? only [a person] with more $ than Brains

  4. Posted by SFresident

    I lived near there a few years ago and I am in the neighborhood a lot. It is a terrible neighborhood – there are semi-permanent homeless encampments up a block on McAllister; government housing across the street; and constant noise from the constant traffic. The buyers obviously didn’t walk around the neighborhood and they did not visit during rush hour. There are plenty of better places to live than this one

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