CFAH

Purchased for $2.8 million, or roughly $2,113 per square foot, in May of 2017, the two-bedroom, two-bath unit #503 in The Pacific at 2121 Webster Street returned to the market priced at $3.295 million this past August.

The 1,325-square-foot unit features “high ceilings, custom light fixtures, power-operated shades, air-conditioning, ultra-luxury bath and kitchen faucets, walls and counters of majestic stone, and in-home laundry,” along with secured parking in the building and access to a penthouse-level library and rooftop terrace.

And the re-sale of 2121 Webster Street #503 has now closed escrow with a contract price of $3.4 million, or roughly $2,566 per square foot, representing total appreciation of 21.4 percent for the high-end Pacific Heights condo since the second quarter of 2017 or average annual appreciation of 4.6 percent.

The the Case-Shiller index for Bay Areacondo values was up 15.3 percent over the same period of time.

Comments from Plugged-In Readers

  1. Posted by Panhandle Pro

    3.4M and your living room is cramped. Incredible. Selfishly, nice to see condos doing well.

    • Posted by The Milkshake of Despair

      That’s the result of allocating nearly a third of the space to the master suite. That might suit people who spend a large amount of their waking hours in the bedroom, but for those who mostly sleep there, shifting some of that space to the LR would be better.

      • Posted by Notcom

        Given the apparent placement of the utilities – specifically the sewer stack(s) in the middle of the floorplan – I’m not sure they had much choice….were going to be basically bisecting the space regardless.

    • Posted by Brian M

      Maybe it is simply the photography, but I was thinking….cramped, narrow, lightless spaces for three million dollars? A reasonably handsome building, but it looks more like a suburban office building in Walnut Creek than an uber-luxe residential property?

      • Posted by Never In Doubt

        That’s because it WAS an office building!

        Converted a few years ago. Was a dental college IIRC.

        Was looking to buy a 3BR condo in the area when this was under conversion, but never saw anything in it because the work ran so over schedule that we found something else (better!) before it ever opened.

        [Editor’s Note: From Classrooms To Condos In Pacific Heights]

        • Posted by DAA

          Ahhhh, that makes sense. My first thought was “huh, always thought that building was part of the hospital.”

  2. Posted by Notcom

    …representing total appreciation of 21.4 percent for the high-end Pacific Heights condo since the second quarter of 2017

    Cherry picking!! Cherry picking!!!!

    What? Oh: appreciation, sorry misread that…

    🙂

  3. Posted by don_keesho

    Should this catch plugged-in readers by surprise?

  4. Posted by Herb

    Virtually NO kitchen cabinets or spot for a pantry. In the new trend for openness the kitchen has replaced the fireplace as the focal point, dirty dishes assume new importance inn many floor plans as the living room and kitchen merge.

    • Posted by Fishchum

      If you’re spending $3.4M for a place like this, you’re eating out or getting meals delivered a majority of the time.

      • Posted by Kyle S.

        This logic seems to apply to builders operating significantly down-market as well. Yet they’ll happily put name-brand Italian appliances in the kitchen because they sell… to the very people who need no counter space or cabinets because they don’t cook??

        • Posted by Notcom

          Are you suggesting that the concept of informed consumer(s), the very paradigm that underlies not just our economic system but out entire political system as well, is flawed? Or are you just trying to say “some people have too much money”, in a Miss Manners‘ approved sort of way?

          • Posted by Kyle S.

            Uh, neither? I’m saying I’ve hoped out a lot of showings with the bizarre combination of expensive range tops and nowhere to put a prep bowl. Perhaps I’m too informed?

          • Posted by Notcom

            Nope, those are the menu choices: no substitutions please!
            (but you’re free to leave a suggestion in the box) 🙂

  5. Posted by soccermom

    It’s almost like some people are still willing to pay a good amount for the privilege of owning a nice home in San Francisco, despite some issues.

    • Posted by Brahma (incensed renter)

      And for everyone else? Well, there’s still more than one unit currently listed for sale at The Lumina.

      • Posted by soccermom

        That’s because everyone loses money at the Lumina always. Don’t you read SocketSite?

        • Posted by shza

          I don’t believe you ever provided a counterexample to that thesis.

          • Posted by soccermom

            That’s because there isn’t one. The same story can be written over and over again for plugged-in readers, who are never surprised.

    • Posted by Fishchum

      Yeah, but $3.4M can get you a nice SFH, even in a decent neighborhood.

      • Posted by Never In Doubt

        Pretty much any “big/expensive” condo in SF can be replaced at an equivalent price with a nice SFH.

        People who buy them don’t want a SFH. I’m one of them.

        • Posted by Fishchum

          OK……$3.4M gets you a bigger, equally as nice condo, even in Pac Heights.

  6. Posted by Unplugged Condo Man

    Can someone please explain to me why THE PACIFIC gets such high price per sq feet? This home is no different than any other condo at Lumina or Infinity, and it has zero views.

    Is it because it’s in pacific heights? I don’t understand.

    • Posted by BobN

      As the saying goes, location, location, ceiling height…

    • Posted by Never In Doubt

      Because it’s in Pacific Heights.

Add a Comment

Your email address will not be published. Required fields are marked *

Recent Articles