Purchased for $579,000 in September of 2013, the “sleek” Stanley Saitowitz/Natoma Architects designed condo #205 at 2000 Ellis Street, “along the hip and bustling Divisadero Corridor with great restaurants, cafes, shopping and nearby parks,” resold for $690,000 in May of 2015, representing total appreciation of 19.2 percent over those 20 months and despite the unit having been “used.”
The 595-square-foot, one-bedroom with a southern exposure and parking in the building’s garage then re-sold for $745,000 in December of 2017, representing total appreciation of 8.0 percent from 2015 to 2017 despite the “short term hold.”
And having returned to the market priced at $735,000 last month, the resale of 2000 Ellis Street #205 has just closed escrow with a contract price of $740,000, which is officially “over asking” but $5,000 below its 2017 value on an apples-to-apples basis while the widely misrepresented “San Francisco” index for condo values was up 12.8 percent over the same period of time.
Does that bedroom even have an exterior window or just that slider to the hallway? I thought that’s why they marketed other condos as 1BR+Den,where the den didn’t have an exterior window? Or is it just a closet you have to have to make it a legal bedroom here?
The “bedroom” has no doors or windows, the “kitchen” is just a wall of appliances, and the “bathroom” has no shower. The shower is accessed from the “bedroom.”
These people paying up for shiny new condos with poor design in marginal locations are suckers. A quick search of the Realtor website revealed this lower-priced, better-designed 1BR unit in Cow Hollow. The trade-off is accepting an older building.
This is a glorified studio and not particularly well designed, inside or out.
Not only an older building and different aesthetic, but no parking and lesser finishes as well. Which brings us back to the apples-to-apples-to-apples outcomes and trend.
Fair point about the parking. The aesthetic is definitely “different”…personally, I don’t think having the shiny white cabinetry makes up for the kitchen being in the living room or the windowless bedroom. And the aesthetic of the building exterior is not going to age well.
In soft markets, I think poorly designed units in marginal locations are going to perform relatively less-well. In strong markets, buyers are less picky.
I’m not suggesting that the San Francisco market is that strong right now. “Flight to Quality.”
That Cow Hollow 1/1 has no parking, and it’s also a TIC, not a condo.
Low oven makes my back hurt just looking at it.
what happens when you look at a range?
Do you often see ranges that are the height of the middle or lower rack of this oven?
always. the oven component of a range is lower than the placement of this oven.