CFAH

Purchased for $3.75 million in July of 2019, the 2,053-square-foot, three-bedroom unit #3501 in The Avery at 488 Folsom Street features “an extra wide open floor plan that creates a light-filled, airy and elegant lifestyle,” with expansive views, three full bathrooms and parking in the tower’s garage.

Having returned to the market priced at $4.295 million in August of 2020, the “move in ready” Transbay District condo was then listed anew for $4.089 million last April, reduced to $3.995 million last June and then removed from the MLS and inventory counts last August.

And having just been listed anew with an official “1” day on the market for $3.825 million, a sale “at asking” would now represent total appreciation of just 2 percent for the luxury unit on an apples-to-apples basis since the third quarter of 2019 or less than 1 percent per year.

If you think you know the market for “exceptional and luxurious” view condos in San Francisco, now’s the time to tell.

Comments from Plugged-In Readers

  1. Posted by Dixon Hill

    I haven’t seen this issue mentioned here, but the tax bill for this unit (APN 3737-067) shows a charge of $19,891 for Transbay CFD. Can that be correct? Are individual condominium units within the Transbay District really paying these high fixed charges? Based on a current assessed value of $3.79 million, they are paying taxes of nearly $66K.

    • Posted by James Roth

      Seems accurate. CFD taxes are based on the size of a unit multiplied by a CFD Rate. Given the ~$20k in CFD Tax, that implies that the rate is around $9.75 PSF. This rate is consistent with other high-rise condo projects in SF with a CFD.

      • Posted by Dixon Hill

        IMO, really uncompetitive with units in Russian Hill or Pacific Heights at similar or lower prices with great views, classic architecture, better restaurants/retail, walkable streets, no CBD assessments, and much fewer neighborhood social issues. That new condo smell comes at a high price.

        This one in Pacific Heights is almost as big, has a view of the GG Bridge and comes $1 million cheaper with $500 month less HOA expense. If it isn’t white enough for your tastes, 10 gallons of paint will fix that.

        • Posted by Dixon Hill

          Also, the living room has exactly 1 large wall (and a couple of small areas) on which you can hang art.

          It’s a great home for someone who hasn’t acquired much in the way of nice things…it would be a waste to place furniture against those floor-to-ceiling windows that cost such a premium.

          • Posted by unlivablecity

            Yes. See my comments below. Why do they think SOMA is somehow where it’s at? Maybe freeway access and all the new stuff happening off 3rd?

        • Posted by shza

          That kitchen nook (placement) in the Pac Heights place is one of the stupider things I’ve seen, but yes, I’d rather have that place for the money. I have a better (and higher) version of the same view as this Folsom St. place in my office.

        • Posted by Never In Doubt

          And 2100 Green is a nice building. Much taller than the immediate surrounding buildings which provides a lot of views just a block off Union.

          You’ve got to highly value new construction, and proximity to SOMA businesses/freeways to pay SOMA prices.

        • Posted by SFRealist

          If you drive to work in Silicon Valley, it’s another 10-20 minutes each way to Russian Hill or Pacific Heights.

          • Posted by Dixon Hill

            Worth it.

          • Posted by SFRealist

            I used to do that drive. Not worth it to me.

        • Posted by Stop Driving

          Shhhh! I’m perfectly happy letting the newbs live in places like Rincon and Bernal. Don’t ruin a gem like Russian Hill 🙂

      • Posted by steve

        I had no idea. Apparently the >50 story rate on condo buildings in the Transbay CFD is $9.69 per sq ft and allowed to rise 2% a year. [This] link is to the 2020-2021 sf controller report for the very curious.

    • Posted by Dave (Seattle dude)

      Do you know what the Transbay CFD funds are used for? This building alone with 118 condos probably generates several million/year to that fund. How are rental units handled? There are about 100 rentals in the building so does the owner of the rental units pay into the CFD fume for their rental units?

  2. Posted by Panhandle Pro

    It’s a shame they couldn’t have found another home for the Mech Room / Pantry, as it would have made for a much more spectacular and roomy Great Room. Instead, there’s a lot more hallway.

    • Posted by haighter

      I disagree. It’s more elegant to have a bit of a foyer, rather than your front door opening right into the living room.

  3. Posted by unlivablecity

    God what a sweet place. In New Orleans that can be had for $800,000. Berlin $500,000. But it’s a bit broken that prices on Mission condos are below $1000 sq ft (down 20%) while these places in drab neighborhoods with high HOA’s are still getting $1300 or so. But then THAT VIEW!

Comments are closed.

Recent Articles