The “chic” and contemporary one-bedroom unit #405 in the Rowan at 338 Potrero Avenue, “a welcome oasis for the urban dweller who appreciates thoughtful use of space, a modern vibe, and great access for commuting,” just sold for $775,000 or $1,194 per square foot. And with the list price for the unit having been reduced to $695,000 in February, the sale was officially 11.5 percent “over asking!” according to all industry stats.

That being said, the sale of 338 Potrero Avenue #405 was 2.5 percent below its original list price of $795,000 in January and $100,000 below the $875,000 that the seller paid for the “used” condo with a den/office space in April of 2019, representing an 11.4 percent drop in value on an apples-to-apples basis over the past 3 years.  The sale was also 1.8 percent below the $789,000 price at which the unit originally traded hands in March of 2017.

12 thoughts on “Another Chic “Over Asking!” Sale (at an Actual Loss)”
  1. Wow. To me $1,194 psf is still way overpriced and I live and own in the neighborhood, but the market is what the market is. The person who paid $1,348 psf in 2019 was insane. Location, location, location … which in this case means gas station to the left, McDonald’s (w/ drivethru) to the right, and a 24 hour/day Muni bus stop (the 9 / 90 night owl). Years ago I rented in front of a bus stop and swore never again. I still have PTSD from the “beep beep beep whoosh” that happens every time a bus pulls up and kneels to let in passengers. I _maybe_ would consider a unit on the back side of this building … but right on Potrero? Not at any price.

    1. Not to mention a public park full of homeless people, used syringes, human feces and trash to the West.

      1. I know that’s a trendy thing to say indiscriminately, but of all the SF parks, Franklin is mostly a fenced in soccer field that sees a lot of use and a playground.

        If you’re going to try to criticize *this* neighborhood, at least visit it, so you can see that the problems are more concentrated on 16th street, not the park.

        1. REALLY PROFESSOR? I visit SFGuitarworks and Potrero Center frequently. I typically use 17th street rather than 16th, and if you do that you can see plenty of “action” on the 17th St side of the park.

  2. No, $1000+ is the minimum going rate for condos and has been for years. Really posh ones are going for way more. The location is about to be radically re-engineered by the eventual Muni yard > housing at Bryant and 17th, and the same at Potrero Center, zoned now up to 100 ft or more with density bonuses.

  3. That location still has a ways to go before it gets any better. Still, less than a 5 year hold and you’re asking for a loss in most cases.

  4. I’m surprised anyone would spend $1200/sqft for that location. I used to live not far from this area and I definitely would not spend more than $900/sqft and that’s being generous. I do like the way this building look though… although it feels quite out of place at that location. Maybe the surrounding area will catch up one of these days.

  5. I like the architecture. It’s not another as cheap as possible stucco box special that Planning seems to favor.

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