Another Chic “Over Asking!” Sale (at an Actual Loss)
April 14, 2022
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.
Comments from Plugged-In Readers
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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.
Not to mention a public park full of homeless people, used syringes, human feces and trash to the West.
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.
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.
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.
Hadn’t heard about plans to redevelop Potrero Center. This happening?
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.
I really dislike the narrow tunnel like floor plan of these units.
This specific area has been deteriorating for many years.
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.
I like the architecture. It’s not another as cheap as possible stucco box special that Planning seems to favor.
It doesn’t worth it.