Purchased for $1.125 million in September of 2017, the multi-level South Beach loft unit #5 at 340 Ritch Street, which features dual catwalks, designer finishes and a private sunroom with access to the building’s rooftop deck, returned to the market priced at $1.129 million this past July.

In addition to nearly 1,500 square feet of living space, the unit comes with an assigned parking space and secured storage in the boutique building’s garage.

Reduced to $998,000 last week, a sale at which would represent an 11 percent drop in value since the third quarter of 2017 on an apples-to-apples basis and total appreciation of just 5 percent since the fourth quarter of 2014, when the unit traded for $950,100, 340 Ritch Street #5 remains on the market.

If you think you know the market for loft units in San Francisco which are “steps to Oracle Park, shopping, culinary landmarks, tech giants, and freeways,” “the perfect…location for a primary residence or a pìed a Terre,” now’s the time to tell. Keep in mind that the widely misrepresented Case-Shiller index for condo values in “San Francisco” is up 20 percent from September of 2017 and 46 percent since the fourth quarter of 2014.

9 thoughts on “Boutique Loft Reduced to Within 5 Percent of Its 2014 Price”
  1. Curious about the monthly HOA, but this strikes me as a nice value for a buyer. $666/foot for modern, airy, outdoor space, a parking spot, a home office nook and a location that is lighter on the “street life” issues than almost any part of SoMa. A block from Caltrain and the upcoming Central Subway is nice. Close to the water and newly constructed parks once Mission Rock is complete in a few years.

  2. Monthly HOA $500. This seems like an amazing deal. A loft with light from two, nay, three! sides, parking, private roof deck, and striking design (which I happen to really like)? What’s the catch? I wonder if there is an easement for the alleyway light or whether that is not a given. I see a single wall heater and no central air, so I do wonder about how hard this would be to control climate. Otherwise, this place seems like a steal at that price. Would be awesome for one’s single years and for retirement. Even though I usually dislike SOMA, this, as pointed out earlier, is one of the better spots in SOMA.

    1. With all those windows, I’ll bet it’s a steam sauna in there today. That might be the Achilles’ Heel of this unit, I don’t know. But I agree that this is a decent location and seems like a great value.

  3. I guess the “catch” is that it is just one bedroom/one bath despite the 1500 sq ft. Even so . . . it does seem like a good value.

    1. The catch is it’s a no bedroom one bath. There’s nothing “sophisticated” about being able to see your clothes closet/dressing area from your living/dining room.

      1. It may be the photos, but the roof ladder appears to be fairly close to the foot of the bed. That being said, for the right buyer this looks to be a unique building, good location and a seemingly good value.

      2. In the not so distant past, residence stalls (a.k.a. studios) used to be posted (and bid up) near this price point. If I was in the market for a studio or 1bdr I’d give this a hard look. Many will, I’d be surprised if this property wasn’t going to be bid up by quite an amount.

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