High-End Jackson Square Condo Trades Down Over $300KOctober 19, 2022
Purchased for $2,305,000 in February of 2019, the two-bedroom, two-bath unit #3G at 288 Pacific Avenue, across from The Battery in Jackson Square, returned to the market priced at $2,538,000 [in June of last year], a sale at which would have represented total appreciation of 10.1 percent for the “meticulously maintained” luxury unit since the first quarter of 2019 or just 4.3 percent per year.
In addition to 11-foot ceilings in the main room, the 1,301-square-foot condo is outfitted with floor to (near) ceiling windows, wide plank European oak flooring, custom oak cabinetry, and a parking space in the building’s garage.
And having been relisted anew for $2,350,000 [in February], the asking price for 288 Pacific #3G has just been reduced to $2,285,000, a sale at which would be considered to be “at asking” according to all industry stats, despite being 10 percent below last year’s asking price and expectations, and down $20,000 on an apples-to-apples basis.
Further reduced to $2,185,000 and relisted anew with “1” day on the market this past June, the sale of 288 Pacific Avenue #3G has now closed escrow with a contract price of $2,000,000, down 13.2 percent from the first quarter of 2019 on an apples-to-apples basis. And yes, the widely misreported Case-Shiller Index for “San Francisco” condos was up 15.0 percent over the same period of time.
Comments from Plugged-In Readers
Dat bathroom – grey marble, brown marble, and gold fixtures. I’m thinking someone just covered their eyes and randomly clicked on an upgrade website… Otherwise, I’m going to disappear into mourning for good taste for the next week…
And the staging leaves a lot to be desired.
This building has always interested me. It’s a boutique building, in a sort of out of the way neighborhood that doesn’t have much street life.
Seems like the whole thing was built to provide pied de terre for people who own much bigger suburban homes, but want to be able to stay in SF for an important venture capital meeting, a battery night or a show at the ACT.
Anyway: I think this type of unit, of which SOMA seems to have many, will not fare well in this next phase of San Francisco real estate.
“Seems like the whole thing was built to provide pied de terre for people who own much bigger suburban homes, but want to be able to stay in SF for an important venture capital meeting, a battery night or a show at the ACT.”
They make hotels for that.
“They make hotels for that.”
For the hoi polloi.
What, you want them to have to pack a bag? And sleep on beds other people recently slept on? I mean what’s next, riding public transit?
What’s a battery night?
A night at The Battery (private/members club across the street).
Perhaps not the same target buyer, but I would note that southern Marin had a fair amount of product available recently in the $2-$3 million range. *Single-family homes* *With bay views*
this is truly a very boring unit. the building looks nice, but the unit is a bland box of nothingness
Another unit plan where the designer doesn’t understand basic human circulation. Take the kitchen – the sink is at one end of the L shape arrangement and the refrigerator at the other end. When cooking, the principal pattern is to remove items from the refrigerator / set them to one side of the sink / wash the food / then cook or prepares the meal. In this layout, one removes items from the refrigerator and then has to maneuver back and forth through the kitchen or around the back of the island to get to the sink…and then there is not much space to the left of the sink to set anything.
Then there’s that clumsy arrangement where the door to the Master Bedroom bangs into the door to the closet…so it’s one or the other open…but not both. And the closet itself – no more than four feet wide, which means less than two feet to pass between hanging garments and the wall.
The price might be High End. The design is decidedly Low End.
Personally I feel that the fridge is the least important node in the kitchen triangle. There are two reasons:
First the fridge isn’t the only storage of raw food. Most people also have a pantry too. So why doesn’t the pantry deserve a node in the triangle (now a square?) And for cooks who like to shop the same day as the meal, the food might be in a grocery bag placed on a countertop. It never made it to the fridge.
Second, many cooks make just one trip to the fridge. Just fill up a pan with all of the ingredients and set that near your prep zone. Saves energy too.
Oddly the concept of a kitchen triangle overlooks one of the most important resources: counter space. I get the feeling that this triangle concept is mostly embraced and promoted by kitchen designers. It is an easy task they get to sell it to their client, overlooking more nuanced factors. “See: look at this high quality work triangle!. My job is done here.”
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