Light-Filled Inner Mission Loft Approaches Its 2014 PriceOctober 21, 2022
Purchased for $711,000 in November of 2013, the one-bedroom unit #17 at 350 Alabama Street, a “light-filled oasis with views to the west and Twin Peaks” in the “vibrant and hip Inner Mission,” resold for $780,000 in December of 2014, representing appreciation of 9.7 percent in just over a year, despite the “short-term hold” and the unit having being “used,” as is typical when the market is actually appreciating.
Having returned to the market priced at $885,000 this past August, a sale at which would have represented total appreciation of just 13.5 percent over the past eight years, the asking price for 350 Alabama Street #17 is now down to $799,000 with an interim reduction to $849,000 last month.
A sale at $799,000 would now represent total appreciation of just 2.4 percent for the unit since the end of 2014 while the widely misrepresented Case-Shiller index for “San Francisco” condo values is up 44 percent over the same period of time. If you think you know the market for units in the “highly sought-after Inner Mission,” with parking, gated storage and a 96 Walk Score, now’s the time to tell.
Comments from Plugged-In Readers
The floorplan is not great. A giant half bath and then a tiny living room space with no place for a couch and tv.
And what looks like a wall heater behind the couch taking up what little space there is. Is that a common feature of this style of condo? It seems surprisingly cheap, and the unit would cost a fortune to heat/cool. The unit overlooks Harrison @ Treat, also not a selling point. Just a few blocks south, Alabama is a fairly charming little street- this is not that part of Alabama.
While this block is more industrial than charming, this unit is only a few hundred feet from Gus’s; two blocks from Franklin Square, Safeway and Tartine Manufactory; three blocks from BART and Farmhouse Kitchen; and four blocks to Flour and Water.
Not to mention Rainbow Grocery a few blocks away and 4 bus lines (22, 33, 55 running to BART, 27 north/south). Besides those restaurants – Ernest, Mijote, Bon Nene, San ho Wan, Osito…
Always tents near Harrison & 18th. Florida and Alabama south of 19th are verdant and pleasant like you say. Lots of change in this area – demo for lab space, new affordable housing, and a new market-rate building all on Bryant between 17th and 19th.
105 seconds. How long it took me to find a mini tent city (Florida Street) when starting in front of this building using Google Street View.
Perhaps not as configured, but there’s plenty of room for a couch and a television and the half bath doubles as a laundry room, so it’s nice to have the space. Regardless, it’s apples-to-apples circa 2014.
$800k and a shower curtain?
Wow are shower curtains declasse now?! Didn’t realize I was such a boorish prole…
Agree. An $800 sliding door kit from Lowe’s would add $15k in perceived value.
A classic Mission live/work loft (of the type eventually prohibited) from the 90’s when Willie Brown have the thumbs up to converting PDR space to live work space. Not a bad price, low HOA’s and unlike renting you get your money back when you sell. What’s not to like?
Heating/cooling is the main problem with all these “Lofts” built in the late 90s or early 2000s. Almost always NO AC, and heating is usually either a fireplace or that sad electric heating system as in this unit. They DO NOT work, and cost a fortune to run. So it is always too hot or too cold.
That looks like a gas heater behind the sofa. Not exactly luxury but it would probably provide plenty of heat for this unit, especially considering that the bedroom is an open loft.
Bedroom comfortable, kitchen freezing. Or kitchen comfortable, bedroom roasting…
If this is really a problem, it seems like the condo board could get together and do a group installation of mini-split heat pumps. More efficient and all electric.
For such an ideal location close to freeway and exit right at the start of usual traffic, it’s pretty good value for a San Francisco light-filled property. There are some imperfection that could do some alteration. Love this area…well, the homeless is basically the entire SF problem unless you live up the hill.
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