Purchased for a comp-setting $882,000 or roughly $1,313 per square foot in October of 2018, having been priced at $967,000 or $1,439 per foot by the sales office in 2017, the one-bedroom, one-bath unit #606 at 1075 Market Street (“Stage 1075”) returned to the market listed for $749,000 this past May, a sale at which would have represented a 15 percent drop in value for the entry level unit.
Positioned as “San Francisco’s newest tech/hub location,” 1075 Market Street has a lobby attendant, virtual doorman and an enviable rooftop deck with multiple fire pits, lounge seating, and other amenities for the building’s residents.
And having been reduced to $670,000 in June, the resale of 1075 Market Street #606, which measures 672 square feet, with an open floor plan and (near) floor-to-ceiling windows that overlook Proper and the landmark Hibernia Bank, has now closed escrow with a contract price of $625,000, representing a 29.1 percent ($257,000) drop in value for the Mid-Market condo versus the fourth quarter of 2018.
Amazing how little thought went into the interior layout/organization of space. Yes, this was also true when it sold the first time.
Agreed – what a horrid little apartment – in my mind these are glorified studios – yes the bedroom is separately, but other than that everything is in the same shoebox space.
Who doesn’t like a chair by the front door in front of the refrigerator and a couch staring at the oven? Who needs a dining area? This place isn’t worth 100k.
It’s a pretty typical layout for new construction, perhaps that’s why it only fetched $882,000 in October of 2018.
I have lived in 1BR apartments with 100 SF less space that were much more liveable than this mess. It has been said here before, but this was purpose-built to be sold in a hot market to a 20-something coder making $150K+ as their “first rung” on the homeownership ladder.
The apartments built in 1920s buildings in northeastern neighborhoods of the city, 100 years on, are still generally functional and appealing as built (with some modernization). The architect of this unit spent no time thinking about how people actually live.
Many new units featured on this website are, IMO, shoeboxes. This is among the worst. If your point is that especially poorly designed units fare especially poorly under bad market conditions, then I agree. There are lots of units for a prospective buyer to choose from, most of them better laid-out.
It has also been said here (by me) that people tend to overpay for “new condo smell”, in part due to the secrecy surrounding what other units in the building are selling for.
We’ll see how much of a tech hub that area is when Twitter moves to the peninsula or somewhere much less expensive and dangerous. Is Uber still there? If so, probably not for much longer.
Rick, do you live in or near San Francisco? Uber’s HQ moving to the Chase Center was a major topic for several years.
Yeah but last I knew (a few months ago) there was still a presence in Mid-Market
Maybe the seller was a person employed by Twitter (Dixon Hill’s 20-something coder), wanted to minimize their commute at the time they purchased, and needed to get out when they realized Elon was going to buy the company and put their continued employment in danger.
Even if you assume that the seller put $176,400 down on a 30yr fixed at near the all-time low mortgage rate of 2.65% (just to consider the best case scenario; in reality the average available rate in Oct 2018 was closer to 4.90 percent, although it’s true that for customers with lots of assets, some lenders will offer mortgages at a rate much lower than the market average and even without that, this seller could have refinanced last year) and assuming no additional payments, the Mortgage Calculator at Bankrate indicates that the amount of the loan still outstanding in Dec 2022 — just a few months after the point at which the amount of each payment had more going to principal rather than interest — would be 637,741.79, or just over 2 percent more than the price the unit was sold for.
Hopefully the seller either paid cash in 2018 or had a lot of cash on hand and didn’t have to sell any stock at current market prices to cover the real estate agent’s commission, and other closing costs, because they had to bring a five figure check to the closing.
I’m waiting to see the
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The genius developer and Michelle Antic and Curtis Tischler of SagePoint sold this joke of a building with all kinds of issues – they both fled the State due to multiple lawsuits against them for fraud ! Talk to Robert their bff and developer of this nightmare