Another Over Asking Sale, so There!February 22, 2023
Listed for $1.398 million last month, the two-bedroom, two-bath, 1,325-square foot unit #602 at 1450 Franklin Street, which comes with a parking space in the building’s garage and access to the building’s roof deck, just sold for $1.5 million, which was “7 percent over asking” and perhaps with “multiple offers” as well!
That being, having been purchased for $1.635 million in March of 2017, the sale represented an 8 percent drop in value on an apples-to-apples basis, despite the fact that the frequently misreported Case-Shiller index for “San Francisco” condo values is still “16 percent higher than in March of 2017” (having dropped 9 percent over the past couple of quarters and trending down).
Comments from Plugged-In Readers
This is one of the better “apples” featured here. The Northwest San Francisco location isn’t dependent on South of Market tech jobs for it’s appeal. Furthermore, the architect seems to have done a much better-than-average design job within the new-build condo universe dominated by layouts slapped together for first-time homebuyers. This 60-something suburbanite could see living there…assuming an EV charger at my parking space is possible.
“Northwest San Francisco”? Richmond hater
Dixon probably got that from RedFin (or realtor dot com — scroll down to ‘Neighborhood’ —, among others) who call this area “Northwest San Francisco” in their listings. I am not a neighborhood delineation purist, but I think the eastern border of The Inner Richmond is Masonic Ave.
1450 Franklin St. appears to be around fifteen blocks, going by way of Bush St., east of there.
I don’t love the location.
It’s surrounded by arterials in all directions. You have to cross Gough+Franklin, Van Ness, Pine/Bush/California or Geary to walk anywhere.
Those alleys near Polk St end up collecting homeless people. One is visible on StreetView.
It’s not really in any neighborhood. I suppose it’s Lower Pac Heights but it’s a bit of a commercial area that’s lacking in neighborhood feel.
I agree the unit itself is nice. Very nicely balanced floor plan.
The location is not Cow Hollow, but it is walkable to a lot of nice retail, restaurant, and services. Whole Foods and Trader Joe’s are nearby. Much of the new construction in the city is located where people didn’t want to live in past times.
Arguably, the proximity to major arterials is an advantage (think The Hub). Depending on one’s age, a buyer might find the amount of health care services in the neighborhood to be a plus. The San Francisco Towers retirement home is located about 1 block distant and has been very popular among older people with a lot of money.
At the price, this would be more interesting to me than anything I can think of that would be priced similar and located south of Market Street. At the price you could probably buy as much or more in a better location (Russian Hill, Pacific Heights, Marina/Cow Hollow) if you are willing to live in a 1920s building and/or accept a coop building. I think this is decent product and location at the price, for the buyer desiring a new-ish building.
If one is going to live in San Francisco right now, homelessness and graffiti are to be contended with. That probably explains the price change.
…and the Van Ness BRT was recently completed!
Yep, that’s another way of looking at it. By bus or by Uber, it’s a very convenient location to go somewhere else in the city. And I agree, I would definitely move here before anywhere South of Market.
Too close to 101 for some people.
But, but…what was the list price in 2017!? For added rigor in our analysis, we should compare apples to apples of list prices, that all-important metric.
List price? This was a new building in 2017.
Do we do real dollars here? I forget. This is down 25% in real money.
I didn’t believe you that it was THAT bad, but then I put it into the USBLS calculator and the 2017 purchase price would be 2,006,320.52 in today’s dollars. ouch.
Sounds about right. On a graph, SF property values shadow the nasdaq.
Nice floorplan with windows. HOA dues?
RedFin says that the HOA dues are $1,032 monthly, with an additional parking Fee of $28.
In case you’re comparing, the dues for the 990 ft.² two-bedroom, two-bath unit at The Linea development that the editor posted about on Thursday has HOA’s of $737 per month with no parking fee.
Monthly assessments are $0.80 per SF for this one (including the parking charge) vs $0.74 per square foot for the unit at Linea. The difference is $66.25 per month (accounting for the size difference). At the 6.5% rate quoted in another posting today, that amounts to a price difference of about $10,481…a bit more considering the after-tax interest rate (and also that assessments are never paid off).
That’s roughly 1% of the sale price, which is not insignificant but probably wouldn’t drive many purchase decisions.
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