The 1,375-square-foot penthouse unit #601 atop The District at 2655 Bush Street returned to the market listed for $1,749,000 last month having been purchased for $2,000,000 in February of 2018, which was $200,000 under asking at the time.
And while the widely misreported index for “San Francisco” condo values is “still up 6 percent!” over the same period of time, the resale of the three-bedroom, two-bath unit with a wraparound balcony and parking for two cars in the building’s garage has now closed escrow with a contract price of $1,730,000, which is officially “within 1 percent of asking!” but down 13.5 percent on an apples-to-apples basis from the first quarter of 2018
$1.7mm to live on Divisadero in what is questionable Pacific Heights (Pacific Heights Lite at best) is not going to fare well as an investment. I’d say they overpaid by at least $700k.
Would be an amazing location if you worked in the UCSF / Medical industry right around there. Two car garage is nice. Since it’s newer construction, I bet the street noise soundproofing is good. It’s a pretty underwhelming unit when it comes to finishes, and it was staged pretty terribly, but $1,250/foot doesn’t sound crazy to me.
Overpaid by $700K? Are you serious?
Yeah, $1.7mm for a small pseudo “penthouse” with no views in on a major thoroughfare on the border of a tier 2 neighborhood. I might be light.
A valuation of $1M for this place isn’t even remotely grounded in reality.
defintiely too low, but surprised it went for 1.7. wouldve thought it would be like 950-1000 sq ft.
$1.3-$1.4M
I think its a nice neighborhood and dont think divis at this location is a major thoroughfare. its a pretty quiet street with good restaurants and retail
There are medical supply stores and a hospital is that the retail you mention? As for restaurants while I do love El Burrito Express and the cheesesteak shop is decent it’s not exactly what I’d call “good”.
Actually trying to acquire this for $700k less would imply a < $750 per ft.² penthouse condo. Lower-floor condos built in a roughly similar era in Hunter’s Point are going for that. The successful buyer here was probably looking for a home for the foreseeable future, and would have outbid bottom feeder real estate investors looking for a steal of a deal they could turn around and put on the rental market and then brag about to their real estate investor friends while they are walking up the back nine.