Quietly acquired for $2.2 million three years ago, the vintage penthouse unit #12 atop the Art Moderne Malloch Building at 1360 Montgomery Street, an 1,100-square-foot one-bedroom unit with over 700 square feet of outdoor space overlooking the bay and an additional 200-square-foot “bonus” room, with a bathroom and upper terrace, on the building’s roof returned to the market priced at $2,999,999 last September.
Reduced to $2.4 million after a month on the market and then listed anew for $2.5 million this past March, the “asking price” for 1360 Montgomery Street #12 was “adjusted” down to $2.0 million in June with a “Seller [that was] motivated to sell!” And the resale of the Moderne Telegraph Hill penthouse has now closed escrow with a contract price of $1.95 million, which is “within 3 percent of asking!” according to all industry stats and aggregate reports, despite the 30 percent drop from its original list price, and down 11.4 percent on an apples-to-apples basis over the past three years despite misreports of “record low inventory levels” driving prices up.
Looks like the seller here took a bigger hit than the one that recently sold that three-bedroom, two-bath penthouse atop The District at 2655 Bush St. which went for a 13.5 percent decline over the past roughly five years. Only an anecdote at this point, but things are going in the right direction.
Still almost 2000 dollars a sqft and needing a complete remodel at least 500 dollars a square foot +.
For that price per square foot, why not buy in one of the brand new buildings.
Why does it “need” a complete remodel? I’m not saying a bit of colour wouldn’t be welcome – repaint for < half-million? I think if one tried hard they could swing it – but it's hardly mandated. It's not like there's duct tape holding the wiring in place or a single sink in the 'loo.
And who knows, maybe the buyer is a monochromat.
“Still almost 2000 dollars a sqft and needing a complete remodel at least 500 dollars a square foot +.”
Um, $1.95 mil for 1100 sqft is $1773. $1.95 mil for 1300 sqft (and I think that bonus guest room is very cool) is $1500. Plus the 700 sqft of very usable patio space… how do you arrive at “almost 2000”? I’ll also echo the prior comment, why does this unit “need” a “complete remodel”?
Addressing the building’s defects directly, I assume the elevator is DOA since it was not mentioned in the listing or website, and in the “lobby” is covered by by an elegant metal grille (with a lock). That makes it a 3rd floor walkup. Granted, if you live there you’re already getting your cardio from the 3 blocks of hill to get back from your morning coffee run, so two levels of stairs is likely no big deal. But it does eliminate things like ebikes which if stored in a garage get stolen. I don’t like that the first floor “lobby” area is open to the street and thus the 1st floor unit doors and staircase(s) are accessible to passers-by. That should be addressable without altering the exterior of the building, but that it hasn’t happened already is concerning. I do not know whether they have security doors at the top of the first flight of stairs, I wasn’t that nosy.
But… views to die for, fantastic only-in-SF entertaining space, and a great backstory to the building.
This unit would not appeal to anyone interested in a brand new building. And vice versa.
I agree with the folks earlier in this thread who think this apt doesn’t need a remodel. And Dixon’s right, the target market for units in new construction condo buildings aren’t cross shopping with units like this one in a vintage Art Moderne building.
What the the flippers, developers, and other hangers-on in the real estate “game” won’t tell you about brand new buildings is that they very often suffer from construction defects and the HOA will be likely be locked in litigation with the developers and contractors for years after the first residents move in to get the defects addressed if they get addressed at all. Buyers will will probably get hit with a special assessment to support that effort even if the board’s legal strategy is successful. So it’s great for developers that many of the buyers of those units won’t actually live in them, because they are remote or foreign investors looking for a place to park their cash and so won’t be in a position to complain about the construction defects.
It isn’t the most important reason to buy a unit like this one, but the fact remains that in a vintage building, the construction defects would be much more likely to have been resolved, if they existed at all, before this buyer moves in.
it’s a “rustic” pied-a-tier for people who don’t need things to be flawless and new
but i would replace that cook top
i think this place would do well as an Airbnb
Now we know where the 80s have been living all these intervening years.
I think this unit is fabulous. Just needs some paint in any color other than white. That deck is to die for.
What’s with the hospital look My God !! its just ugly