Purchased for $1.468 million in July of 2018, having been listed for $1.098 million at the time, the 1,027-square-foot, two-bedroom, two-bath unit #104 in the Union SF redevelopment at 2101 Bryant Street returned to the market listed for $1.098 million last month, priced for another anticipated bidding war.
Featuring original brickwork, tall ceilings, walls of windows and exposed beams, along with modern amenities, designer touches, A/C, and secured parking and storage in the building’s garage, the list price for 2101 Bryant Street #104 was first reduced to $1.009 million and then to $998,000 three weeks ago, the price at which it has just closed escrow.
And while the resale of the Mission District condo, centrally located “near award-winning restaurants, bars, and shops,” was officially “at asking!” according to all industry stats and aggregate reports, such as Redfin’s “Compete Score,” the resale represents a 32 percent drop in value for the unit and building/neighborhood comp on an apples-to-apples basis.
First floor unit! That’s the problem here.
Otherwise, it’s a lovely building and a nice unit.
Curiously, somehow, the first floor wasn’t a problem when it sold for nearly $1.5 million almost six years ago!
A ground floor, corner spot with your bedroom directly adjacent to a bus stop. The first bus stops by your bedroom at 5AM. Last one, around 10PM. Must be really loud. Not good. Separately, I’ve never understood the allure of this neighborhood. Crime and homelessness are above average. Still mostly industrial. Not many parks, not that many storefronts for locals. Close to SF General. Only pro I can think of is the weather and if you like the industrial aesthetic.
I lived and worked in the immediate area for nearly a decade. This street is not very busy or loud (good luck on NYE). This *part* of the neighborhood has filled in quite a bit in the last decade, with small shops, cafes, along with popular restaurants and bars. It’s not “mostly industrial” whatsoever, but there are still some warehouses, offices and maker spaces. It’s not all that close to General (which does have issues, the closer you get). The pros are that it’s a flat area, close to transit, food, a grocery store, and mostly quiet.
Those pros mostly strike me as table stakes in this city. The only truly outliers in this neighborhood, in the positive, are the weather and the freeway access. Not enough to counteract the more sparse retail compared to other neighborhoods, lack of parks, and higher crime/homelessness IMO. I don’t get the allure of this area unless you commute to the South Bay by car.
I’ve lived in this area for 3 years and agree with your take. There’s really good transit, you’re close to parks in Potrero, lots of restaurants and shops have opened up around here. There are busier neighborhoods with a higher retail density, true but I find it a good mix. There’s some tents about but we haven’t had any major issues or dealt with crime beyond rare package theft.
Mysteriously, somehow, the first floor/bus stop/noise/neighborhood/lack of parks &etc et freaking al litany of defects, weren’t problems when it sold for nearly $1.5 million almost six years ago!
But, PP, I totally 100% agree! This is a longtime light-industrial working-class neighborhood that should never have been ground zero for a Ponzi real estate bubble perpetrated by gentrifiers cheered on by many posters (perhaps, maybe, even you? ;-p) to these boards. If no one cares about good jobs and affordable shelter for working class people, won’t someone at least please think about the portfolios of the speculator classes?!
I’d be curious to see the bids on this place almost six years ago. $1,400 a foot happened all the time back then, but this feels like a sizable overpay given the flaws. Blind auction, baby!
This neighborhood has deteriorated from 2018.
Disagree. More restaurants and shops have opened in the surrounding blocks since 2018. More apartments, too. It’s one of the area’s that’s actually better.
Are there more restaurants and shops? There are plainly more people living in tents.
In fact, there are, driven in part by the successful redevelopment of the half-block between Bryant and Flordia and 2750 19th Street, along with momentum from Tartine, Farmhouse, Trick Dog and Flour + Water.
At the same time, there actually hasn’t been a significant uptick in people living in tents in the immediate blocks, in part due to the influx of new residents, active uses and feet on the street.
Seems like right now, people are just exchanging ill-informed opinions based mostly on their ideological priors (that includes me).
At least after Proposition E passes on March 5, we will have wide-ranging, pervasive use of drones, facial recognition technology and surveillance cameras throughout The City. When all of that video data starts getting collected and processed on a regular basis, we will be able to answer questions like “has there been a significant uptick in people living in tents in The Mission”? based on actual, neutral observations.
I’m not sure how familiar Socketsite is with that neighborhood. Those restaurants have all been around for years. And as someone who was there on a daily basis in 2018, there were zero tents at that time.
We’re intimately familiar with this neighborhood and the surrounding blocks, both past and present.
I don’t think s/he is arguing otherwise: OTC the statement was that they provided momentum (for more development).
As for the tents: “hasn’t been a significant uptick”(emphasis added) is vague enough to cover any situation…isn’t it ??
I cannot speak directly to how familiar Socketsite’s editors are or were, but two facts are inarguably true:
1. There were no tents in 2018 around here.
2. Unfortunately, that is not the case today.
We can disagree in good faith about why that is the case, or about the best way forward, but there’s no denying the facts.
If only there were someone driving around taking pictures of streets and posting a permanent record of that on the internet. Wait..what??
Sadly googlemaps doesn’t seem to have updated this area past 2015 (I’ll let conspiracy theorists make of that what they will.)
It doesn’t need to be a conspiracy, or even have a theoretical underpinning. From the wikipedia entry for Yahoo! Maps:
When you’ve knocked the competition completely out of the box, there’s no longer any reason to keep spending the money to update as frequently.
OK, so it’s a well planned conspiracy!
Notice they did it right before the 2016 election.
🙂
As the listing agent for this condo both this time and last time, here’s some more intel. This was not priced for a bidding war. That said, the market was not forgiving this time around.
This unit is ground floor with a bus stop outside the bedroom and living room.
I was the listing agent last time as well. We had multiple offers and buyers didn’t care about ground floor.
In a trickier market, issues like this become more of an issue.
So while the condo market is not nearly as strong as pre-2020, this sale is not as indicative of larger trends as it may seem. But makes for a good headline!
Thank you for your frankness and honesty. Ground floor apartments that are on the street rather than an large private inner courtyard, are a problem in most cities. For example, there is a list of pluses and minuses for Paris apartments, which apply whether for sale or for rent. The ground floor on the street is the number one negative.
Why wouldn’t bus stop in living room be a marketing positive? Isn’t SF progressive anymore?
IKR?! Buses rumbling through the “live/work” space were all the rage in May 2018, when this unit went for close to $1,500,000. Did the city suddenly become prejuduced against buses? If this doesn’t reflect nascent facism on behalf of the entire city corpus, I don’t know what does!
Sleeping next to a bus stop? (along side the folks sleeping IN the bus stop?)
No thanks.