Purchased as an established TIC unit in a six-unit building for $910,000 in November of 2017, the light-filled, top floor one-bedroom unit #5 at 762-764 Cole Street returned to the market listed for $950,000 this past September, having been condo converted in 2022.
Touting “classic San Francisco allure with an abundance of period details,” with a bedroom and living room that both overlook the building’s shared backyard and a deeded parking space in the building’s garage, on a flat Cole Valley block, the list price for 764 Cole Street #5 has now been re-listed anew for $899,000.
If you think you know the market for classic one-bedroom condos in San Francisco and/or Cole Valley and the typical premium, versus discount, for condo converting a building/unit, now’s the time to tell. Keep in mind that the frequently misreported index for “San Francisco” condo values, which wouldn’t include a condo converted unit and the added value that a conversion typically conveys, is “still up over 10 percent!” over the same period of time.
Hmmm, no sqft in the listing. I am guessing 800 or less? So > $1000 for a small cramped space with a nice view of a backyard? Also needs a ton of work specially in the kitchen
Oh and NO W/D
It’s the same square footage and condition, with the same amenities and outlook as is 2017, when it established a neighborhood comp, but with the added benefit/value of having been condo converted.
whoa. living room. bedroom. kitchen. full stop.
no thanks.
Can’t say I have any particular knowledge of “added value that a conversion typically conveys”, but the listing says: “Parking Features: Side-by-Side, Assigned.” As opposed to tandem? Just looking at the above photo of the front of the building, potential buyers should make sure before making an offer that none of the occupants of the other five units has rights to the garage.
It’s not a single-car garage (nor does it require another car to be moved in order to enter/exit).
Would be a lot better of a space if…
– The kitchen was merged with the living room (wall removed) to create a single living/dining/kitchen space.
– The tiny powder room was turned into washer/dryer
What “tiny powder room” ?? All I see is a bath, with the toilet in a separate compartment.
Oh dear. I missed that. There is no powder room to lose.
Yeah, the toilet I’d keep.
Unless I’m missing something, the listing mentions nothing about laundry in the building. Even if it exists, it would be three flights down and up, plus shared with 5 other units. For a million bucks.
And what’s with the separate toilet room? Open up the wall between the rest of the bathroom and combine it. This isn’t 1908.
I’m guessing some people actually like the compartmentalization, since it allows the toilet to be used separately from the bath and/or sink
Separate toilet room is a feature, not a bug. Combining the two was a cost-reduction move that caught on many decades ago, but it’s a heck of a lot more useful to have them separate, especially when you only have one bathroom.
For most of us, bathing and using the toilet are distinctly different activities which are not enjoyed at the same time.
I don’t agree about knocking down that wall. It would be more on-trend to go open plan, but I think a big part of the charm of this place is the way the old features and layout haven’t all been erased yet. I half-agree about the laundry. At this price it should be in the unit. I’d rather shoehorn it into the kitchen somewhere, though, rather than make the bathroom even smaller.
There is a closet in the kitchen that looks perfect for a stacked washer and dryer. Access to existing plumbing is fairly close – either the kitchen sink or the WC. It even has a small window for ventilation.
I expect housing prices to continue to trend down while interest rates remain high and until there is a more clarity around the future of office use downtown.
San Francisco real estate enjoyed bull market conditions for a long time with low rates, a growing economy, improving social conditions, and the desire among young professionals to live someplace urban and cool and be close to their work. The Economist this week points to the city as the global nexus of AI development, and I don’t doubt that, but I wonder how many jobs that trend can support. Other than AI, the larger macro economic trends that supported SF real estate, (especially since the Great Financial Crisis) are headwinds.
For those who want to see prices remain higher, it’s a good thing that many marginal sellers are sidelined because they don’t want to give up cheap mortgages.
It makes sense to me that prices for individual units will continue to decline with high rates, and a change in the workforce.
We (the US economy) want inflation to slow down and prices to come down. Weakness in San Francisco real estate contributes to the solution.
I think the biggest issue is location, which can’t be fixed. It’s not bad, but at this price I’d rather see it on Cole Street south of Parnassus.
have to disagree. that location is pretty prime. it is close to the haight but it’s flat and just a block or so away from the heart of cole valley. i think the rule of thumb was that a condo is worth like 15% more than a TIC. so definitely shows things have come down.
I thought condo conversion is limited to buildings with up to 4 units. Hmm.
Well, I can’t share an exact citation at this moment, but I am pretty sure under the regulations that were in effect until 2013, when the San Francisco Board of Supervisors suspended the City’s condominium conversion lottery, the rules limited all condo conversions to buildings of no more than 6 residential units. That doesn’t explain why this one was allowed to convert in 2022, however. Perhaps it was grandfathered in.
I think you’re correct that this building wouldn’t be allowed to convert if they started out today.
it is a recent conversion. there seem to be very specific cases when it’s still allowed, like all 6 units need to be owner-occupied for a while. if you dig into the sf planning doc, you might find out the details. so a multi-unit owner could not repeat such conversion in such a manner.
Wow – just take the time to bury the 4″ exposed flue in the kitchen or exit it directly out the top of the building. Seems like a total hack and so easy to fix.
Amazing location near Cole Street shops. It’s priced at $899K, so might be attractive pricing to entice buyers but it will likely go over $910K if not closer to $925K.
I’ll share my perspective as a realtor. Top floor unit facing yard. No shared walls. Extensive work done to the building like seismic retrofit and foundation work in 2019. Exterior of building is set to be repainted in the Spring. PARKING SPOT!!!!! Laundry in building with potential to add in unit.
You can’t find this price point in Cole Valley at this location. It’s small, but perfect for a single person or a pied-e-terre.