Purchased for $879,500 in September of 2020 or roughly $770 per square foot, the “light filled” and “sophisticated New York style loft” unit #1 at 1578 Indiana Street, in San Francisco’s trendy Dogpatch district, returned to the market priced at $849,000 last year but failed to trade despite a reduction to $825,000 six months ago.

Featuring “hardwood floors throughout, with soaring ceilings and large east facing windows that allow for an abundance of light [and] 2 bedrooms on opposite ends of the loft [that] balance the open feel of loft living with the privacy and room to work found in a traditional condominium,” the 1,141-square-foot unit was then offered for rent at $4,695 per month this past October, reduced to $4,495 in November and then dropped to $4,345 per month prior to the rental listing for the vacant condo being withdrawn as well.

And having been relisted anew for $825,000 last month, the list price for 1578 Indiana Street #1 has just been further dropped by its “Motivated Sellers!” to $799,000 or $700 per square foot, a sale at which would be considered to be “at asking!” according to all industry stats and aggregate market reports/scores but down 9.2 percent on an apples-to-apples basis, below its 2020 value, despite the fact that the frequently misreported index for San Francisco condo values is “still up!” over the same period of time (but dropping) and the desirability of the neighborhood.

If you think you know the market for Dogpatch, “one of the most dynamic neighborhoods in San Francisco, with mostly sunny weather and great amenities, easy access to Muni or CalTrain, freeway access…nearby parks, gourmet restaurants, lively breweries and the sports and entertainment options at [nearby] Chase Center and Oracle Park,” now’s the time to tell.

16 thoughts on “Motivated Sellers Drop Price for Light Filled Dogpatch Loft, Again”
  1. I have ridden my motorcycle here after visiting friends for dinner in the Bayview after 9 pm and have ALWAYS been nervous at red light stops and could not wait to get the hell out of this hood. I don’t think its safe after dark, there is MINIMAL foot traffic. Pretty much each person for themselves. If you drive everywhere, I guess its ok. How much are the monthly HOA dues?

    1. For what it’s worth, the listing says this is “Located in a 12 unit secure building with gated entrance.”

      As far as your question, if you follow the first link presented by the editor in the first ‘graph above and scroll down to about this home’s Features, you’ll see the last sentence of the first ‘graph reads: HOA dues are $000/month and include earthquake insurance.

      If you fail to believe that the HOA dues are that low and check out the listing on another site, you’ll probably read that the HOA dues are $967 per month.

        1. You’d think the listing agent who expected to make a rip north of $25,000 (when this unit went on sale last year) would be motivated to check the sales website for obvious typos. Maybe the seller negotiated the fee down.

          1. The listing agent isn’t making anywhere near “north of $25,000”. Do you not know what broker splits are?

          2. I’m aware that what the actual individual agent get as their cut would vary. But the thought was at the original $849,000 level, a 6 percent commission would be $50,940, so a 50/50 split would deliver “north of $25,000” for the listing brokerage.

          3. @Brahma 5% is more of a standard for San Francisco. Then the agent has to split that 2.5% with their broker. Then there’s marketing expenses, they may have a transaction coordinator that they pay, etc.

            So no, the listing agent (as you specified, not the brokerage) isn’t making any where “north of $25,000”.

  2. To me, these big lofts with no walls are just studio units no matter how many “Bedrooms” they’re marketed as.

    1. Yeah, two bedrooms but no doors is taking the open floor plan concept to new levels of intimacy. The floorplan is a real monkey puzzle.

  3. Not a great location in the Dogpatch, but at least in 2020 there was a “lively brewery” (Harmonic) and “gourmet” coffee (Philz) within a 5-minute walk. With both gone, the closest services are now 15 minutes out. The weather is nice though.

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