From the active listing for a condo in the “[m]ost sought after location in all SF,” which is currently listed below its stated assessed value (in 2022), having been “[r]emodeled by [a] renowned SF architect” with whom we’re not familiar:
“Use of murphy bed and movable furniture is a concept for future yet applied here today. Gorgeous hardwood floors, top Italian lighting and completely hidden murphy bed. You may find a TIC with a lower price but that is trouble- The price is going to rise with interest rates going down- You will be stuck with a TIC and will not be able to buy a real apartment/condo with this price in this area any longer.”
Meow.
So what is the most sought after location in all of SF? I’m willing to bet it isn’t Presidio Heights or Seacliff.
If they are trying to say it’s some neighborhood other than Pacific Heights (or perhaps Russian Hill), the person writing that copy is deluded, or simply not familiar with San Francisco.
And the murphy bed and movable furniture concepts have been around for decades, there’s nothing innovative about them except as a way to con people into paying more for less apartment.
The head is very punny, isn’t it?? Unfortunately, since “River City” really is a common nickname for Sacramento, I think it might have inadverdantly entered itself into the “Too clever by half” category.
It’s a literary/cultural reference to a famous scene from the movie The Music Man from the sixties.
Correct – hence “punny” – but a Northern Californian would likely associate it w/ Sacto, not SF…
Somebody needs to have a chat with [their] Broker and Compliance Desk
I’m dying to know about this most sought after location…
Well it is obviously Treasure Island.
Most sought after location: Union near Jones
To be fair, the location isn’t awful.
Yes, but the ultimate buyer will be paying a serious premium over the median city-wide studio for being in that neighborhood. I’d guess that if you worked up a scatter plot of studio condos just in the northeast of S.F., this would still be an outlier.
If the information about this unit available from Zumper is correct, anyone could have rented this unit last year for $2,700 per month. By buying this now, assuming a 30-year fixed mortgage loan at 6.8 percent, you’re signing up for around $4,000 per month, at least until you are able to refinance when interest rates decline in the next couple of years.
Interest rates won’t be declining in the next couple of years, sorry, they’ll be on their way to double digits.
The bad part: 300sqft and “laundry” outside
The good part: Replica of the Titanic comes with the sale…
Thanks for the pointer. At current asking, this would be $2,017 per ft.². You’d have to have really have a very compelling reason to live in Russian Hill to pay that much for a dwelling for a single person or a young couple without many belongings.
Huge mistake!!!! When rates go down you’ll be stuck in your TIC and you will NEVER EVER EVER be able to buy again.. This is your chance! $2K/sqft will look like a BARGAIN in a couple of years
One of the listing photos shows a shelf with a model of the Titanic . Fitting, I guess.
The models is quite crude: name and wheelhouse are oversized and even fewer lifeboats than the prototype (which you might recall was an issue). Not at all impressive.
It’s extremely easy to find the ad; it’s on Union Street in Russian Hill.
There has never been a lack of real-estate promoters advocating the greater fool theory. Freedom of speech and all that…
Closed last month for $570k, representing an almost 16 percent decrease from its stated assessed value in 2022, but at the same time an almost 23 percent increase in value from the price around 10 years ago when the home was a TIC. That sales price translates to $1,900 per ft.² or about a 111 percent over the the average asking price per ft.² of the homes which were in contract (circa March 2024) in San Francisco. I guess this result is a good example of what flippers, developers, and other hangers-on in the S.F. real estate “game” would call “unlocking value”.
Is it your intention to keep Socketsite alive by progressively updating each listing (that appeared over the last 20 years)?
The editor did a thorough job updating each property that was the subject of a post until about five months ago.