Listed for $995,000 three weeks ago, the 990-square-foot, one-bedroom penthouse unit #308 atop the “premier…residential building” at 3500 Nineteenth Street, with high-end finishes, panoramic views, and a private wrap around terrace in the heart of the Mission, has already sold for $1,225,000. And yes, that’s a fast 23 percent “over asking!” sale at roughly $1,237 per square foot!

Having previously sold for $1,399,000, or roughly $1,413 per square foot, in April of 2014, however, the quick “over asking!” re-sale of 3500 19th Street #308 represented a net 12.4 percent drop in value for the “exquisite penthouse condominium residence” on an apples-to-apples basis, with a ten year hold, inclusive of the pandemic-era squeeze, while the frequently misreported index for “San Francisco” condo values is “still up nearly 40 percent!” over the same period of time but trending down.

19 thoughts on “A Fast 230K Over Asking Sale in The Mission!”
  1. Perhaps, given the current market realities, this seller did okay. Looks to me like Apt 303 in this 17 Unit building went for $1,259 per ft.² in 2022 and that was for a presumably more desirable 2 bedroom, 2.5 bathroom unit.

    Apt 302, another 2 bedroom, 2.5 bathroom unit looks like it went for $1,751 per ft.² in 2021 which could have just been due to the pandemic-era squeeze and low interest rates available then (the current Fed tightening cycle cycle started in March of 2022). Who knows, maybe the demand destruction The Fed is unleashing will bring gentrification in The Mission to a standstill.

  2. what’s the draw about this 1/1 that it could fetch 1.2M? i wouldn’t have guessed anything close to that amount for the current state of the condo market.

    1. location location location. it’s in the Mission on the gentrification heights side (and not downtown).

      1. Hoisted by your own petard?? Altho snark conoisseurs are able to parse the head for the intended message, I fear many readers intepreted it literally…and narrowly.

  3. Many many virtues to this fine “residence”: one bedroom with a door, bathroom with no window, kitchen right in the living room, and as a previous commenter noted all three “locations.” The Mission is completely gentrified, the safest and most beautiful area. No wonder buyers were lining up to pay over asking price. Proof of the investment value of SF condos.

    1. This is indeed a very good design. It has a real foyer that offers separation to the rest of the unit. The rooms are fairly good size – particularly the bedroom which often get shortchanged in condominiums – and the ceiling height looks to be at least nine feet. Windows on multiple sides offer balanced light and a variety of different views. It’s a clean uncluttered design.

      1. Yes it is, a superb condo with design reflecting the talents of a great architect. The description should use more accurate terms: instead of foyer, “entry hall,” instead of bedroom, “bedroom suite,” and for the ktichen, “chef’s kitchen” or perhaps the French phrase, “cuisine américaine” since it only uses half the space of the living room. Finally, proper emphasis should be given to the “clean lines.” What a treasure is this “home”!

  4. this is still overpriced IMHO, although i do get that the 10 yr hold was a loss. I would bet this price looks about the same in 5 yrs from now.

  5. The seller’s agent is known for setting the asking price very low so that he can claim he got well over asking price — never mind that the actual sales price is well below what this unit garnered ten years ago.

    1. Except that seller agents don’t set the asking price, sellers do. Listing agents educate seller clients with a range of potential asking prices, and potential outcomes, and let the seller make the final decision on how to set the asking price, depending on seller’s personal motivation.

      1. That is how it *should be* done, but my experience suggests otherwise.

        To be fair, I’ve sold a number of properties and generally had a good experience working with listing agents to arrive at an asking price. However, in my most recent sales transaction, the listing agent did not discuss potential asking prices and outcomes with us. He put a “placeholder” asking price in the listing contract but indicated we would have further discussions about it. Instead, when we hadn’t heard anything more about the asking price and it was just a matter of hours before the listing was due to go live, we raised the issue with our agent. After the agent raised his voice and berated us for questioning his judgment, we felt we had little choice but to go along. It seemed pretty clear that the decision had been made and promotional materials had already been ordered. Under the circumstances, it did not seem like firing the agent and starting over was a realistic option, but in hindsight maybe that is what we should have done.

      2. In my experience agents set the price – they’re supposed to know the market and it’s part of the service they’re selling. Sellers can veto or pick a different agent.

  6. I looked at this condo. What set it apart for me was the level of architectural detailing and fixtures…very high end custom closets, cabinet work, bathroom etc. The finishes are equal to the new top end luxury buildings. It also has a very large bedroom, exterior deck space, and windows on three exposures. You can balance that against the other perceived negatives mentioned.

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