Purchased for $950,000 in November of 2013, the 1,550-square-foot, two-bedroom, two-bath view unit #601 in the classic Pac Heights doorman building at 1835 Franklin Street, a block from Lafayette Park, underwent a high-end remodel and then resold for $1,611,395 in November of 2014 and then again for $1,725,000 in October of 2017 (despite the “short-term hold” and having been “used” between, as is typical when the market is actually appreciating).
Returned to the market priced at $1,825,000 in early 2022, reduced to $1,795,000, further reduced to $1,775,000 and then dropped to $1,550,000, the Pac Height condo was then pulled from the market and offered for rent at $6,250 per month in April of 2022, which included the unit’s parking space in the building’s garage, electricity and water (which are included in the unit’s HOA fees of $1,960 per month).
And having just returned to the market listed for $1,450,000, an “at asking” sale for 1835 Franklin Street #601 would represent a net 15.9 percent drop in value for the unit on an apples-to-apples basis over the past seven years and a net 10 percent drop below its 2014 price, despite the fact that the widely misreported index for “San Francisco” condo values is “still up 30 percent!” since the fourth quarter of 2014 and (mis)reports of a “surging” market.
If you think you know the market for remodeled Pacific Heights condos, “where contemporary luxury meets breathtaking views…in a prime area,” now’s the time to tell.
The word “sleek” gets overused in descriptions of units like this, but the photo of the kitchen really makes it apt here, and they didn’t write it. Kudos for restraint, I guess.
Don’t think I know the market for Pacific Heights condos, but I’ll guess that this won’t close in the next thirty days. If it does, I’ll say: $1,430,000 or about 1.4 percent less than current asking.
To my eye, those expensive finishes are looking dated now. The staging doesn’t help. That place badly needs to be warmed-up.
It’s a matter of taste, but I think values are much better in an older building like 1880 Jackson. You can buy a renovated unit that respects the bones of a classic building.
Great view.
Gonna be watching this one closely. It will be a very relevant comp for our 2024 property tax appeal.
Franklin is heavy street traffic, if that matters to buyers.