Purchased for $770,000 in June of 2020, having been priced by the sales office at $839,500 in 2018, the 637-square-foot, junior one-bedroom unit #605 with a deeded parking space in The Austin at 1545 Pine Street returned to the market listed for $799,000 in September of last year, sporting a custom marble shower and new glass barn door with brass hardware to enclose the bedroom alcove.
Relisted anew for $750,000 in January and then again for $720,000 in March, the list price for the “one-bedroom sanctuary or…premier pied-à-terre” was dropped to $650,000 in early April and then to “$600,000” in the middle of last month, which was intended to be the starting bid for a “Luxury Live Auction!”
And this morning, the list price for 1545 Pine Street #605 was dropped to $550,000, an “at asking!” sale at which would represent a net 28.6 percent drop in value for the unit over the past four years on an apples-to-apples basis.
If you think you know the market for contemporary condos and/or the Polk Gulch corridor in this “surging” market, now’s the time to tell.
HOA fees $924/month. But if that includes 1 car garage parking (value at $300), then the HOA fees wouldn’t be considered crazy for elevator building. Why are buyers shunning this one? Nice marble shower.
The finishes are great, including the built-in fridge. One con is the sliding door bedroom thing, doesn’t quite feel like an adult condo but I wouldn’t care much. Another is the fact that this is on an alley on the Tenderloin side of Van Ness. These alleys have had major problems with homeless encampments in the past. No idea the status now, Street View was clean the day photos were taken, but probably doesn’t help the cause. My guess is people would rather rent than buy this place.
Correction, the parking access is on Austin, not the building entrance. The alley comment prob can be ignored.
Noted (and corrected) these.
alleysareas of SF open to the public – including streets big and small – have had major problems with homeless encampments in the past.if what’s discussed in this post ever materializes, it could have a big effect on this particular unit. the HOA fee can be hard to come to terms with, even if it comes with a parking space. it will probably cross a psychologically significant threshold of $1000 soon, for a studio.
the link seems like the wrong one. there was a different article discussing a building next to this one, but i’m too lazy to find it.
The one about the Grubstake building that will block the windows of the folks who thought they could sue their way out of not having done due diligence?
yup that one!
If Kyle S. is correct, then the relevant link would be Approved Grubstake Redevelopment Challenged Anew.
so based on the rendering this unit, which appears to be along the east facing wall, would be “boxed in” by the future building.
I don’t know why a real estate agent who presumably “knows the market for contemporary condos and/or the Polk Gulch corridor” would think the “Luxury Live Auction!” gambit would produce a positive outcome for the seller at this point in time. I also don’t think buyers are shunning this unit. The only problem was that the previous pricing was too high (the last purchase was during the pandemic squeeze) and had to adjust downward to reflect the current realities. The most recent asking puts this at about $863 per ft.² which is around 6.7 percent less than the the current average asking price for a home in San Francisco. If that asking price is sincere, I expect this to close at or less than 1 percent under it.
because “polk Gulch” has basically become the tenderloin over the past few years
This unit appears to be in the light well, facing east. Nice view now, but will face the Grubstake building when it’s built (if ever). Harcourts Auctions, which says it is auctioning the unit May 30, says “On-site parking through December with possible extension is offered” for what it’s worth.
Remind me again, what are the first three rules of real estate?
Pine and Van Ness is not that bad. Most people would say as long as you’re north of Bush, you’re out of the woods.
It’s literally ONE BLOCK “out of the woods”
You’d be surprised how big of a difference one block makes.
not that bad is not a ringing endorsement. yes, its not as bad as 1-2 bloacks away, but its still bad if you dont want to deal with homeless people on drugs roaming around screaming at all hours, and dont want to walk alone at night
Obfuscation, obfuscation, obfuscation.
The jr. one-bedroom unit 605 at 1545 Pine St. sold last month for $680k, or just over $1,067 per ft.² representing an 11.7 percent nominal decrease in value over the four-year holding period, which I don’t think is on an apples-to-apples basis due to the above-mentioned improvements to the bathroom and bedroom alcove added since the previous sale in June of 2020.
My comment during The Spring doubting the “Luxury Live Auction!” gambit would produce a positive outcome for the seller now turned out to be wrong. The “Non-Distressed Auction Platform“ set a new initial bid of $600k earlier this summer and that appears to have done the trick. The closing price represented almost a 24 percent increase over the May asking price described in the penultimate paragraph in the post above.