The top-floor, one-bedroom condominium unit #4 at 2311 Scott Street, which overlooks Alta Plaza Park in Pacific Heights and offers “San Francisco living at its finest,” was purchased for $950,000 or roughly $1,293 per square foot in March of 2019, prior to the temporal pandemic-era squeeze.
Touting “elegance and convenience,” with “abundant natural light,” views, a parking space in the building’s garage, and low HOA fees of $352 per month, the 735-square-foot Pacific Heights condo returned to the market priced at $979,000 on May 1, a sale at which would have represented total appreciation of just 3.1 percent over the past five years.
And after a month on the market, the list price for 2311 Scott Street #4 has been reduced to $950,000. If you think you know the “surging market” for condos in “San Francisco’s most coveted neighborhood,” now’s the time to tell. And yes, the frequently misreported index for “San Francisco” condo values is “still up over 6 percent!” over the same period of time.
925
I don’t think I know the market for “white box” condos in Pacific Heights, but I’ll guess $937k.
Google Streetview says it’s kind of an ugly building obscured by an overgrown cherry laurel.
Finishes are painted meh.
But it’s far enough from Fentanyl.
$900k.
Let’s imagine 20% down from dad and Grandma Jean, and borrowing $720k.
30Y mortgage at 6.7% = monthly payment of $4,646.
Round it up to 5k and let housing be 40% of monthly gross income = $5,000/.4 = $12,500 * 12 months per year = $150k annual salary.
I guess those numbers work. Especially for the mortgage lenders.
This place is underwhelming, small, has no view. But in 2019 everyone was still frothing at the mouth to buy literally anything in SF. I could see this dropping to low 800s.
i dont think it will drop that low due to location, but we will see
It’s got parking, so I don’t see it going that low.
Holding it back…
The mega storage wall. It’s making the living room feel much smaller that it is.
The kitchen needs redesigning, though it’s understandable the seller not wanting to get into a project.
The wall-to-wall carpet.
However, the right price ($875K) and good redesign this could be very nice.
The mega storage wall. It’s making the living room feel much smaller that it is.
there’s no such thing as “too much storage space”; if you’re deprived of an attic, a cellar and a garage – doesn’t the UN require at least one of these three? – this makes sense.
The kitchen needs redesigning, though it’s understandable the seller not wanting to get into a project.
Can’t “re”design” until you actually “de”sign”…this was copied out of the Pullman-Standard 1948 Design manual for Buffet-lounge cars (sans the handrails); still, I don’t know how much meaningful change could be introduced
The wall-to-wall carpet.
What’s underneath? Or go you object to the colour/ weave?
However, the right price ($875K) and good redesign this could be very nice.
Follow-up: Brahma won, at only a 13.7 percent difference between the above-commented guess and the ultimate selling price achieved 1 year and 11 months after the above main post (the next closest was at 15 percent difference). 48 days after the initial 2024 return to market, the listing was removed from the MLS. It was re-listed in April of this year, asking $945,000, only a 3.5 percent decrease from the asking amount in May of 2024. And a mere 35 days after that listing, 2311 Scott St Apt 4 closed escrow for $1,075,000, which was about 13.8 percent , no doubt due to the AI Boom! all the local real estate hype pumpers are talking about now, because who else would pay roughly 33 percent over the asking price dollar per ft.² median for a one-bedroom condominium except someone (perhaps a childless couple), who just cashed in a corporate RSU windfall and wanted to flex on their co-workers with a Pacific Heights address?
The gain over the 7 year and 2 month holding period was worth $125,000 (nominal; the $950k purchase price in 2019 has the same buying power as $1,248,040 in June 2026’s money according to the CPI Inflation Calculator on the BLS website). Annualized, that’s 1.73 percent during the holding period.