This is kindly brought to us by a reader with [our comments] thrown in.
“Check this out.
56B Woodward, which is on the boundary between western SoMa and the Mission is all of about 280 square feet and they want $245k. The studio apt looks to me like a cruise ship cabin, being on the bottom floor, with views looking up to street level through the smallish front window. The floors are faux wood overlay (there’s a name for this that begins with a p, but I can’t think of it [we gotcha…Parquet…pergo]). Otherwise, it is an entirely unremarkable redo [would have to agree with you here]. It has been reduced once since being listed in January [originally $279,000].
I know this is San Francisco, but to me this property is absurdly priced with no parking and no extra storage [both are leased nearby, but where to put your shoes is the real question], and being a mere 7 feet wide and roughly 35 feet long. That’s over $800 a square foot. I would love to meet the chump [we’re rolling with this word, but prefer a kinder approach] who finally buys this place and interview him. The first question would be what he does for a living, and the second question would be whether he ever thought at his salary/career level he would be living in a closet.
D.W.”
We’d have to agree this is quite the place. Of course, if this doesn’t work for you, you could buy any of the other 6 TICs in the building…scratch that, 56 just went into contract and 54A is pending. So apparently this new price is creating some interest.
–56B Woodward [mls]
–6 TICs on Woodward [mls]
Hi, the tipster here … I believe the flooring is Pergo, a name brand faux wood flooring. Ok, so “chump” may be too strong a word as I know how real estate shopping can put a strain on the ol’ psyche, but in my estimation anyone who can afford a $245k place is probably not doing too bad in the career department, and could do better … On the other hand, where is there to go in this market within 150 miles? Moreover, I could see this as a pied-a-terre for some well-heeled creative professional.
Couple thoughts as to who this is for:
1. A really big fan of Shawshank Redemption – somene who is looking to live the life of Andy Dufrain with all of today’s modern amenities.
2. A bocce or lawn bowling club that won’t allow San Francisco weather to interfere with their league play.
3. Dwell Magazine – They’d be able to whip up something in that space!
Something tells me that laundry room is shared.
However, while Woodward Garden is just up the street, last I checked that street was crack city. 800psf, sure, just check the freeway access!
Nice place! Good value.
BTW, I heard 142 Cervantes sold for $70,000 over asking to $2.36 mil. Any idea how long it was on the market for? I coulda sworn i just saw it list.
Also, 80 Rico sold for $1.75 mil I believe. 2/2 total fixer. $50,000 over asking.
I was just thinking of something. If there was a blog dedicated to simply highlighting how great homeownership is, and how much wealthier homeowners are, and all the homes that sold over asking etc… it would be crucified. Yet, bubble blogs love to bash on homeowners and censor anybody with a differing opinion.
I think the simple reason is that SF = 70% renters, and even homeowners want to move up always.
I look all around Russian Hill and Pac Heights, and properties are going for higher than last year. I’m sure the same is going on in Cow Hollow and The MArina, Noe, Sea Cliff etc. Why is it that people refuse to recognize that prices continue to go higher in SF?
It’s so strange. I really do feel sorry for so many people who want to buy, and have just waited and waited.
I disagree Boomtime. I feel as if a tiny studio on that block should be under 200K. The northernmost part of the Mission between Folsom and Valencia is still somewhat blighted, and Woodward can be pretty scary at night. Two relatively spacious flats on that block went for well under 500K earlier this year.
But I agree with your other point. I sort of wish people would wake up and stop talking bubble in San Francisco, too. It was supposed to have burst two years ago at this point. I’m with Alex. SF is its own thing. Especially SFR’s in nice neighborhoods. We just don’t have enough of them, and we never will. Show me another market like this one, anywhere. We are not part of national new home construction trends. We are not the Bay Area at large, either. We are, like our weather. Micro-zones.
I’m not predicting incessant appreciation, or anything of the sort. But I do agree that the people laying in the cut waiting for houses in nice areas to take a hit are delusional. Funny tho. Those folks are nothing new. Fence sitters in real estate are a constant. Blogs just make them more audible.
$245,000. Unbelievable, although for that price you could get a parking spot in Manhattan!