November 16, 2011

A Thousand Dollars per Square Foot? That’s *All*?

Here’s a house that will give the entire la-di-da zip code of 94301 the “You’re not wearing THAT cheap thing?” glare it so rarely gets.  Yes, today’s featured listing is asking more than double the $1000 a square foot altitude we’ve come to love near University Avenue.

Thanks very much to Redfin Bay Area Forums reader tarazet for this find.

 

86 Stanton St, San Francisco, CA 94114
$1,150,000

image

BEDS: 1
BATHS: 1
SQ. FT.: 435
$/SQ. FT.: $2,644
LOT SIZE: –
PROPERTY TYPE: Single-Family Home
STYLE: Cottage
YEAR BUILT: 1918
COMMUNITY: Eureka Valley/Dolore
COUNTY: San Francisco
MLS#: 382947
SOURCE: San Francisco MLS
STATUS: Active
ON REDFIN: 202 days

Two Buildable Lots and One Updated Cottage that sits in a little dell, down flagstone steps, with a terraced stone-paved front yard and grassy side yard. Two skylights, bleached hardwood floors, peaked beamed roof, bathroom with glassblock. Pedini Kitchen: Viking range, Carrera marble countertops. Great development plans available for viewing or develop your own.

imageHave we ever had a house listed for this much a foot?  This one cleared $2000 a foot, but isn’t anywhere as awesome because its high price is due to being on half an acre in Los Gatos.  Today’s house breaks the $2600 a foot barrier on a whopping 2347 square foot lot.  Now that takes some doing.

That’s right.  TWO buildable lots on the 2347 square feet.  I bet this house is perfect for two families as well.

Speaking of $2600, that’s exactly what this place rents for per month.  That means the price rent ratio is a delightfully buyer-friendly 36.86. Wowzers, you’d best jump on this place, because that hanging Ikea lamp probably adds at least an extra $75,000 to the kitchen.

Update: Price reduced to a million even last Friday.  It’s now a bargain at $2,299 a foot!

Comments (9) -- Posted by: madhaus @ 5:10 am

9 Responses to “A Thousand Dollars per Square Foot? That’s *All*?”

  1. ES Says:

    what a perfect example of how stupid it is to buy real estate in the city. The delta between the rental price and monthly cost of ownership hovers around 8K,or $96K/ year. Ballparking the homedebtor’s subsidy, let’s lop off 20% and call it an even 80K in pride of ownership for a year. So if the house increased 80K per year year over year, you break even in your investment. This is just back of the envelope stuff; am I way off? This is nuts, right?

  2. nomadic Says:

    ES, no math required to decide this is nuts.

    Two lots? Yeah, right – only if you put a tunnel through the “cottage” so the losers on the back side of the lot have access.

    BTW, the Los Gatos lot is still for sale a year after being featured on burbed. The price hasn’t changed either. How long until the property finally appreciates to be worth $2.5M? I’m guessing at least ten years.

  3. madhaus Says:

    Clearly $1.15M was serious overreach. Nobody wanted to buy it at this price, and it’s still on the market at a million.

    Just like in RBA Silicon Valley, prime SF properties are snapped up within days, even hours, if the price bears any relation to market rate. A million for a 2300 sf lot? No wonder the agent left the lot size off the listing. If the value is in the land, that’s valuing the land at $426 a foot.

    Compare to the typical Palo Alto scraper: 5000 sf lot with house usually goes for over a million unless it’s in Ventura, where the floor is what? $750K? $800K? Which means half the price of SF? Does that sound right?

  4. nomadic Says:

    I think the problem is that the bathroom doesn’t have one of those Ikea lamps. There is one in the kitchen area, the living area and the bedroom. Done to death, you think?

  5. TheKlek Says:

    Stanton Street is basically a hollow on the lower slopes of Twin Peaks. The street is cozy because it ends in a path that skirts a few nice gardens but it’s also partially unpaved and surrounded on one side by a towering apartment block and overgrown eucalyptus trees on the other so, no sun and no chance of any view. What I love about this listing is that it reflects the general desperation of SF real estate agents as they pull out the canned music and the stock photos of Noe Valley and the Castro for such an impossible listing. Ha ha!

  6. The Gilroy Alex Says:

    #4, they were on sale, but they only had three left.

  7. Excellent Starter Home waiting for a sale to finish | Burbed.com Says:

    […] you like yesterday’s cute little house at an affordable price?  Then you’re going to love today’s find from Burbed reader nomadic, from that same thread […]

  8. Real Alex Says:

    Hehe. Yeh, IKEA lamps were definitely on sale and they snatched the last batch. I just saw the same lamps today at cafe in SF Exploratorium. :)

  9. Petsmart groomer Says:

    Reduced to $985,000.


Leave a Reply

Please be nice. No name calling, no personal attacks, no racist stuff, no baiting, etc. Let's be nice to each other in the true Bay Area spirit! (Comments may be edited/removed without notice.)