Is SF Chinatown A Dinosaur?


#241

#242

I always wondered what a unit in this building goes for…


#243

That’s crazy. Might as well buy a condo in China Basin. Nicer and newer too.


#244

@aalj,

I don’t recall discussing this one that apparently sold back in Oct. I was just down there, saw the CB sign and called Carla. 4.3M was the price and she indicated a lot of interest. 18 units!!! I believe she said 4% cap. Oh, she has another listing coming soon in the area and I will try to get info.

I saw my Big Bro last night and I guess he is also keeping tabs on the area (he had some newsletter saying multi unit buildings in this area are hot, hot hot).


#245

Location is killer though…Muni substation is across the street (when it comes online of course…) and cheap eats (groceries and takeout) are all around you.


#246

No, seller is too greedy. Take this condo for example:

Bigger, nicer, newer, better views, close to Caltrain, N/T line, no loud aunties screaming at grocery stores. HOA about the same. It’s a no brainer.


#247

Nope, I take the cheap, fresh groceries and cheap eats…


#248

Nobody says you need to live within a block from cheap eats. China Basin is about a 10-minute bus ride to Chinatown. If that’s still not reasonable I don’t know what is.


#249

Well, let’s see if it sells… I was thinking once that would be a nice alternative for our Mom (elevator and front desk security) if there were any rental units.


#250

I think the area is on the upswing, especially the north end around Mason St. That said, the condo @ 946 Stockton does seem priced excessively rich at $1667/sq ft — its on Stockton PLUS it looks like its from the 70s. But I think the big changes will come once the subway station is done. The subway station will change the dynamic of the area and then will we really know what’s going to happen around there.

FWIW I talked to the general manager @ the restaurant at Mason and Pacific. They are shooting for a grand opening in March. The 5 course Italian tasting menu will be interesting…


#251

Ok, @aalj, hopefully this new place can last even longer…


#252

Nice — I hope the outdoor seating goes well. That will really pump of the vibe of the neighborhood.

I looked through the menu — I’m looking forward to the guanicale and the chicken liver pate.


#253

Watch out, haircut!!!


#254

Well yeah. Like I said a month ago, seller was too greedy. Wasted almost two months asking for an unrealistic price…dream on…


#255

What do you think it’s worth? He also did a bad thing by not staging it.


#256

Maybe the seller drank my “Chinatown Is Destined For Greatness” Kool-Aid?

I just checked the general address for the building and there are others for sale actually. 700-800s. Maybe if you have decent views at the higher floors that might be why you could ask for more.

Some sold years ago for close to 400k.


#257

I think it’s $900K tops, and even that is generous. Also, don’t expect an overbidding situation. Lots of units in the same building for sale; some got delisted and relisted recently.


#258

Stockton st needs to improve big time before that building starts getting better valuations. Even recognizing this, why would the seller elect to neglect staging the property? It is like the seller is trying everything he/she can to minimize the sales price! Ionder how old sthe seller is.


#259

Right, I am thinking the owner/seller could be an elderly person so not too up on the idea of staging or spending any money to make (hopefully) more money. Maybe it is a heir, a millennial, who frankly just wants the money, any money, for avocado toast. I can also see a seller being too reliant on the attributes that we find Chinatown to be desirable (weather, location, shopping conveniences, etc) on top of even the building’s own potential positives (views potentially of unit, presumably seismically strong enough and doorman/elevator services) to sell the unit in this building. If the Muni station were in full operation, that might have helped it too to be able to say Muni substation is across the street.


#260

Wow — new construction. 3 bed 2 ba new apt on Jackson between Mason and Taylor. Asking rent is $7200 / mo without any parking. Whooo-weee!