Is SF Chinatown A Dinosaur?


#281

If you sign up for a pro extra account, you get discounts off everything. The discount is not huge. It is only small single digit percentages. But it all adds up.


#282

Absolutely. I am amazed at how much my Costco rebate amount is now from the credit card. A few hundred bucks is a nice check to get later.


#283

Geez, that’s some real in depth reporting there…


#284

#285

#286

@aalj,

Boy, I go a little while without a haircut and Chinatown is unrecognizable (J/K). The reason why I say it? That Pacific Avenue project is almost done. Why is that lunatic in the CRX jumping out and taking pictures??? Move along…


#287

:+1::+1::+1:. The times are a’changin.


#288

Then, as I was about to get my haircut, a small duplex that hadn’t changed at all (same color paint and old business sign) for 45 years is miraculously completely remodeled. I see the owner and introduce myself as someone who grew up in the area. He proceeds to show me the entire building and it was nice. Small lot, and he could have totally gone up but I guess the cost was too much for him. Anyways, each unit (2 bd, 2 ba) is going for over $4k each in rent without parking!!! OMG!!!


#289

Nice. He could probably get 4800-5K / mo for 2bed / 2bath w/o parking if he is above Mason. Maybe a little less if between Mason and Powell.


#290

Bingo…supposedly confirmed $4500 top unit and now $4200 bottom. House of course paid off eons ago. That is good money…


#291

Agree 100%. Two of those buildings in the clear + paid off primary residence could mean a comfortable retirement … especially given the tax benefits of depreciation.


#292

Yeah, he and I were laughing about the crazy low property tax bill. He said people had offered to buy the property but again why sell? He agreed with me that if it were for some ungodly premium amount sure.

The beauty of using an insider permit expediter is that for some reason the true value of the upgrade to the property doesn’t materialize. Oops…


#293

Man the times are a changin’! That two unit project on Jackson just at Mason went open house today. Very nicely done inside. Bottom TIC is 1.8M. Top TIC is 1.4M. 2 car parking, but orthogonally tandem.


#294

Wow, nice. I am trying to figure out how the parking works.


#295

Parking is tandem — except that it is sideways. The BMW SUV you see in the picture drove through the garage door and onto the metal platform. Now, to park another car in the garage, you have to hit a switch, and the metal platform will scoot over to the right (carrying the BMW with it) … and voila, now there is another space.


#296

So, there are actually 3 units total yet only 2 car parking? Not ideal.

Very nice job done on the units though. Did you see a lot of “crazy, rich” folks there at the open house?

This is achievable for our own family home I think. No need to do elevator necessarily, but the 3rd floor unit would give your calves a workout.

How is your project coming along?


#297

I got there 15 minutes after the door opened. The real estate agent (redfin guy) was obnoxious. He was banging away at his keyboard on the kitchen table and the first thing he said after we exchanged pleasantries was, “Are you in here for a look-see or are you serious?”

Like, dude. Here what I was thinking: “I could be here for a look see, or I could be here to buy this whole GD building. Or I could be CRA and buy the whole $#%-ing block. But you don’t know. So be a good agent and ‘always be nice’” … I didn’t take the bait. But that agent is a f$%#cking dick.

Most of the traffic were youngsters that clearly are “new money”. Meaning 30-40 year old types that look like they grew up in Marin.

The third TIC is “approved” but not complete. According to the realtor guy — I’m not exactly sure what that means. Of course, I want these units to get top $ because my own project is now at least 50% done. :slight_smile:

I splurged a bit — I picked up a bunch of 2nds Dimensional Heath Tile from the factory in Sausalito. Heath makes some really killer ceramic tiles.


#298

Dyaaaamn, that looks killer…

Did you see @notabene’s article on roof decks? Sheet, that impacts me. I hope my permit expediter is still around when we break ground…


#300

@sfdragonboy - get the roof deck permit NOW. I was at DBI yesterday. They are still issuing RD permits OTC as long as you dont need a variance and satisfy other things like 2 means of egress or sprinklered if the most remote point on the deck is no more than 75 feet from the front door.


#301

BTW - do you believe this? I am suspicious.
This small building has 4 flats right on Washington st and no garage - gross rents are 183.6K per year? For 2.6M?