23 Comments

  1. Matt

    My guess is that 1662 Union will go for a bit higher. I’m thinking ~$3,400,000.

    I think the property has a pretty unique layout – I haven’t seen many backyard / balcony combinations like that, and I suspect that visitors will feel the same way. There is “unique good,” and “unique bad” when it comes to properties, and I bet that 1662 is the former.

    Basically, an $800k premium for backyard + balcony + uniqueness, instead of $600k.

  2. 1/ My gut says it’ll go for $1250 a sq ft so around 2.75M

    2/ The main impediment on this listing is they are unlikely to capture any young families, which is what drives prices up on many listings above 2.5M (both due to bidding wars as well as families have longer investment time horizons generally so willing to spend more).

  3. Alex Fishman

    I think the outdoor space is worth a lot, there is just a ton of it and it is very nicely done. But I think its overpriced… I’d guess its worth $3.1. $1250 / sqft and a small amount for the green space.

    There is something funny with the “unfinished sqft”… maybe there is an extra 876 sqft that we can’t see online (redfin says unfinished sqft is 3095). 800 sqft would make for a big garage…

    • Shreyas Vijaykumar

      Hey Alex that’s a great question and I’m not sure (based on the home visit). Most sites say you *can’t* count a garage as either finished or unfinished space.

      It could be that the den, attached to the master suite, is counted as unfinished square footage since on Redfin it’s also called a bonus room.

      I’m going to ask the broker….

  4. Mehdi Alhassani

    My instinct is when you list something for $3.5, unless it’s a distress situation, you won’t settle for below $3. My guess is someone low balls an offer to mitigate it being a condo Around ~$3.1 and they compromise on $3.2.

  5. Heang

    I think this one will sell for $3.505M which will be above list price of $3.495M. Buyers who are serious about bidding will want to win and $3.50M may not be enough so they will add another $10K to edge out anyone else who may try to round up to $3.50M. The comparable that might be close to this is one that sold on 4/27/17 at 2637 Union Street in only 22 days which means it was cash or a very fast loan closing that went 107% of list price at $3.210M but it was larger in sq feet but the winning bider will still likely overpay over list.

  6. Vijay

    Location, layout, outdoor access, view, reasonable HOA – all attractive. I still feel it is overpriced. Estimating ~ $2.8M. I also agree with an earlier post – seller unlikely to close deal more than 10% below asking.

  7. Jake V

    I estimate $3.4M, especially if offers are as they come, which it appears they are. This is an awkward block that will experience traffic from the busy Van Ness and Franklin thoroughfares. The front of the building is not particularly appealing and buildings on both sides are not particularly attractive, which is unlike other blocks of Union farther West where every building is uniquely attractive. This is a lot of space for a backyard on the north side and very low HOA dues. For a comparable, 1650 Broadway #602 (while technically Pacific Heights) is only three blocks south and sold for $3.725M in the LuXe building. Broadway and Union are both desirable streets, and the LuXe unit is on a higher floor with views, but it also has no backyard and has HOA dues 5x that of the Union condo. I think it would be worth about $325k more, so I would expect 1662 Union to garner a price of close to $3.4M.

  8. Kevin

    *I* wouldn’t value this home at more than $3 million (or quite possibly lower), but I’d be surprised if they were offering it at $3.5 without someone willing to take it at $3.2. So that’s what I’ll guess: $3.2 million.

  9. Grimmy

    i think it goes slightly above asking… strong neighborhood, easy commutability. nice outdoor space. $3.55-3.6m

  10. Hari

    While I get both the location premium and views/large backyard (especially as that could uniquely appeal to some ppl that will bid up on that) … I want to include a discount on the fact that it’s a condo.

    So I’ll go with an unscientific $3.12m.

  11. James

    $3.4 which is >$1500/sf due to the uniqueness / size of the outdoor space that will keep a couple that doesn’t really want to move to the suburbs in the city. At this price point, people are still willing to make some compromises, but each person / couple will be overweight certain elements they are willing to pay for and the ratio of outdoor to indoor space here is special.

  12. Geoff

    Last sold for $2.75 in october 2014 and case shiller says the market is up by 20% which would put it at $3.3. They probably put $100k into remodels and are hoping for a premium. Seems too high since similar sales in that range had views of the golden gate bridge, so I’d say $3.3M.

  13. Akash

    I would agree with Geoff. $3.5 feels a bit high, but someone is definitely going to pay $3.2/$3.3 for this property.

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