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November 30, 2009

“Euro-Style” Condos Hit the Inner Sunset


1327 7th Avenue last week during my broker tour. This is a newly renovated property featuring eight residential units and a commercial space in a front building, and three townhomes in the rear, with a courtyard in between. There’s an elevator in the front building, and parking is underground.

I was quite impressed with the property (though the bedrooms are on the small side; the king-size bed crowd should stay away). And I was into the idea of the “design that echoes Europe’s terraced cottages.” Prices start at around $1,175,000 for #11, a 2BR/2BA, 1272-sq foot corner unit. I actually liked this unit a lot, due to the numerous windows and outlooks:

List prices top out at $1,395,000 for the two-level, 3BR/2BA, 1631-sq foot unit with two private patios and vaulted ceilings. (The listing office had received an offer on this unit at the time of my visit.) The three townhomes at the rear of the lot in a separate building are priced at around $1,225,000. They feature living/dining/kitchen areas on the main level, and bedrooms upstairs. Downside is that your main living level looks right out onto the courtyard, which doesn’t offer much privacy.

HOA dues are between $500-$600 per month.

So far, one unit in the front building and the commercial unit are in contract. Not bad for only being on the market a couple weeks. It’s a bit of a challenge to find accurate comparable sales; for example, the most expensive condo in the Inner Sunset that sold this year was on 8th Avenue at Kirkham—a remodeled, Marina-style, 2BR/1BA with sunroom and two-car parking that sold in February for $850,000. And in terms of single-family homes, you could’ve bought 1530 8th at Lawton for $1,225,000. This was a remodeled, 1600-sq foot, Arts & Crafts-style 3BR/2.5BA with two-car parking.

With 1327 7th Avenue, you’re got top-notch finishes and presentation, as well as a wildly convenient locale. These properties fall between a condo and a single-family home, and they’re ready to go. So you don’t have to worry about having to install a new roof, take care of termite work, or upgrade to copper plumbing (which is not the case when it comes to those old Edwardians, right?).

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