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October 2, 2009

Pied-a-Terre Picks from $500-$600,000

It seems like I’m meeting more and more people lately who live outside San Francisco, but visit frequently and would love a “base” in which to stay when they’re in town. I thought I’d point out a few options that I think are potentially good deals for long-term holds.

My criteria? It’s the same as everyone’s—somewhat reasonable HOA dues (the more services, the higher the monthly dues); walkable location; appealing unit and building.

Here are my picks in the $500,000-$600,000 price range. At this level, you can expect a one-bedroom unit, with or without parking (depending on the neighborhood or how “luxury” the property is):

Pied-a-Terre #1: 1176 Green

1176 Green is a TIC interest in a six-unit property that’s located in the very desirable Russian Hill neighborhood, chock full of restaurants, shops, and in healthy walking distance of downtown. The building was recently transformed into TICs and they’ve just started to come on the market.

1176 Green is a 1BR TIC listed at $599,000. Parking is not included, and monthly dues are set at $368. Features include hardwood floors, remodeled kitchens and in-unit washer/dryer.

Great for: Buyers who want a place in a classic SF neighborhood in a property that reflects true period detail.

Not so great for: Buyers who are uncomfortable sharing ownership with several other owners. Strongly recommend consulting an attorney before you venture into TIC territory.

Pied-a-Terre #2: 829 Folsom #406

Over on the south side of town, 829 Folsom offers a great SoMa location in walking distance of much public transportation, the Museum of Modern Art, multiple restaurants, and the Embarcadero. This is a 69-unit, new-construction property with luxury finishes.

No parking, HOA dues are $470, and there’s a killer roof deck. List price is $525,000.

Great for: Buyers who want a straightforward condo property with dues under $500 per month and a touch of luxury.

Not so great for: Buyers looking for a quiet, less urban setting who also need parking.

Pied-a-Terre #3: 246 2nd St, #1308
246 2nd

This building was built about a decade ago, and has proven to be a popular SoMa property. There are nine-foot ceilings and crown moldings, and it’s in a location that’d be well-suited for a rental.

There’s one-car deeded parking, and the HOA dues are $476 monthly. List price: $519,000 for about 670 square feet.

Great for: Buyers who would rather have parking than luxury finishes.

Not so great for: Those who want a low-key location and up-to-the-moment finishes.

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