Desperate times, desperate measures. Listed last month at a six-figure discount from its 2021 purchase price, 950 Tennessee Street #302 is now deeper in the red after receiving a price reduction this week. The 1-bedroom condominium which previously sold for $1,175,000 and is outfitted with an additional $20K of design upgrades is currently offered at $995,000 — the lowest $/sqft of any comparable sold unit — and the seller is motivated to make a deal.
To date, only 66 of the development’s 100 units have found buyers in the more than three years following its debut. By the end of Q3 2022, all unsold inventory was withdrawn from the MLS and remains so today. Meanwhile, the median sales price of Dogpatch condominiums has fallen approximately 45 percent from the pre-pandemic high of $1,579,000 reached in January 2020 to $1,030,000 last month. According to the latest data reported to SFAR, the neighborhood has 3.7 months supply of inventory with units spending an average 83 days on market before sale.
hey, home buyer
Winning in a real estate market as dynamic as San Francisco’s calls for hyperlocal expertise. We earn our clients' business every time. No pressure, just experience.
Tap that icon to the right. Let's talk.
For what it’s worth, the culturally-rich waterfront community has a lot to be excited about in addition to bargain home buying opportunities right now. Opening to great fanfare last year, RH San Francisco continues to be a place to see and be seen. Further redevelopment of Pier 70 is planned add up to 2,150 homes and 2.3 million square feet of commercial space over the next 10-15 years. And, for good measure, TimeOut recently named Dogpatch one of The 51 Coolest Neighbourhoods in the World.
