Listings in San Francisco boasting newly renovated spaces have become ubiquitous in recent years, and for good reason. Designer kitchens and baths, premium flooring and fine finishes — it’s a tried and true formula for sellers to achieve a fast sale at top dollar, when approached with calculated restraint. And in this city where more than five thousand homes routinely change ownership each year, even those upgraded with reckless abandon are rarely wanting for comparable sales to justify value — much less a buyer willing to pay any price for a truly extraordinary property.

Then one like 68 Harriet Street #14 comes along and proves that it is, in fact, possible to go too far. The tri-level loft had no need (but plenty of opportunity) for improvement when it was last purchased in 2017 for $1,150,000, the highest-price sale in the building at the time. Before long, however, the new owner sank a staggering $700K into overhauling the 1,420-square-foot dwelling. The result is a sophisticated gallery-like home with bells and whistles to rival nearby brand new construction. But recouping that expense in full isn’t going to happen today.

Listed to buy-it-now at $1,300,000 which the seller’s agent describes at a “steal price,” the next owner will get to enjoy all the upgrades for mere pennies on the dollar.

68 Harriet Street #14 is marketed and listed exclusively by cooperating broker Sotheby’s International Realty. All listing photos courtesy of SFAR MLS.

South of Market as a whole continues to struggle, and sellers need everything working in their favor more than ever. Despite a recent repainting in go-getter gray, this early-2000s building still registers a style deficit compared to neighboring newcomers. It’s an unfortunate quality easily overlooked when home buyer demand is running high. That is not the case at this moment in an uncommonly balanced market — although that could be changing, fast. Amenities are also pared down relative to other condominium associations that assess similar monthly dues: on-site parking, additional storage, a secure lobby and rooftop deck that has seen better days.

It seems as if the owner of 68 Harriet Street #14 was intent on sparing no expense to change the form of spaces albeit with only marginal improvement to function. Large-format tiles where hardwood flooring previously existed is one alteration adding minimal or no resale value, although it may be appreciated as part of the overall design concept. The same can be said of tiling the fireplace from floor to ceiling, moving entryway walls and reconfiguring the kitchen and powder room, and installing so much stone everywhere. Toilets and fireboxes were replaced, too, alongside a splurge for top-of-the-line appliances.

The staircase to the lofted area was partly enclosed and fitted with a custom built-in pantry. To be expected, all carpet is out and wide-plank European oak flooring is in. Railing running the width of the bedroom was scrapped to make way for the largest possible application of smart self-frosting privacy glass. Nothing of the original bathroom remains except possibly some sheetrock and the skylight. Even the door has been swapped for a sliding pocket-style variety — one of three in the home requiring walls to be opened and rebuilt around them. Luxurious? Yes. A great return on investment? No.

Evidence of free spending on the lower level includes constructing a new vestibule to the under-stairs storage room, built-in drawers on either side of the fireplace, and refacing the existing floor-to-ceiling cabinetry. Add to it automated window treatments and an abundance of new recessed lighting — the whole-home glow-up is fully realized, to be sure. But the idea that all these impeccably curated upgrades would amount to a sum greater than their whole, or even a dollar-for-dollar increase in value, just isn’t in the cards. Not in today’s market, at least.

For one lucky buyer, 68 Harriet Street #14 is a steal indeed. As for the seller, it’s an expensive lesson in over-improvement.