For the 39-unit new condo development OneEleven in San Francisco’s Mid-Market neighborhood, the road to sellout has been wrought with misfortune. Its official sales debut in December 2019 came just months before a catastrophic shock to local real estate values courtesy of COVID-19, and recovery continues to be challenged by layoffs at major Bay Area employers, resistance to in-office work, and mortgage interest rates taking a massive bite out of would-be buyers’ purchasing power. All the while, stop-and-go marketing and tone-deaf messaging served up absolutely no favors. As we reported at the time, only six units sold in the building’s first 16 months.

Source: SFAR MLS

Between October 2022 and February 2023, at least several homes — those published to the MLS and representative of remaining inventory — received price cuts upwards of 30 percent. Already the best priced new condos in South of Market, 1-bed units reintroduced from an unbelievably low $450K has since spurred a steady flow of sales. At least four comparable units each purchased at/under $500K have closed escrow in just the past few weeks, as well as one with a den/office area purchased for $570K. An upper-floor 1-bed + den/office is under contract for $599K.

And there’s more!

588 Minna Street #306 is currently listed at $550,000. This 1-bed + den/office, despite being located on a lower floor, receives bountiful afternoon light and enjoys west-facing city views. It is also a desirable corner unit with just one adjacent neighbor. As recently as August 2022, it was on the MLS with a $749K list price. If you’re still not convinced that this offer is a steal, consider the home directly below sold for $702K back in 2021.

588 Minna Street #202 is currently listed at $579,000 — reduced from $770K advertised in late 2022. It is one of two 1-bed homes featuring a private terrace (and it’s large, measuring approximately 192sqft). To be sure, outdoor space is valuable. Exactly how valuable it is will be determined by the market. And on that note, the unit directly next door which is near identical sans terrace quietly sold earlier this month for $500K.

With OneEleven now 50 percent sold and another 15 units leased according to our source, these two 1-bed condos are buyers’ final opportunity to get their hands on a new home for less than $600K (there are also two 2-bed units listed from $799K plus $40K for on-site parking). Time to make a move is definitely running short!