Having gained some wallpaper and window film but not much else since being purchased this past summer, 1201 Sutter Street #608 is now the first resale listing at ORAN — so soon! Let’s be clear: Buying a home only to sell it months later is generally not recommended. That’s especially true in this case, where a premium price was paid for new construction, and real estate activity isn’t exactly gangbusters during peak holiday season. Whatever plan the seller had to stay awhile clearly wasn’t meant to be.
Our readers may recall this penthouse was the last of three 2-bedroom homes to sell in the eco-forward building. Originally offered at $949K by the developer, it was reduced to a bargain $899K with the option to purchase secure on-site parking for an additional fee. It went under contract shortly thereafter and a presumed all-cash sale was recorded one week later. The home and parking fetched a combined $960K.
Currently listed at $965,000, a purchase at that price (or more) would be a show of confidence in San Francisco’s rebounding condominium market.
1201 Sutter Street #608 is marketed and listed exclusively by cooperating broker Avenue 8, Inc. All images courtesy of SFAR MLS.
Homeowner association and parking fees are exceptionally low, under $400 per month.
As ORAN approaches halfway to closeout, there is still approximately two dozen brand new 1-bedroom units available from $499K; parking may be purchased for an additional $75,000. Eligible buyers may receive special grants up to $17,500.
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The Median Sales Price of Condo/TIC/Coop properties is up 12.5 percent year-to-date, according to citywide data reported to SFAR MLS. With the number of homes for sale historically low and mortgage interest rates declining, home buyers are facing a competitive spring season. A market shift in favor of sellers is fast approaching. Are you ready for it?
