Home Buying in 94105>Question Details

Noname, Home Buyer in 94107

246 2nd Street Advice!

Asked by Noname, 94107 Fri Mar 19, 2010

I am looking at a condo at 246 2nd Street (both the 2/2 and 1/1 listed there), and wanted to get an opinion on the (a) location, (b) development [compared to others], (c) an idea of how these units compare to similar priced units in other buidings, and (d) if these are good prices?

Basically, I want to know if I make an offer for one of those places, if I'm making a bad move.

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Answers

6
I recently bought in this building and would be happy to discuss my experience with you.
0 votes Thank Flag Link Tue Mar 30, 2010
Noname,

We sold a unit there about a year ago. They had had some leaking issues but I think those are resolved.

I think the prices are reasonable for a high-rise, but I've never been a fan of these types of building for three main reasons:

1. HOA fees are higher and you could put the extra money to better use - mortgage payments, for example.
2. These units are generally harder to sell because of the fees and you will often be competing with other units in the building.
3. In these days of buyers finding it harder to pull the trigger, having something unique makes it much easier to sell.

Foregoing aside, it's an excellent location, but your Broker should be able to give you the information you ask for. If you don't have one, interview a few reputable ones and pick one who will serve your needs best. We are always happy to provide a no-strings consultation.

Best Regards,

Lance King/Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
0 votes Thank Flag Link Sun Mar 21, 2010
I have an agent, and he is good, but I wanted some other perspectives, since considering a real estate purchase is a very big commitment, and I'm relatively new to the bay area. I figured there are a lot of realtors on this site, and if I could have more perspectives then that is better than only one perspective.

So your thoughts are truly appreciated!
0 votes Thank Flag Link Fri Mar 19, 2010
Hey No name...

What's your realtor say? This one along with your condo inspection questions are all things you should be asking your real estate agent! Answering these questions all lead down the path of 'AGENCY' and that brings with it many responsiblities. We are not anonymous online and our professional code of ethics holds us accountable. Therefore if you really don't have an agent, call us at 415-695-2715 or any one of the fine agents online here. We know South Beach and we *will* get back to you promptly!!!

BTW Check out our:
http://www.301Bryant.net
In contract in less then 10 days -
The photos say more than a few thousand words!

Wishing you all the luck!

Mike Ackerman, CRS,
Zephyr Real Estate
ABZ@ZephyrSF.com
Web Reference: http://www.ZephyrSF.com
0 votes Thank Flag Link Fri Mar 19, 2010
You are asking great questions. Very important ones that once answered will certainly help you gain comfort in your final decision. However, they are too specific to answer here..... meaning, we agents have legally required disclosures before we can "enter into a discussion regarding a real estate transaction" and it sounds like that's where this is going.

If you have an agent, then Peter's suggestion of speaking to your agent is spot on. If you don't have an agent, than I suggest an offline contact to me or any of the great agents who frequent this site, or of course to anyone you may already know.

I'd love to help if you'd like to contact me - my Trulia profile or my main site below has all of my contact info.
Web Reference: http://www.SFisHOME.com
0 votes Thank Flag Link Fri Mar 19, 2010
Hi Noname,

Well, these are really questions your realtor should be answering, but this is my point of view. There is a lot inventory available in South Beach and condos in the area have been hammered compared to a lot of the more central areas of the city where the properties are older and have more details. In the long run I believe the area is going to do fine. However, I'm still of the opinion that properties in the area could fall another 5% once the fed stops purchasing mortgage backed securities. I think these policies will have more of an affect on properties in areas like SOMA. That being said, you should be able to negotiate that difference in the price with the help of a good agent.

As for the specific building? The location is great being close to the Financial District, public transportation, and Pac Bell Park. The amenities are decent and the hoa is a little high, but overall I think it is a very good building.

As for the inspection question on your other post, I'd say that you should get all that you deem necessary. You specifically mentioned the home inspection and you might consider combining this inspection with a pest. There are quite a few companies that do both and will give you a good rate for using them for both inspections.

Feel free to contact me at peter_brunton@yahoo.com or call 415 728 5580 if you have any questions or would like some help constructing an offer if you are not currently working with an agent.

Regards,
Peter Brunton
Prudential CA Realty
One Daniel Burnham Ct #260C
DRE 01789498
0 votes Thank Flag Link Fri Mar 19, 2010
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