Thread by @sallykuchar

*Sigh*

There are 15 one-bedroom condos in San Francisco that are asking more than $1,000,000.

Not shocking: All but one are in northeast San Francisco with a big concentration in Nob Hill and Russian Hill.

This one's on the fifth floor of skyscraper on California Street in Nob Hill. It's asking $1,499,000. Ridiculous.

(The monthly HOA is $1,110.)

It's worth noting that the above $1.5M one bedroom condo doesn't have laundry in the unit, and that the communal laundry room is coin operated.

Oh my god. This one is 895 square feet and is asking $2,400,000. It's basically a studio? A very nice studio, but a studio.

This one is on a *very* nice block of Russian Hill is at least spacious at 1,263 square feet, but it's still a one bedroom condo for $1,550,000.

HOA is $1,234/month.

If you put 20% down (lol) and had a 30 year fixed at 4.42%, your monthly mortgage would be $9,318.

Sigh.

Don't get me wrong. There are one bedroom homes that are lit AF. Look at this single-family home in Potrero Hill! It's so beautiful and it's worth the money. It's asking $1,348,000 and I think that's reasonable.

The bedroom is super cute too.

But then there's this. It's 738 square feet and has no architectural charm. It's just a new grey box to live in.

It's asking $1,025,000. The HOA? $803/month.

Who is this for?

This is a nice unit. It's pretty, has charm, the location is *chef kiss*

But it's still a $1,295,000 one bedroom with one bathroom.

If you put 50% down (lol), which is $647,500, you're still looking at a 30 year fixed with a monthly mortgage of $5,300+. Woof.

Some of y'all are like "Surely these won't sell! This is preposterous!"

Wrong.

90 one bedroom homes (almost all condos) have sold for over one million dollars in San Francisco in the last six months.

90.

Back in 2014, I published an article about a new residential building in Nob Hill. At the time, I predicted (based on what units in the nearby Marlowe had sold for) that units would sell for over $1,000 per square foot. sf.curbed.com/2014/3/13/1013…

This junior one bedroom in that building clocks in at 642 square feet and is now on the market for $1,099,000, or $1,712 per square foot. That is so much more than I predicted four years ago.

The ROI is too high in this town. This is not sustainable.

That's all I got for now. Sorry for ruining your Tuesday.