Tuesday, September 18, 2012

Opportunity to Own a Beautiful 1700 Square Foot Flat in Pacific Heights

I toured a recently renovated 8-unit building in Pacific Heights last week. It hit the hot San Francisco real estate market on Sunday but the building is not in MLS just yet.  I felt good about the quality of the renovation and the developer selling these units so I thought I'd share this project with you.

2541 California Street #7, San Francisco, CA 94115
Welcome to 2541 California Street

2541 California Street #7, San Francisco, CA 94115
This is the kitchen in one of eight units.

2541 California Street #7, San Francisco, CA 94115

The developer, First Abode, is a feel-good real estate development company and it shows. They've had the same, well-taken-care-of-work crew for over the past decade, a strong eye for design,  and a commitment to green remodeling.

In fact, not only does this refurbished building have electric car chargers for each unit's parking space, but the first buyer to close escrow gets a free two-year lease on a Nissan Leaf electric vehicle! 

And, First Abode really seems to go the 'extra mile' in their renovations. So often, I see developer flips where they cut corners, ignore glaringly obvious (and easy) fixes like widening the doors to a deep, dark, Edwardian, bedroom closet. (That is a huge pet peeve of mine that I came across last weekend at an open house). I call these "paint and pillow" flips.  The developer thinks a few cans of paint and some smart staging will turn a quick profit.  First Abode isn't a paint and pillow developer.  They have a lot of pride in their renovations and it shows.

This particular building, 2541 California Street, is in the Pacific Heights neighborhood of San Francisco, and is steps from Fillmore Street.  If I wanted to live walking distance to shops and restaurants in San Francisco (who wouldn't?!!), this is the location I would choose. 

Beautiful FIllmore Street

Fillmore Street has wonderful boutiques and loads of charm and when you crest the hill, fantastic views of the bay. 

2541 California Street offers eight three bedroom, two bath tenants-in-common (TIC) homes for sale.  Each is loaded with light, closets, access to the outdoors, environmental friendly features, and crisp modern finishes.  What more could you ask for?

2541 California Street #7, San Francisco, CA 94115
2541 California Street #7, San Francisco, CA 94115

TICs are an alternative way of holding title in San Francisco for properties that look and feel like condominiums but aren't. Usually they are former apartment buildings that have been converted to TICs.  Individual TIC owners take  a percentage interest in the entire building with exclusive use of their individual units.  They are less expensive than condos.  

2541 California Street #7, San Francisco, CA 94115
2541 California Street #7, San Francisco, CA 94115

2541 California Street #7, San Francisco, CA 94115

2541 California Street #7, San Francisco, CA 94115

The first property my husband and I bought in San Francisco was a TIC.  We purchased ours because we were able to obtain a TIC unit similarly sized as a condo but our TIC was completely renovated for the same price as an unrenovated condo.  And, we simply converted the TIC to a condo in a few years.  Nowadays they have fractional financing with competitive rates so obtaining a loan is even easier for these multi-unit buildings, and there is less pressure to condo convert.  Although only 2-6 unit buildings can convert to condos anyway. 

The units in this building would sell for considerably more if they were condos so they are great options for first time home buyers who value owning a completeley remodeled unit!

2541 California Street #7, San Francisco, CA 94115
Fabulous cabinet color

This particular property has a contemporary feel.  First Abode removed the Edwardian charm of the original building in exchange for a more functional and usable floor plan.  No more sleeping next to the kitchen!  The units are surprisingly big-- more than 1,700sf a piece.  There is a three story house in my neighborhood for sale that's 1,700sf!  The amenities are high-end and the finishes are crisp and clean.

Some of the environmentally friendly building features that make this property stand out from other more common developer units are:
  • Solar panels
  • Hydronic multi-zone in-floor heating
  • Insulation in floors, walls & ceilings made of renewable & recycled content
  • No formaldehyde-based materials or products
  • All paints used are low/no VOC
  • Electric car chargers in each parking space
Some of the new building features include:
  • Rebuilt building with seismic upgrades including new foundation & structural steel framing
  • All new Marvin double pane windows & French doors
  • New electrical & plumbing systems
  • New exterior siding & stucco

Overview of the individual homes:
  • Three bedroom, two bath homes
  • Master suite with walk-in shower, lacquered double sink vanity and Caesarstone counters
  • Built in AV system with in wall iPhone/iPod docking system
  • Secure, remote video entry system
  • Chefs kitchens with floor-to-ceiling cabinetry, professional grade stainless appliances, Caearstone counters and hand-tiled backsplashes
  • Hand-tiled baths with Grohe fixtures, lacquered vanity
  • In-unit laundry closet with hookups
  • Bottom two units have decks and private yards
  • Middle four units have decks off of living room
  • Top floor units have terrace off living room & private roof decks. Top floor also has skylights in the master bedroom, master bath & kitchen
  • Private storage for each unit
  • One car parking for each unit
I hope you enjoyed these fabulous units!  They aren't on MLS just yet, so if you want more information on showings and purchase details, go to www.2541california.com.

2541 California Street #7, San Francisco, CA 94115
2541 California Street #7, San Francisco, CA 94115

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