San Francisco’s Tiniest Condo Sells for $415K

Today, we’re proud to bring you a relatively short article about a relatively small condo that sold for a truly outrageous price in downtown San Francisco earlier this week.

Of course you’re wondering “how small?” “How Much?” Well … how does $415,000 for a 291 square foot box grab you?

That’s right … almost half a million dollars for a space that Curbed described as being a “particularly spacious walk-in closet.” Of course the listing disagreed, calling the unit a “smart studio condominium” that “packs a lot in a small package.”

In fairness, the place has some pretty nice hardwood floors. And the (surprisingly elegant) Murphy bed means that you’ve got a relatively large bed to stretch out on at night and at least a little bit of visible floor space during the day.

Large bay windows and a rooftop deck keep it from feeling to claustrophobic while the built-in desk and kitchenette offer most of the utility you’d need to empower the minimalist lifestyle that the condo clearly wants you to pursue.

And while the price may seem a bit outrageous—with the final buyer paying a whopping 39% over the initial asking price—it’s important to remember that $1,426 per square foot isn’t all that outrageous in the high-end condo markets of places like Miami and New York.

The fact that the place was on the market for just a month, and sold at such a crazy premium over the asking price is just indicative of San Francisco’s obvious Condo Conundrum. Throughout the city, home prices are through the roof; some of the highest in the nation. So more and more new buyers are turning to the area’s condo market.

Unfortunately, there aren’t many new condos being built, so the demand is vastly exceeding the supply, and we see sales like this one. It’s indicative of a clear trend towards condo-buying among youngsters, foreigners and even retirees.

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