Skip to main content

90-SF Storage Locker in San Francisco Condo Development Sells for $160K

Phil Hall
Jun 05, 2017
San Francisco is such an expensive property market–pause for reader to ask aloud, “How expensive is it?–that a 90-square-foot storage locker was recently acquired for $160,000

San Francisco is such an expensive property market–pause for reader to ask aloud, “How expensive is it?–that a 90-square-foot storage locker was recently acquired for $160,000.
 
According to a Yahoo Finance report, the residents of the Lumina luxury condominium in the city’s South of Market section got into an aggressive online bidding war regarding 53 storage units at the development. While the nine-square-foot lockers sold for between $4,300 and $5,100 each, the 90-square-foot locker was acquired for $160,000, or $1,777 per square foot. In fact, the price-per-square foot for that locker was more than the price-per-square-foot for a two-bedroom, two-bath condo listed for sale in the Lumina.
 
“It sounds like a lot money, but that’s the economics that go through people’s minds,” explains Paul Hwang, principal at the San Francisco-based Skybox Realty and the owner of a Lumina condo unit. “You have also have to remember that the guy spending $160,000 probably isn’t your average person. It is a lot money, but it’s not like he’s throwing his money away. He’d prefer to have his stuff in the building than at a storage locker a block away. He wants his golf clubs, his Christmas tree, or bike downstairs.”
 
In comparison, the previous record-breaker for a storage space, a 36-square-foot storage unit in New York City sold for $75,000 in 2014, is the storage equivalent of affordable housing!

 
Published
Jun 05, 2017
400 Mortgage Loan Originators Caught Trying To Skip School

400 mortgage loan originators nationwide deceptively claimed to have completed their annual continuing education as required by state and federal law.

Industry News
Jan 19, 2022
Infamous Better.com CEO Is Back And Employees Are Upset

After a month-long hiatus or “break” as Garg likes to call it, the CEO is back at the helm of the company.

Industry News
Jan 19, 2022
Capacity Closes $38M In Series C Funding, Surpasses $62M In Total Capital Raised

AI-powered automation platform, Capacity, announced an additional $27 million in Series C funding, closing out the round at more than $38 million.

Tech
Jan 19, 2022
Millennials Are Still Powering The Housing Market

First American Financial Corporation's Potential Home Sales Model for Dec. 2021 revealed that millennial demand is propelling the housing market, thanks to low rates and increased geographic flexibility.

Analysis and Data
Jan 19, 2022
Open Mortgage Adds A Chief Revenue Officer

Scott Harkless will spearhead all wholesale and retail sales functions for the national multi-channel mortgage lender.

Industry News
Jan 19, 2022
Home Builder Confidence Dips Due To Inflation And Supply Chain Concerns

Home builder confidence in the market for newly built, single-family homes fell by one point to 83 in January 2022, according to the National Association of Home Builders and Wells Fargo's Housing Market Index report.

Construction
Jan 18, 2022