THE PROPERTY
The century-old former warehouse at 200 Brannan was put to good use in 2004, when it was converted into a nine-story residential loft building with concierge service. One of the 191 units—an 882-square-foot, one-bedroom, one-bath, two-story loft—changed hands last August for $618,000 with the help of Eric Turner, a real-estate agent from Union Bay Properties. The loft has a deck with a view and one covered parking spot.
THE SELLERS
Former Southern Californians Stephen and Katherine Van Dusen made their way north three years ago, when Stephen’s work, commercial real estate, brought him to the city. They found the Brannan Street loft in August 2004, before construction was even completed. “We bought it when it was brand-new,” explains Katherine, 31, who’s also in real estate. “We were actually one of the first buyers to close on the property.” The couple was already settled in a house in the Marina, but they had owned investment properties in L.A. and decided to do so here as well. “It was very easy to rent it on Craigslist,” says Katherine. “I handle all the landlord duties.” Nearly two years later, the Van Dusens were ready to sell Brannan and do what’s known as a “1031 exchange” for another, similar investment property, which allows owners to defer taxes on the equity they’ve earned. “A 1031 is a great way to keep growing your equity until you decide to cash out,” explains Katherine. “Over time, you can work towards building up enough equity so that you don’t have a mortgage and have 100 percent cash flow from renting.” The Van Dusens put the Brannan condo on the market in April 2006 and began looking for their next property. But before they found one, they got a bite on the condo: Turner emailed Katherine with the offer while she and Stephen were on vacation in Southern France. “I definitely spent a couple of 2 a.m. nights in France making the deal happen, because it was business hours in California,” she recalls. The Van Dusens may have missed out on their 1031 exchange for now, as “the timing just wasn’t right,” concludes Katherine. “So we figured it’s better to cash out now than buy a property that might not be a good investment in the long run.”
THE BUYER
PJ Lange, 39, who works for AAA selling insurance, also hails from Southern California, calling Long Beach her hometown. However, 18 years ago, work moved her then-husband to San Francisco. Though now divorced from him, she believes coming to SF was the right choice. “I just love it up here,” Lange says. “San Francisco is my home.” Lange had tried to get into the San Francisco real-estate market a few years ago but, as she puts it, “It was really crazy-crazy,” so she bought a home in Berkeley instead. “I was able to get into the market that way and come back to the city,” she explains. “The city is a wonderful place to be when you’re single.” When Lange was ready to buy in to SF, she got in touch with Turner, and within a month he took her to see the loft at 200 Brannan. “I got really lucky,” she says. “This was something that was supposed to happen, and it did.” Her favorite part of living in SoMa is the dog park near AT&T Park, where she takes her beloved black Lab, Buckley, on frequent walks. “In fact, that’s where I meet everybody—at the park!” Though she admits to missing the yard and basement she had in Berkeley, Lange insists her first city home will be her last. “Now that I’m here, I’m not going anywhere,” she says. “I always tell my family, my nieces and nephews that I’m never getting rid of my place.”
THE PROPERTY
The century-old former warehouse at 200 Brannan was put to good use in 2004, when it was converted into a nine-story residential loft building with concierge service. One of the 191 units—an 882-square-foot, one-bedroom, one-bath, two-story loft—changed hands last August for $618,000 with the help of Eric Turner, a real-estate agent from Union Bay Properties. The loft has a deck with a view and one covered parking spot.
THE SELLERS
Former Southern Californians Stephen and Katherine Van Dusen made their way north three years ago, when Stephen’s work, commercial real estate, brought him to the city. They found the Brannan Street loft in August 2004, before construction was even completed. “We bought it when it was brand-new,” explains Katherine, 31, who’s also in real estate. “We were actually one of the first buyers to close on the property.” The couple was already settled in a house in the Marina, but they had owned investment properties in L.A. and decided to do so here as well. “It was very easy to rent it on Craigslist,” says Katherine. “I handle all the landlord duties.” Nearly two years later, the Van Dusens were ready to sell Brannan and do what’s known as a “1031 exchange” for another, similar investment property, which allows owners to defer taxes on the equity they’ve earned. “A 1031 is a great way to keep growing your equity until you decide to cash out,” explains Katherine. “Over time, you can work towards building up enough equity so that you don’t have a mortgage and have 100 percent cash flow from renting.” The Van Dusens put the Brannan condo on the market in April 2006 and began looking for their next property. But before they found one, they got a bite on the condo: Turner emailed Katherine with the offer while she and Stephen were on vacation in Southern France. “I definitely spent a couple of 2 a.m. nights in France making the deal happen, because it was business hours in California,” she recalls. The Van Dusens may have missed out on their 1031 exchange for now, as “the timing just wasn’t right,” concludes Katherine. “So we figured it’s better to cash out now than buy a property that might not be a good investment in the long run.”
THE BUYER
PJ Lange, 39, who works for AAA selling insurance, also hails from Southern California, calling Long Beach her hometown. However, 18 years ago, work moved her then-husband to San Francisco. Though now divorced from him, she believes coming to SF was the right choice. “I just love it up here,” Lange says. “San Francisco is my home.” Lange had tried to get into the San Francisco real-estate market a few years ago but, as she puts it, “It was really crazy-crazy,” so she bought a home in Berkeley instead. “I was able to get into the market that way and come back to the city,” she explains. “The city is a wonderful place to be when you’re single.” When Lange was ready to buy in to SF, she got in touch with Turner, and within a month he took her to see the loft at 200 Brannan. “I got really lucky,” she says. “This was something that was supposed to happen, and it did.” Her favorite part of living in SoMa is the dog park near AT&T Park, where she takes her beloved black Lab, Buckley, on frequent walks. “In fact, that’s where I meet everybody—at the park!” Though she admits to missing the yard and basement she had in Berkeley, Lange insists her first city home will be her last. “Now that I’m here, I’m not going anywhere,” she says. “I always tell my family, my nieces and nephews that I’m never getting rid of my place.”
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