SOURCE: Herth Real Estate

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October 12, 2010 21:34 ET

Moving a Landmark: How the Famed Hamilton Building Is Making a Comeback

SAN FRANCISCO, CA--(Marketwire - October 12, 2010) -  The historic 21 story high-rise Hamilton Building (located at 631 O'Farrell Street in San Francisco) has moved from the Tenderloin to Downtown. No, this was not a feat of mechanics or even a clever act of illusion -- the change happened more subtly than that. In fact, the San Francisco Association of Realtors renamed the ground the Hamilton building stands on, carving a new sub-district aptly named "Downtown" out of the surrounding Tenderloin neighborhood.

But that's not the only improvement to this historic building. Recently a 20-year long project to remove the "modernization" incurred in the 1960s (as part of converting the once grand hotel into apartment units) has returned the Hamilton to its rightful place as a testament to Art Deco design. There have also been improvements to the ballroom, community room, view deck and new fitness center. "This is part of the allure and helps explain the surge in sales over the past two months," states Tom Cacciotti, Realtor with Herth Real Estate. Tom is also a proud owner at the Hamilton and is a familiar face with the over 186 residents. "On a personal note," Tom states, "two particularly wonderful units were purchased by people who already own in the building. There are very few iconic San Francisco buildings that have the enthusiastic loyalty of the Hamilton."

So what does this say about the San Francisco market? Shortly after the downturn in late 2008 there seemed to be a standstill in sales of moderately priced condos (in the under $300,000 range). Sellers could not afford to take a loss and buyers faced increasingly challenging financing options. Happily, all that has changed. In the past two months six Hamilton units have sold, and Herth Real Estate agent Tom Cacciotti was involved in each of those transactions, even representing both the buyer and seller in four of them. "The recent level of activity of sales in the Hamilton confirms that a Realtor with Tom's experience and passion makes things happen. In addition, the sale of entry-level condos is a clear indication that recovery of the San Francisco real estate market is well underway. It also demonstrates that lenders are once again open for business," states Larry Stebbins, owner and Principal Broker of Herth Real Estate.

Buyers are finding that a condo in the Hamilton building, with the recent updates, a change in neighborhood, and a great location in the heart of San Francisco is a fantastic value. Add to that prices that are about where they were in 2003 and you'll understand why Tom Cacciotti is selling Hamilton units almost as fast as he can list them!