Back in 2007, the 1,670-square-foot, two-bedroom unit #27C in the St. Regis Museum Tower building at 188 Minna Street quickly fetched the $2.75 million price at which it was listed, financed by the Hong Kong-based Bank of East Asia.

Featuring “one of St. Regis’s most desirable floorplans,” with “skyline views across San Francisco from every room” and access to five-star building amenities, including butler service, the unit returned to the market priced at $3.08 million in March of last year.

Reduced to $2.7 million last June, the luxury unit was then withdrawn from the MLS at the end of last year and re-listed anew in January with a (further reduced) price tag of $2.53 million and an official “1” day on the market, a contract price at which the sale, which is now pending, would be considered to be “at asking” according to all MLS-based stats but 8 percent below its 2007-era value on an apples-to-apples basis, with some ups and downs between.

Comments from Plugged-In Readers

  1. Posted by TBK

    And still overpriced.

  2. Posted by Noe Resident

    Even the property’s website can’t get it right. It says it features “3 beds, 3 bedrooms”. Also almost $2800 HOA’s, ouch!

  3. Posted by RDMINSEA

    If this is one of the most desirable St. Regis floorplans, I’d sure hate to see an undesirable one. On the plus side, however, is the abundance of wall space upon which to hang artworks.

    • Posted by sheesh

      This is a pretty unremarkable unit. Fewer rooms and less space and charm than my unit in an early 20th century duplex, but at more than 2x the price. Yes, location and views are worth something, but what exactly makes this worth two and a half million plus an obscene amount of monthly HOA?

  4. Posted by haighter

    What’re the HOAs like on these places? Must be astronomical

    • Posted by Brahma (incensed renter)

      See the comment above from “Noe Resident”, although the listing on Red Fin says the HOA fees are $2,687/month. The same listing says that the estimated value of the property is $2,477,786, so take that into consideration.

      Compare these HOA fees to the approx. $2,800 per month demanded at the Ritz-Carlton Residences on Market Street.

      • Posted by SocketSite

        A funny thing about Redfin’s “estimated value” for listed properties, it’s actually based on the list price of the property itself.

  5. Posted by Dixon Hill

    Wonder if, post-Covid, a high-end 2BR home without a proper den/office space is functionally obsolescent.

  6. Posted by SF Landlord

    Unbelievable to hold SF real estate for 12-13 years and sell for less than what you paid.

  7. Posted by Dave

    Rick Ackerman (Rick’s pics) speculated real estate will drop 25%. Others are positing higher numbers which I don’t think will come to pass in SF. Who knows for sure – a 15% drop in SF is a “reasonable bet”. Given the situation today – which may change tomorrow. All told the owners probably did OK. We will only know for sure in hindsight.

  8. Posted by tipster

    Wow, 8% under 2007 pricing! A week ago, we were looking at 2014, and this is just getting started. What a collapse! Congrats to the seller’s agent for selling anything right now.

    That building is particularly attractive due to the insane levels of security and elaborately decorated and maintained common areas, butler, 24/7 concierge, 24/7 in-room dining, indoor pool, fitness center, yoga room, steam room, sauna, & terrace: a big step up from the one doorman/small gym with a couple of machines you get for $1000/month at other places, and those monthly HOA fees are very reasonable for what you get.

    Yet the loss with selling expenses and taxes and such is around $350,000.00 on a 2007 buy. Unimaginable just a few weeks ago.

    • Posted by sockettome

      In some ways 2007 and 2014 are one in the same. 2007 was the peak and then the Great Recession hit and it took until 2014 to get back to the same point.

  9. Posted by RWH

    That is the most mediocre apartment and so small! Clearly paying for the amenities in the building vs. a decent sized apartment.

    • Posted by SocketSite

      The average two-bedroom condo on the market in San Francisco currently measures closer to 1,200 square feet, which is actually 25 percent smaller than the above-average-sized unit above.

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