Purchased for $800,000 back in September of 2017, the 763-square-foot unit #3D in the Lumina tower at 201 Folsom Street returned to the market priced at $820,000 this past May, positioned as “the lowest-priced condo in the tower,” with an efficient and desirable open-concept layout, an exclusive use patio, and “best-in-class appliances and fixtures.”
Reduced to $795,000 in July, the sale of 201 Folsom Street #3D has just closed escrow with a contract price of $738,000, down 7.8 percent on an apples-to-apples basis from the third quarter of 2017. At the same time, the unit was just listed for lease with an asking rent of $3,000 per month.
For those running the numbers at home, either in terms of returns or a pro forma rent versus buy, the unit’s HOA dues are currently running around $1,112 per month (which does include valet parking for a car in the building’s garage). Keep in mind that asking rents in San Francisco have dropped over 20 percent from peak, with the average asking rent for a one-bedroom in the city having just dropped to around $3,000 a month, which is down from closer to $3,700 at peak, as we first reported last week.
And once again, with offers of complimentary rent and cash concessions on the rise, and listing volumes having spiked, we’re expecting asking rents in the city to drop even more.