Purchased for $1,697,171 in July of 2016, the 1,401-square-foot, two-bedroom unit #6G in the Lumina tower at 201 Folsom Street, with “an ideal floor plan,” “great light,” a private balcony, and two full baths, returned to the market priced at $1,975,000 in September of last year.

Reduced to $1,925,000 last October and then to $1,895,000 last November, the unit was listed anew this past June with a $1,795,000 price tag.

And having been further reduced to $1,695,000 in August, the sale of 201 Folsom Street #6G has now closed escrow with a contract price of $1,633,500, which was “within 4 percent of asking” according to all industry stats and 3.8 percent below its mid-2016 value on an apples-to-apples basis.

This past September, the luxe two-bedroom, two-bath unit #25A at 201 Folsom Street traded for 10.9 percent below its fourth quarter of 2017 price, while last year the two-bedroom unit #31C had only slipped below its early 2018 price.

Comments from Plugged-In Readers

  1. Posted by civ-e

    the floor plan feels small for being 1400 sq ft.

    • Posted by Douglas Avery

      Agree. Perhaps it’s the curve or perhaps they measured pre-buildout, but if you told me that space was 900 sq ft I’d believe you.

    • Posted by Martin

      It’s gotta be the wide angle. I have the same plan in other tower, and it’s certainly not as tiny as photos make it out to be.

      Looks like owners passed on the one and only option: microwave that goes into the hole in the island.

      • Posted by civ-e

        that’s an interesting place for a microwave. maybe they wanted to avoid irradiation to their nether region while working on the island 🙂

        are you saying that was the only customizable item for these uber expensive units? i guess everything was already “high end” so there’s no need to change anything.

        • Posted by Martin

          Yes, aside from design center things, only options from developer was whether or not to have a drawer microwave. I recall many more options in prior condo I bought 12 years earlier.

          From design center, we picked hardwood floors, carpet in bedrooms and motorized shades.

          Location of microwave isn’t bad, actually, as it keeps kitchen cabinets clean looking.

          • Posted by civ-e

            sounds great. i always thought the units in this building look very nicely done and comfortable, even if too expensive but more importantly out of my price range. i’d easily to choose to live in a unit like this if money was less of an object.

    • Posted by NFSF

      I toured this plan on a different floor and the livable space is quite small and really not well layers out

  2. Posted by Panhandle Pro

    Anyone know what “HP” is, within the closet accessing the master bedroom?

  3. Posted by EBGuy

    File this under doctors investing from Fresno…

    • Posted by Kyle

      Those doctors will be just fine. The steady paychecks will paper some losses here and there.

  4. Posted by Joel S.

    Is there a large area of floor devoted to circulation? Seems like a small but significant fraction of the space is devoted to hallways.

  5. Posted by Cave Dweller

    Its a nice compact layout. I am wondering what, if any, advantage they realized by curving the outer structure.
    Aesthetics being subjective, personally the curve isn’t doing much for me.
    Had they instead used straight lines it seems to me they could’ve realized more floor space.
    But I am neither an architect nor a structural engineer — can someone shed some insight into the design thinking?

    • Posted by emanon

      If I’m spending $1.6 million, I want more than just “a nice compact layout”. Look at the photo of the primary bedroom and imagine two people walking around in it at the same time. Look at the photo of the kitchen and imagine preparing a dinner for you, your partner, and two more couples. Look at the dining area and imagine hosting any kind of dinner party. Remember, you spent $1.6 million. As a disclaimer, I admit I’m not the target buyer for a condo like this, but I don’t see how this works as a primary $1.6 million residence for anyone.

      • Posted by Cave Dweller

        It depends. I can see (pre-covid) some young engineer (single or recently coupled) working at FAANG making $400K+/yr, who doesn’t know much about the city but is attracted to the glitter and is looking for something “affordable” that has potential for appreciating getting into something like this for a primary residence.

        The entire edifice of “expensive housing” in SF is built on the foundation of unending inflation. In a debt fueled economy this is a viable strategy. But then again, there are limits to debt and interest has a way of keeping up.

        However, FAANG are specializing in centralizing erstwhile distributed business mechanisms and extracting profits by way of efficiency. And because of the eco-system/network effect they have thrived in the bay-area thus far and created the attendant wealth that comes along. So the foundation does rest on viable economics (at least for now).

        But who really know how this COVID thing is going to play out. Woe unto those who find themselves on the short-side when the dues come calling. I don’t wish it on anyone. But the market is an amoral, merciless and dispassionate deliverer of consequences.

        • Posted by Wong

          huh?

          • Posted by Cave Dweller

            I don’t always make sense. But when I do, it possible others do not understand.
            If you don’t understand some I wrote, feel free to ask me to explain. If you think my thinking is flawed, also feel free to correct me and point out my mistakes.

  6. Posted by Panhandle Pro

    Agreed. For 1.6M, I need a dining room table for eight and a master bedroom with a bit more open floor space.

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