The sale of 765 Market Street #27A closed escrow today with a reported contract price of $7,200,000 ($2,170 per square foot), the most expensive condo sale in San Francisco since the 4,806 Millennium Tower Penthouse #A was purchased by Tom Perkins for $9.35 million in September 2009.
As we wrote when 765 Market Street #27A first hit the market in January:
In 2007 the 3,318 square foot #27A at San Francisco’s Four Seasons (765 Market Street) was purchased for $5,000,000. Since then the three-bedroom condo has been redesigned (think moving a bath and the kitchen) and renovated with “signature details” by Orlando Diaz-Azcuy Design Associates (think not cheap).
And while you won’t currently find it on the public facing MLS, and it’s far from being an “apple,” the property is back on the market and asking $7,600,000 which includes the custom designed furniture.
The sale of #27A also represents the second most expensive in the history of the San Francisco Four Seasons, second only to the 4,336 square foot Grand Penthouse #A which sold for $8,975,000 ($2,070 per square) in 2008.
Don’t forget those invitations to the condowarming.
∙ San Francisco’s Four Seasons (765 Market) #27A: Winter 2011 [SocketSite]
∙ The Numbers Behind Perkins’ Millennium Penthouse Purchase [SocketSite]
what a bargain! HOA dues are only $2,447.28 a month ;p
Sorry bears, this is an apple. 5m in 2007, 7.2m today. The redesign was purely a change in decor, a somewhat different taste.
First 1209 Filbert and now this.
The good Lord seems to have listened to your prayers only in bad neighborhoods where you don’t want to live anyway.
You can’t keep a good market down. Bulls are optimistic, always looking to a better future, an expanding pie, and they win. Bears are pessimistic, whiny, think of life as a fixed pie of scarcity and they lose. That’s the way it’s always been and will always be.
[Editor’s Note: Not even close with respect to “the redesign was purely a change in decor” (nor your characterization of bulls and bears).]
The good Lord seems to have listened to your prayers only in bad neighborhoods where you don’t want to live anyway.
Kinda funny and partially true; but this spectacular outcome aside, it’s hard to call this market anything other than just unpredictable. I’d take the russian hill leed place for this amount; but the 4Seasons is pretty awesome. I didn’t think this would sell for over 5 but this is not my specialty.
congrats to sellers.
Ha! This single data point proves my theory of Global Longitudinal Macro/Micro Economic…
er…
I forget what my theory was, but I know this data point PROVES it!
Clearly the 2007 buyers underpaid.
unwarrantedinlaw= unintentionally and unknowingly funny
Who bought it?
unwarrantedinlaw = my hero
editor = totally predictable
[Editor’s Note: Thanks! As usual we’re the ones breaking the news (you know, the “cherry picked” piece on which you’re commenting) and trying to keep the facts straight, totally predictable indeed!]
Hee hee, unwarrantedinlaw, that is a panglossian gem if I ever heard one! That is right up there with, “It’s over. Sorry. Scare tactics are dead. San Francisco never really took a price hit and it won’t, either.” (June 23, 2008 – although that nugget was about the Ritz, not the Four Seasons)
“Hee hee, unwarrantedinlaw, that is a panglossian gem if I ever heard one! That is right up there with, “It’s over. Sorry. Scare tactics are dead. San Francisco never really took a price hit and it won’t, either.” (June 23, 2008 – although that nugget was about the Ritz, not the Four Seasons)”
I’m not sure why you’re allowed to constantly bait people on here, but it’s pretty disappointing.
Is this really a home run for the seller ? Its probably a decent return. Maybe they netted 16 percent over two years.
Do the math. A “redesign” is every bit as expensive as a “remodel”. The total cost here with these very high end finishes could be several hundred dollars per square foot -“kitchen, french stone floors”, designer, contractors, architect, prop taxes, hoa, permits, broker commission, etc. I’ll estimate 300 per foot all in, perhaps more. That’s a million right there. Just prop taxes and hoas alone were about 400k
Assuming it was all cash, as Perkins may have it lying around, the 6 mm got him an extra 1.2 over four years. No he did not lose money as the bears would like us to believe, but he gathered 4 percent a year , maybe more if he financed the project.
Do we have before and after photos? The descriptiontaxes
Apologies to mr Perkins – I misread the original post – and for the typos. Diffict to post here using a phone.
A bit off topic, but this is chump change compared to New York prices. This place sold for $37.5M or $4,518/SF in mid-2009.
http://www.luxist.com/gallery/time-warner-center-penthouse/1466385/
Monthly expenses only running about $30k. My wife and I actually stayed in this place for a weekend in the Summer of 2008 and it is completely off the hook.
Mr. Andlinger also sold his Hamptons pad to Tiger Woods for $65M in 2008 so he knows how to make money in RE.
http://therealdeal.com/newyork/articles/tiger-woods-buys-hamptons-estate-for-65-million
Yes, it’s just a meaningless phrase, but I never liked being told what to “think”.