Despite strong initial sales, the Watermark (501 Beale) appears to be showing subtle signs of weakness. According to ZipRealty, the list price for Watermark unit #14D was reduced $10,000 to $975,000 and unit #20M is currently listed for $1,725,000 ($5,000 below the advertised price range of $1.730M to $1.9M for “M” floor plan units on floors 17 to 22).
And despite the fact that the building has yet to sell out, unit #6C just hit the resale market with an asking price of $889,000 (floor plan above).
∙ Listing: 501 Beale Street #6C (1/1) – $889,000 [MLS]
∙ Watermark: “H” Floor Plan [sfwatermark.com]
They a reselling something that isn’t even finished yet?? That’s either insane or genius.
[Editor’s Note: Although not sold out, Watermark is most definitely finished and being occupied.]
I thought The Watermark required you to sign a “no-flip within a year” agreement?
I would love to hear the story of how the Redevelopment Agency allowed such an ugly building to be constructed in such a prime location. Whoops, that’s a very old story isn’t it. I guess I should ask “When will the Redevelopment Agency ever learn???”