Last November, 88 King Street #116 (a two-level, 1,500+ sqft condo at The Towers) hit the market for $1,110,000. At the time, it probably seemed like a relatively reasonable list price. Heck, according to public records 88 King Street #117 (a two-level, 1,500+ sqft condo at The Towers) sold for $1,066,000 the month prior (10/21/05). And yet nine months and five price reductions later, #116 is still on the market and is now listed for $927,000 (a reduction of $183,000 or 16.5% from the original listing price).
We know, we know, it’s hardly a fair comparison between these two units. Then again, #117 is back on the market (shown above). And today they’re asking $949,000.
∙ Listing: 88 King Street #116 (2/3) – $927,000 [McGuire] [MLS]
∙ Listing: 88 King Street #117 (3/3) – $949,000 [Pacific Union]
I would appreciate if you stopped lying about these reductions in SF. Everyone knows that real estate never loses value here and that the whole world is dying to move to our city and will pay whatever price is necessary.
This is news to me. I own a unit at 88 King Street, and I see huge continual demand for this building. I think the lowered prices will just stimulate bidding wars.
Irony is King/Queen here in SF. Please dilute your straightup truth…we did NOT come to SF to ‘keep our feet on the good earth.’
I showed this to a client about two months ago and it’s quite nice. Spacious, great windows, private patio, etc.. I don’t know why it hasn’t sold, especially under $1 million. Probably because it’s on the ground floor. South Beach buyers want a view.
Huh?? joe_camtora thinks there will be a bidding war? 9 MONTHS on the market and the war has yet to start! 😉
Numbers don’t lie, SFRrocks. Prices go up and down in SF. Just look at what happened during our dot-bomb (if you were living here at that time). I looked at places in Nob Hill drop from over 1MM to under $600K. I only wish I had bought a unit at 10 Miller Place back then because they are now back up over $1MM+!!
Lori: I think SFRocks was just being facetious. I mean, “the whole world is dying to move to our city”?