There are currently 25 Active listings for condos in The Beacon (250/260 King Street). A few that caught our attention (and seem to be telling a story):
1. 250 King Street #1018 has been on the market for almost five months, has been reduced in price by $215,000 (18.7%), and is advertising “Below developer pricing!!!”
2. 260 King Street #1409 and #1509 are both advertising “Free parking & hoa dues for 2 years!!” (Both have also been reduced: #1409 by $90,000 or 10.3%, and #1509 by $80,000 or 9.2%.)
3. 260 King Street #369 is still available but it’s no longer advertising “Final Price Reduction!” or “Need to Sell Soon!”; and after four months on the market and three price reductions, 260 King Street #555 (“Won’t last long”) has traded in its old MLS number for a shinny new one (without any of that pesky baggage) and lowered its price…$500 (0.08%).
And let’s not forget, the sales office at The Beacon is still working to close out their inventory at “developers” pricing.
∙ Listing: 250 King Street #1018 (2/2) – $935,000 [Coldwell Banker] [MLS]
∙ Listing: 260 King Street #1409 (1/1) – $779,000 [MLS]
∙ Listing: 260 King Street #1509 (1/1) – $789,000 [MLS]
∙ Listing: 260 King Street #369 (1/1) – $499,000 [MLS]
∙ Listing: 260 King Street #555 (1/1) – $608,500 [MLS]
∙ Bonuses At The Beacon [SocketSite]
∙ New Sales Force At The Beacon: Your Neighbors [SocketSite]
You know the market’s bad if folks are selling their units at a lost (after commission cost and all…).
The Mission Bay neighborhood and development is pretty nice so I wonder why the value in that area is going down the drain?
And why is sales so strong at OneRincon and Infinity while sales suck everywhere else??
i wouldnt say it’s “down the drain”, they’re still not cheap by any standards. just taking longer to sell due to recent increase in condo supply.
I suppose the “strong sales” at One Rincon and the Infinity are due to their novelty. I’d be very interested (and surprised) to see how many of these contracts actually lead to closed escrows. I’m willing to bet these two projects will see their own reductions. So anyone interested in the aforementioned, hang tight … it’ll only be a matter of another 2 – 3 years before it rains and pours!
The Beacon really isn’t a particularly nice building, imo. Even leaving aside the two new towers, there are nicer developments in the SOMA area. As to The Beacon, it was originally going to be a rental building until its new owners saw they could make more money selling it off as condos. And it still has a “rental building” feel to it, imo. Plus, I thought it was poorly ventilated (lots of glass, no A/C (?)). And it also lacks deeded parking leaving you at the mercy of possible increases in leased parking. I passed last year and am glad I did.