After 110 days on the market, the price on 250 King Street #1116 (The Beacon) has just been reduced $100,000 (7.2%). Think of it as spending money for the “5 day aspen/snowmass stay in condo for four people (flight included) for buyer closing escrow before january 31st!” Did we happen to mention how much our Editor enjoys skiing?
∙ Listing: 250 King Street #1116 (2/2) – $1,288,000 [Sotheby’s]
$1.2 million and I have to put up with an electric stove? Pass.
Okay, they get one bonus point for including a floor plan. But they lose two points for omitting any mention of parking and the monthly maintenance fees from the property description. And starting January, I won’t be able to go to the MLS to find those things.
I hate to have to add the qualifier “for The Beacon”. But…
for The Beacon this is a really nice floorplan, the view is unbeatable and better yet, unblockable in future. I’ve seen this place and looked at the local height restrictions. The price seems close to realistic now.
It should sell at this price, might even get some overbidding.
Anyone know what the original purchase price was?
The floorplan is nice (though the master lacks a walking closet), but there’s no mention of square footage? That should also be a factor in determining whether the price is reasonable or not…
Don’t agree with the last post regarding the floor plan. Two thing: 1) the side-by-side bedroom thing is absolutely terrible and the front door near the kitchen thing is worse. The 1Rincon floor plans are so much better in that regard.
Really pretty website, but annoying lack of information. In addition to the parking and fees ommission, it also doesn’t label the pictures. I spent a few minutes trying to figure out what one view could possibly be….only to realize that it was the building’s lobby. Duh.
Does every condo in SF have to come up for comparison to either One Rincon or Infinity ? I may be in the minority but I don’t like and would not consider either and I’m shopping in the $1.1 – $1.3 price range. Well, maybe the SECOND tower at Infinity… if it ever happens.
They’re both residential highrises. The highest the city has seen in decades. Maybe that’s why the attention.
And yes, I think the second Infinity tower will become the premier building in the whole Rincon Hill/Soma/South Beach area because of it’s bayfront location and proximity to downtown/financial district…
Jeez. It was so nice for those few weeks on Socketsite when all discussions didn’t somehow lead to those two developments I won’t even dignify by mentioning.
And while we’re flogging tired horses…anyone know what the status is of the Catalano/Beacon lawsuit?
“Jeez. It was so nice for those few weeks on Socketsite when all discussions didn’t somehow lead to those two developments I won’t even dignify by mentioning.”
Yes, it was very nice and also VERY quiet. I don’t remember a single piece in that time that garnered more than 10 comments (and usually it was only 1 or 2). Face it, sex sells.
that’s funny, it looks like there are two stories in the past five days alone that have more than 10 comments.
How can a buyer get a loan to purchase a condominium at the Beacon or Metropolitan?
Every lender I have talked to says that a condominium complex with pending litigation (especially construction defects law suits) can not get a loan unless it is with a 30% or higher down payment and at a premium interest rate.
Apparently the original in house lender is still willing to make loans on the un-sold (original) units.
The only lenders to make those types of loans are portfolio lenders.
This usually makes those condominiums unmarketable until the litigation is resolved.
Good Luck!!!
Frederick
The preferred lender (Americorp Funding) at the Beacon will do resale loans as well as refinance existing owner’s loans at the Beacon and elsewhere. I live at the Beacon and did my original purchase and a refinance (since the lawsuit) with them and was quite satisfied with rates and service.