Last week we pointed out a listing for a $1,646 per square foot condo in the St. Regis. Today, it’s in contract. But if you missed it, don’t fret, another unit (#23F) hit the market yesterday and it’s listed at $2,385,000. For those who were wondering, or happen to be interested, that’s $1,562 per square foot; $2,134 per month in HOAs; and $225 per month for parking.
∙ Listing: 188 Minna Street #23F (2/2.5) – $2,385,000 [MLS]
∙ An Incomplete Data Point At The St. Regis (188 Minna) [SocketSite]
These people bought it from Paul Lobosco on 8/31/06 for 2,080,000. Nice gain in 6 months!
Well that’s if they get their asking price. And where’s the pictures??
I can’t fathom how some real estate agents get away with listing such expensive property and have no photos ready to go.
Talk about lazy.
C’mon you guys, if you have a wealthy client, it might be hard to get access to the unit to take photos.
Give the realtor/owner (it was disclosed in the previous thread that the realtor owns the unit) a break! Her client may have been busy and…oh…wait…I guess there’s really no excuse for no photos in this case. Unless the deal was done before it hit the MLS. As in, someone called her looking to buy there and she told them to make it worth her while and she’d sell hers.
As for the price, it would be easy to justify that price for someone who was shelling out several nights per month in the hotel: either a corporation or an individual bouncing back and forth between two or three cities.
So in addition to an absolutely great location, and fantastic curb appeal, you get all the amenities of a 5 star hotel at a fraction of the price of renting a suite there if you are a heavy user of that service. This place has everything going for it.
So in addition to an absolutely great location, and fantastic curb appeal, you get all the amenities of a 5 star hotel at a fraction of the price of renting a suite there if you are a heavy user of that service.
I can only assume you’re joking. Not even factoring in HOA or taxes, 2.3 mil will buy you over 6 years of hotel stays (at $1000/nite)
“So in addition to an absolutely great location, and fantastic curb appeal, you get all the amenities of a 5 star hotel at a fraction of the price of renting a suite there if you are a heavy user of that service. This place has everything going for it.”
Is this a joke?? I guess you’re the agent listing the property…
And I’ve never stayed in a $1000/nt hotel room, but you can stay at a multitude of 4-5 stars hotels at $500/nt. So that’ll buy you over 12 years of hotel stays…
I was serious and I’m not the agent.
Your analysis is incorrect because unlike a hotel room, you can resell this thing when you are done with it, so all you need is a ten year interest only loan. THAT’s the number you should be working from.
What would an interest only loan be on something like this? A corporation can deduct the whole thing, just like a hotel room. So they are out maybe 8K-10K per month. A suite, not a room, in the St Regis has to run $1K per night, so if that’s what you are renting at the St regis, you’d get a comparable place for the same price as 8-10 nights, and I’d bet there are individuals and corporations spending 15K at the St Regis every month.
This would be a no brainer.
I’ve stayed in a suite at the St Regis and for $1,700/night you get 980 sq ft. Once you add on the 15% room tax, it’s almost $2K/night
Anonymous at 1:09pm must be smoking something.
Lets do the math…
At 20% down, (Yes that’s a cool $477,000) it translates to a monthly payment of $11,748 a month with a 30 y.o fixed loan @ 6.25% (Granted a 10 year interest only loan may be a couple of thousand dollars per month less.) Add to that HOAs and parking of $2349 per month and your annual debt servicing costs is well over $100K.
This doesn’t make any sense unless you have lots of cash and can depart with a few million without blinking…
So the last two anons have proved my point. Assume 120K per year costs, that’s 60 days stay per year (no parking in the hotel, but including parking in the condo). That’s 5 days per month in a suite in the Hotel.
I’m sure there are corporations and even individuals who are doing that kind of business with St. Regis. And if it’s an individual who comes here one week per month, you can keep your car in the garage.
Would anyone pay 2.3 without the room service and other amenities? Doubtful. But with it, its worth it.
These sorts of things are risky investments because when the economy is down, the corporate owners sell them, so they can fluctuate down even worse than other properties. But when the economy is doing well, they can fluctuate more so in the other direction because the hotels keep raising their rates.
I’ll bet the property was sold before it hit the MLS – the agent probably sells other units in the building and wanted good comps so she added it to the MLS. Did she throw in the obligatory 2 years of HOA and provide other things to gin up the comps so she could point to them on the next sale? I’d bet on that too.
Note: I am the anon posters at 11:19 and 1:09, I forgot to write in my name –tipster
See? I don’t hate every property. I’m just from the old school: location, location, location (in this case, it’s a very special location) and curb appeal will do wonders.
That certain other property that I tend to skewer at every opportunity has neither a great location nor even decent curb appeal and so that’s why I harp so bad on it – I’d be shocked if it resells for anywhere near the first day price. It’s amazing how people will say that you don’t stare at the outside of your property, yet the term curb appeal has been around forever. You may not stare at it AFTER you buy it, but potential buyers go back and stare at the outside BEFORE they write up the offer. Of course, during a “new paradigm period” (translation: bubble), nothing from the old school ever matters. Profits were a joke in the dot com bubble. Funny how it came back to that.
The curb appeal of the St Regis is significant and the location works on so many levels. The price may have been inflated by a lot of extras thrown in, but this place can be worth a lot of money to the right buyer.
If you are buying at the St.Regis, the odds are you are paying cash. Its not a monthly payment calculus. It is price for service. These homes are very, very nice. I am an agent, not the listing agent. I have nice interior photos of the St Regis. I have photos of an “F” floor plan.
AFter 6 or 12 years of hotel stay, whatever it is, you have NOTHING. Or, you can spend money on this condo, living large, and probably have 4 million after that period.
So, since that other St. Regis unit sold already, and now there’s interest in this one… someone tell me how on earth this market is ‘crashing’? Are we not facing reality that the market is pretty hot? B/c face it, it is.
Is it just gossip that Al & Tipper and Willie live there?
Definitely: See
http://www.americanthinker.com/blog/2006/08/al_gore_buys_san_francisco_con.html“>http://www.americanthinker.com/blog/2006/08/al_gore_buys_san_francisco_con.html”>http://www.americanthinker.com/blog/2006/08/al_gore_buys_san_francisco_con.html
Wow, I just checked the Pacific Union website and this one just went into contract as well…
The luxury market must be hot if these 2 units sold on the same week!
Anon 10:22PM – you might want to check that website again, 27C is in contract, but 23F is still available.
Some clarification:
25B (1777 sf) – $2.395 (asking), sale pending
27C (1670 sf) – $2.750 (asking), contingent offer
23F (1527 sf) – $2.385 (asking), active listing
No one but the parties involved in the contracts for 25b and 27c would now the final sale price yet.
Let’s not forget this astronomical HOA includes basically nothing, right? If you want maid service, butler service, cleaning, or room service, that is all extra….
“So, since that other St. Regis unit sold already, and now there’s interest in this one… someone tell me how on earth this market is ‘crashing’? Are we not facing reality that the market is pretty hot? B/c face it, it is.”
The market may or may not be hot, but basing judgments on the market as a whole on the sale of stuff like this is very strange.
Exactly. People who buy stuff like this don’t worry about monthly payments or exit strategies. They’re collectors who can afford their whims. I wouldn’t pay $100K for a 40-year old Chevy or $1,000 for a bottle of wine. But people do it all the time. Doesn’t mean it’s indicative of the market as a whole.
I wonder if it’s a good sign for lower end, but nicely located condos like Infinity.
Infinity doesn’t have the Regis name, nor is it as luxurious, but they’re still pretty high end, has a great waterfront location with good views, but cost 30-50% less than Regis.
I can’t help but think there’s still some demand for luxury highrise condos in great locations…
Looks like they may have rented it for $15K/month.
http://sfbay.craigslist.org/sfc/apa/1059519915.html
#25D sold for 2.5M today