And Now We’re
October 2, 2007
Back Below Where We Started
The floor plan above might look familiar as “penthouse” unit #42 at Shore|Line (41 Federal) has returned to the market. And yes, the asking price has now dropped from $939,000 to $869,000 to $850,000 to $830,000 over the course of the past seven months.
And while asking 11.6% less than seven months ago might speak to a change in expectations, it’s the fact that it’s now listed at $20,000 (2.4%) under what was last being asked by the developer eleven (11) months ago that might speak to a change in the market.
∙ Listing: 41 Federal #42 (1/1.5) – $830,000 [MLS]
∙ Seller Motivated Drastic Price Reduction Penthouse Unit [SocketSite]
∙ And Now We’re Back Where We Started At (41 Federal) [SocketSite]
∙ Savings At Shoreline (41 Federal) [SocketSite]
Comments from Plugged-In Readers
On the 21st floor, 400 Beale Street #2106 is higher up, has better views and has been sitting for $840 psf.
That makes this unit on the 4th floor at its newly reduced price of $900 psf $60K overpriced at least, and would be probably something closer to $100K except for the fact that it’s finishes are newer and nicer. But finishes can be upgraded and a view cannot.
840 is the new 1000.
This unit is missing a bedroom, given it’s current pricing. With 2 bedrooms this would be a steal as is it’s stale porn.
All it needs is a sign in soft “blu” light that reads “42 @ 41”. It’ll sell.
I believe this is a REO.
Pffft! At 921 sq. ft., this is STILL overpirced.
That shoreline building is not very impressive, and I am not surprised by this in the least bit. Prices are still crazy high in nearby buildings, like The Brannan for example. 1400 a foot for a 12th floor unit, dayum.
What constitutes a penthouse? Just because it’s on the top floor, can it automatically be called a penthouse?
For me, a 1 bedroom, 921sqft unit on the 4th floor is not a penthouse.
Top floor, 2-3 bedroom units at the Brannan, Regis, Seasons, etc… now those are penthouses!
I like this building. The quality of finishes is beyond most large new developments around. The developer made the right move going on their own and did a great job here. I also saw this unit on the foreclosure list about 2 weeks ago.
Another unit in the building changed hands recently, #23 (1635sq.ft). It was sold at list price of $1,495,000 back in July with no further work done by the previous owner. It went into contract on the day of 1st open house.
What is an REO?
Real Estate Owned (by bank). In other words, foreclosed property.
Is this the unit that was recently in foreclosure? Saw it listed in propertyshark back in Sept.
By definition I think a penthouse is more than just a top-floor unit. At the very least, you can’t have more than one penthouse unit. Beyond that, a penthouse is more like a separate rooftop dwelling. The Hamilton building on O’Farrell has a mammonth two-story unit on the top two floors that is unlike anything else in the building. It even has somewhat different architecture that the rest of the structure. That’s probably more of a true penthouse.
This is a killer unit but aimed at a very narrow market segment; not a good thing in this market.
The closest comps are probably the 1/1.5 units in The Brannan. And something tells me that this price per square would be a value even with no view there. Anyone have the stats on most recent sale(s) of this type at The Brannan?
My only question is whether the windows automatically zoom in on Emeryville when you look East.
Comments are closed.