Asking \$3,747,500 (\$1,453/sqft) when it first hit the market two years ago, a plugged-in tipster notes that the three-bedroom and 2,580 square foot Ritz-Carlton Residences #1102 closed escrow on 11/3 with a reported contract price of \$2,100,000 (\$814/sqft).
It was three months ago we caught the sales office discounting list prices by up to 33 percent, but call it a closing at 44 percent under original asking for 690 Market #1102.
Four More Listings! (And At Least One Reduction At The Ritz) [SocketSite]
Ritz-Carlton Sales Office Pulls An Infinity In An Attempt To Sell Out [SocketSite]

1. See! It’s down 44%, not the 50% you haters said would happen!

2. And it took two years for the 44% drop, not the 18 months that the haters predicted!

3. what does this mean for the millennium prices? have they come down yet from their initial 15% haircut? won’t they have to given how far down the comps have come? any input is much appreciated.

4. Ahhh, but YouTube and Crocs continue to shine, so those two owners must not be too worried.

5. “what does this mean for the millennium prices?”
I’d be interested in any information on Millennium. How’s the lease to own program going? I have to think they have been struggling selling units.

6. “what does this mean for the millennium prices?”
I’d be interested in any information on Millennium. How’s the lease to own program going? I have to think they have been struggling selling units.

7. I propose a new lazy indicator for high rise condo occupancy. Now that DST is over and it gets dark early you can tell how many units are occupied by the number of lights on. LPLO = Lazy Percentage of Light On.
I can see Infinity and Millenium from my shoebox in sky. One Rincon I see on my after work evening dog walk. Here’s the results:
Infinity is the clear leader in occupancy. I was told by a friend that works for TS that of over 600 units total in both towers less than 50 are not sold and closed.
One Rincon is a pretty close second.
Millenium is a far distant third. So few lights on in units that you can hardly tell the building is occupied at all and not still under contsruction. Here’s the anecdotal scoop as I hear it. Millenium needed to get to 25% in contract sales (very low threshold in today’s market) for their preferred lender to start (and continue) closings. They got there in pre-sales and were start closing homes. However, they had a large number of requests for cancellations which, if granted, would have put them well below 25%. At that point Millenium refused to cancel contracts. They have begun cancelling contracts on a one-by-one basis as they sell more units. This way they have been officially just over 25% for forever. No one outside the Millenium organization knows what the real number is.

8. “what does this mean for the millennium prices? ”
Another wake up call for the millennium. MP timed it wrong and they knew it before opening doors. The plan to rent out a large portion of units was in place since day one. I heard they were offering rent to own option. Does this count as discount?
Millennium got a bit help from a few Chinese buyers especially on higher floor units. I believe they are playing with the idea of conducting some sales events in China.
Being a developer is tough. The MP ran perhaps the most sophisticated marketing campaign ever seen in this city. They backed it up with, well, decent products. But long gone are the days of flying champagne bottles and fancy parties in Manhattan to celebrate “strong sales”. Just a glass tower with a trimmed down body of employees…

9. The Millennium has gone to Asia to find buyers. Recently a representative was in Singapore:

10. See! It’s down 44%, not the 50% you haters said would happen!
And it took two years for the 44% drop, not the 18 months that the haters predicted!
Because, as we’ve all long understood, as the Ritz Carlton residences go, so goes all of San Francisco real estate. Heck, why stop there? As the Ritz Carlton residences go, so goes the country. [Insert Case Shiller link here]

11. 50 in 24 or 44 in 18. I’ll take either.

12. Unit 2201 is going to foreclosure sale. Transferred in 12/2007 for \$2,173,000, first loan published as owing \$1,575,937. It’s reported as having 1,660 or 1,515 sq ft, depending on which source you consult.

13. Slightly off-topic, but I have never understood the design of the tower. It seems wantonly unattractive. It doesn’t relate to the beautiful old Chronicle building nor to anything else. Odd window placement, bland brick and what are those fins? They look like the avalanche protection put on steep mountainsides.
Anyone have any insight into the logic of the design?

14. Opinions differ, but the idea is that the rather plain top of the building is intended to leave the focus on the lower parts and not compete with any of the older architecture around. Some think it works while others are critical. As with other recent developments cost looms as the largest issue.