501 Beale #PH1E: Living
The bank-owned sale of Watermark (501 Beale) penthouse #1E closed escrow on 4/13 with a reported contract price of $1,230,000 (an official $6,000 “over asking”).
Once again, the corner penthouse condo was purchased for $1,523,000 in January 2007 before being taken back by the bank with $1,349,628 owed in September 2009.
And we’ll call it an apples-to-apples sale at 19 percent under its year 2007 price.
Moving On Up Down For A Bank Owned Penthouse In The Sky [SocketSite]
A Pair Of Bank-Owned Penthouses Atop The Watermark (501 Beale) [SocketSite]

Comments from Plugged-In Readers

  1. Posted by Snark17

    This building should never have been built– a boring cube right next to the bridge in the middle of a parking lot. Not surprised it is not holding its value.

  2. Posted by condoshopper

    i think the location is great other than being next to a bridge. i think the exterior is fine too and can’t be sure why it gets so much criticism; no worse than 1rincon or infinity.

  3. Posted by WM Fan

    Watermark gets criticism because when it was first marketed, the firm (forget its name) that did it refused to give any commission whatsoever to real estate agents. Zip, zero, nada. That didn’t hurt sales but it sure hurt agent’s feelings. So agents started calling the building ugly, and telling clients not to buy there because it wouldn’t hold its value. They’re still at it. Very professional.

  4. Posted by mac

    Actually condoshopper I would go further. Ive looked at all three, ie WM, 1Rinc and Infinity and I would prefer WM over the other two. The neighborhood is much better than 1R. And at least the rooms are rectangular when you compare it to Infinity. Plus the pool is really nice. Who bloody cares what the exterior looks like.

  5. Posted by Benny blanco from the Bronx

    The no-commission thing seems pretty bold and probably appropriate for the situation(not knowing exactly how long they took to sell out). Nothing wrong with being innovative.

  6. Posted by condoshopper

    aah, that’s a very revealing fact, the no commission thing. i guess it opened up at just the right time when everything sold itself anyway. the views must be awesome except the side facing the bridge. i too, if i had the money which i do not, would choose WM over 1R and possibly infinity, based on location and outer appearance, but i haven’t been inside any of them.

  7. Posted by EH

    I for one, really dig bridge views. Watermark, Clocktower, Inf, 1R, the South Beach one that looks like the Love Boat, all of that…as long as I have triple-paned windows (or whatever, and depending on height/distance from traffic), I love to watch cars coming in and out of the city. Better than Oprah, that’s for sure.

  8. Posted by hangemhi

    @ WM Fan – yeah, that’s real logical. Since every new building during the boom did their best to cut out agents your logic is very solid that this one just happened to get all the hate. And now that the original selling firm is long gone and regular agents are now representing both buyers and sellers in the building your logic is especially apt as they like to market it to prospective buyers in the most negative light possible – timeless sales technigues such as those never lose their luster.

  9. Posted by Snark17

    I am not an agent but an artist. Watermark is ugly and ill-placed. Rincon is mediocre and ill-placed. Infinity and Millenium are beautiful and well-placed.

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