Purchased for $1,481,000 in October 2007 ($1,239 per square) and then taken back by the bank this part March with $1,234,899 due, the two-bedroom Ritz-Carlton Residences (690 Market) #1502 returned to the market six months ago.
Asking $999,900 ($837 per square) over the past 37 days, as a plugged-in reader notes, the list price was reduced to $949,905 ($795 per square) today. A sale at asking would represent a 36 percent decline in value for the luxury unit over the past three years.
And while “still not cheap” at almost $800 per square, we’re guessing that’s of little solace to those who were sold on $1,200 or more.
∙ Listing: 690 Market #1502 (2/2.5) 1,195 sqft – $949,905 [MLS]
∙ Ritz-Carlton Sales Office Pulls An Infinity In An Attempt To Sell Out [SocketSite]
So you can now buy a 2BR place at the Ritz for less than a 2BR of the same size at the Beacon went for in 2007.
http://www.redfin.com/CA/San-Francisco/250-King-St-94107/unit-1300/home/12401912
And you can buy at a much lower interest rate. Too bad for all those who bought into the “not in SF” line. I can’t think of any use for the half million that’s disappeared anyway . . .
Tough to take any price per square seriously here with HOA’s of $2400. How is that possible?
re: HOA’s: “hotel” levels of service? But yes, I agree it’s crazy.
Did the Ritz ever completely sell out?
Talk about diminishing a “brand”. Wow.
A.T. that was the best post ever!
Now if you’ll excuse me, I have some singing to do…
How about “Puttin’ on the Ritz”?
I had a mistake above — the Beacon purchase was from 2006 not 2007. Things are worse (or better) than I thought.
so does john elway own any property in san francisco?