Listed for $1,288,000 in January 2011, the 2,097 square foot #320 at 200 Brannan sold for $1,260,000 last April. Back on the market ten months later and listed for $1,450,000.
With new hardwood floors in place, it’s not perfectly apples-to-apples, but we’ll call it close enough. And if you think you know South Beach, now’s the time to tell.
∙ Listing: 200 Brannan Street #320 (2/2) 2,097 sqft – $1,450,000 [Redfin]
It doesn’t sell. Market value = $1,325,000 but the seller will stick to their price and it will get rented.
First thing that comes to mind is that I can’t believe that sellers think they’re going to get a 15% gain in less than a year. On the other hand…comparing it to other units currently on the market, it doesn’t seem outrageous:
… #310 which is marked “Act Cont-Show” now, is also a 2BR/2BA listed at $949k for 1525 ft.² or $622.30 per ft.² with the regular wall to wall carpeting; #320 would represent a 10.9% premium at asking.
… #412 is also active contingent (why does the listing for #320 call it a “top floor”?) and also two bedrooms and two bathrooms and has hardwood floors, but is 1517 ft.². Asking 593 per ft.² so #320 would represent a 14% premium at asking.
I should add that I don’t think I know South Beach, I’m just a lay observer looking at the listings.
Where is the 2,097 square feet? It looks much smaller in the listing photos.
That staircase is thunderous in the small living room.
I think I know South Beach. And I know this building, although I’ve not seen this particular unit. If it’s the floorplan I’m thinking of, it’s really more suitable for a couple, as the layout would not work well for roommates despite being a 2/2. So not a great rental.
That said, dumb tech money is back in Soma, so I don’t think the ask is outside the realm of possibility. I don’t follow 200 Brannan that closely, but looks like recent sales have averaged ~$700 psf. Assuming this unit has no critical flaws that are hidden in the pictures, and the square footage is accurate, it could go for/close to asking. I’ll guess $1.35 to hedge myself.
I agree with the first post, I don’t think the seller can sell it for enough to even break even considering closing/ carrying costs. They will probably rent it out and try again next year thinking prices will go up by then.
#310 = $622/sf at asking. 10% lower
#412 = $593/sf at asking. 14% lower
#320 = $691/sf at asking.
Note according to the listings both 310 & 412 have hardwood floors.
Given that all else being equal price per square foot drops as the size of the property increases, and that both above comps sat for months before selling (meaning they probably are in contract for less than asking), only an idiot would pay what the seller is asking.
If it does sell I say $1.3 million