188 Minna #23F
In 2008, the voyeurlicious (trademark pending) two-bedroom St. Regis condo #23F hit the market listed for $2,595,000. In 2009, the price was cut to $2,350,000, furniture included.
Relisted as a short sale for $1,940,000 this past July, the sale of 188 Minna Street #23F closed escrow today with a reported contract price of $1,588,000, twenty-nine (29) percent or $662,000 below its pre-remodeled purchase price of $2,250,000 in 2007.
The 1,527 square foot luxury condo also sold for $2,080,000 in 2006, back when short-term holds somehow (i.e., the market was actually appreciating) made sense.
Oh, and with a list price that was changed to $1,209,200 this past February, it’s officially “30 percent over asking!” for today’s sale according to industry stats. And yes, it’s still expensive at over a thousand a square foot, but a rather luxurious 29 percent less expensive than in 2007.
Voyeurlicious Design (TM) In More Ways Than One: 188 Minna #23F [SocketSite]
Why Stop With Voyeurlicious, Let’s Add Instastyle-istic (TM) As Well [SocketSite]

Comments from Plugged-In Readers

  1. Posted by eddy

    “And yes, it’s still expensive at over a thousand a square foot ”
    Couldn’t have said it better myself.

  2. Posted by lolcat_94123

    What are the HOAs? Probably over a g a month for them too.

  3. Posted by RobBob

    RedFin says HOA fees are $2,109/month (!)

  4. Posted by Dont get it

    The rich aren’t so different, after all.

  5. Posted by Brahma (incensed renter)

    From the thread on 214 Arguello: Two Years Later And Asking Twenty-Five Percent Less:

    …if u think SF prices are going to decline like LA, -30 to 40%, you’re smoking crack. This is bottom for SF, -10 to 25%, depending.
    Posted by: 45yo hipster at December 28, 2009 5:09 PM

    That comment was regarding a Presidio Heights condo that previously sold for $1.6M in 2007 eventually selling for $1,137,500, for a decline in value of 29 percent. This place is just another data point. I don’t think SF has “hit bottom” in the luxury condo market.

  6. Posted by tipster

    34F with panoramic views just sold as a non-short sale for $170K more, a much better deal, IMHO.

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