While the penultimate penthouse a floor below was listed for $2,000,000 in early 2010, the Infinity Tower Two unit #42D which wasn’t listed sold for $1,500,000 that February. Three months later, 338 Spear Street #41D sold for $1,425,000.
This past March, 338 Spear Street #42D was listed for sale and it closed escrow two weeks later. And while the recorded sale price was $250,000 under asking, at $2,250,000 it was also $750,000 (50 percent) over its 2010 sale price on an apples-to-apples basis.
Bah-BOOM! Good times are hear again. Although, I suspect there is more to the 2010 and 2012 sales then is included in the post.
Regardless, congrats to the seller and hope the buyer enjoy the property for a long time.
These penthouses aren’t a good indicator of much of anything, regardless of whether the market is going up or down. Conspicuous consumption for absentee millionaires who will probably spend 3 nights/year here.
The more relevant story, IMO, is what’s going on with “regular” condos that actual San Franciscans buy. Because the prices on those have been going up as well, notably at the Infinity, as I mentioned in another thread.
wow! now that’s some dumb money.
That’s still way cheap vs. Repulse Bay, Midlevels or even Kowloon these days.
^because buyers of SOMA highrises are also considering Hong Kong as their “plan b” ?
but one will find that property taxes and hoa fees in hk amount to a fraction of what they are here.
A Boom is a Boom!
I am still waiting for that smart tipster guy to do his mathe calcs on the loss… And his monthly cost to live here.
I’ll do that for the next guy, jerry. We’ll see how that works out for him.
I suspect the buyer is going to join this unit to an adjacent unit he already owns. The seller probably got wind of that desire, and listed high. The buyer felt desperate and took the bait.
SOMA is a good Plan C for mainland Chinese money. Your absentee millionaire can buy a place like this and know someone else will take it off her hands in 5 years regardless. Banks will lend, people will buy – the privileges of quality assets.
“I suspect…” followed by completely made up nonsense as usual.
Oh, and I thought sales like this didn’t occur… you know, when tipster is “right” 5 years now that the market collapsed 30% due to this one apple’s “it’s a comp” sales price now.