Two Years Later and $518K Less at the InfinityDecember 14, 2016
Listed as a “Rare & Stunning Bridge View 2 Bedroom at the Infinity” for $2.5 million two years ago, the 1,317-square-foot unit #23B at 301 Main Street sold for $2.4 million in March of 2015, establishing a building and neighborhood comp at $1,836 per square foot.
Three months ago the unit returned to the market listed for $1,995,000. And yesterday, 301 Main Street #23B resold for $1,900,000, establishing a new comp at closer to $1,443 per square foot.
While $1,443 per square foot certainly isn’t cheap, it is roughly 21 percent cheaper on an apples-to-apples basis versus the first quarter of 2015 for the bridge view two-bedroom at the Infinity.
And in related news, the listing for 301 Main Street #5C, the lower level 1,752-square-foot unit which had been listed for 24 percent less than the price at which it was purchased one year ago, was just withdrawn from the MLS without a reported sale.
Comments from Plugged-In Readers
What, exactly, makes this unit “rare and stunning”? From what I can see, the finishes are still the builder’s choice and the unit shares the same view that units +/- five floors also share. And do those built-ins in the bedrooms function as closet space?
I am shocked–shocked!!–to learn that realtors use ridiculous language
Hey, those are top-of-the-line Ikea finishes (or at least look like it).
Those are Studio Becker cabinets
Studio Becker or not, they are what came with the unit and about 200 like it.
Maybe, but there’s a difference between 200 units with IKEA cabinets and 200 units with Studio Becker cabinets.
What was the original purchase price on the unit when it was new a few years back?
There is nothing rare about this unit, and it will increasingly become less rare as some of the towers are completed. The laminate IKEA-style “built-ins” are supposed to be inside a closet, behind closed doors, not hanging on a wall. For $1443 a square foot, one could get a VERY nice condo in one of the real neighborhoods in the City.
NOT TRUE! They will have a rare and stunning view of the Studio Gang tower right across the street, they won’t be able to miss it when it blocks 75% of their living room view.
Everything about this is just non-sensical. $2.4M for a 1,300 sq ft apartment?! The layout isn’t even livable for a hotel room stay. For that money, you have no place for a dining table more than 4 in a corner. There is no place for a home entertainment center/tv. The bedrooms are beyond tiny w/ no closet space. I can only imagine what the HOA dues are. And then there’s losing 1/2 million on a 20 month investment, which doesn’t include realtor/closing fees. And let’s be honest, this seller is getting out ahead of what appears to be a much larger drop in luxury hi-rise condo market. To each their own but I can think of so much more one could do with $1.9M.
well, 10 minutes is a bit of a stretch but otherwise you have a very good point.
A bunch of listings peg the HOA at ~$900/month.
You’re paying for the unobstructed Bay Bridge views and location. The Hills Brothers building in front is historic so you will never lose the rare and stunning view. Besides, ever heard of the term “million-dollar view”? Well there you go!
I count 7 buildings blocking the view of the bridge and water in these pictures. Depending on one’s tax strategy, it’s really a $1.6M view, huh? But much of it carried over as a loss on several tax returns.
You’re trying too hard. The water and the bridge are plainly visible. Just because you wouldn’t pay for the view doesn’t mean that someone else wouldn’t.
Stunning? Maybe. Rare? No. Available from many vantage points both public and private.
The Hills Brothers building, which I really like, obstructs the view of the Bay Bridge. This apt is on the 23rd floor, no? Up a few more floors and, voila, an unobstructed view! Up some more floors and it probably gets “stunning”, though the view of the HB building loses its impact as you end up looking down on it.
uhh, the views aren’t really that great. I definitely wouldn’t rate them worth million.
Good long-term bailout for the seller. The NE view will be blocked in a few years by the new tower at Folsom & Spear
It seems really cramped for 1300 sq ft. Would that include the balcony?
What an insane purchase this was last year. I agree that the seller is actually lucky getting out at this price…
Originally the Seller for 23B asked us to list / sell the unit for as much as possible. So we tried our best and got $2.418 Million for it.
Then the recent sale the Seller’s decided to use another Broker. I had an interested buyer and he asked us to get the property for him for the minimum purchase price. We tried our best and it closed escrow today for $1.9 Million.
Similarity the original seller for 301 Main 5C hired us to list / market their property and to get the highest sale price possible. We tried really hard and were able to get a price of $2.3 Million for them. They were pleased. I have shown 5C 3 times in the last 7 days and am trying to sell it to one of my buyers, but havent found the right fit yet.
the market is the market. Glad you get commissions on the way up and the way down, but nothing you’ve said explains the overall dynamics of the market, and particularly why there has been such a huge swing in less than two years. One crazy buyer? Overall supply/demand balance issues? Anything?
The point that I think Paul Hwang is trying to make isn’t about why the price dropped, is that you have to hire Paul Hwang to sell if you want highest price, and you have to hire Paul Hwang to buy if you want the lowest price.
Yeah, I got that loud and clear…..
The takeaway is if PH is listing a unit, the buyer will probably end up overpaying?
A common mistake people make is thinking that the real estate market is a spot market; by definition it is not. Different marketing strategies produce different results. I will let my work speak for itself.
or that Paul Hwang has the magic ability to shift the Market Dynamics.
Dr. Feelbad is right. That view will be compromised big time by the new tower across the street.
Yeah, god forbid Paul shed some light on what is actually happening in the market.
UPDATE: As referenced and discussed above, 301 Main Street #5C, which was withdrawn from the MLS in December when listed for 24 percent less than the price at which it was purchased one year ago, has just been relisted for $100 less and an official “1” day on the market.
Comments are closed.