In the Red at BluOctober 9, 2017
Purchased for $1.458 million or roughly $1,185 per square foot in October 2015, the two-bedroom unit #7D at 631 Folsom Street (a.k.a. BLU), which includes a dedicated parking spot, two bathrooms and a den and is the largest two-bedroom floor plan in the building, returned to the market this past May priced at $1.458 million as well, as we noted at the time.
Reduced to $1.375 million in July, the 1,230-square-foot unit was relisted last month with an official “1” day on the market and a $1.295 million asking price.
And the sale of 631 Folsom Street #7D has now closed escrow with a $1.24 million contract price, or roughly $1,008 per square foot, a sale which will be counted as having closed “within 4.2 percent of asking” and “21 days” on the market according to industry stats and reports.
At the same time, the sale represents a 15.0 percent drop in value for the unit with an “open floor plan, sleek European cabinetry, granite counter tops, and Viking appliances in the kitchen including a GAS stove top” since the fourth quarter of 2015.
And yes, there are big plans in the works for developing that parking lot in the background above, a development which some will see as a ding while others will view as an added bonus.
Comments from Plugged-In Readers
Methinks it’s going to be a ding. Not only losing views, but living across from a fairly major hotel (400 rooms) with all the attendant noise and especially the increased traffic.
I lived across from a hotel and never heard anything. As for views, you aren’t losing views of anything much, just trading a view of one office building 70 feet away plus a very ugly parking lot (and the noise and homeless it tends to draw) for a pretty hotel 30 feet away. It won’t be noisier, it will be much quieter: parking lots generate a lot of noise early in the morning and homeless people yelling overnight. 6 of one, half a dozen of another. Kudos to Socketsite for raising the issue, but it’s not likely to be that material, and whoever bought it in 2015 knew that something would ultimately go there, and so it would have already been mostly priced in. If anything, I wouldn’t have planned on the large setback between the properties, so it may be an improvement on that front.
The bigger issue is the $275,000 loss including realtor, staging, transfer taxes etc. That’s $21,000 per *month*, plus the mortgage, HOA and property taxes. Had to hurt. At least they got out before it got any worse.
Well, they moved into the Lumina in June. Hopefully they were upgrading their living situation (and not “investing”).
that’s interesting, wiling to take a 300k loss just to move into another condo down the street.
We don’t know the particulars of the buyers, but perhaps they bought in the Lumina for the view. Not everybody uses a calculator to live and price their lives if they have the resources.
Keep dropping. I’m holding out for one of the penthouses.
This is one ugly condo. . . $1,185 is $185 too much per sq. ft.
Why do you refer to “that parking lot in the background above” when no parking lot is visible in the photo?
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