Priced at $2.345 million in early 2014, the “remarkable” two-bedroom, two-bath unit #29A with a 200-square-foot terrace near the top of the Infinity tower at 301 Main Street sold for $2.1 million, or roughly $1,656 per square foot, that November, four months after the plans for a twisty 400-foot tower to rise across the street had been unveiled.
This past August, the “quintessential waterfront” unit with “the ultimate entertainers floor plan” and “custom finishes throughout,” including built-in A/V equipment, hardwood floors and mechanical shades, returned to the market listed for $2.099 million, a sale at which would have effectively represented a push in terms of appreciation for the two-bedroom over the past four years.
And having been reduced to $1.999 million last month, 301 Main Street #29A remains on the market and listed as available inventory in San Francisco.
The Infinity and Lumina both seem to have taken the largest hits in terms of price-points. Newer condo prices are down but not as much as in this particular case. Part of it is likely the tower going up directly across the street. It seems from the photo that the sliver of a Bay view will be reduced some. The other factor that, IMO, is hurting all of the TTC area is that the promise of it becoming a hub of bustling retail activity with galleries, shops, restaurants and a 24/7 vibrancy is gone. 524 Howard has been abandoned and it would have been at ground zero of this hoped for, if not Grand Central Station, then Union Station (LA). That says a lot. The area is star-crossed. The Millennium Tower, the Salesforce Park situation and HSR likely never to arrive at the TTC. It seems hopes for this becoming a very upscale world class neighborhood are gone and buyers realize it. Hence downward price pressure. The Parcel F investors bought all the hype (paying a huge price for the site) but now that proposed project looks economically problematic.
i think it only makes sense that you have to sell at a loss when it comes to these (i guess) “trophy units”, where the price per square foot doesn’t follow any established market rate but has an arbitrary mark-up for the “uniqueness” of the unit that can’t really be quantified. when you pay for such a unit, there may not have been any close 2nd or 3rd bids that “barely” lost out to you. You could have been the only person in this universe who made a bid for anything close to the asking price, so it should not be surprising that there is no secondary market for this if and when you sell.
What are you talking about? 524 Howard the ground zero of some retail hub? It’s a small 350 unit building.
Union Station LA? Have you been there? It’s lame.
SF never has and never will be a 24/7 city. The area is progressing nicely (not as fast I’d like but still…). Lumina and Infinity are just too expensive (who wants to pay > 2 million for a nice but nothing spectacular condo?
People overpaying for not wildly special condos doesn’t condemn an entire developing neighborhood.
UPDATE: 301 Main Street #29A has just been listed anew with an “original” list price of $1.999 million and an official “1” day on the market according to all industry stats and reports.
UPDATE: 301 Main Street #29A has once again been listed anew with an official “1” day on the market, this time with an “original” list price of $2.099 million (once again).
UPDATE: Remarkable Two-Bedroom Now Listed for Well Below Its 2014 Price