Coveted Two-Bedroom Nearly Fetches Its 2016 PriceNovember 30, 2018
Measuring a 1,403 square feet and dubbed “one of the most coveted view homes at LUMINA,” the two-bedroom unit #16C in the tower at 201 Folsom Street was purchased for $2,178,808 in August of 2016.
Featuring “floor-to-ceiling glass windows framing a panoramic view of the city skyline across the Bay to the Bay Bridge,” the corner unit returned to the market priced at $2,195,000 this past September, a sale at which would have represented total appreciation of 0.7 percent for the unit on an apples-to-apples basis over the past two years.
Yesterday, the sale of 201 Folsom Street #16C closed escrow with a contract price of $2,150,000, representing total depreciation of 1.3 percent for the “signature corner floor plan” since the third quarter of 2016.
And yes, with a list price which was reduced to $2,150,000 three weeks ago, the sale is officially “at asking” according to all industry stats and aggregate reports.
Comments from Plugged-In Readers
not to be overly picky, but those windows are not floor to ceiling…
Are you implying that a real estate listing exaggerated the apartment’s features?
No, and I’m not crazy about the floor plan or the post. Also, I’m not going to be sitting out on a freezing and windy balcony, which is totally useless.
Okay, I saw this unit.
Here are a couple of things to note:
1 – This building is less than 2 years old. So expecting much appreciation in 2 years is kinda silly. Secondly, most units have appreciated in 2 years, ~5%? Where people are getting killed are in the agent fees to re-sell.
2 – Across the street, the temporary Transbay terminal is being built up, and will be a huge problem with the view – this is only the 16th floor. Prepare to have that view screwed over. Views have a huge impact in value on these units. HUGE.
So yes, it sold basically at the same price – but if you compare the screwed over view + minor appreciation, the number look right. This isn’t a shocking story or a canary in coal mine story where the market is plunging because it fetched “2016” price.
Maybe it’s a story of some poor soul overpaying for a view condo with a disappearing view in a gently descending market.
Wouldn’t they have known about the view issue when they bought it back in 2016?
I don’t think the building on temporary transbay will block the view. While the BMR is spec’ed at 16 stories, it will likely have a slight lower ceiling which will add up to around 10 ft of clearance for this 16th floor unit. It’ll definitely be close though. Luckily, they’ll still have a view of 181 Fremont and Salesforce among others.
Regardless, they’ll still see the bay down Folsom street.
Just goes to show, 16th floor ain’t what it used to be.
It will, it’s going to be up to 23 floors. And yes, it was declared a while ago.
The view will definitely be affected. Go stand there on Folsom and take a gander.
Also, you can see facing east, the view will be hurt by Mira that’s going up. (You can see the yellow crane in the picture) That’s also going to take away the water view between the buildings.
Sales office opened in 2014, so this was likely to have been purchased at 2014 pricing, and closed in 2016.
When I visited the sales office in 2014 was only selling units in 338 Main St tower which was to be finished first. This tower was finished later, so pricing would’ve been “adjusted”. Most likely purchased in early 2016 or late 2015.
Best bet is to wait a few years after Facebook to fully moves into 181 Fremont and 250 Howard. That’s 1.2 million sq feet of space. When filled with rows of desk might hold about 5000 employees – many of which will like new construction and a “walking” commute.
Once Mira is finished / sold, there don’t seem to be further large projects around, so anyone still holding onto the condo there, will have a good market to sell to.
Agree. The future of downtown is VERY bright with very high end jobs. These condos will be worth $$$.
Yeah I think right now, short term, there is a lot of supply in this area, so prices will be depressed, but after one steuart lane and the Howard & Main st building goes up (which I heard is supposed to be 49% BMR), there really is nothing new that I’m aware of in this immediate area..so 5+ years out I think this area will perform extremely well. It just happened to be that there were so many empty lots in this area that if you were here first you had a lot of competition which hurt values.
*correction, other than those nothing new market rate residential in this immediate area that I’m aware of, I mean. (since there is that new BMR building planned you guys are referring to on folsom across from lumina).
The Lumina and Infinity have both not fared well in terms of resale prices. There are many reasons for that but one that is becoming more apparent is that the vision of the TTC neighborhood as a 24/7 center of vibrabt activity is not going to happen. HSR will not come to the TTC. The latest is the state is looking at the massive cost overruns and failures in the Central Valley buildout. Newsom surely wants to get it done as a crown jewel to his governorship but to do that it will have to stop at San Jose or come up the East Bay to Oakland. Leaving the TTC area a star-crossed (the Millennium leaning tower, the problems with the “box” and elevated park) neighborhood with empty sidewalks on weekends and empty stroefronts to complement those sidewalks. And absolutely mediocre architecture. It is true SF is now pretty much built out and the day of major new residential projects/towers is over. Especially so around the TTC. Yes, that could buoy prices – the lack of new supply, but w/o HSR and the shops, galleries and street life there is no there, there.
Sorry to burst your bubble Dave but have been on 2nd st at night ( or day) lately?
It’s absolutley poppin. And it is the main st of the New transbay hood. Now you have a point about more toward the Rincon Hill towers and around the Temp TBT. Dead yes. But give it time. It will happen. It already is. It was all parking lots remember?
I dunno how long you’ve been in that area ( oh wait you aren’t) … but I’ve worked there for almost 20 years now and only a fool would not see what an amazing neighborhood this is becoming. It takes time.
Now, I was in 399 Fremont the other day and that tower is truly ikea wannabe Porsche, as is the lumina and infinity… and also as much as I love the twisty tower on paper and seeing it rise from my office is quite fun… but I have to say as they put the skin on the lower levels it looks really really bad/tacky. (IMO) ihope it somehow looks better as it finishes up but this area which I call tishman square is for sure a bit bland/wannabe luxury. That’s ok. Worker bee wanna be rich / stays symbol people will gobble it up. And good for them!
To your point bad resale. Empty fronts on Folsom. But in 5 years it’ll feel pretty lived in and be ok. HSR will be a bonus as will the 2nd transbay tube and ya it will all happen.
I was just in Seattle. It’s a joke vs SF and Oakland. Architecture and diversity and transit. So there ya go. My observation on the ground.
“Empty fronts on Folsom. But in 5 years it’ll feel pretty lived in and be ok. HSR will be a bonus as will the 2nd transbay tube and ya it will all happen.”
Keep dreaming, dude. Keep dreaming.
Things always get better in SF, it’s just damn slow. Probably not 10 years.
This area used to be crap, so was 5-13th street – it’s way nicer. (as someone who lived here 10+ years in soma)
Considering they just chose a more expensive option to extend Caltrain by extending the tunnel, there is absolutely no way Caltrain, much less HSR, will be rolling into the STC no earlier than 2030. Between the EIRs, securing funding and build out, expect it to happen, if it ever happens, later rather than sooner. But, it seems like a lot of readers are okay with waiting a few generations so more power to them. Don’t rely on HSR to give the area new life. Clean up the homeless problem and make it enjoyable for residents and workers in the area, as well as a destination for non-residents.
I work at 2nd/Mission. Sorry to burst your bubble, Oakland lover, but it’s still a 9-5 world there. The homeless outnumber the visitors on weekends, especially between Folsom and Market. The bigger problem with attracting people and businesses is that both 2nd and Folsom have been narrowed to accommodate bike lanes. I’m not opposed to that in itself, but the result is that traffic to the Bay Bridge backs up and these streets are gridlocked a lot of the time (as well as 1st St. for the afternoon rush).
I agree on the weekends it’s a bit dead but just compare it to 10 years ago. Infinitely better. Now think 10 years from now.
Still lotsa cool buildings in the works around there too… probably for next cycle…. maybe s good thing as maybe they will go even higher than the current plans ( I’m referring to the cluster planned around Howard st between 1st and 2nd.
And ya traffic sucks if you drive during rush hour. I don’t so i don’t pay attention.
It just takes time.
Also disagree on the 9-5 during weekday. That street has major foot traffic well into the night and the bars and restaurants are all pretty full in general into the night.
2nd is already gridlocked. Except that you’ll now be looking at 10 cars vs 20 cars. And those cars will be moving faster.
Spoken like a true Oakland resident. Do you have a source that HSR will end in San Jose or even make it to Oakland? Not to mention, what problem with the box?Ye who has little faith. Over time, the neighborhood will grow and your misguided opinion will be proven wrong.
In related news, Another Luxury Two-Bedroom Nearly Fetches its 2016 Price.
Comments are closed.