Crypto Fails to Move $6 Million Light House CondoFebruary 8, 2019
Purchased for $6.495 million in April of 2016, the 5,493-square-foot “Light House” condo at 651 Dolores Street, one of four condos within the converted Second Church of Christ Scientist, returned to the market in August of 2017 with a $6.795 million price tag.
Reduced to $6.349 million after a month on the market and then to $6.149 million at the beginning of last year, 651 Dolores Street was further reduced to $5.95 million, at which point “Call agents re: sale with Bitcoin or Ethereum!!!” was added to the listing prose.
Officially withdrawn from the MLS at the beginning of this year, 651 Dolores Street has just been re-listed anew with a $5.95 million price tag, an official “1” day on the market according to all industry stats, and no mention of Bitcoin or Ethereum.
Comments from Plugged-In Readers
The price of bitcoin last I checked today was at $3,635, which is a little over 50% lower than what it was back when ss posted that asking price was reduced to $5.95 million on this place. So if you cashed out your BTC back in early June, bought this place with the proceeds and had the value of the acquired asset just stay the same on a mark to market basis since (assuming the current asking price is fair), you’d still be ahead.
This place screams cold and dead to me.
Would be a nice place for a museum or art gallery. Silly as a residence
This place wears its ill conception on its sleeve. This is (was) a civic-minded building with a facade meant to welcome people in (using an evolved-over-thousands-of-years design) and trying to un-do that intention with a tacky fence is just pathetic.
I’m normally a big fan of historic preservation, but if we let someone try and turn this building into something it’s not, maybe it should have just been demolished and put out of its misery.
You don’t like the early John Carpenter vibe? Escape From New York, Assault on Precinct 13 – really all it needs are some heads on pikes to complete the effect.
Why would someone buy this and then sell it so quickly? This seems so common in SF
Oh – duh – just read the earlier story about Hive.
Sorry but I disagree: This is one SF building that needed to be preserved whatever it took, even condo conversion. We mock so many other ridiculous examples of “historic” buildings on these pages but this one really is. And if some day there’s another use for the shell more in keeping with its architecture, that can happen as long as it’s standing.
Such a badly executed condo conversion inside a historic building. The design can’t seem to find its way and feels stuck between classical and warehouse. It’s truly unappealing.
UPDATE: The Lighthouse condo at 651 Dolores Street has just been listed anew with an official “1” day on the market and a further reduced list price of $5.495 million (which is now a million less than the unit fetched in the second quarter of 2016).
UPDATE: Light House Condo now Listed at a Larger Seven-Figure Loss
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