Purchased as new for $1.53 million, or roughly $1,284 per square foot, in early 2008, right as the Great Recession was picking up steam, the two-bedroom Ritz-Carlton Residences unit #1702 at 690 Market Street returned to the market in early 2015 priced at $1.75 million.
Reduced to $1.65 million and then withdrawn from the market after being offered for rent at $8,500 a month, the condo was listed anew in 2017 with a $1.6 million price tag.
Reduced to $1.5 million this past July and then to $1.4 million in November, the list price for 690 Market Street #1702 has just been reduced again to $1.3 million (which is roughly $1,091 per square foot and 15 percent below the price which was paid for the unit in the first quarter of 2008, not accounting for the value of the all furnishings which are now included in the sale price as well).
And yes, having been financed in 2008 with 30 percent down and a loan for $1,065,540, the loan is now a little over $100,000 past due with a remaining balance of $1,015,514 and a foreclosure auction looming. Or in listing speak: “The timing is right!”
At the same time, the larger two-bedroom unit #2101 at 690 Market Street, which was purchased as new for $2.2 million in early 2008 and traded for $2.125 million in late 2014, remains on the market with a recently reduced $1.8 million list price (roughly 15 percent less than the unit fetched in 2014 on an apples-to-apples basis as well).