Technically it’s not a price cut, the prevalence of which has been on the rise in San Francisco, as the list price for the 5,700-square-foot penthouse shell #41A atop the LUMINA tower at 201 Folsom Street remains at $11.495 million.

But the listing notes for the two-level unit have been updated to note a new $1.55 million “buildout incentive” which is now being offered by the sales team.

In addition to an 18-foot ceiling in the living room, the three-bedroom shell features over 290 linear feet of windows in the common areas alone, three private outdoor balconies and three parking spaces in the garage below with HOA dues of $3,670 per month and some rather spectacular views.

Comments from Plugged-In Readers

  1. Posted by Dave (Seattle dude)

    Still overpriced. Aside from the view, an unremarkable building in a somewhat unremarkable hood (SOMA ain’t no North Park or Ballard or The Pearl) which will be less attractive in a few years as the NC opens just blocks away.

    • Posted by Scott F

      The navigation center is a temporary use which will be open later this summer, and gone “in a few years.” And in the meantime, it’ll make the neighborhood more attractive by connecting the people on the streets with help and housing, as once-skeptical neighbors now admit navigation centers have done in the Mission and Dogpatch.

    • Posted by Eric Swenson

      Uh Dave… this is not in SOMA.

  2. Posted by rinconmike

    You don’t know what you are talking about. The Lumina is an incredible building in an incredible location. NC will not impact the neighborhood in a negative way. The homeless are already here… coming to your neighborhood soon.

    • Posted by Brian M

      There are no homeless in Dave’s Seattle, of course. Absolutely none. As Seattle is superior in every way, they have totally solved the problem. Which improves profits for carpetbagging “investors” like Dave.

      • Posted by SFRealist

        None in Portland either. Which would be surprising news to anyone who’s ever been to Portland.

      • Posted by 101

        Here is a fun fact. Seattle/King County has the third largest homeless population in the US.

        • Posted by Dave (Seattle dude)

          Yes and let’s dig a bit deeper. SF is a small city of 870K or so with a 2019 homeless count of 9700 or so. Seattle/King is far larger at 2.2 million with 11,199 homeless or so. Much higher per capita homeless numbers for SF than for Seattle.

          • Posted by homie

            155 days of rain per year. Build some shelters for those homeless!

          • Posted by Rick (Former Seattle Dude)

            Don’t forget the 308 days of clouds. Sun lamp needed in Southern Alaska

          • Posted by Brian M

            OK. You are being very disingenuous here, Dave. You are including all of the King County suburbs in your count. Why are you combining the two? I have not seen total numbers for metropolitan San Francisco, and the definition of metropolitan is subject to debate anyway.

            Nobody ever denied that SF has a serious homelessness problem. Partly because of the climate reasons posted below. Part of it is the myth of California…too many lost souls just up and move here because it is groovy here. Part of it is indeed the sheer difficulty of building housing here.

            I was reacting more to your snide “Seattle is better” meme that you had before you even finally moved on to the Great Green Drizzling Paradise to the north.

          • Posted by Dave (Seattle dude)

            @Brian M – not disingenuous but rather accurate. The key is homeless per capita. That impacts everything and most obviously the visibility of homeless on the streets. Far less visible in Seattle/King than if SF. The numbers speak for themselves. If you want to go by “metropolitan” it just gets worse. Add in Oakland for instance – SF/Oak – just half the population of Seattle/King – with the SF/Oak homeless number being 12,461.

  3. Posted by Martin

    You could really run up the electric bill with 7 AC units.

    NC will be a positive thing, as it’ll prioritize helping getting the existing homeless in the neighborhood and along Embarcadero.

  4. Posted by Martin

    Those 7 AC units will do quite a number on your electric bill. I wonder what the PG&E baseline level is for a penthouse that’s basically a merge of 4-5 2-bedroom units.

    The NC will focus on the existing homeless in the area, so at least unlike today, there’ll be East Cut Patrols will have a place to take the homeless instead of today where they bump them from one alley/doorway to another.

  5. Posted by Mark F.

    I don’t get why anyone would want to sit out on a freezing outdoor terrace 500 feet up.

    • Posted by SFRealist

      If forced to, I could live in this unit. And then, tho I’d hate it, I could sit on my large outdoor terrace.

  6. Posted by Rick

    Seems like a deal compared to the $42 mil penthouse on the 70th floor on 181 Fremont.

    • Posted by Dave (Seattle dude)

      There is no 70th floor at 181 Fremont.

      • Posted by SocketSite

        While the tower at 181 Fremont Street only has 55 stories, the numbering for the residences across its top 16 floors started at “54” with the 6,941-square-foot penthouse atop the tower (“GPH”), which was priced at $42 million, but remains unsold, on the “70th” floor.

        • Posted by Dave (Seattle dude)

          Yes. Playing fast and loose with the numbering. To what end? I assume the advertising for this unit states, in fine print, that it is really not 70 stories up – and hence higher than the top floor of SF’s tallest building which is 62 stories – but actually just 55 stories up. Otherwise potential buyers are in for a big letdown. Maybe one of the reasons it has not sold? The price too high for a residence not so high.

          • Posted by SFMichael

            Actually they were probably just skipping having floors start with a ‘4’. I once had a Las Vegas manager tell me that if they could get away with it they’d number their floors 8, 88, 888, 8888, ….

  7. Posted by SocketSite

    The adjacent penthouse unit #41B has just been listed with a $1.55 million “buildout incentive,” but no official “reduction,” at least not according to any MLS-based stats or aggregate reports, as well.

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