As we first noted two months ago:
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.
The list price for 201 Folsom Street #41A has now officially reduced to $9.995 million and the “incentive” language removed.
At the same time, the list price for the adjacent 5,223-square-foot penthouse shell #41B, which had been listed for $10.495 million (and to which a $1.55 million “buildout incentive” had subsequently been attached as well) has just officially been reduced by $2.5 million (24 percent) to $7.995 million.
It also features exposed sewer pipes.
Oh. Ouch. Nice view.
i hope those are not waste/gray water drainage pipes exposed on the dining and bedroom areas.
Why? It’s a shell (and otherwise staged).
41B reduced again to $7.5M, from an original $9M, with an $8M stop along the way.
UPDATE: The two penthouse units have been listed anew for $9.995 and $7.495 million respectively and an official “one day on the market” for each according to all MLS-based stats and aggregate reports.
UPDATE: Penthouse Shells Finally Trade, One Intended as a Flip