Listed for $1.595 million in September of last year, reduced to $1.499 million in early March and then offered for rent at $5,900 a month (which was dropped to $5,000 in July), the 1,385-square-foot, top-floor loft #402 at 355 Bryant Street was repositioned for a “Luxury Live Auction” and re-listed with a “$1.1 million list price/opening bid in August.

The two-bedroom live/work unit features soaring ceilings, with exposed redwood columns, two full bathroom, an upgraded kitchen and a spiral staircase leading up to the second bedroom/office which opens to a private roof deck with Bay views.

And the “auction”/sale of 355 Bryant Street #402 has now closed escrow with a reported contract price of $1.21 million, which was officially 10 percent “over asking” and with only 59 days on the market according to industry stats and aggregate reports.

But the sale was also 3 percent below the $1.25 million price which the sellers paid for the unit back in November of 2013 on an apples-to-apples basis, which might provide some perspective on why the “Luxury Live Auction” for unit #102 in the building was quietly abandoned.

15 thoughts on “Luxury Auction Yields an “Over Asking” (But Sub-2013) Price”
  1. $651 HOA is actually on the more “reasonable” side when many SoMa buildings exceed $900. But still not my speed.

    1. To be honest that’s my biggest deterrent from having any interest in the new big condo highrises. I know a lot of them have nice amenities, but they’re not $1k a month nice.

    2. I don’t believe the building has any amenities (no gym, pool, etc), so it’s not really an apples-to-apples comparison. Also, parking at this bldg is extra (~$550/mo, I believe).

      1. Pretty bad deal when you put it that way. I’d love to understand who these condo buyers are, vs the smaller/older condo buyer (with ~$300 HOA’s), vs buyers like me who prefer SFH and want no part of this. Clearly there are many such buyers out there who value location/amenities over more freedom/control?

        1. If you are targeting SFH, especially the more desirable locations, you are likely scratching your head wondering why you have not seen the kind of drops that we all read about on this site everyday?

          1. “West Portal” one is pending (16th Ave), at 1978 feet and dated. 15th avenue is pending at basically the same price with 2021 feet and redone. While the house at 17th avenue sold at $1.81 for 1848 feet. That one sold in 11/2016 for $1.4m

  2. What I want to know is what makes a live auction a “Luxury Live Auction”, especially since (I assume) it wasn’t in person (because of precautions taken due to the new coronavirus pandemic) and therefore there were no formal-wear clad butlers sauntering through the crowd distributing stems of Louis Roederer Cristal.

  3. Unit #102’s auction was cancelled because (after two auction dates) they still didn’t have a bid at their secret reserve price, which was $2.25M (the current list price).

    [Editor’s Note: A bid at which would have been 7.2 percent below the price it fetched last year.]

        1. Actually I’ve heard that spirals are a mixed package, in risk terms : yeah they’re a bottleneck egress wise, but the very thing that makes them so – people navigating them slowly and using the handrail – reduces the fall hazard. I suppose people occasionally try to rush them for some reason (tho in you model I guess that would be mostly going upstairs, wouldn’t it ?)

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