Purchased from the sales office for $3,149,500, or roughly $2,003 per square foot, back in June of 2016, the “highest and largest” two-bedroom, two-bath unit in the Lumina tower at 338 Main Street, unit #35A, was then listed for $3,449,000 in March of 2017 while alternatively being offered for rent at $15,000 a month.
Reduced to $3,199,000 and then to $2,995,000 in May of 2017, 338 Main Street #D35A was relisted anew for “$2,900,000” in November of 2017 but then withdrawn from the market when an acceptable offer failed to materialize.
Listed anew for $3,299,000 [in early 2019], perhaps in anticipation of a mis-projected wave of millionaires that were going to “eat San Francisco alive,” the unsold 1,572-square-foot unit was then listed for rent at $11,000 a month (which was reduced to $10,500 after a week). And in October of , the unit was listed anew for $3,150,000 and its days on the market were reset to “1.”
Reduced to $2,995,000 [in February of last year], and then offered for rent at $9,000 a month in March [of 2020], the list price for 338 Main Street #35A, the listing for which touts “unparalleled views of the Bay Bridge, water, city skyline & Twin Peaks,” along with “one of the most desirable floor plans at The Lumina,” is now down to $2,875,000, or roughly $1,830 per square foot, a sale at which would be 8.7 percent below the unit’s mid-2016 value on an apples-to-apples basis.
And the re-sale of 338 Main Street #35A, the HOA dues for which have been running around $1,200 a month, has now closed escrow with a contract price of $2,650,000, down 15.9 percent ($499,500) from mid-2016 on an apples-to-apples basis but “within 8 percent of asking” according to all industry stats and market reports on account of its reduced list price.
At the same time, the index for Bay Area condo values is up 14.7 percent from June of 2016 and the “median sale price” is up as well.