A Million Dollar Price Cut and End of Year SaleDecember 29, 2021
Purchased for $1.7 million in June of 2017, the 947-square-foot, one-bedroom unit #30C in the Four Seasons Residences at 765 Market Street was subsequently remodeled – from its floor to ceiling and kitchen to bath – in an all-white “Modern Mediterranean-style,” with high-end finishes, custom-made lacquer cabinetry and built-ins, and framed city views.
The “beautiful example of Urban luxury in the sky” returned to the market priced at $2.495 million this past March.
And having been reduced to $1.95 million in April, to $1.85 million in June, to $1.65 million in September and to $1.595 million in October, 765 Market Street #30C is now in contract, having been further reduced to $1.35 million last month, a sale at which would be consider to be “at asking” according to all industry stats and aggregate reports but 20.1 percent below its 2017 price (not accounting for the cost/value of its remodeling).
The Case-Shiller index for “San Francisco” condo values, which hasn’t budged in a couple of months, is up 15.6 percent over the same period of time.
Comments from Plugged-In Readers
HOA fees of $2200 a month must severely limit the market for this condo, more than the price and the undesirable location.
The HOA fees in this building always seemed ridiculously high but per the listing they cover almost all utilities, homeowners insurance, and earthquake insurance, which almost makes it seem like a deal. I’m curious how far the HOA insurance covers.
Whoever priced this shotgun apartment at over $2,500/sf back in March was certainly reaching for the sky … more like the moon.
My thought too…tho since both the BR and LR have window views, it must be a double barreled shotgun
The draw to live in this area is not what it was. Given Covid, the homeless, empty stores and the slow to recover (compared to other cities) SF hospitality industry. Not to mention telework. Like I could live here, or I could live in Sausalito with a spectacular view for the same price? It’s real. My UCSF worker neighbor can now telework 4 days/week and has decided to move to the Sausalito hills. The homes are actually several hundred K less than their SF home.
The exodus from San Francisco continues – according to a study by UC Berkeley, San Francisco saw the largest growth in “exits” of people moving out of the city with 9,365 moving away in July-September of 2021, a 34% jump since the first three months of 2020. Many of these people are high paid workers, the market for million-dollar condos “in the sky”. As that market shrinks luxury SF condos will see further price drops and we will see more headlines such as this.
This doesn’t strike me as aimed at buyers that would actually live in the place. A pied-a-terre perhaps or of course a vehicle for overseas buyers to funnel funds out of the country.
Staged by some jokester? The taxidermy animal head over the bed in one view is replaced by framed photos in the next, though even the throw tossed onto the bed remains the same. Ditto the moving sofa in the living room.
…and the vegas-style club rope in front of the mbr closet + the disco ball in the shower. I’ve always had the perception that this building is more on the understated luxury side versus some of the newer flashier buildings. I’d guess that the more ostentatious style of the remodel missed the mark on the type of buyer for this building. The cold tile floors (vs. hardwood) and the enormous number of useless storage cabinets in the living room are also big turn offs.
B…b…but Mediterranean style. No mention of which part of the Med:
I’m guessing Oran (will leave it to readers as to what I’m hinting at).
P.S. I’m doubtful a storage cabinet can ever be “useless” but I agree they could be better placed (namely not in the LR)
The unit was remodeled in 2017, to the specifications of the buyer that had picked the unit and building, not speculatively.
If you go to the [listing page linked above], you’ll even find a closeup photo of the disco ball. Not to be missed!
UPDATE: With a pending sale at well below its 2017 price, and over a million under its original asking price, the listing for 765 Market Street #30C has been removed from the MLS.
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