CFAH

As we outlined at the end of last year:

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 [last 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).

Delisted from the MLS once a contract was secured, the sale of 765 Market Street#30C has now quietly closed escrow with a contract price of $1.2 million, down 29.4 percent from its 2017 value and an even greater loss when accounting for the cost of the remodeling.  And yes, the Case-Shiller index for “San Francisco” condo values, which has started to slip, was up 14.9 percent over the same period of time.

Comments from Plugged-In Readers

  1. Posted by Condo Boy

    Ouch.

  2. Posted by Dave (Seattle dude)

    As with the CS SFH index the CS condo index is a regional index. San Francisco is significantly underreaming the region in condo price levels. Region wide they were up about 7.5% last year but they were down in SF.

    From the Chronicle last summer:

    “While single-family homes in San Francisco jumped about 6% year over year, — to a median price of about $1.8 million — condo prices are still off their highs. High-rise condo prices are down 9.1% from pre-pandemic highs, while mid-rise units are down 9.6% and low-rise homes are 5.2% below what they were.”

    The above notwithstanding, this condo significantly underpromoted SF condos in general;. Why? Many factors. The target market for the Four Seasons seems to be second homes, empty nesters moving back to the City and perhaps a place to stash cash. All of those less drawn to this location because of the filthy streets, crime and empty stores. SOMA has been hit hard in terns of desirability but at least condo towers nearer the Bay may have a view of the view. If you get on top of a box in the dining area and stretch you legs and look east.

    Frankly, who would want to live in the Four Seasons? I see absolutely no appeal and apparently most others don’t as well given the dismal selling price.

  3. Posted by Code Guy

    Must be a direct result of the disco ball in shower.

    • Posted by SFresident

      no, must be the antelope in the bedroom

      • Posted by MrOrange74

        I only sleep well in earthquake country if there is something sharp just above my head…

  4. Posted by Mao

    I like how they re-arranged the furniture between pics 2 and 3 to avoid highlighting the uncomfortable situation of having a couch facing the tv blocking the casework along the edge of the living space

  5. Posted by Christopher Brown

    I’m not surprised. This remodel makes the condo look like a bland hotel room and no longer on trend, which I guess it is. Also, many condos in that building have had difficulty getting sold at their original asking price. The HOA fees are very high, and the location, while centrally located, is not really the nicest part of downtown.

    • Posted by two beers

      Every time a realtor lobs a rationalization, an angel gets her wings.

      • Posted by Ohlone Californio

        every time an online persona fails to acknowledge real things, such as what has happened to downtown SF over the past few years, a realtor sighs and thinks, “typical”

      • Posted by Chris

        I guess your angel went to hell, hon. I am not a realtor, but I do always laugh that anytime you even mildly disagree with someone’s post (not sure what I said was controversial?), you accuse the poster of being a “paid shill” or a realtor. What’s it like living in your paranoid fantasy?

  6. Posted by DAA

    Could be a lot of things—rental potential hurt by the pandemic, downtown not being as hot as it was a few years ago, or that honestly it’s just a boring unit; but not for nothing, FinCEN added a whole heap of new regulations in 2018 aimed at cracking down on money laundering through real estate. I’m sure that’s a very small part of the market but c’mon, if you’re going to launder money through property, a condo at the Four Seasons is just [chef’s kiss].

    • Posted by citizenkarma

      Yup. The quiet word at the time was that more than a few of these units were “allegedly” being purchased by overseas buyers sight-unseen well prior to completion. I think I even read that somewhere.

  7. Posted by Terry Cloth

    Who puts towel racks in a shower? Wouldn’t those towels be wet by the time anyone was ready to use them?

    • Posted by BobN

      I’m pretty sure that’s a grab bar. Who puts towels on a grab bar? Someone using a chair in a shower. The shower head is also adjusted pretty low. (Or the listing agent decided to move the towels there to add something to the photo…)

      • Posted by Hayes Valley Denizen

        As you note, it’s an ADA shower with no lip. Probably why there’s no tub.

  8. Posted by Neighborhood Activist

    WAYYYYY too much white. Who wants to live in a museum? I guess the sellers of this unit do. But obviously not many others.

    I have always felt that the insane HOA dues were the big Achilles heel of that property. You are paying for a lot of expensive services and amenities that you may not even use often.

    But my pet peeve with listings like this are the obviously distorted photos to make rooms look larger. We all know what the aspect ratio of a modern television is. It may partly be the extreme angle from which they are taken, but it sure looks to me like the photos themselves are stretched. I think the bedroom and kitchen photos are too. When I see photos that look altered it really turns me off on a listing. But I guess the furniture being moved between photos should have been our first clue that these weren’t going to be an honest depiction of the space.

  9. Posted by Fact

    Location got hit hard by pandemic. Union Square retail ransacked. Financial District office vacancy. $100k interior remodel won’t improve the street.

  10. Posted by Four Seasons Fan

    This was the first luxury hotel/residence building in San Francisco. The concierge at The Residences desk understands service better than any building doorman in the city.

    • Posted by You have surveyed the other building doormen?

      And for that, you pay how much in HOA fees? What kind of “luxury service” are you getting for that price?

    • Posted by Fact

      What’s in the fine print in the HOA rules? Does Four Seasons control how owners can rent out their units, making it undesirable to be landlord?

      • Posted by shiver_me_timbers

        If I recall correctly, the HOA was reasonable with respect to rentals. Nothing less than a one year lease. The issues for me we’re the monthly expenses. Even if one is a cash buyer, the monthly fees are too high given taxes and HOA fees. Add insurance and you have to get around 5K in rent for a one bedroom. And you’re really not making any money at that price.

        I believe residents can take advantage of the hotels’s room service, but no pool or exercise facility. Rental parking in the building, I believe, was around $500/mo.

        High HOA fees make resale values challenging. The RC residences on Market St. is similar. One can find a reasonably priced (for SF) property there, but the monthly HOA fee makes me avoid the place.

  11. Posted by Shiver_me_timbers

    I actually looked at this unit last year. However, I passed because I couldn’t justify the monthly HOA fee, limited amenities, taxes and monthly rental parking fee. That’s a big monthly nut for a one bedroom.

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