Another Upgraded Penthouse Just Listed at a LossSeptember 15, 2022
We’ve been fans of penthouse unit #613 atop the historic Embarcadero Lofts building at 300 Beale Street since we first featured the condo back in 2008.
Having last traded hands for $1.92 million in September of 2017, “over $350K” has since been spent to further improve the upscale three-bedroom unit, including an upgraded kitchen; the installation of high-end, motorized shutters throughout; new glass railings; and two significantly upgraded bathrooms.
In addition to over 1,700 square feet of interior space, the modern unit also features a private 250-square-foot view terrace and an assigned parking space in the building’s garage.
And having just returned to the market listed for $2.098 million, an “at asking” sale would appear to represent appreciation of 9.3 percent for 300 Beale Street #613 since the third quarter of 2017, at least according to most industry stats, but it would actually represent a loss when accounting for the cost/value of the aforementioned upgrades. If you think you know the market for upscale condos in San Francisco, now’s the time to tell.
Comments from Plugged-In Readers
This unit has bigger problems than the Ritch St condo featured last week. Namely, it has location problems. This area was completely dead on weekends even before the pandemic. For example, Chipotle was closed on weekends. I imagine its much worse seven days a week now.
The unit itself looks great.
Chipotle might have been closed, we’d have to take your word for it, but Prospect, Waterbar, Epic, Town Hall, Local Kitchen, Yank Sing, Angler, and Boulevard were/are all open, with Philz, Bluestone and Woodland Market across the streets, Salesforce Park and the Transbay Transit Center one block away, and a five minute walk, at the most, to the Embarcadero.
True, but those places don’t define what San Fancisco really means in the same way that Chipotle® does, do they?
So true. Nothing says SF like late night drinking, feasting on Chipotle, and then getting food poisoning…
Yes, there are a fair amount of nice restaurants in the area. I feel like the area often gets some of the same sort of “feel” type critiques that like, for example, Tribeca does. I think that area 9 condos and downtown district 6, Tenderloin and surrounding, areas are what have taken the brunt of any SF real estate hit. And I’ve been on record about why I feel that condos in these times might be experiencing such results numerous times. The Tenderloin and surrounding, “downtown” San Francisco is another problem in and of itself. But this particular neighborhood is actually fine. It’s just big blocks and some nice restaurants but not a lot of street life after dark really as lots of residents have amenities in their buildings. Like Tribeca.
Tribeca is one of the most expensive locations in New York.
Indeed, and some of the nicer units in this area have sold for among the most $/ft in SF ….
You better be ok with aquamarine blue floors!
The color wouldn’t be my first choice, but it does add a nice pop of color and tie together what is otherwise a muted, but oddly cluttered interior.
The architect did a really nice job working with the bones of the building to make something really nice. The all stainless steel kitchen is a bit “sterile” for my tastes. Much nicer than a white-boxed Victorian.
I think the location works better for a younger person/couple that doesn’t intend to have kids and has time to wait for the location to improve. I am permanent WFH but see some value to living close to the office. If I lived here, I would probably pop my head in occasionally.
If that was the view from my bedroom, I would close the shutters, too.
Makes me glad when I bought at soma grand in 2010 and sold in 2013 for a 200k profit. Then bought at at Arden off a floor plan plan in 2014 and sold in 2020 for 450k+ profit. Didn’t close until 2016. So not everything is doom and gloom at a loss…if ur smart.
UPDATE: The list price for the upgraded penthouse loft has just been reduced to $1.998 million.
UPDATE: Upgraded Penthouse Trades at a Loss
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