As we outlined back in April:

Purchased for $2.4 million in September of 2018, the two-bedroom, two-bath unit #40E near the top of the Infinity tower at 338 Spear Street, a 1,588-square-foot unit which features an open floor plan, large bedroom suite, two private decks, panoramic views and a parking spot in the building’s garage with a coveted EV charger, returned to the market priced at “$1.995 million” this past February.

With an acceptable offer having failed to emerge, the “asking” price for 338 Spear Street #40E was reduced to “$1,656,353” last month. And with an acceptable offer still having yet to materialize, and the “seller saying sell,” the list price for the luxury condo has just been increased to $2.375 million, which now reflects a “transparent price” and actual expectations/ask.

Subsequently withdrawn from the MLS in May, 338 Spear Street #40E was then relisted for $2.25 million earlier this month and then reduced to $2.15 million four days ago, a sale at which would be considered to be “at asking” according to all industry stats and aggregate reports and with the luxury view condo now in contract with only “21 days on the market” as of yesterday.

8 thoughts on “Pricing Versus Reality”
  1. No acceptable offer at $1,656,353 (interestingly precise number) but they honestly expected to get $2,375,000. I don’t think it’s going to end well for the seller.

    1. I’m assuming they got “above asking” offers when the ask was $1,656,353, but they weren’t over enough (i.e., they were materially under $2.375M) and thus were not acceptable. But yeah, their timing is very bad on this.

  2. The E plan units in 338 spear were originally 2br + 12′ x 15′ den / “flex room” (could be a bedroom but has no closet so not always advertised as such). They merged the 2 proper bedrooms into a giant master bedroom added a closet to the flex room, squaring off the room and making it a bit smaller.

    Market conditions aside, they reduced the number of rooms in their remodel, and it looks like that made it harder to sell too.

    1. Thanks for background. I see that the oversized master bedroom takes up at least one third of the unit’s total SF. It’s an understandable decision, but converting it back to a Master plus Den for resale makes more sense.

    2. Keep in mind that the remodel was completed in 2010, well prior to unit reselling for $2.4 million in 2018, which was rather easily up from $1.8 million in late 2012. In other words, it’s apples-to-apples-to-apples-to-be and illustrative of the market.

  3. Wow, this will be a painful when current owner sells…. I don’t see anyone paying anywhere close to 2.15m at the moment for this condo. I would say maybe try to rent it out and wait a few years… although not sure people are coming back into the city to rent at the moment either. It’s a tough situation.

  4. I’ll bet the HOA dues are crazy high there too, which makes this a pretty tough sell with mortgages approaching 7%.

    1. The HOA dues are $1,192 per month, according to RedFin. I don’t claim to be an expert, but that doesn’t sound crazy high when you consider that the target buyer isn’t that price sensitive.

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