Prestigious High-Rise Unit Trades for 23 Percent Less
December 1, 2022
Speaking of “San Francisco’s best condominium project,” the apples-to-apples-to-apples re-sale of the three-bedroom, three-bath unit #32E in the Lumina tower at 338 Main Street has closed escrow.
Purchased for $3.25 million in May of 2016, the 1,791-square-foot unit resold for $3.5 million in August of 2019, representing total appreciation of 7.7 percent despite the “short-term hold” and the unit having being “used,” as is typical when the market is appreciating.
And having returned to the market priced at $3.15 million in September and then reduced to $2.995 million in October, the re-resale of 338 Main Street #32E has now closed escrow with a contract price of $2.68 million, down 23.4 percent from the third quarter of 2019 and 17.5 percent below its value in the second quarter of 2016 on an apples-to-apples basis while the widely misreported Index for “San Francisco” condo values is still up 20 percent over the same period of time (but dropping fast).
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What’s the thing across from the bed in the smallest bedroom? A safe inside a closet? A shower? A mini-fridge?
Oh, HVAC?
That’s correct.
Even though its 23% less, its yet an amazing $1500/ sq ft. That’s pretty amazing.
That is pretty amazing, particularly as it’s down from setting a comp at roughly $1,950 per square foot three years ago and its drop isn’t an anomaly.
Urban doom loop!
SalesForce to dump more office space on the market according to sf business times.
Perhaps the entire financial district will be left to fentanyl, defecation, and armed robbery.
Maybe the supervisors can pass a vacant office tax whereby landlords must open their doors to the unsheltered if they can’t prove an average number of bodies per day per week per square foot. The possibilities are endless.
I’m not sure either whether I am exaggerating.
I mean, the offices are on land in the city of San Francisco. Doesn’t the BOS and department of Planning have both the right and duty to reallocate resources from each according to his/her/their ability, to each according to his/her/their needs?
The whole “Board of Supervisors are Marxists” shtick is tired and old. You’re not funny. Give it a rest!
I’m not being funny. We have commercial and residential vacancy taxes. Office is next.
That’s a good buy. While most of this price change can be attributed to financing costs (assuming 20% down in both cases, financing the 2019 mortgage at 3.62% is fairly close to financing the 2022 mortgage balance at 7%), we may have a demand problem as well. More to come.
A serious demand problem, just wait. To paraphrase my grandfather, we got more luxury condos than Carter’s got pills.
“A demand problem.” *slap* “A supply problem.” *slap* “A demand problem.” *slap* “A supply problem.” *slap*
Forget it, Jake, it’s MacroTown.
This made me spit out my coffee.