Chop, ChopMay 4, 2023
The rather spectacular new building at 15-17 Guy Place, which replaced a little single-family home, hit the market priced at $15 million in March of 2021, positioned as an “almost 8,000-square-foot, seven-level residence,” with a 5,115-square-foot, 5-bedroom main residence (17 Guy Place) over an 1,870-square-foot, 2-bedroom guest residence (15 Guy Place), multiple terraces, and a garage for one car.
“Located amongst San Francisco’s most prestigious luxury towers and residences and in one of city’s most dynamic and oldest neighborhoods, Rincon Hill,” the residences are finished in white oak, with a sweeping central staircase (and elevator), Calacatta marble, and a sky terrace (with panoramic views, an outdoor kitchen, and plumbing for a hot tub) atop it all.
Relisted for $13.888 million last August, the asking price for “Guy Place” was reduced to $12.49 million in September and then to $10.999 million in October.
Relisted anew for $10.999 million at the beginning of this year and then reduced to $9.75 million in mid-January, 15 Guy Place was then listed by itself for $2.995 million at the end of March, followed by an $8.75 million listing for 17 Guy Place a few days later.
And having been reduced to $7.95 million in mid-April, the asking price for 17 Guy Place has just been reduced to $7.45 million, a sale at which would be considered to be “at asking” according to all industry stats and aggregate reports, with 15 Guy Place still listed for $2.995 million and a 30 percent reduction for the building overall. If you think you know the market for high-end residences, urban compounds, and one of city’s most dynamic and oldest neighborhoods, now’s the time to tell.
Comments from Plugged-In Readers
almost 8,000-square-foot, seven-level residence
I would describe it more as a series of furnished elevator landings…
That staircase and that marble bathroom embody both definitions of “something else.”
Agreed, that staircase is awesome
A sale at asking would come to 1456/square foot. For the larger unit. Assuming construction costs of 420/foot the unit cost about 2.148 million to build. Actually, a bit more as the land cost and other additional expenses need to be factored in. Given that Rincon Hill will likely not attain its “promise” from back in the day I’m guessing the price gets lowered further and the unit sells for 5.5 – 6.5 million. A price which will garner the developer a nice profit.
$420 per foot to build? Maybe in Seattle, dude.
$420 a square foot? No chance. I’d be surprised if the budget was under $1,000 a foot, particularly with the finishes. Looks like they paid $1.5M for the site and have been working on it for 9 years.
I was quoted $500/foot back in 2014 here in SF.
in 2021 a builder told us it was not possible to go under $600/ft, and the high bids were >$1000
Not gonna lie. It’s a well done space.
Maybe a celebrity Pied-à-terre with worker and office spaces downstairs?
With only one garage spot, who’s really living there?
final price TBD
The only thing odd, at least to me, is why they didn’t push the first floor down a few feet to there wouldn’t be any steps at the entrance (elevator building with steps = stupid). Then they could have at least put in a car lift for one more spot.
You want to keep your ground floor up off the street in that neck of the woods, gets a little screamy at night!
Odd location for this product.
This probably seemed like a really great idea before the pandemic… prestige residence for a tech lord, right in the middle of it all. But now that it’s all gone away, I bet they wish they’d built this in a traditional neighborhood.
Its in the shadow of a massive scale multi-unit building.
Yeah. The irrational exuberance hit fever pitch in 2017. 2018 and 2019. The promise of the TTC becoming a 24/7 Grand Central Station mecca was a bit over-the-top given that the HSR and CalTrain extensions to the TTC were at best 10 – 15 years away. That “promise” led to an upzoning of the area. A giveaway to developers. Lucky those projects which did not move forward (the Renzo and “skinny: Howard St residential towers) but not projects such as this which did move forward.
Tough time to sell this. Looks great except the bathroom could use a little more marble, a few slabs across the ceiling would have gone a long way, shame.
Some people must like marble a lot more than I do, which is not very much at all.
The kitchen has no upper cabinets. Where are you supposed to keep your food?
There’s an entire pantry wall on the right, next to the fridge.
This vertical living (one ‘use’ per floor) is very un-functional. It would get very old & tiring going up and down stairs constantly; regardless of elevator. This is huge reason why its sitting. Same with the house on the corner of Broadway and Buchanan.
When you want your house to look like a Malaysian Marriott conference center…
I think a lot of people do want that.
It looks like the builder purchased an entire quarry of marble
And they still forgot the bathroom ceiling, so close to perfect.
Just like the label says, between the floors and stair landings, a Place for 15-17 Guys
UPDATE: The asking price for 17 Guy Place has been further reduced to $6.995 million.
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