Purchased for $5.475 million in April of 2015, the three-bedroom, 2,569-square-foot unit #28D in the Four Seasons Residences at 765 Market Street returned to the market priced at $5.475 million this past February, a sale at which would have represented net appreciation of 0.0 percent for the luxury unit over the past eight years.
Featuring walls of windows with panoramic views stretching over the City to the Bay, the corner unit’s formal foyer flows to its “grand salon” (living room) and around to the dining room and kitchen, with the unit’s third bedroom currently outfitted as a media room, custom window seats throughout, and two deeded parking spaces and a storage area in the building’s garage.
Despite a reduction to $4.95 million in April, a buyer had yet to emerge for the unit as of mid-June, as we outlined at the time, with the unit also being offered for rent at $18,000 a month (which would include the HOA fees of $3,905 a month for those running the numbers at home).
And with unit’s listing now touting that it’s “PRICED to SELL!”, the list price for 765 Market Street #28D has just been reduced to $4.25 million, a sale at which would be “at asking” according to all industry stats and aggregate reports but down over 22 percent on an apples-to-apples basis for a seven-figure loss.
If you think you know the high-end/luxury market in San Francisco, here’s another chance to tell.