The “rarely available” and premium three-bedroom, three-and-a-half-bath and nearly 2,600-square-foot northeast corner unit #22D in the Four Seasons Hotel and Residences at 765 Market Street was purchased for $3.7 million in March of 2011, which was $750K “under asking” at the time.
Featuring walls of windows, “framing dramatic architecture, the Bay, sunrise[s] and sunsets;” custom built-ins, including a temperature controlled wine closet; and large scale rooms, the “praise-worthy…retreat in this sky,” with two parking spaces in the garage below, returned to the market priced at $4.25 million this past July, a sale at which would have represented net appreciation of just 14.9 percent for the luxury unit over the past decade.
Withdrawn from the MLS and then relisted anew for $4.25 million four months ago, the unit has also been offered for rent at $13,000 a month, which would help offset the “motivated!” seller’s carrying costs which include HOA dues of $3,905 per month, but the unit remains vacant.
And despite being slashed to $3.495 million two weeks ago, the list price for the luxury condo has just been further reduced to $3.395 million, an “at asking!” sale at which would represent a net 8.2 percent drop in value for the unit on an apples-to-apples basis from the first quarter of 2011.
At the same time, the premium “PRICED to SELL!” three-bedroom unit #28D, six floors above, remains on the market listed for $4.25 million, a sale at which would represent a 22.4 percent drop in value for the unit on an apples-to-apples basis since the second quarter of 2015, with an asking rent that has been dropped to $15,000 per month, fully furnished.
Well those are some quite…interesting staging choices shown in the photos. When this unit closes, I guess we’ll have another data point in the debate over whether “less is more”.
Does the building force any unique or onerous regulations on condo owners, because its really a hotel property?
No. But residents have access to all of the hotel’s amenities, including room service, security, housekeeping and concierge.
Only the most unimaginative person would buy a property at this price based on staging or the presence of Wolf ranges. When it sells, it will provide a comp for white boxes with lots of cans in the ceilings, downtown in non-residential now sketchy neighborhoods, but with nice views. It will still be more expensive per square foot than some of the most desirable areas of Paris.
Someone was shot and killed last night (3/28) at Powell Station about 500 feet from this building.
Perhaps worse than sketchy.