With the list price for the 2,567-square-foot, corner unit #22D in the Four Seasons Hotel and Residences at 765 Market Street having been dropped to $3.395 million last month, 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, the list price for the 2,569-square-foot, corner unit #28D, which had returned to the market “PRICED to SELL!” last year has just been further reduced by $750K to $3.5 million.
As such, an “at asking” sale for the three-bedroom unit #28D at 765 Market Street, which was purchased for $5.475 million in April of 2015, would now represent a 36.1 percent drop in value for the luxury unit on an apples-to-apples basis, despite (mis)reports of a “surging” market and rebound.
Like I said…
$4,085 monthly HOA fee. Language from the listing to add context: “Two tandem deeded parking spaces & double storage in the garage are included. Owners /occupants have access to the Four Seasons Hotel amenities…24/7 in-unit dining service. HOA fees incl: earthquake insurance, all-season heating & A/C, water, garbage, concierge & security.”
Language inadvertently omitted from the listing: “Includes platinum incinerator for literal burning of money that you’ll be figuratively torching and solid gold commode to flush your wealth away, as well as sapphire-adorned first-aid station to treat daily injuries from falling knife catching.”
Is there a typo here? It was listed at $3.395,000, further reduced by $750,000 and is now offered at $3,500,000?
Marcia, that first ‘graph is discussing two different units. Unit #22D was “dropped to $3.395 million last month”, and Unit #28D was the one “further reduced by $750K to $3.5 million”.
I suspect that for posts about six and seven figure asking price reductions, the Four Seasons Hotel and Residences at 765 Market St is going to be a source of material for quite a while. A quick look at any listing site indicates that there are around ten other units currently either available for sale or lease, the latter probably because the owner doesn’t want to capitulate and realize a > 20 percent capital loss.