Priced at $1,249,000 million in 2015, which was in-line with the pricing and sales for other units in the building at the time, the 788-square-foot, one-bedroom unit #601 at 72 Townsend Street ended up selling for $979,000 in January of 2017.
Offered for rent at $3,695 per month in 2021 and then again in 2022, the asking rent for the South Beach unit in “South Beach’s premier boutique” building with “Bay Bridge and water” views, was reduced to $3,495 early last year and the unit was then listed for sale at $899,000 last month and is now in contract to be sold.
If you think you know the “surging market” for South Beach condos, CAP rates and returns, now’s the time to tell. For those running the numbers at home, the monthly HOA dues for the unit, which comes with a deeded parking spot in the building’s garage, are currently running around $950 per month and the widely misreported index for “San Francisco” condo values is “still up 14 percent!” over the same period of time.
interesting sale since there’s another 1-bed listed right now for 100K less.
That other unit is in the same stack but 2 floors lower. It looks across at a wall.
Good grief. Hard to believe someone paid $1.249 MILLION for that basic box.
I can, although the rental price was cheaper than the Avalon Ocean Avenue 1 bedroom we rented back in 2018.
They didn’t. That was original list price, not what it sold for.
The listing site I look at regularly says that Unit 601 is now ‘pending’. I don’t think I “know the market” for South Beach condos, but I’ll guess this closes for $821.5k.
Residence 601 at 72 Townsend St. closed earlier this summer for $862,000, or about 4.1 percent under the circa April 2024 asking price and representing about a 12 percent nominal decrease in value for the 1 bedroom, 1 bathroom 788 ft.² unit over the 7-year holding period.
Residence 304, a 2 bedroom, 2 bathroom 1,186 ft.² unit in the same South Beach complex that’s been on the market asking $1.190 million since the beginning of this month is apparently currently marked “pending”.
Thank you for the updates. A candle in the darkness..
Residence 304 closed at the tail end of Aug for $1.250 million or 5 percent “over asking”! But that amount represented an equity-eviscerating 23 percent decrease in value from the last sale of the 2 bedroom, 2 bathroom apartment with a deeded parking space featuring a “rare 500+ ft.² private terrace” in the fourth quarter of 2015, or about a $3,654 per month loss of value over the roughly 104 month holding period, assuming a straight line descent.