On Top Of The World At The St. Regis San Francisco
November 12, 2008 – 12:16 pm | by thefrontstepsSo this was all the remodeling noise we heard while selling the unit directly below this spectacular Penthouse at the St. Regis.
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Hats off to Gregg Lynn and Louis Silcox for getting this $70,000,000
20,000+ square feet (including 2,900 of terraces); six bedrooms, seven full baths, four powder rooms; 2,500 square foot master suite (including the closet of dreams below); thirteen-seat home cinema designed by Keith Yates; 22 foot floor-to-ceiling glass walls in the living; and four terraces, four fireplaces and six car parking
home on the market. It is truly a remarkable piece of San Francisco luxury real estate, and we can’t wait to put you in this home.
We take it back, Kevin Rose, you should buy this pad instead.
-St. Regis Penthouse Details [Gregg Lynn]
[Admittedly, photo source and scoop via SocketSite (quoted above).]
Tags: luxury high rise, luxury real estate, san francisco, San Francisco Real Estate, St. Regis
4 Responses to “On Top Of The World At The St. Regis San Francisco”
By Sophie on Nov 12, 2008 | Reply
Just for fun, a 20% downpayment is $14,000,000
a jumbo loan at 7.5% (today’s rate) gives $391,560 in monthly payments
so basically, you have to choke up about $12,900 (mortgage) + $2,400 (property taxes) DAILY! + a twenty each time a valet parks one of our cars.
Assume you pay cash, it’s still $6,400 (amt over 30years) + $2,400 (taxes) daily. How much would such a place rent in daily, weekly or monthly fee?
more than $8,800 a day? $61,000 a week? $240,000 a month?
if you need help paying for the water to flush those 11 toilets, you can always recycle your 500 gallons bathrub water with a [[link to previous post]] pump.
(I guess this is the type of properties made for the Rich Ones [in McCain definition of the term] )
By Noe Guy on Nov 12, 2008 | Reply
This is so way off topic, that I sincerely apologize in advance, but we had a thread last week regarding TICs and whether or not they were more risky. Fluj said that banks like Sterling were doing quite well with fractional loans, so I wanted to point out an article in today’s WSJ:
Sterling Bank & Trust FSB recently raised its rate for TIC loans to 7.75% — a loan for a similarly priced condo would require only 6% to 6.25% interest — and now requires a down payment of at least 20% of the purchase price. Other banks are now requiring 30% down. In the past, lenders required buyers to put 10% down.
Residential TIC loans “are definitely more risky,” says Richard Yurich, a loan officer at Sterling Bank. “Once we make the loan it’s ours; nobody wants to buy them.” His bank raised rates and requires more money down to protect itself from a bad investment, he says.
There is another catch: There are no fixed-rate loans for TICs, meaning that buyers are forced to accept new terms after three to five years. This wasn’t a holdup when property values were increasing and mortgage rates were trending down, says Glenn Rodriguez, a mortgage broker. “That’s where we’ve lost a lot of the buyers over the last couple of months,” he says. “People are worried.”
Just sayin’.
By Noe Guy on Nov 12, 2008 | Reply
One other gem quote: In September, TICs made up just 7% of San Francisco properties sold, down from 15% a year earlier. Their average price also has declined to $573,429 now from $659,945 a year ago, according to SFResidence. That’s by far the worst percentage decline for any category of residential real estate in the city.
By fluj on Nov 12, 2008 | Reply
TICs were always more expensive, and always portfolio loans. I said, “I’m told,” as it was a Sterling Bank employee who told me about them being offered. Last, I think I was responding to someone saying that TIC loans were going to go away all together?