So 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).]
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] )
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’.
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.
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?