St. Regis Penthouse Was $70,000,000, Now $35,000,000. Yes, That’s Correct – $35,000,000 Less.

The original “asking” price for the 20,000 square foot St. Regis Penthouse (188 Minna), was $70,000,000, and at that price it was only slightly ambitious. Now at 50% less or $35,000,000 and still not officially “listed” on MLS, I expect all but one of the buyers in San Francisco to be able to qualify for this property.
According to the Wall Street Journal, this penthouse is “likely the most expensive bank-owned, single-family residential real estate listing in the country.” If that doesn’t get all of you first time buyers looking for a deal and to purchase foreclosed property to jump at this opportunity, perhaps the description will: Six bedrooms, 12 bathrooms, four fireplaces, a library and a home theater. The living room has 22-foot-high ceilings and an entrance foyer with a two-story waterfall feature. There’s also a 2,500-square-foot master suite with a gym, sauna and steam room and 3,000 square feet of terraces with views of the city and the bay.
Because you always ask…and I’m always happy to share, “The apartment was built by real-estate investment manager and developer Victor MacFarlane, who purchased three apartment shells then combined them into one large finished unit. He sold it back to the bank in a deed in lieu of foreclosure after it failed to sell after several price cuts. The unit is now owned by Second Step Asset Management, a subsidiary of Bank of America.”

And it could be yours for $35,000,000…chump change.

-Schedule a Private Showing
-Deluxe San Francisco Penthouse to Relist for 50% off [Wall Street Journal]
-On Top Of The World At The St. Regis San Francisco [theFrontSteps]
-St. Regis Penthouse Marketing Details [Sotheby's]
-Both Millennium Tower’s Grand Penthomes Are Sold, Thanks To A Yacht [theFrontSteps.com]

Hunters Point Shipyard Redevelopment Project

An interesting solution to an otherwise forgotten stretch of San Francisco land. Hats off to CCLR for putting this video together and sending it my way.

Center for Creative Land Recycling (CCLR), based out of San Francisco, is a nonprofit organization focused on creating sustainable communities and encouraging environmentally conscious and socially responsible development through the facilitation of land recycling.

Bravo!

For more videos by CCLR head to their YouTube Channel.

Completely Remodeled Noe Valley Home With High Definition Views For Sale

If it’s a high style three bedroom, three bath 2300 +/- square foot completely remodeled Noe Valley home with Hi-Def views you crave, yours truly has the one for you. This home is not on MLS, and it’s not even on PocketListings.net. It’s so not even “ON” that there is only one way to get to it right now…through me.
That’s not to say if a buyer doesn’t come along and take advantage of this opportunity right now it’s not going to hit the MLS, but it is guaranteed you will have to compete with multiple buyers for this property. So if you feel like beating out the other buyers and getting your Noe Valley dream home with incredible views, a beautiful south facing back yard with two decks, one car parking, high end finishes, new plumbing, heating, and appliances, and an incredibly open floorplan perfect for entertaining, then contact me.
As you can see from the photos, the home is not yet finished, but I can assure you there is a deal to be had. Principals only please, as I will be representing you as buyer’s agent. Or you can wait and hope it hits MLS so you can compete with a few other well qualified buyers. Price around $2,000,000.

-Contact For Details
-~3800 Square Foot Sea Cliff Home (Fixer) For You [theFrontSteps]

Living Large for Small Change on Tahoe

Tahoe Lakefront

I never really heard the term “Lakefront” until I moved to Lake Tahoe. Now, as a realtor in Tahoe, I hear it all the time – mostly in relation to the ultimate in luxury living on the most desirable lake in the country. Affordable? Not usually. Lakefronts are generally reserved for the very rich or those who bought back in the days of the dinosaurs when land was cheap. However, while “cheap” and “Tahoe lakefront” are terms that will probably never go together again, “sort of affordable” seems to have come back into vogue.

Check out this property in Rubicon on the west shore of Tahoe. While 1.6 million may seem like a lot of dollars, that is a bargain that hasn’t been seen in Tahoe for quite a few years. According to my recent MLS research, the average sales price for a lakefront home in this area going back to 2005 is $4,882,941, and no home has sold for anything close to 1.6 million; the next lowest sold price was $2,350,000 (that’s the sold price, not the asking price). Granted, most of those homes were larger and more grand than this little guy, but it gives you an idea of how even the most desirable real estate in the world (and this property is that) has become more attainable than it has in years.

Keep in mind, not all lakefront locations are created equal. Rubicon is an extremely beautiful part of the lake. Even if you don’t live there you will probably boat that direction (if you have a boat). This isn’t a large house, or even a new house (it was built in 1931), but only a fraction of your purchaser’s check would go toward the value of the house.

Check out the views of the turquoise water from the living room and deck. You can’t buy views like that! Well, I guess you can – for 1.6 million. Did I mention that is a bargain?

Rubicon Lakefront, Lake Tahoe, $1,595,000 [Lake Tahoe MLS]

[Chris Anderson is a Tahoe based writer and real estate professional. You can contact him at chris@tahoetruckeehomes.com or go to TahoeTruckeeHomes.com.]