How’s that for a Merry Christmas!
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]
Having recently received a few (yes, more than two) inquiries as to both rentals, and sales activity at the St. Regis Residences here in this lovely city of San Francisco, we thought it high time to give you an update.
First off…not one closed transaction in 2010 (according to MLS). Second, there are currently eight, yes 8, active listings in the St. Regis and none of them are moving (average Days On Market of 105). Finally, …..well, we won’t go there.
Here is a nice little spread sheet of the recent comps (had to go back to 2008 to get anything good) for the St. Regis Residences in San Francisco. Enjoy.
We’d have to say, it’s a pretty damn good time to be a buyer at the St. Regis, so don’t hesitate to contact us if you have a question about the St. Regis, or any other high rise gem punctuating our skyline.
Those of you that read this site frequently, know that we like to keep our eye on the St. Regis Residences here in San Francisco. We do this for many reasons, and we always like to report back to you, our dear readers as to what is going on in there.
Well….prices they are a droppin! So if you’ve had your eye on this building, give us a shout and we’ll give you the real deal scoop that is not fit to print. In a nutshell, here is a list of Recent BOM, and withdrawn listings at St. Regis (BOM=Back On Market).
Why would a property be BOM? In this day and age, the number one deal killer is financing. Especially when the building is as nice and well kept as the St. Regis.
The BOMs are interesting, but the recent sales prices are more interesting. Take a look at Unit 27D, which hit the market ages ago for $3,995,000 and recently sold for $2,300,000 (42% less than original asking and almost $1300/sqft)! Victory for the new owners for sure. What a fantastic unit and great way to take advantage of timing and unlucky pricing.
One more example, Unit 24C, originally listed for $2,495,000 sold recently for $2,195,000* (The asterisk means sales price was not disclosed, but we have it on good intel the price was around $1,850,000 +/-, which puts that price per square foot near $1100!) That is $1100 per square foot for one of the premier residences in San Francisco! That’s a little bit different than the >$1500 per square foot we had been accustomed to.
Okay, some more stats for all you St. Regis lookers. Average sales price per square foot in the building for recent sales $1476. Average price per square foot for expired or withdrawn listings at the St. Regis, we’ll call it around $1650.
Moral to the story…pricing is crucial when selling your unit at the St. Regis these days, and buyers are clearly in the driver’s seat. Millennium Tower is putting forth some good competition for the St. Regis too, so make sure you check out all of the property available to you… especially those on top.
Happy Friday y’all!
[Update: The original video did not require a password...we're working on the fix...if there is one.]
Because I had a listing not too long ago at the St. Regis, I like to keep up on that building, and lucky for you, I like to share what I find. Although young, considerably younger than my colleagues (most of whom I completely respect and admire) selling in the building, I’m no dummy.
Here is a list of most recent activity at the St. Regis (188 Minna). What is important to note on all of the “active” listings, every single one of them has either been on the market before with another agent, or been reduced by a large enough margin to reset the DOM (Days On Market). So they are hardly “new” and hardly “active”. In fact, I’d go so far as to say every listing there is a Stalefish, which by no stretch of the imagination means it is a bad property, just getting a little long on the market, and a great opportunity for you buyers that have your eyes on the St. Regis.
Let’s take a look at the most recent sales: Unit 27D, which started in June of 2008 at $3,475,000, reduced countless times, eventually down to $2,995,000 in December 2008 and withdrawn from the market. Relisted in January 2009 at $2,550,000 and recently sold in March 2009 at $2,300,000. That is $1,175,000 (34%) less than original asking price and it took nine months to get there.
Unit 25D was the only other 2009 sale, and was originally listed in September 2008 for $3,995,000, withdrawn in December, relisted with a new agent in January 2009 at $3,200,000 and eventually sold April 2009 for $2,500,000 ($1,495,000 or 37% less than original asking price) or $1402 per square foot and eight months on the market.
For comparison, we sold unit 38B three months prior to unit 27D, and we sold it in seven days for a higher price per square foot than what 27D recently achieved, and many would argue 27D to be a nicer unit. At the time we advised our clients to take the offer we had on the table and run to the hills, even though it was below asking (asking $2,395,000), and we knew we’d be laughed at by some other agents selling in the building and rumors about our sale would quickly circle, which they did, and which is exactly why we kept the sales price confidential.
So that brings us to the facts, and good comparisons to see what has happened to high rise luxury real estate in San Francisco in just one year, and how a little foreshadowing saved our clients time and money. Unit 38B sold in March 2008 after seven days on the market (with us), for roughly $1350+ per square foot…cash. Unit 27D listed three months after our sale for $1940 per square foot, took nine months to sell for $1337 per square foot. Unit 25D listed six months after our sale, eventually sold eight months later for $1402 per square foot.
We’ll let you do the math and discuss. For us, the writing is on the wall, and if you’re interested in a unit at the St. Regis, or currently live there, we’d be happy to discuss all high rise luxury sales and listings with you (email firstname.lastname@example.org).
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).]
Stalefish at the St. Regis, San Francisco.
Originally listed at $3,495,000 for this 2 bedroom, 2.5 bath, 1792 square foot, luxury slice of pie in the sky, the price has been dropping, while the days on market have been climbing. Price now, $2,995,000. Days on market, 150. (That would actually be an interesting chart to see how as the DOM goes up, the price comes down.)
Since we’re talking about the St. Regis, you buyers out there might like to know of what else you can get in that building. You can get the penthouse for $70 Million (or a bit less), or, take your pick from this list. Just because it might be “expired” or “withdrawn”, or not on MLS, doesn’t mean it can’t be sold. And guess what? We know the scoop, so don’t hesitate to contact us if you’d like to learn more.
It also begs the question, “Is the addition of Millennium Tower to our market hurting sales at the St. Regis?”
-St. Regis Penthouse on sale for $70 Million [sfgate.com]
So you heard me complain, and cry, and moan that my clients missed out on unit 33D at the St. Regis. Well, now it’s back on the market, still $3,695,000, still spectacular, and still available. The buyer, which just so happened to be represented by the seller’s agent as well, has walked (the wife claiming the space just didn’t work).
My clients have determined that they aren’t quite sure South of Market is happening enough to purchase at the St. Regis, claiming it to be a bit “dead”, and now 33D awaits the next person looking for an A+ unit with spectacular views, floor to ceiling windows, an outdoor terrace, and a great floorplan. Comps will quickly point to unit 23D selling at $3.3M, but I’d like to point out that was an off-market deal and the buyer and seller were represented by the same agent (think not necessarily market price). So now that the dust has settled, 27D (at $3,475,000) and 33D (at $3,695,000) are both available, things could get interesting.
There is still one other unit “available”, but not yet on the market in the “F” stack, should you be interested.
-188 Minna #33D [Pacific Union Listing, $3,695,000]
-188 Minna #27D [listing detail $3,475,000]
[Update: As of 6/13/2008 at 8pm, it is again available. The buyers in contract pulled out, my buyer has had a change of heart feeling SoMa is a bit "dead", so we won't be writing an offer at this time, and now we wait to see what happens.]
After playing phone tag a few times and finally getting a commitment from some clients to fly out and see unit 33D a 2 bed, 2.5 bath ~1800 sqft condo at the wonderful St. Regis, asking $3,695,000, I find out today it is in contract! (I find out after practically pleading for them not to ratify and give my clients a look.)
Are you kidding me! Why am I so upset? Because, in every other world class market in the world, when you have some clients that are ready to plunk down close to $4,000,000 it’s not much of a problem to find them a suitable home (forget personal tastes, we’re talking availability). When you live in San Francisco, it’s not so easy.
I’m disappointed, and of course had you been watching my new morphine habit (Twitter) you’d already know this. Silver lining…I know of more pocket listings at the St. Regis, so I’ll live to fight another day.
We did try to tell you, and a couple of people responded, with whom we might be writing an offer on this unit at the St. Regis , but for those that missed it, you’re day has come too. Unit 33D at the St. Regis hits the block for $3,725,000 and it is sweet! Glad to see the price has been nailed down, as we’ve been told several prices were in consideration prior to hitting the market (think 3 agents competing for the same listing/off market sale with us.)
If that picture looks familiar, it’s because you’ve been swimming in our Flickr pool and might have been wondering which phat pad that was.
It’s 33D and the most recent comparable is 23D, which sold off market for $3.3M, a full 10 floors lower! Of course it was a “dual agency”, and an “off market” deal, so it is always hard to gauge whether those prices make for an accurate indicator of market value. Nonetheless, that’s the best comp and that’s what everyone will be looking at.
-Life at the St. Regis is Pretty Damn Good [theFrontSteps]
-188 Minna #33D [sfnewsletter listing detail]