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 In a nutshell, here is a list of Recent BOM, and withdrawn listings at St. Regis (BOM=Back On Market).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 Average price per square foot for expired or withdrawn listings at the St. Regis, we’ll call it around $1650.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!
Speaking of “those on top” the service elevators have been running overtime for weeks with materials and loborers…. Expect the PH to return to the market very soon and very finished… we’ll have to wait and see about asking price.
I’m still not entirely clear why the hype on this building is so high. I’ve been in several units and they are nice, but not that special and the location is so-so IMO. $1100psf seems on par given the high fees.
This information is interesting. The sales prices are quite different than the listing prices on these units.
Can you guys tell me whether the St. Regis is considered a “Condotel”? If so, I hear the mortgage market for these types of property have really dried up and the only way to buy is therefore cash.
Thanks,
Financial Samurai