June 28, 2006
Watermark Signs Of Weakness?
Despite strong initial sales, the Watermark (501 Beale) appears to be showing subtle signs of weakness. According to ZipRealty, the list price for Watermark unit #14D was reduced $10,000 to $975,000 and unit #20M is currently listed for $1,725,000 ($5,000 below the advertised price range of $1.730M to $1.9M for “M” floor plan units on floors 17 to 22).
And despite the fact that the building has yet to sell out, unit #6C just hit the resale market with an asking price of $889,000 (floor plan above).
∙ Listing: 501 Beale Street #6C (1/1) - $889,000 [MLS]
∙ Watermark: “H” Floor Plan [sfwatermark.com]
First Published: June 28, 2006 8:10 AM
Comments from "Plugged In" Readers
They a reselling something that isn't even finished yet?? That's either insane or genius.
[Editor's Note: Although not sold out, Watermark is most definitely finished and being occupied.]
Posted by: OpenMLS at June 28, 2006 4:59 PM
I thought The Watermark required you to sign a "no-flip within a year" agreement?
Posted by: Colin at June 28, 2006 7:45 PM
I would love to hear the story of how the Redevelopment Agency allowed such an ugly building to be constructed in such a prime location. Whoops, that's a very old story isn't it. I guess I should ask "When will the Redevelopment Agency ever learn???"
Posted by: curmudgeon at July 7, 2006 8:32 AM
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