April 27, 2007
Careers, Casual Connections And A Penthouse At The Infinity
A tipster notes a craigslist ad for “THE VERY LAST PENTHOUSE AVALIBLE AT THE NEW INFINITY TOWER.” We can't confirm that it's an official Infinity offering, but based on the description (1,300 square feet with south west views of the city) and the price ($1,950,000) we can almost certainly confirm that it's #37F.
And yes, that’s likely $50,000 (2.6%) more than was being asked earlier this year.
∙ $1950000 LAST PENTHOUSE AT THE INFINITY [craigslist]
∙ The Infinity: Online Floor Plans And Condo Specifications [SocketSite]
∙ The Infinity: A Reader’s Insight Into Pricing (And Those "Increases") [SocketSite]
First Published: April 27, 2007 8:19 AM
Comments from "Plugged In" Readers
Has anyone checked lately how many units in the Infinity are still available?
Posted by: anonymous at April 27, 2007 8:45 AM
Definitely pricey, but for a penthouse unit, $1500 psf is going to be a deal for lots of people.
BTW - "AVALIBLE" is not spelled like that. You'd think someone hawking a $2M real estate asset would be more careful!
Posted by: will_h at April 27, 2007 9:25 AM
Wow- this is entertaining! I love socket site.
2 million dollars to get a quadrant of a circle as your living space- why wouldnt you just buy a nice detached Victorian in Pacific heights with a back yard however small? The view cant be that incredible. I'm all for modernism and free open plans- but to have to entertain your guests in your living area which is also the space where you cook and eat dinner....is that asking for a bit much?
Hey, will_h you genuinely think this "a deal for lots of people"?
(Maybe I'm just bitter that I probably couldnt even afford the HOA dues for this house).
Posted by: vulgar architect at April 27, 2007 10:25 AM
"why wouldnt you just buy a nice detached Victorian in Pacific heights with a back yard however small?"
Well, I would have to disagree about the view not being that incredible. You see downtown, the bay and the bridge from every corner. I can understand why some prefer Pac Heights to this area. Some people like to have the amenities of a city but the pace of a smaller town. However, I think that for those of us that like the hustle and bustle of a place like Manhattan, but love being in California, this really fits the bill. That's what is great about SF, something for everyone.
Posted by: SFhighrise at April 27, 2007 10:41 AM
So what's the story here? Was this Craigslist posting by the developers or is it someone who is in contract on that unit changing their mind?
Posted by: anonymous at April 27, 2007 11:43 AM
This is the exact layout (just horizontally flipped) of the model unit that I was considering reserving (not penthouse). It is VERY tiny, especially the area between the kitchen/dining/living area (I wouldn't call these rooms). And I'm sure it's ~1300 sq. ft. give or take a few ... you know how that goes. At the time I visited the sales office early on in the project (within weeks of the sales office opening), I remember the agent quoting me a price of ~$1.2M for around the 9th floor. *rolls eyes*
Even though it's a penthouse with, I'm sure, spectacular views, for such a small unit, it's just not worth it to me.
Does anyone know if it's listed by the buyer or the developer? If the unit is listed by the developer and the price has been reduced, I wonder if people who have alread made reservations and plunked down their deposit get/can get an adjustment ...
Posted by: Sexy & Sassy in SF at April 27, 2007 11:55 AM
Oh, oops, I misread that ... the price went UP, not down. My bad. :D
Posted by: Sexy & Sassy in SF at April 27, 2007 12:10 PM
Infinity buyers can't sell their units for the first year, soI bet this is an agent trying to get a buyer so he can get the 3% cut.
I'm new to this real estate thing, but after being involved for only a few months, I am going to grab my brokers license so I don't have to deal with agents always looking for a cut.
Posted by: Tom at April 27, 2007 12:17 PM
"However, I think that for those of us that like the hustle and bustle of a place like Manhattan, but love being in California, this really fits the bill."
Please. Despite the marketing material, that neighborhood will remain a ghost town for years to come. Cali Carrie Bradshaw will not be your neighbor. She lives north of California St. And how many times will you walk to the Ferry Building before you realize its just an overpriced grocery store with bad hours?
Posted by: anon at April 27, 2007 12:30 PM
I don't know why, but I'm consistently surprised that there are so many haters.
Vulgar Architecht - Yes, I do genuinely believe that this is a deal for lots of people. I certainly couldn't afford it either, but a brand spanking new penthouse for $2M is reasonable in my opinion. The comps will show that there have been transactions in this price range. And no, I'm not a freaking broker.
Anon at 12:30 - I happen to agree with Tom. I'm a NY transplant, desired real city life, and SoMa fit the bill, especially given its proximity to the freeways (I work in Palo Alto). I could personally care less who my neighbors are (as long as they don't complain about my preparties) and the only groceries you'll find in my fridge are vodka, tequila, and limes for the tequila. But yes, I unequivically agree with your implication that there is a lack of retail in the area. But things are SLOWLY changing. There will be a new restaurant right on the Embarcadero (like it or not) and there will be another new restaurant right across the street from the Metropolitan.
I know that there's a large SocketSite contingent that loves Nob Hill and the more "traditional" SF neighborhoods, but look, SF is evolving, and different real estate assets will attract different audiences. I would love to be able to step outside my condo and have tons of food options within a short radius, but it's more important for me to live in a newer unit with lots of amenities and access to freeways.
Posted by: will_h at April 27, 2007 1:43 PM
There is a distinct lack of closet space for a unit at this price point.
Posted by: Willow at April 27, 2007 2:54 PM
"Well, I would have to disagree about the view not being that incredible."
If it's a south west facing unit, the views will be obliterated by the second tower which is being built on the south west corner. You will have very nice view of the other penthouse that faces to the north east.
Posted by: anon at April 27, 2007 5:31 PM
"the views will be obliterated by the second tower which is being built on the south west corner."
Look at the website and get your facts straight. The second tower is being built on the east side of the lot while the first tower is located to the west.
Posted by: Michael at April 27, 2007 6:23 PM
I remember just a few years ago 2 bedrooms were going for $600K, and people thought (me included!) that it was a pretty hefty price. Nothing amazes me anymore. Prices will be higher in the future; it's called inflation. When people's salaries go up they will tend to spend more money (inlcuding on housing). 10 years from now, I expect everyone reading these words will have incomes at least double of what they are today. And when your income does double you will naturally worry less about spending more. The real reason property appreciates is not because of the view, the location, blah, blah, blah.
Rather only two things will determine appreciation:
2) Income of the population.
If those two variables go up faster than CPI, so will house prices.
Dubai is basically a desert, but look at how prices have appreciated, because of oil money. Compare that to the beautiful Buenes Aries, Argentina and you will understand.
Posted by: Paul Hwang at April 27, 2007 8:14 PM
"Look at the website and get your facts straight. The second tower is being built on the east side of the lot while the first tower is located to the west."
Oh, you are right, I got that mixed up. In any case, there still is another Tischman development that is going in across Main street. It will still obliterate the views. I prefer the views from the units facing north especially north east.
Posted by: anon at April 27, 2007 11:45 PM
What I want to know is who signed off on that music for the Infinity website.
Posted by: anon at April 27, 2007 11:48 PM
SOMA = Manhattan? That is the biggest joke i've ever heard! SOMA = tier 3 location with bums, muggings, and litter left and right. Live life now, not for what it might be 10 years in the future b/c they are already pricing things AT LEAST 3 years in the future.
Always buy Tier 1 location, you will never go wrong.
Posted by: prime at April 28, 2007 10:38 AM
SOMA = tier 3 location with bums, muggings, and litter left and right.
Oh contrare. Actually, SOMA is far from a tier 3 location. Everyone knows that SOMA either has or is in near proximity to the best selection of top restaurants in the city, along with the best nightlife.
Sure, if I was 22 and straight out of college, I may prefer the provincial college bar scene that is prevalent over in Marina/Cow Hollow, but I personally prefer more sophistication. SOMA does not yet have 1 street where a ton of amenities are located, but I have a greater selection of amenities within walking distance from my place (in all directions) than I'd ever find in the Marina. Also, in the 2 years I've lived in this area, I've seen the growth of both developments and amenities increase exponentially and I see no reason why that wouldn't continue.
Also, it is important to note that SOMA is a huge area. The area near the ballpark or Rincon Hill is much, much safer than stuff I'd find around 8th & Folsom. However, even in that area, I've walked late at night and didn't feel unsafe at all. Please, you make it sound like this area is as bad as the tenderloin or Bayview/Hunters Point.
The way I look at it is that places like The Marina/Pac Heights/Russian Hill are all lovely, but are typically a one trick pony. On the other hand, SOMA has all the amenities of these locations and then some and is improving dramatically.
Personally, I think these established neighborhoods have already reached their peak, whereas places like SOMA, Mission Bay, South Beach, Rincon Hill etc. have only begun to mushroom and that the long term appreciation potential is much greater in these areas.
Posted by: SFhighrise at April 28, 2007 3:12 PM
I don't know about muggings, but I do have the perception that car break-ins and litter is a big problem all over the City. The only thing that scares me about walking around Rincon Hill at night right now is speeding cars not looking out for pedestrians.
What I consider SOMA (I'm trying to reclaim everything east of 2nd Street between Mission and Bryant as Rincon Hill) to need is some butt-kicking police and a D.A. that prosecutes. People are getting so brazen these days since they seem to be able to do whatever they want ... and it sure won't help our City's status as a tourist attraction to keep allowing the nutcase and strung out folks on the streets intimidate people with shouting and getting physically close in order to hand over their leftover food. Let folks do what they want to do ... but not at the expense of everyone else's quality of life. We can't serve as the mental ill shelter for the whole country - we just can't.
Posted by: Jamie at April 29, 2007 12:14 AM
Does anyone know how sales have been going lately at the Infinity?
Posted by: anonymous at April 30, 2007 8:03 AM