April 27, 2007
Two Relatively Big Reductions (Two Absolutely Big Properties)
As you know, the list price on 10 Hastings was reduced ten percent ($1,250,000) last month. And yesterday, the price was lowered another $505,000 (4.8%). We have to wonder how close they are to ‘the price they wish.’ (“If we are not successful at selling this at a price that we wish … we’ll just move into it,” said the owner.)
And while it’s roughly the same size, 1417 15th is a completely different kind of property (and perhaps the largest "one-bedroom" on record). At the same time, it does have at least one thing in common: recently reduced $500,000 (13.3%).
∙ Listing: 10 Hastings (6/6.5) - $10,500,000 [tenhastings.com]
∙ Ten Percent Off At Ten Hastings [SocketSite]
∙ Legal eagles selling $12M high-tech home [Examiner]
∙ Picture This: One Big One-Bedroom [SocketSite]
∙ Listing: 1417 15th Street (1/2.5) - $3,750,000 [Zephyr] [Virtual Tour]
First Published: April 27, 2007 4:00 AM
Comments from "Plugged In" Readers
I think 10 Hastings is disgusting. It lacks soul, and has all the charm of Marriott Hotel. Everything from the fireplaces to the facade is a turn-off.
Posted by: SurveyKid at April 27, 2007 5:00 AM
Maybe a bit bland, but it's only around $1000 psf with those views, and that seems like a price that would leave some room for customization.
Two years ago, they would have gotten $1400 psf easy, so it's probably a bit hard to keep lowering, knowing they walked away from that extra $400 psf. Of course, if they had started at this price, it would have probably sold for more a while ago.
Posted by: tipster at April 27, 2007 7:36 AM
Tipster, have you been in this place? Out of respect to the people that designed this house I wont go into details; but this place is brand new and still needs updating due to some poor decisions. The marble is 80's style with brass fixtures everywhere; and the rooms are small considering the potential to have a great grand space here. And the views aren't that great either. And you get zero privacy from the condo next door.
Honestly, if you've got the kind of cash to buy a place of this price level you're going to need to be convinced to buy this place with all the current flaws. If I were the listing agent I'd be looking at throwing 500k into pot for buyer incentives. Or I'd just take the place off the market and do some of the obvious changes.
Also, photoshoping out the condo in the background is borderline!
How this development got green-lighted and the 1338 Filbert cottages got landmarked are beyond comprehension.
Posted by: eddy at April 27, 2007 11:12 AM
I've seen Hastings as well, and it really is too bad. The privacy issue is a huge problem. I think the house was designed so that new owners could customize it, but even 10 million it just isn't justifiable. 7 or 8 million, maybe.
I think if I were going to plonk down 10+ mil on a remodel, I'd want everything perfect. I don't think I'd want to buy a new-fixer upper.
Posted by: Sleepiguy at April 27, 2007 12:56 PM
I haven't been inside and soem of the flaws you describe sound like they are unfixable - bad views, for one.
I don't shop in this range, but when I bring my decorator to homes in the $2-3.5M range, she always says she wants a "blank slate", so bland really isn't a problem, nor are the countertops or fixtures: she's just going to redo everything anyways. And window treatments will take care of at least the minor neighbor problems. If they are bad, then yes, I can see why someone will probably pass.
If the rooms are too small, that does start to get expensive to fix. So I guess now we know why this is sitting so cheap!
Shame on me for assuming the photos were accurate and not misleading!
Posted by: tipster at April 27, 2007 1:11 PM
Tipster, no shame, always enjoy your comments!; the photos of this place are really incredible. Great marketing job; the thing falls apart on the inside. The construction quality is not great and you can 'feel' that lack of quality; like a nice looking car but the doors don't shut with a 'thud'. Little things like lack of radiant heat on all levels.
I don't know what they have in land/permit cost, but there is a lot of room in the build cost.
Even still.... this is a prestigious house in a great location and someone will buy the place for sure.
Posted by: eddy at April 27, 2007 2:21 PM
Shouldn't they fill up the wine chiller with $2 Trader Joe's wine for the staging?
Posted by: John at April 27, 2007 7:32 PM