May 29, 2007

Not Exactly A Flood (But Perhaps A Trickle) At The St. Regis

The View From St. Regis #23E

After two months on the market, 188 Minna #25F (in the St. Regis) is still available and priced at $1,562 per square foot. And over the past two weeks three more listings have joined its ranks on the MLS, including a similar floor plan five floors above (priced at $1,830 per square foot) and a three bedroom/three and one half bath with views of One Rincon Hill (priced at $1,747 per square foot). HOAs ranging from $2,135 to $2,599 a month (plus $225 for parking).

Another Shot At The St. Regis (188 Minna) [SocketSite]
∙ Listing: 188 Minna #23E (3/3.5) - $4,495,000 [MLS]
∙ Listing: 188 Minna #30F (2/2.5) - $2,795,000 [MLS]
∙ Listing: 188 Minna #38B (2/2.5) - $2,795,000 [MLS]

First Published: May 29, 2007 3:30 AM

Comments from "Plugged In" Readers

Pretty uninspiring photography for such expensive properties. I'm always amazed at the choice of images some listers chose to post on the MLS.

Posted by: Salarywoman at May 29, 2007 11:46 AM

A 400 square foot "apartment", about the size of a nice room at a luxury hotel, would cost ~$700K. Even if you pay cash, with the HOA and taxes, the annual cost would be ~$70K pretax. Unless you expect to spend 200 days a year in your apartment, it would probably make great financial sense to just get a room at the Four Seasons. At least you get a "deal" on the parking?

Posted by: Cary at May 29, 2007 12:14 PM

Cary,

There is an entire thread on the economics of buying at the the St. Regis vs. getting a hotel room. See.:

http://www.socketsite.com/archives/2007/03/another_shot_in_the_st_regis_188_minna.html

Posted by: fred at May 29, 2007 1:08 PM

I would kill myself if I had to look at that view all day long. But I'd get mortgage insurance first so that at least my kids would be millionaires! (Maybe that's the direction that the SF real estate market will go in next!?!)

Posted by: rg at May 29, 2007 1:27 PM

I agree about that photo, which is truly cringe-making. Great advertisement for One Rincon! She could have at least done an evening shot, since undoubtedly the city lights of the view will be a selling point. Inexplicably, there's also a photo of a sea-life looking art object and the corner of a pillow? in the listing.

Posted by: SFCondoGuy at May 29, 2007 3:13 PM

@rg -- you might have to wait a couple of years to kill yourself before you were covered for suicide. Best to make it look like an accident ;)

Posted by: dub dub at May 29, 2007 6:31 PM

Lot of money to spend to live in what's basically an office tower with a view of a lot of other office towers. I agree the photos are crap.

Posted by: Snark17 at May 29, 2007 8:44 PM

This view looks like the view from my hotel room last week in Indianapolis. (without the bay of course) Yuck.

Posted by: Morgan at May 30, 2007 7:51 AM

38B is still languishing on the market 8 months later, just relisted today at $2,495,000. Economic indicator anyone?

Posted by: Nicole at February 4, 2008 2:13 PM

In fact, ditto on 23E! Now listed at $3,950,000. The one of the three units that did sell was 30F, albeit after a price reduction.

The arguably most sought after units in the luxury full-service condo market seem to be a little hard to move at these prices... And with One Rincon, the Millennium and even a new Sheraton full service building coming soon (combined with a sluggish market), I think an even greater price correction is coming. Uh oh Al... well, atleast you won that Nobel Prize money to help offset.

Posted by: Nicole at February 4, 2008 4:38 PM

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