Over the past three months the list price on the resale of Shoreline condo #42 (41 Federal) has been reduced from $939,000 to $869,000 (7.5%) and the listing is now advertising: “Seller Motivated Drastic Price Reduction Penthouse unit.” The unit was last listed six months ago at $850,000 (by the developer).
∙ Listing: 41 Federal #42 (1/1.5) – $869,000 [MLS]
∙ Shore|Line: Unit #42 Floor Plan and Overview [shorelinesouthbeach.com]
∙ Savings At Shoreline (41 Federal) [SocketSite]
Out near the freeway and it didn’t flip? Shocking! That’s at least $50K down the tubes.
Do that every 6 months and it really starts to add up.
Wow. That’s one boring floorplan. The Realtor only has two pictures of inside of the place, both of them cropped so tight that you can’t see anything. Square footage isn’t listed but the plan hints that it’s somewhere between 800 and 850. Even with the price reduction still well over $1000/sqft.
I foresee some more price reductions for this place in the future!
The worst part of this building is that the parking lot below is not the parking lot for Shoreline. If you are a resident, you park at 200 Brannan you must walk through to Shoreline.
Another thing, where will your guest park? The entire alley is No Parking Allowed
The shoreline has high end finishes. I think the developer did a great job with this project. But this particular unit is just not worth over 800k. At around $1000/sq.ft range right now for a condo, buyers expect at least some kind of view. This unit looks right at the roof of 250 Brannan. I actually like how the building sits in the small alley. Too bad you don’t get to drive up that small tree lined street because the parking is not under the building. Not sure how much the seller (or flipper) paid less than a year ago, but if he/she paid closed to asking and planned to flip, I’m sure the lesson is learned.
For a small unit I actually like the floor plan. It’s very efficient and has none of those “where the #$@$ do you put the dining room table?” issues. No comment on price, parking, etc…just responding to the plan.
claims to be 921sf
I don’t think this is a flip. I was considering a different unit in this building for some time and think this unit must’ve fallen out of contract and is back on the market by the developer.
This unit is symptomatic about what’s going on in the market at the moment. It’s all about opportunity cost…I think buyers are looking at the bigger picture and considering their overall income earning capacity over a lifetime and thinking “Hmmm…Do I really want to spend $939,000 on a one bedroom condo. Exactly how much more will it appreciate, and who is going to be in a position to buy it off me in the next 5 years when I want more space?” At current income levels coupled with the oversupply in the SF condo market, it just doesn’t make sense.
Paying $1,000 per sq ft is crazy!
We bought in April 2006 for $550 per sq ft on Cathedral Hill. It’s not a new building but it’s a very nice place in a nice neighborhood. We didn’t know how lucky we were at the time to be paying that but it still was a whole lot of money to us to be paying for a condo. $610,000 for 1100 sq ft.
“Hmmm…Do I really want to spend $939,000 on a one bedroom condo. Exactly how much more will it appreciate, and who is going to be in a position to buy it off me in the next 5 years when I want more space?” Good points but keep in mind that besides being a very large 1BR (for this market), the extra half bath not only makes it perfect for entertaining, it also makes it much more liveable for a household size of 2; we need to see many more plans like this in this market (if only developers/designers read blogs!) because the number of buyers who can afford a 2BR continues to shrink as the P/E ratio gets farther out of sync.
Sometimes when you have had enough to eat, it’s best to get up from the table.
My first reaction to the floorplan was that it was a lot more flexible and useable than the infinity floor plan from a couple of days ago.
I went to preview this for a potential buyer, but when the agent said I couldn ot look unitl i had taken my shoes off, I I turned on my heel, and left.
Buy plastic if you do not want my shoes touching your floor, please.
If I’m going to pay an agent 3% of my purchase price on an overpriced condo…. he/she better be willing to take off their shoes and put up with whatever other ridiculous demands the owner/agent wants in order to find out about the property. I do agree though. the request is strange
Actually it’s not strange at all. I’m a bit surprised that Kathleen hasn’t run into this before. Though maybe San Francisco is a bit slow in adopting shoeless interiors because of the temperature. In Palo Alto, where I also live, I’d say at least 40% of the open houses I check out (shameful disclosure: architects do this for recreation) ask you to leave your shoes at the door.
But San Francisco is definitely catching up. As I recall, the SFAIA tour last September was pretty much 100% shoeless.
Kathleen, look on th bright side. Perhaps you can start deducting those pedicures.