July 20, 2007

One Of The Infamous Watermark Eight (And A Number Eight As Well)

Watermark (501 Beale) #8C

To be honest, we don’t know what happened to the other six seven “relatively quick flips at the sold out Watermark” that we highlighted this past February. We did, however, notice that Watermark (501 Beale) #7B was relisted yesterday at $999,000 (as opposed to $1,049,000 five months ago). Any tipsters have the scoop on the other seven?

And while it wasn’t one of the infamous eight, the asking price on 501 Beale #8C was reduced $15,000 (1.7%) the day before yesterday (and after being listed for $880,000 in June). And yes, it still offers the same spectacular bridge views (above) that we highlighted last September (at which point it was listed at $912,000).

∙ Listing: 501 Beale Street #7B (2/2) - $999,000 [MLS]
∙ Listing: 501 Beale Street #8C (1/1) - $865,000 [MLS]
Six Relatively Quick Flips At The Sold Out Watermark (501 Beale) [SocketSite]
Watermark Update: 85% Sold [SocketSite]

First Published: July 20, 2007 8:09 AM

Comments from "Plugged In" Readers

So....to continue my point from the other thread, it's not just "crap" that isn't selling or getting reduced. Even brand new construction in HOT Soma is stalled and suffering from negative appreciation.

The bifurcation continues.

Posted by: Dude at July 20, 2007 10:37 AM

The watermark is overpriced junk. I recently (in June) sold my 2/2 in SOMA for over asking with 2 offers. Good stuff sells.

Posted by: Mike at July 20, 2007 10:44 AM

Having seen more than a few of the nice watermark units (certain floors and above) and the sales centers of one rincon and the infinity, I would say the watermark had the highest levels of fit, finish, and appliances, with infinity slightly behind and 1 rincon slightly in 3rd. IMHO. But any of those buildings are much nicer than 80% of what gets built in SOMA, much of which has questionable quality, location, and minimal or no amenities.

Posted by: cb650 at July 20, 2007 10:52 AM

My agent and I have gone back and forth about this building. I love it, but I thought the prices were too high. She gave me sales information on two of them that I viewed: 8th flr unit sold for $1,170,000 & 16th floor for $1.6mil.
Vanguard has same 16th floor unit with the same floor plan as this one on the 7th floor, however the price is much higher at $1,300,000.
So I am attracted to the price as its much cheaper per square foot than the ones listed above but I have yet to see the inside.

Posted by: sfbuyer at July 20, 2007 11:09 AM

So I am attracted to the price as its much cheaper per square foot than the ones listed above but I have yet to see the inside.

Pssst: want an even cheaper price on units in this building. Look in the rental section of Craigslist. There are several of them for rent. Go wild and rent two of them for what you'd pay to own one of them, use one unit as your breakfast room.

Posted by: tipster at July 20, 2007 12:32 PM

Tipster's rent vs. own point is interesting. My back-of-the-envelope calculations show that if these places appreciate at 4%/yr or better for the next 5 years, you'll come out ahead buying (assuming a fairly high tax rate). Otherwise, it's better to rent and put your money someplace else as an investment. My advice -- rent and put your money someplace else. No way these places will appreciate that much (or likely at all) in the near future. The flippers are already getting burned.

Posted by: Trip at July 20, 2007 1:03 PM

Some of those WM units, particularly the "A" (some formerly known as "J") stack, have totally amazing, panoramic bay views. Interesting that no "A" units have come on the market.

Posted by: Salarywoman at July 21, 2007 12:27 PM

"Some of those WM units, particularly the "A" (some formerly known as "J") stack, have totally amazing, panoramic bay views. Interesting that no "A" units have come on the market."

For VIEWS, I would buy at Rincon Hill and for location i'd choose Infinity. WM is nothing close to anything any of the top buildings in the area. Once they build on the lot in front, there goes the building...

Posted by: boooo at July 21, 2007 3:43 PM

Well, I'm not a big fan of airplane views so maybe I'm biased. But I was just blown away. True there will be two buildings in front of the WM but I have heard that they are capped at 10 and 12 stories. So some units will lose their views but many won't. And the lower "A" units, being on the corner, will still have a nice bay view between the two buildings in front.

Anyway, it's not a question of buying. There aren't any WM "A"s for sale. So if I were buying and wanted a view I sort of agree with boooo (except for Rincon) and I'd buy in the second tower of Infinity.

Posted by: Salarywoman at July 22, 2007 9:38 AM

I also understand that the city has capped the height of the two buildings, but at 8 and 11 stories. But that's nitpicking versus 10 and 12.

But, I've also heard more recently that the city and the port are reconsidering the height restrictions (lower) so that there is a tiered effect along the waterfront with taller buildings farther in from the piers. So, whatever will be eventually built next to the Watermark (and it could be years, let's be honest) will possibly be much lower, even as low as 4-5 stories max.

Posted by: Can't think of cool name at July 22, 2007 10:10 AM

Appears the sq ft doesn't bode well w/ layout.

Posted by: Michael at July 27, 2007 9:08 PM

501 Beale Street #8C (with its "spectacular bridge views") has been reduced yet again. $912K in September 2006, $880K in June 2007, $865K in July 2007, and listed at $845K now (August 2007).

Posted by: Traveler at August 10, 2007 1:58 PM

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