188 King: #305
Originally offered by the developer in May of 2006 for $925,000 (and purchased for said amount according to tax records), 188 King #305 returned to the market a month ago with a list price of $869,000. And two weeks later, that list price was reduced down to $849,000.
As you might recall, it was eighteen months ago that we calculated that only seven of the 44 condos that compose 188 King Street had been sold on the open market despite “multiple releases” and five additional units being advertised as “sold” for marketing purposes (but retained by the developers).
And keep in mind that unsold units ended up becoming rentals (which could affect financing), and a week after the sale of #305 closed escrow the developer cut prices by up to $100,000 (which still didn’t manage to move the sales needle at the time).
∙ Listing: 188 King Street (1/2) 1,123 sqft – $849,000 [MLS]
188 King: Phase I Pricing [SocketSite]
188 King Street: The Rents [SocketSite]
The Scoop On 188 King Street: Now Selling Leasing [SocketSite]
Price Reductions At 188 King [SocketSite]

11 thoughts on “188 King Street #305 Returns To The Market (And Is Quickly Reduced)”
  1. “Interesting views to Ball Park entrance”…nice tag line! That’ll get people going.
    I think this place will sell close to its reduced asking price.

  2. I looked at these units and they look stylish, but a closer look yield so many problems with the design. I remember walking away with the feeling that you had no closet space other than the two glass cabinets (could probably hold 10 shirts at the most and a few pants) and a couple of drawers for storage. Also one of the bedrooms was an alcove that you could hang a sheet across it in order to make it into a room. Great for a single young person with no personal artifacts. Not that great for the average person with a million dollars to spend on mediocre housing.

  3. we’ll be talking aboutt he auction of this property in the not too distant future
    and a buyer will emerge
    and (s)he will use it for rental income
    betting around 775k

  4. “Nothing like being mesmerized by your dryer as you do a #2 in your bathroom”
    J,
    Hilarious … and spot on. I figured these condos would be fairly popular, but the comments here [no closet/storage space plus the in-bathroom washer and dryer] suggests they perhaps needed far better design. Possibly the ‘right next to the ballpark’ appeal has faded as the Giants fortunes have dwindled? Or is it the SOMA condos [ORH, Infinity] that create a shorter walk to the Financial District have greater appeal? Either way, I didn’t think these would struggle as badly as seems to be the case.

  5. I really don’t like the fact that the people passing by on the N-Judah or the T can see right into your living room at 188 King via the huge floor-to-wall windows facing King. Not to mention that the N and the T always slows to a crawl on King street so the passengers are able to get an extra long look at your living room.

  6. It looks like you could throw water balloons from this units balconette onto visiting dodger fans walking to the ballpark. That’s gotta be worth something!

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