Originally asking $1,319,000 but listed on the MLS by the sales office for $1,059,000 five months ago, 300 Berry #1610 closed escrow yesterday with a reported contract price of $850,000. That’s $834 per square foot for the Arterra two-bedroom, two-bath penthouse with terrace (and 36 percent under its original ask).
Over at Infinity the sale of 338 Spear Street #38C closed escrow yesterday with a reported contract price of $2,250,000. That’s $1,385 per square foot for the 1,624 square foot high floor three-bedroom in Infinity’s Tower II and 25 percent under its sales office list price as of six months ago (listed at $2,995,000).
Four To Go At Arterra (300 Berry) At Up To 33 Percent Off [SocketSite]
Infinity Tower Two Apples-To-Apples (And Comps Above And Below) [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by anon

    Speaking of the Infinity, I was talking to a friend who lives in Tower 1, and he said that he received an email sent to residents warning that there were going to be process servers in the buildings in order to serve NODs and foreclosure notices.

  2. Posted by SFRE

    The more amazing part is not that they sold for less than their asking price, its that there is people out there willing to pay $834 and $1,385 psft for condos. This probably bodes well for One Hawthorne, and the rest of the units at Blu (anyone have an update on what’s left, and how hard they are negotiating?).

  3. Posted by Misha Weidman

    I put my client into a 1 BR at Arterra after she’d been looking at stuff for two years. Beautiful views facing south-east over Mission Bay and low HOA’s for a downtown high-rise.
    We tried negotiating hard, to little avail. At the end of last year, Arterra’s units were flying out the door.

  4. Posted by chguy

    I’m trying to visualize units flying out the door. Hope you ducked.

  5. Posted by ex SF-er

    wow. nearly $1400/sq ft.
    I’m impressed.
    not sure if 25% under list is a big deal or not. More important would maybe be how this compares to other comparable units in that building.

  6. Posted by riffsf

    All this focus on $/sf doesn’t lead to very insightful analysis. It is one of numerous metrics to value real estate and quite often not a very good one. Just because it is easy to calculate doesn’t mean it is always useful – particularly to those who don’t always view real estate as a commodity.

  7. Posted by MissionBayRenter

    Misha,I live in that neighborhood. I would hardly say it is downtown. This is a urban community close to the city.
    Good to hear that they sold for such a high price. People do pay a premium to live in the penthouses. So, I wouldn’t count on the same price for lower floors.

  8. Posted by joh

    $834/sqft isn’t that surprising for a moderately sized penthouse unit with views. $1385/sqft is surprising though.
    I don’t think One Hawthorne has even set their pricing yet.
    All this focus on $/sf doesn’t lead to very insightful analysis.
    I couldn’t agree more. All else being equal, I’d choose a 800 sqft unit with a good floorplan over a 900 sqft unit with a dysfunctional one. Or pay a premium per sqft to be on a higher floor with better views.

  9. Posted by huh?

    not sure if 25% under list is a big deal or not. More important would maybe be how this compares to other comparable units in that building.
    Posted by: ex SF-er at April 28, 2010 11:24 AM
    Ex-SFer – The infamous ‘G’ paid $6.925m for 3,385 sf in Tower 1, or $2,045 psf. His unit was 37B and this unit is unit is 38C, albeit not the highest floor in Tower II. Nonethless, $1,385 psf represents a 32.3% haircut on the price of the ‘G’ unit, which is not uncommon for the T2 ‘discount’ versus T1.

  10. Posted by Willow

    The sales price of 38c is very impressive. Kudos to the Infinity Sales team. It’s not a particularly large unit. I just looked at the floor plan and it’s basically the 2/2 signature curve configuration with the addition of a bedroom and half bath. That extra 300 square feet however makes all the difference and gives the owners a lot more flexibility than the 2/2 setup. Very nice!

  11. Posted by InfinityRes

    To be fair, when comparing the 38C unit to 37B, The infamous G’s unit (37B) is the most desired floorplan though, with the northeast view, including the bay, bay bridge, and downtown view. The view from C is not the desired view, and so its not quite apples to apples when talking about the price cut from Tower I to Tower II.

  12. Posted by Misha Weidman

    MBRenter. You’re quite right. Arterra is not downtown.

  13. Posted by Outsider

    Misha,
    Out of curiosity, what do you think of #514 asking for $499k. Many posters seem to think it is way too high. You have seen the recent sales at Arterra. Do you see this unit sell anywhere near asking ? Be mindful you may have to put on a flak jacket if your answer is affirmative on the asking price…

  14. Posted by J

    ^ Keep in mind that one is no longer a sales office “close out”(meaning brand new), like the last few units she may have sold.

  15. Posted by Outsider

    If the resale unit is in tip top condition and upgraded, it may not be that much lower in price compared to a brand new unit with blank wall and no window coverings. Just want to see where the real life prices are in this area based on the latest sales.

  16. Posted by J

    For one, the target audience is now smaller because of the changes. Secondly, the sales office held out for over 3 years trying to get the highest price possible for their units.

  17. Posted by InfinityOwner

    @InfinityRes: G’s unit is now blocked by Tower II, so I’d hardly call his view desired. I think after Tower II came out, that corner is the least desired, since you’re directly facing into someone else’s condo.

  18. Posted by huh?

    InfinityOwner – Thanks for the clarification. Although ‘G’ clearly has a large spread, it was my understanding that at least one of the master bedrooms looked out on Tower II. Do you know if 38C in T2 has unobstructed views, including some of the Bay Bridge?
    At any rate, although 38C is not the penthouse, it looks like the 30-35% discount between similarly situated Tower I and Tower II units appears to stretch from the lowest floors right to the top of both buildings.

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