The rather ironic line from the listing for 690 Market Street #1505, a one-bedroom at San Francisco’s Ritz-Carlton Residences: “The world’s most trusted luxury brand has brought a new measure of service to one of the world’s most fascinating and engaging cities.”
While we’ll naturally agree with the “one of the world’s most fascinating and engaging cities” bit, how has this condo in the “world’s most trusted luxury brand[ed]” building performed over the past four years in San Francisco?
Purchased for $1,193,000 in 2008 by way of a $894,440 loan (25 percent down), last year 690 Market #1505 was taken back by the bank with $937,377 owed.
Today, they’re asking $699,900 for the Ritz-Carlton condo, 41 percent ($493,100) less than its purchase price in 2008 and down from a list price of $729,900 last month.
Yesterday, the resale of 690 Market Street #1505 closed escrow with a reported contract price of $665,000, a 44 percent ($528,000) drop in value for the Ritz-Carlton condo since 2008. Let’s just call that a violation of trust.
∙ Trust Issues (Formerly Known As “Trust Us, It’s Different Here”) [SocketSite]
∙ A Concerning Comp (And Empty Shell) At The Ritz-Carlton Residences [SocketSite]