According to a plugged-in source, having been taken back by Bank of America and its asking price reduced to $35 million, the Penthouse atop the St. Regis is being prepped to be officially listed on the MLS by, or around, Labor Day.
At the center of its preparation, a complete staging of the penthouse’s 17,000 interior and 3,000 exterior square feet. And according to our source, the expected budget for said staging for which RFP’s have been distributed, a cool $500,000. Yes, an expected half-million dollars in staging fees alone.
And no, we’re not expecting any Sunday open houses.
Full Disclosure: The co-listing agent for the penthouse atop the San Francisco St. Regis advertises on SocketSite but provided no compensation for this post.
$70M St. Regis Penthouse Goes Back To The Bank And Drops To $35M [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by radar

    I’m sorry………….I don’t believe you ! Are you sure it isn’t $50K ?
    For $500K,….I will personally shop, select, deliver and stage myself AND,…I will have bought every piece of furniture to include with the purchase price.
    [Editor’s Note: No need to apologize. And as always, you don’t have to believe us. But you should.]

  2. Posted by BobN

    Maybe the staging company isn’t allowed to use the elevators…

  3. Posted by Jim Cox

    As a Realtor, though SouthBay, the figure for staging does sound excessive, even for SF. That said, it is a large space to furnish, if indeed each room is included.

  4. Posted by Eddy

    Presumably the bank is fronting the staging fees so is anyone surprised they are getting taken?
    Does Greg still have the listing? Disclosure?

  5. Posted by khaki

    So what does that fee include other than the furniture? Is the furniture leased for say 12 months at that price … or until sold? Is there such a thing as an average staging fee? Amount of time it includes?

  6. Posted by Richard

    I can tell you 100% it is not a typo. The budget is $500k

  7. Posted by hangemhi

    let’s see, a 2 month staging quote for a 1,700 SqFt place would be roughly $5,000. Times 10 for the size is $50k. Extend the contract out to 12 months and you should have $300,000 budget…. so this is a killing either way, but i’d buy the furniture – and there’s a decent chance the eventual buyer purchases most of the furniture too thus avoiding having to move it out. if not, you sell your unused brand new furniture wholesale and still make out like a bandit
    as for eventual sale price, just based on price per sqft I’d put this at $20M to $25M tops.
    if this were NYC I’d agree with the $35M price.

  8. Posted by tipster

    I’d expect the furniture to be somewhat more upscale than you would see in a typical 1700 sqft house.

  9. Posted by Kevin

    Yes Gregg still has the listing and yes it is a 1/2 million in staging

  10. Posted by hangemhi

    @tipster – of course it will be high end furniture, but the $5,000 quote has profit built in. so you have more than $200k of profit to get this staging job right and pocket a lot of dough
    per Kevin i’m sure the $500k number is true now – i’m just saying the stager is going to make a killing

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