January 26, 2012

Shooting For A Record $3,000 Per Square In San Francisco

1170 Sacramento #19B View

Listed for $4,900,000 in a very different condition back in 2008, 1170 Sacramento Street #19B (aka Penthouse B) sold to a local real estate agent for $3,125,000 in February 2009.

1170 Sacramento #19B Fireplace

The 1,999 square foot unit (per tax records) underwent a complete transformation in 2010, and was rebuilt as a two-bedroom with truly luxurious finishes, design and flow.

1170 Sacramento #19B Floor Plan

Penthouse #B is now back on the market and listed for $6,000,000, just over $3,000 per square foot which would be an all-time record for a San Francisco property, we do believe.

1170 Sacramento #19B Bedroom

And as plugged-in people know, the larger, but deconstructed, Penthouse #C atop 1170 Sacramento sold for $5,750,000 as a shell late last year.

∙ Listing: 1170 Sacramento #19B (2/2) 1,999 sqft - $6,000,000 [penthouse-b.com]
A Peek Inside The Deconstructed Penthouse Atop 1170 Sacramento [SocketSite]
The Shell Of The Northern Penthouse Atop 1170 Sacramento Sells [SocketSite]

First Published: January 26, 2012 10:00 AM

Comments from "Plugged In" Readers

"HOA Dues: $5132 per month"

Kills self.

Posted by: Mike P at January 26, 2012 10:39 AM

Magnificent detailing. Who was the architect?

Posted by: Jim at January 26, 2012 10:51 AM

Insane price, but beautiful.

Posted by: Mark F. at January 26, 2012 11:10 AM

Great RE porn... this makes up for the Thiel office building/Real World set/future foreclosure below..

However... $3000 per foot?! HOAs $5132?! Nob Hill? I just can't.

Also, I may have to eat my earlier words about fireplaces. That looks like an open flame gas fire, not an enclosed unit. Hmmm.

Posted by: Denis at January 26, 2012 11:10 AM

There has to be an upper limit on PSF in San Francisco, and it probably is much, much lower than $3,000. Anyone happen to know the current record holder for highest PSF?

Posted by: Q at January 26, 2012 11:12 AM

Isn't this the building owned by Lord Grosvenor? The building I'm thinking of was actually a long term lease that expired on everyone before 1990. Everyone was trying to sell out two years before the lease expired.

Posted by: c b at January 26, 2012 11:20 AM

What is the max paid per-foot in SF? For years it remained the Getty Penthouse in Royal Towers which sold in 1999 for $2727 per foot. I'm not aware of anything that has surpassed that. 2950 Broadway came close at $2600+ per foot.

[Editor's Note: 2950 Broadway Sells For $29,500,000 (And No, That's Not A Typo).]

Posted by: Denis at January 26, 2012 11:24 AM

definitely not kid friendly!!

but certainly prowl friendly!!

lol

Posted by: johnny at January 26, 2012 11:38 AM

This is definitely my favorite condo I've seen featured here. No criticisms of any of the finishes. I love the wood in the bathroom and master -- a nice, and far more stylish nod to the previous mid-mod incarnation. Ditto for the fireplace and surrounding panel.

Posted by: shza at January 26, 2012 12:01 PM

agreed that this looks fantastic; perfectly designed and brilliantly staged.

does anyone know what material they used for the kitchen floor?

ps I love the reveals where the walls meet floor and ceiling. so clean!

Posted by: steve at January 26, 2012 12:23 PM

"HOA Dues: $5132 per month"

Kills self also.

This is insane. Sorry. Just insane! Serious question from someone from Oakland, Who /what type of person pays such fee's?

Posted by: Oakland Chap at January 26, 2012 12:43 PM

A $5K per month HOA implies a BATTALION of staff, and services out the wazoo...

...or the HOA is lining its coffers.

Posted by: BillyBalls at January 26, 2012 1:03 PM

...or keeping out riff raff who ask why the HOAs are so high.

Posted by: Legacy Dude at January 26, 2012 1:05 PM

@Denis, I believe if you build the gas fireplace to a certain standard you can use an open flame. It's all about the venting from what I've been told.

Posted by: eddy at January 26, 2012 1:10 PM

That's entirely possible. I ran into this issue a few years ago, and I ended up having to install an enclosed unit, which I really don't care for. I'll check on this...

As for this place... This building used to be fairly, um, geriatric... and I'm wondering if some of the HOAs for long time residents are fixed. I just can't believe ALL tenants are paying 60k a year in HOAs.

If this building were in 2288 Broadway or even 1996 Washington, I might could justify the ppsf, but not Nob Hill.

Posted by: Denis at January 26, 2012 1:22 PM

This would sell @ $5M quickly. I'd hold out for $6M. They spared no expense. And after looking at Nina's site it looks there was a wood burning fireplace there that was retrofitted with an open non glass gas fireplace

Posted by: eddy at January 26, 2012 1:26 PM

"...or keeping out riff raff who ask why the HOAs are so high."

How rude and classy of you Legacy Dude.

Posted by: Oakland Chap at January 26, 2012 1:40 PM

Don't misunderstand me, Oakland Chap. I couldn't afford this place myself, nor would I want it even if I could. And I wasn't trying to make an NOCD comment.

From my anecdotal experience, though, most of these trophies are bought by people who don't even live here - absentee millionaires like movie/music celebrities, pro athletes, politicians, and so forth. Somebody with more money than sense decides they want it in their collection, so they buy it. Then they renovate it (again), it sits empty for a few years, and eventually they get bored of it so they sell it to somebody else who does the same thing. So metrics like $ psf and HOAs are basically irrelevant here - hence my earlier comment.

Posted by: Legacy Dude at January 26, 2012 2:20 PM

The HOA dues at the Ritz-Carlton penthouses is about $2,600 a month and yes, they also have a small army of staff to serve every whim of the residents and services "out the wazoo". Not that I'd be in a position to know, first hand.

Are the amenities, staff and services at this place 96% better than the Ritz-Carlton?

If the residents just wanted to keep out the riff raff and nouveau riche, they'd pony up the money on a one-time basis and go co-op. At least that's what I'd do. Then in the future, the board would exercise the increased discretion that co-op boards have to prevent the undesirables from acquiring a unit.

Posted by: Brahma (incensed renter) at January 26, 2012 2:24 PM

There are some high end building managers who will do ANYTHING and do it right and that's what frequently drives the HOA up the wazoo in these places. You call and tell them you are coming in 4 months for some event. They send the carpets out and have them cleaned, fill the fridge with what you want, have everything spotlessly cleaned, the linens are cleaned, any scuffed paint is repainted and when you show up, everything is perfect. They hire a limo to meet you at the airport and make arrangements to have you ferried to and from the event and back to the airport.

If there is a chip on the paint in the common areas, they fix it instantly. What they provide is perfection.

They charge an absolute fortune, and way more than they are worth (you could probably hire it for much less yourself), but the residents seem to eat it up.

I'd just rent a suite at a 5 star hotel myself for something I rarely use that would require all that stuff, but who knows: people in third world countries probably think having your own car is a ridiculous extravagance, so it's probably a matter of preference.

Posted by: tipster at January 26, 2012 2:27 PM

I am truly salivating. This is perfection. The only off-putting thing to me was the giant handgun art piece in the kitchen. Hated that.

Posted by: Lori at January 26, 2012 2:58 PM

I think that all white kitchen is a miss. Otherwise I like it.

Posted by: sparky-b at January 26, 2012 3:16 PM

This place is like the highest high end of a las vegas suite.

Posted by: eddy at January 26, 2012 3:22 PM

Just for comparison, the HOAs at The Millennium Tower penthouses (< $1,800 a month) and The Four Seasons Residences (also < $1,800 for upper floors) are also managed by outside agencies, but with dues significantly lower than this place.

Posted by: Brahma (incensed renter) at January 26, 2012 3:56 PM

Hmmm count me in the minority...this is definitely out of my league but I don't get what all the fawning is about. Based on the pictures it looks like a Westin Hotel to me. The finishes are nice enough, but six million dollars? The floor plan too is functional but hardly what I would consider grand considering the price point. This would have to win the prize for the most overpriced property in SS history.

That said, the terrace and views are stunning!

Posted by: Willow at January 26, 2012 4:13 PM

To be clear, in my comment I did not mean to be speaking to the price at all, just the finishes.

Posted by: sparky-b at January 26, 2012 4:21 PM

BTW, when this sold the last time it included a maid's apartment on the lowest floor. Is that not included this time – did it get sold to another condo owner while this was being refurbished ?

Posted by: Jim at January 26, 2012 4:38 PM

Capitalist first world problems:

If being concerned about sixty grand a year makes me rif raff, then so be it.

The artwork, decor, and design are beautiful.

Posted by: BillyBalls at January 26, 2012 4:40 PM

wow...this is beautiful and a nice liveable floor plan to boot

Posted by: inmycountry at January 26, 2012 4:54 PM

Real impressed with some of that world class, master-like original artwork. I see jason pollack, jimmy alboors and perhaps fred steller. Is this the Anderson's city play pad? ;)

Posted by: 47yo hipster at January 26, 2012 5:13 PM

you can tell it's really classy b/c it has a deignated "rubbish" area

classy people don't generate no garbage/basura

Posted by: wrath at January 26, 2012 6:26 PM

Well said BillyBalls. I am also open to being tagged as riff raff regardless of my wealth or desire to collect beautiful homes in which this is.

Posted by: Oakland Chap at January 27, 2012 9:25 AM

All I really want in life is an elevator vestibule.

Might have to settle for naming my first born Vestibule though as an elevator + vestibule are not in my near future.

Posted by: Mike P at January 27, 2012 12:12 PM

I'm having a difficult time imagining my current furniture and 'artwork' in this place. For $6,000,000, I would hope it comes furnished and decorated.

Posted by: Solis at January 27, 2012 4:02 PM

I know that Truax did the lighting design, but would be interested in who the architect and interior designer were. Nice work!

Posted by: Morgan at January 27, 2012 4:21 PM

> perfectly designed and brilliantly staged.

Just so you know, the unit isn't staged. This is how the sellers live. I've had cocktails at this residence. The photos don't do it justice, if you can believe it. It is *fantastic*.

Posted by: MrsLotus at February 1, 2012 7:35 AM

@MrsLotus:

if it is so fantastic, why are sellers selling it?

Posted by: johnny at February 1, 2012 8:52 AM

"I'm having a difficult time imagining my current furniture and 'artwork' in this place."

I think all of my stuff goes into the "storage/rubbish" room.

Posted by: Rillion at February 1, 2012 11:02 AM

Folks, Are there any guesses for the architect/interior designer for this place? What other firms would to such work?

Posted by: Mel at February 1, 2012 7:34 PM

I know the owner and have been in the unit; he is a real estate developer and did the interior architectural mofifications and design himself.

The space itself and results are truly fantastic.

Posted by: Russian Hill Dweller at February 2, 2012 10:47 PM

This is my dream apartment. Perfectly designed and flawlessly executed. Worth every penny. It will sell.

Posted by: Gregg Lynn at February 2, 2012 11:33 PM

Posted by: SocketSite at February 7, 2012 8:22 AM

Once again, a Socketsite thread that includes a discussion of HOA fees focuses solely on services, staff, and what the eye can see. So many complexities below the surface such as insurance, reserves, systems maintenance, taxes, and replacements, etc, are significant portions of what make up fees. High-rises are much more expensive to maintain that smaller, low-rise buildings (elevators, window/exterior maintenance, ventilator systems). These more NY-style buildings (especially the older ones) are not as common in SF but and often misjudged in conversations on this site with regard to HOA/monthly fees. If you did a survey of just the buildings that fit the specific criteria of these somewhat aging high-rises, I'm sure you find them to have similar dues, and dues higher than other categories of condos. Buildings of this type, at this price-point, are for people who view $5+ monthly fees as an insignificant aspect of their living expenses.

Posted by: seehsee at February 10, 2012 9:22 AM

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