Purchased as new for $952,000, or roughly $1,213 per square foot, in November 2015, the 785-square-foot, one-bedroom condo #403 at 72 Townsend Street, a “one-of-a-kind luxury mid-rise” building in the heart of South Beach, returned to the market last month priced at $998,000, a sale at which would represent total appreciation of 4.8 percent, or roughly 3.5 percent per year, since the fourth quarter of 2015.

The unit is outfitted with one and half bathrooms, Studio Becker cabinetry and Caesarstone countertops.

There’s a usable private balcony with views and a deeded parking space in the building’s garage.

And after three weeks on the market, the list price for 72 Townsend #403 has just been reduced to $948,000.

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Comments from “Plugged-In” Readers

  1. Posted by chuco35

    There’s a significant haircut there for the seller after you factor in realtor and closing expenses, even if sold at the asking price. (I don’t see much chance of an above asking offer.)

  2. Posted by Harambe

    There’s nothing nice about this apartment, other than its location to… South Beach.

    • Posted by Kent

      What *is* South Beach, exactly? I had never even heard the term before condos were built there.

  3. Posted by Jay78

    I’d replace the Eiffel Tower Art with a Bay Bridge, Golden Gate Bridge or SF landscape if I were the interior designer.

    • Posted by Bobby Mucho

      Agreed. Not too keen.

      • Posted by NoeNeighbor

        Odd, if you live in SF, why do you need SF pictures?

        • Posted by Jay78

          To showcase the picturesque city especially since many buyers are not from SF.

        • Posted by Sierrajeff

          Because we love SF? And if you live in South Beach, it’s not like you see the GG Bridge every day anyway.

          • Posted by that_dude

            I find it incredibly tacky to have art of the current city you’re currently residing in, on the wall. Could be any city – NYC included.

  4. Posted by SFRichmond112

    Would be interesting to see where this condo sells for vs. Mark Company’s Index, which is down 16.0% from August 2015. Granted, that index tracks a 2BR brand new condo vs. a 1BR condo here that is as close to brand new as it can get…

    [Editor’s Note: If you’re looking for an “apples-to-apples” comparison for a two-bedroom condo, late 2015 to today, here’s one.]

  5. Posted by RobBob

    I don’t think it helps that 72 Townsend is not sold out yet, so this unit is competing with the developer’s inventory of new units.

  6. Posted by condoshopper

    does anyone know whether or not the units still being sold by the developer are new & never occupied, or if they have rented out the units after they were finished?

    • Posted by RobBob

      New and never occupied. When I looked at a unit about six months ago they still had a number of units to show with not quite finished interiors.

      • Posted by condoshopper

        Thanks Rob. It seems curious because the sales period seemed to have a started a looong time ago and there have been online rental postings in this building for a quite a while now (whether by developer or private owners).

  7. Posted by scott f

    I was amazed at what a good deal this was until I clicked through to the video and saw it’s only a one-bedroom, not two.

  8. Posted by badlydrawnbear

    “one of a kind luxury” = bog standard condo with nothing exceptional about it.

  9. Posted by Matt M

    It’s mind-boggling the developer is still selling units. Don’t they see the same market info that is posted here consistently? I do like the building’s exterior and location.

    • Posted by SocketSite

      Actually, they do. Which might be why they’ve gone through a round of reductions as well.

      • Posted by condoshopper

        the developer’s listings still have 1/1’s asking over 1 million. i’d hate to see what they were asking before the round of reductions.

        • Posted by RobBob

          They have some 3 bedroom floor plans where the walk in closet is bigger than the kitchen, and they are trying to sell these for over 3m.

          • Posted by that_dude

            3m is a joke – I’d rather spend that dough in an established neighborhood.

  10. Posted by Sierrajeff

    The TV on the wall says it all (well, that, and the non-spectacular view of what appears to be a parking garage and elevator stack) … tiny condo with no space for a functional furniture layout.

  11. Posted by Metroliner

    No counter space, but they do have one of those $300 trash “system” things.

  12. Posted by Mark F.

    Not impressed, and what’s with an extra 1/2 bath in a one bedroom?

  13. Posted by haighter

    I lived down the block from this building for a couple years. Yeah the condo is small and unremarkable, but the location is great. It’s the one neighborhood that’s walkable to Caltrain and the FiDi, and close to the freeway, that has no tents on the sidewalk or needles in the gutters. There are a handful of good restaurants and cafes nearby, you can go for a walk/run on the Embarcadero, and the area is *clean*

  14. Posted by Sabbie

    Socketsite: condos are now selling for a loss. Permabulls: that cookie cutter condo is really horrible, all those other cookie cutter condos are way better.

  15. Posted by joey brown

    What folks may not realize is that this owner was illegally renting this unit via Airbnb, was caught by the HOA and the city and is now selling…they never lived in the apt

  16. Posted by SocketSite

    UPDATE: The list price for 72 Townsend #403 has just been reduced to $899,000, a sale at which would be 5.6 percent below the $952,000 which was paid for the one-bedroom in the fourth quarter of 2015.

  17. Posted by SocketSite

    UPDATE: The sale of 72 Townsend #403 has closed escrow with a contract price of $940,000 (which is officially “over asking!” according to all industry stats despite the unit having been originally listed for $998,000 earlier this year). Once again, the unit had been purchased for $12,000 more ($952,000) back in November of 2015.

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