Purchased for $975,000 in October of 2015, the“spacious and bright” unit #7G at 229 Brannan Street, a 884-square-foot one-bedroom with one and one-half baths, a private terrace and city views from the seventh floor of “South Beach’s premier Luxury High Rise, The Brannan!”, returned to the market listed for $1,095,000 this past February, a sale at which would have represented total appreciation of 12.3 percent over the past three years.

Reduced to $998,000 in March and then to $965,000 in June, the sale of 229 Brannan Street has now officially closed escrow with an “at asking” contract price of $965,000 or $1,092 per square foot, representing apples-to-apples depreciation of 1.0 percent for the Brannan one-bedroom (with parking) since fourth quarter of 2015.

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Comments from “Plugged-In” Readers

  1. Posted by sfdragonboy

    Probably lucky to get back most of the original money. Still seems overpriced to me.

    • Posted by anon2.5

      agreed

    • Posted by civ-e

      monthly due of $1,040, so just the perpetual HOA + tax alone is over $2,000/month, none of which is deductible (assuming you already pay ~10,000 in state income tax which is plausible for someone buying this) so that portion is the same as “throwing away money on rent”. not sure what this would rent for but the difference between the monthly rent and the $2000 has to be tiny compared to what the capital of 965,000 can generate.

      • Posted by John Rogers III

        “monthly due of $1,040, so just the perpetual HOA + tax alone is over $2,000/month”

        You are better off looking for a rent controlled apartment than buying with those fixed costs. That HOA will be going up WAY faster than rent control

  2. Posted by MKP

    shocking people pay $1m for this!

  3. Posted by Richard

    “South Beach’s premier Luxury High-Rise”. You’ve got to be kidding!!!

    • Posted by another anon

      The unit is boring, but what other building within South Beach itself do you think is better? This is a very well run and maintained property, and the block it’s on is always clean and free of homeless. Plus there is pretty much a guarantee of no view-blocking construction anywhere nearby.

  4. Posted by Metroliner

    The building is simply gorgeous. Dramatic and timeless and VERY high-end. The unit is very boring and basic. Not worth $1,000,000.

  5. Posted by Regine

    Though older than most of the high rises in South Beach, The Brannan withstands the test of time. Love the circular drive entry. Love the lobbies, the community, the fabulous location – and I underscore fabulous location. Better construction than some of the later entries, particularly given its vintage. The floor plan of this particular unit is not compelling, but the penthouses and their views stand up against most of the competition, particularly at the price point.

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