Reduced Rents and Pricing for a Prized View Condo

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Purchased from the sales office for $3,149,500, or roughly $2,003 per square foot, back in June of 2016, the “highest and largest” two-bedroom, two-bath unit in the Lumina tower at 338 Main Street, unit #35A, was then listed for $3,449,000 in March of 2017 while alternatively being offered for rent at $15,000 a month.

Reduced to $3,199,000 and then to $2,995,000 in May of 2017, 338 Main Street #D35A was relisted anew for “$2,900,000” in November of 2017 but then withdrawn from the market when an acceptable offer failed to materialize.

Listed anew for $3,299,000 early last year, perhaps in anticipation of a completely mis-projected wave of millionaires that were going to “eat San Francisco alive,” the unsold 1,572-square-foot unit was then listed for rent at $11,000 a month (which was reduced to $10,500 after a week).  And in October of last year, the unit was listed anew for $3,150,000 and its days on the market were reset to “1.”

Reduced to $2,995,000 this past February, and then offered for rent at $9,000 a month in March, the list price for 338 Main Street #35A, the listing for which touts “unparalleled views of the Bay Bridge, water, city skyline Twin Peaks,” along with “one of the most desirable floor plans at The Lumina,” is now down to $2,875,000, or roughly $1,830 per square foot, a sale at which would be 8.7 percent below the the unit’s mid-2016 value on an apples-to-apples basis.

And for those running the numbers at home, the HOA dues for the unit have been running around $1,200 a month.

Article source: http://socketsite.com/archives/2020/10/reduced-rents-and-prices-for-a-prized-lumina-condo.html

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