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In the sizzling San Francisco real estate market, luxury housing moves fast. And this jaw-dropping downtown penthouse on the market for $3,950,000 would seem to possess all the right attributes for a quick sale.
It’s newly renovated, stylish, and has views for days. Yet the unit—the Tenderloin neighborhood’s most expensive penthouse—has been on and off the market for years.
“It’s an incredible property,” says listing agent Mark Levinson of Pacific Union International. Noting the solarium, the top-to-bottom redo, and the 360-degree views from the perch on the 21st floor, Levinson says, “It’s magical.”
However, the magic combination of the right buyer to match this unique property hasn’t materialized just yet. We conjured up a few of the reasons behind the languishing luxury property. Perhaps a buyer will finally make the place vanish from the market once and for all.
Pricing issuesThe price at first appeared to be too much for the gritty neighborhood of the Tenderloin, which has been slow to gentrify, even as other nearby areas have been transformed. On the market for $5.25 million in 2013, it had its price cut by a million bucks a year later. It was eventually delisted, but bounced back on the market in 2016 for $3.95 million, where it stands today.
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Too much style?While most homes are remade in a neutral palette with an eye toward a quick sale, this design reflects a bold personal taste. It includes some quirky and fun details, including parasol-shaped lights, aqua-hued walls in the library, and jade-green tiles in the bathroom.
The unit is housed in a stunning art deco building that was once the Alexander Hamilton Hotel. The contemporary style may not jibe with what buyers expect in a building dating to the early 1930s.
Levinson estimates the renovation cost the seller upward of $680,000. The seller bought the apartment for $2.5 million in 2003.
In 1962, the former hotel became the first building in San Francisco to convert to condominiums, with 186 units. It’s a slice of San Francisco history. But for a buyer searching for a sleek and modern condo in a brand-new building, this isn’t the place.
Despite any apprehension over the unit’s decor or the age of the building, the place has plenty to offer, with spectacular views, a huge amount of outdoor space, and a solarium that seems to touch the sky.
“When you’re up there, you’re not in the Tenderloin, you’re up in the clouds. It’s not to be missed,” Levinson says.
In addition, the 3,500-square-foot spread has three bedrooms, four bathrooms, and two terraces. There’s also a formal living room with marble fireplace, dining room, library, private elevator entry, and parking for two cars. Along with the updated kitchen and bathrooms, new finishes include paint, lighting, and refinished wood floors.
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But it always comes back to locationThe Tenderloin neighborhood developed a bad rep over the past few decades, but there are hints of changes to come. A new hospital campus is going up on Van Ness Avenue, which could bring an influx of employees needing housing nearby. The neighborhood boasts a lively nightlife with easy access to restaurants, theaters, and shopping.
For a seasoned urban dweller with a masterful bank account, the location is incredibly convenient, wedged between the shopping district of Union Square and very close to the south of Market tech hub where the Twitter headquarters are located. It’s easy to walk, bike, or take public transit. There’s one more notable reason to take a closer look.
“It’s a great deal,” Levinson says. In San Francisco, that says a lot.
The post Why Won’t Anyone Buy This Glorious San Francisco Penthouse? appeared first on Real Estate News & Insights | realtor.com®.
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