There may be one real estate sector in San Francisco faring worse than downtown offices: Four Seasons luxury condos.
A year and a half after opening, 13 of the 146 condominiums at the Four Seasons Private Residences at 706 Mission Street in South of Market have sold, the San Francisco Business Times reported, citing third quarter Compass and city records.
The Four Seasons development opened for pre-sales in 2020 and began closing on condos the following year. Units range from studios to four-bedrooms to penthouses and have an average HOA fee between $3,180 and $5,400 per month.
An affiliate of Millennium Partners bought the site in 2006 for $23.5 million and kicked off construction in 2016 at an estimated development cost of $500 million. It combines a 510-foot highrise and the historic Aronson Building, built in 1903.
In 2018, Westbrook Partners took over the 45-story development from Millennium Partners, the firm behind Millennium Tower. The Four Seasons Private Residences opened in May 2021.
The condo tower had two early successes, including the two highest prices paid for luxury high-rise homes in the city last year among listed sales, according to Compass. The prices paid were $11.3 million and $12.6 million.
And at least one high-profile deal appears to have shot wide of the basket.
Steph Curry, a sharpshooter with the Golden State Warriors, and his wife Ayesha reportedly agreed to pay $8 million in January 2020 for a 2,800-square-foot condo on the 30th floor, his jersey number.
It was supposed to be their second home along with the $31 million mansion in Atherton they bought in 2019. This year, they also bought a home in Orlando.
But of the 13 deeds on record at the Four Seasons Private Residences, none matches details of the reported sale to Steph and Ayesha Curry, according to the Business Times.
Curry names don’t appear on any deeds. Of three buyers who listed ownership by limited liability corporations, none resembles an $8 million price paid for a 30th floor unit. The closest LLC deal was Westville Partners, which paid $9 million for a unit on the 36th floor.
The past year has been “remarkably quiet” for SoMa condos, Gregg Lynn, a broker with Sotheby’s International Realty and among the few agents to have sold three Four Seasons condos, told the Business Times.
Apart from high interest rates, Downtown San Francisco isn’t rebounding as fast as other major cities as fewer of its workers return to offices, Lynn said.
The market slowed for condos across San Francisco’s Districts 6-9 in the third quarter, with prices up an average 1.5 percent, but with sales volume down significantly, according to Compass.
— Dana Bartholomew
Read more
Commercial
New York
Your condo is ready: Four Seasons pushes into residential
Commercial
Los Angeles
The luxe frontier: Hotel-branded condos