I just reduced the price of my Nob Hill listing – an architectural gem of a condo at the St. Elizabeth. (901Powell8.com) It has 3 bedrooms and 2 baths and according to tax records, it is 1562 square feet. It was originally listed for $1,395,000 and received an offer almost immediately – under asking which my client did not accept or counter.
The price now is $1,299,000. At $831.63 per square foot, it’s a real bargain in Nob Hill where it is not unusual to pay at least $1000 a square foot. It is a truly lovely unit with high ceilings, many with box beams, elegant lead glass windows, two wood-burning fireplaces – one in the living room and one in the Master – and a remodeled kitchen with a Viking stove and a Subzero refrigerator.
In this hot market, some may wonder why this property hasn’t been snapped up. There are two things that have affected the sale the most – tandem parking and a condo rule that permits only 1 dog up to 15 pounds. Two disappointed prospective buyers with larger dogs had to walk away from making an offer. With respect to the tandem parking, my client has to move the car behind her (if it is there) before she can exit the garage.
Has the market softened? It seems like there are more price reductions, like this one, but inventory is still relatively low and multiple offers still abound with many properties going hundreds of thousands of dollars over the asking price.
For some very lucky buyer, purchasing this spacious condo now after the price reduction will be a real score!