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February 12, 2010

What’s Up With the St. Regis?

Every once in a while, multiple properties hit the market in a particular neighborhood, block or building, and it makes you wonder what’s going on. I recently noticed that there are seven condos currently available at the St. Regis (188 Minna) in the SoMa area, which is kind of a big number within one property.

There are five 2BR condos currently available, all approximately 1600 square feet and priced from $1,795,000 to $2,490,000. Additionally, two 3BR properties are on the market for $2,595,000 and $4,800,000. I’ve asked around, and it doesn’t sound like anything strange is happening at the St. Regis—just sellers making changes and moving on. Not one of the seven units is classified as a foreclosure or short sale. (But two other units in the property are actually in the auction stage.)

The St. Regis has been performing fairly well in a challenging market for luxury homes. Last year, five 2BRs sold, ranging in price from $1,975,000 to $2,550,000. However, nine 2BRs were withdrawn by sellers or expired (two of which are on the market now). The building has some nice amenities, from concierge and butler service to an outdoor terrace, spa, and fitness center.

But the reason the St. Regis may have so many units sitting on the market (for an average of 90 days) is because newer, shinier buildings like The Millennium have entered into the mix and are competing for buyers’ attention. The Millennium boasts superior amenities such as Michael Mina’s rn74 restaurant, a private dining room, wine storage, a Sports Club/L.A. center and more. Its sister over at the Four Seasons (765 Market) only has three units on the market—including a 1BR that just came on at $2,650,000—and that building seems to be holding up well in terms of turnover.

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