In what was to sell for over 2 and a ½ times the final selling price, a luxury penthouse condominium in San Francisco has been sold for a price tag of $28 million, the highest for an apartment in the city. Way back in 2008, when it went on the market $70 million, there were no buyers, and hence the price was reduced several times over. After multiple such cuts and foreclosure looming, the final price came to $28 million, which ultimately made it suitable for changing hands. However, sitting atop the St. Regis Hotel in San Francisco, this double storey 20,000 sq ft apartment is known to have been created out of 3 apartment units, and more than twice the final selling price has actually gone on to do this renovation. But professionals in the real estate industry say that finding such a home in San Francisco is a tough job in itself, hence the premium price tag.
Settings and Location
In a city like San Francisco which has turned into a concrete jungle of sorts, this condominium sits on top of the St. Regis Hotel, giving the resident of the property a panoramic view of the San Francisco city skyline. The bay area too, is partly visible. Inside the apartment, there are 22-foot high ceilings, and the entrance foyer has 2-storey waterfall mechanism, which make the space appear bigger than what might immediately meet the eye. With open view of the city, there is a sense of ‘openess’, which again is a rarity in the highly populated city. Balconies take up close to 3,000 sq. ft of space of the total apartment, which are backed by large glass walls. The internal areas of the apartment are equally cozy, and secluded with extensive use to veneered woodwork for flooring, closets, and even the ceiling areas. The master suite, or rather the master bedroom, is a total of 2,500 sq ft in area, which is closely located with the gymnasium, sauna and steam room. Apart from that, there are 4 snuggly located fireplaces which shall warm the colder times, giving a sense of vintage housings. The décor is a contemporary one, with minimalistic approach overall. The colors used are white, brown, and in some cases grey, like the upholstery of the living space.
The main accommodation comprises of 6 large bedrooms, 12 bathrooms, living room, library, home theater, and patio and foyer areas. Depending on the need of the resident, one can enjoy complete privacy and tranquility, in a city, which is otherwise characterized for chock-a-bloc for space. Even the fireplaces, which would be the best equipment to have for the colder times, have a modern design, which make them less cumbersome. The library also has plenty of space where you can exercise your brain cells without any limitations on a quite environment. The home theater on the other hand, takes care of all your entertainment needs. But when the city is what you want to see with an unparalleled panoramic view, the balconies are the best place to be in.
Facts and Figures
· This apartment was created out of 3 separate apartment units, and joined into a single one.
· This condominium was put together by real estate investments’ expert, Victor MacFarlane.
· Was on the market in 2008 for $70 million, but couldn’t sell even after several price cuts. Finally changed hands with a private buyer for $28 million.
· Even after taking such a large cut, it has set the record for being the most expensive apartment in San Francisco.