Only in San Francisco will $8.9 million snag you a luxe condo without a washer and dryer.
Such is the case with The Pacific, a new ultra-high-end condominium building nestled on Webster Street in San Francisco’s posh Pacific Heights neighborhood, which celebrated its grand opening this September. Designed by architect Glenn Rescalvo, who also designed the city’s 60-story residential Millennium tower and the W hotel in Santiago, Chile, The Pacific is being unofficially hailed by many city residents as the most expensive condo building in San Francisco, and for good reason.
Condos at The Pacific — a mix of one-, two- and three-bedrooms, as well as three-story townhomes — hover around $2 million and max out at $20 million in the nine-story building. One of the first units sold also proved the most expensive sale for a residence in the US per square foot outside Manhattan: a three-bedroom, 2,300-plus square-foot unit with three bathrooms on the sixth floor.
For $8.9 million, or $3,750 per-square-foot, unit #606 featured interiors designed by Jay Jeffers, with hand-milled woodwork, marble slab counters, bronzed and gold mirrors, and art deco-influenced chandeliers. Homeowners association fees generally range from $1,800 to $3,000 a month, covering services including valet, concierge and maintenance.
“There’s no other building that’s been done like this before,” explained Arden Hearing, Managing Director at Trumark Urban, which developed The Pacific over the course of nearly 5 years. “We’re seeing that reflected in the pricing and the overall market sentiment.”
Trulia Chief Economist Ralph McLaughlin recently told Yahoo Finance that San Francisco Bay Area rents and real estate prices are cooling off, down from 15%-17% growth year-over-year to 5%-6%. As a result, many Bay Area landlords are doling out crazy incentives like four to six weeks of free rent and preferred employee discounts for rental units. The Pacific, however, appears to be an anomaly: the créme de la créme of SF real estate, unaffected by the softening local market.
To wit, 35 out of 76 units are already sold, Hearing told Yahoo Finance, and as of September, Trumark Urban generated well over $120 million in sales.
Other amenities in the building include an art installation from artist Helen Amy Murray, known for her nature-inspired, hand sculpted leather creations and textiles, a fitness center with outdoor yoga terrace, valet, concierge, lobby attendant and an Observatory lounge on the eighth floor with 20-foot ceilings and indoor and outdoor fireplaces.
The drawback? No built-in washer or dryer by default in any of the units — owners must choose and pay extra for the washer-dryer of their choice. (To be fair, however, at this price point, a washer-dryer is pocket change for The Pacific’s target demographic.)
The Pacific also takes “personalization” to an extreme, depending on which unit someone buys. A standard one-, two-, or three-bedroom, which has 11-foot vaulted ceilings, nets you the ability to consult the building’s white glove concierge department to pick and choose flooring, audio-visual systems and customize closet layouts with the aid of either a domestic or Italian closet/shelving consultant. (Yes, seriously.)
Owners of one of The Pacific’s eight three- or four-story penthouses can personalize their homes even further, with options for window types and home automation systems.
That’s all in all great news for Silicon Valley’s 1%. For everyone else? Enjoy the real estate porn.
More from JP Mangalindan: