Sexy AF Brand New Penthouse Strips $200K+ From Price

After a fairly lackluster debut this past summer and ejecting their in-house sales team from the project, JS Sullivan Development’s boutique new construction Noir at 1523 Franklin Street in Lower Pacific Heights appears to have hit its stride. With six-figure price adjustments for many of the units since their initial offering, five of the development’s seven spectacular full-floor condominium residences have found buyers.

› Residence Deux: Sold $2,920,000 (Original List Price: $2,950,000, January 2022*)

› Residence Trois: Sold $2,780,000 (Original List Price: $3,388,000, August 2021*)

› Residence Quatre: Sold $3,040,000 (Original List Price: $3,488,000, June 2021*)

› Residence Cinq: Sold $3,050,000 (Original List Price: $3,538,000, June 2021*)

› Residence Six: Sold $3,455,000 (Original List Price: $3,598,000, July 2021)

*Listed by JS Sullivan Sales & Marketing, Inc. and did not sell. Subsequently listed by Compass.

 

The price cuts at Noir are among the largest of any new development in recent years, and a look at market data reported by SFAR MLS sheds light on just how challenging the climate has been for sellers to move inventory. San Francisco’s Condo/TIC/Coop market took a massive hit during the pandemic: Months Supply of Inventory skyrocketed from 2.9 (December 2019) to 10.7 (October 2020), Average Days on Market more than doubled from 27 (March 2020) to 70 (January 2021), and Active Listings peaked at an unprecedented 2,356 (October 2020).

In hindsight, Noir‘s Summer 2021 launch was only about six months premature of what’s shaping up to be a rather strong springtime market. As of March 2022, Months Supply of Inventory and Average Days on Market have both returned to numbers on par with the 2016-2019 period. 

Source: noirlivingsf.com

It wasn’t until Compass took over marketing and sales at Noir in January 2022 that penthouse Residence Huit landed on the MLS for public consideration. Now officially on the market for 70+ days and counting, it, too, has been reduced by $202,000 from $4 million to $3,798,000.

Source: noirlivingsf.com

At approximately 1,910 square feet, Residence Huit is one of the smaller homes in the bold monolithic building. But as the saying goes: Good things come in small packages. The 3-bed / 2-bath penthouse condominium features soaring 13-foot ceilings, a 55-foot span on 10-foot tall windows framing captivating city views, and two private open-air terraces. It also features elevator service direct to its foyer and secure on-site parking. Enjoy a look inside, below.