2130 24th Street 2016

Purchased for $1,400,000 in March 2015, the contemporary three-bedroom Potrero Hill condo #B at 2130 24th Street returned to the market seven weeks ago listed for $1,395,000.

This past Friday, the sale of the 1,535 square foot condo closed escrow with a reported contract price of $1,475,000 or $961 per square foot, representing total appreciation of just over 5 percent for the “beautifully updated” and “almost impossible to find” unit on an apples-to-apples basis over the past year.

10 thoughts on “Contemporary Potrero Hill Pad Gained 5% over the Past Year”
  1. And again if the average appreciation over the past year for this property was 5% and the market was running very hot last year, what does this data point say about recent appreciation?

    If the average weight of 5 people on an airplane is 200 pounds and you know that 4 of them weigh 225 each, what does the fifth person weigh?

  2. Must be tough to squeeze your Tesla into the garage. I don’t know about having a house built on stilts in an active earthquake zone.

  3. since it was only held for one year, the seller had to pay some hefty taxes and i’d guess about 5% in commission. so even if it appreciated 5%, there was no money to be made.

    1. This was a capital loss after commissions, transfer taxes, and other fees on both the buying and selling sides. So no taxes. Probably a small loss, but they won’t be able to use that to offset any other capital gains (one of the disadvantages of “investing” in houses – there are a lot of advantages too).

      1. my mistake. JR is right. i was thinking about capital gains because it was held less than 2 years, but since there was a loss, there wouldn’t be capital gains.

  4. 5 p’cent YoY? I’ll take it. Given that it’s been double digit gains since 2012, this gain so late in the cycle is still sweet. (f’course I wouldn’t buy/sell in 1 year, but for all of us buy and holders, it’s been a rather chaa-ching time!)

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