As we outlined back in January, just two months ago:
Purchased for $1.85 million in mid-2015, the remodeled two-bedroom, 1,565-square-foot unit #216 in the Oriental Warehouse building at 650 Delancey Street (“the premier historic live/work loft conversion building located in San Francisco’s hip South Beach neighborhood”) returned to the market priced at $1.875 million this past October.
In addition to two bedrooms and two full baths, the unit offers two deeded parking spaces as well, with HOA dues that total $653 a month. And having been de-listed in December, the unit has been re-listed anew with the same $1.875 million list price but a reset “days on the market” count.
If you think you know the market for high-end loft units in San Francisco, now’s the time to tell. If you need a little hint, try clicking here.
The sale of 650 Delancey Street #216 has now closed escrow with a contract price of $1.815 million or roughly 2 percent below its mid-2015 price on an apples-to-apples basis and with only “two months on the market” according to industry stats.
Keep in mind that the contract for the loft was inked last month, on a day when the S&P 500 closed at 3,128, roughly 25 percent higher than at the end of last week, and prior to the local impact of COVID-19 having really taken hold.