Billed as the “ultimate urban oasis for the savvy buyer,” the top floor, two-bedroom, two-bath unit #502 at 300 Ivy Street, a LEED Platinum development in the heart of “trendy Hayes Valley,” sold for $1.315 million in September of 2015.

In addition to a “bright and open living area, refined finishes and floor to ceiling windows with southern and Sutro Tower views,” the 938-square-foot unit features a “streamlined chef’s kitchen,” a “stylish main bedroom with a walk-in closet and elegantly appointed ensuite bathroom,” and an oversized deeded storage locker and secured parking for a car and a motorcycle in the building’s garage.

And having returned to the market priced at $1.329 million this past October, a sale at which would have represented net appreciation of just 1 percent over the past five years, the re-sale of 300 Ivy Street #502 has now closed escrow with a contract price of $1.295 million, down 1.5 percent on an apples-to-apples basis from the third quarter of 2015 while the Case-Shiller Index for Bay Area condo values is up 16.0 percent over the same period of time.

Comments from Plugged-In Readers

  1. Posted by ST

    That is still $1380 per sq ft.

    • Posted by SocketSite

      That’s correct. And while certainly not “cheap,” that’s 1.5 percent cheaper, and versus $1,402 per square foot, in 2015.

      • Posted by TBK

        Sure, but looking at the materials and finishes, this was not at the $1,400/sf level in the first place.

        • Posted by SocketSite

          While no longer at the $1,400 per square foot level, it was in 2015 when it traded for $1,402 per square foot and established a neighborhood comp.

  2. Posted by Panhandle Pro

    Short term, we’re still completely in a COVID mindset and thus small spaces requiring elevators are not going to perform well. That logic may last throughout all of 2021.

    Long term, this kind of unit in this kind of building (sub 1200 feet, sub eight story) is the overwhelming majority of what will be built in SF. From an investment/appreciation point of view, it’s hard to imagine such an undifferentiated offering outperforming the market.

    • Posted by SocketSite

      Over the past 10 years, LEED Certified units and Hayes Valley have outperformed the market overall.

      And in fact, on an apples-to-apples basis, this unit has actually outperformed its peers (along with an expanding universe of local single-family homes).

      • Posted by Panhandle Pro

        Fair. Certain growth/gentrification neighborhoods like Hayes Valley and NOPA/Divis are likely an exception.

  3. Posted by Matt

    Mighty fine price and pretty fast given the condo market, inventory, buyer’s market all that.

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