As we wrote in February:
Purchased new for $1,007,000 in November 2000, the two-bedroom Brannan condo #10D at 219 Brannan appears to have been flipped four months later for $1,300,000.
Last March the unit was listed for $1,495,000 and sold with what appears to have been a “confidential” sale price in April 2009. In terms of MLS based statistics, reports, and even comparative market analyses a “sale price” of $1,495,000 would have been employed.
The actual recorded sale price we now know, however, was $1,300,000. And it’s now ten months later and the 1,347 square foot condo is back on the market at $1,295,000.
The sale of 219 Brannan #10D closed escrow on 5/6/10 with a reported contract price of $1,265,000. At $939 per square foot that’s still not “cheap,” but it is 2.7% cheaper than in 2009 (or 2001). Unit #9D traded for $1,475,000 ($1,095 per square foot) in 2005.
∙ A Lack Of Appreciation (And MLS Data) For 219 Brannan #10D [SocketSite]
∙ An End To Confidential MLS Sales* (*Unless You’re Willing To Pay) [SocketSite]
One more nice condo back to 2000/2001 prices. Condos in SF seem to be settling back to those prices as far as I can see.
So they managed to lose more than $100,000 in about a year after paying the real estate commission and transfer tax.
Add in at least $70K in mortgage interest, and $10K in HOA, and it cost them about $14,000 per month, $450 per day, to live here.
Nice bay view, but geez, for $100,000, buy a postcard.
Despite losing quite a lot of money this is still a reasonable outcome for the seller. It could have been so much worse. The new owner in the short term is going to see another 10-15% drop in value I suspect, so I hope they are in it for longer than the previous owner. On the plus side it’s a really spacious unit in a first class building with a great location.
Tipster: I am quite certain this wasn’t purchased with flipping in mind. Or for that matter, moving out within a year probably wasn’t in the original plan as well.
On the other hand, $450 a day is cheap for a 1300 square feet 2/2 hotel suite in SF…
I am just excited that we have two sales at above $925 p/sf in the last 10 months in South Beach. That tells me that pricing is now fairly static.
Sigh… I might lament at this time that SFGate no longer publishes recent sales and foreclosure data. They now have a link to SF Blockshopper which I find a lot less useful. RealtyTrac indicates there were two foreclosure sales slated for April in this complex.
“I am just excited that we have two sales at above $925 p/sf in the last 10 months in South Beach. That tells me that pricing is now fairly static.”
What am I missing? Even casually looking around, there are properties in the neighborhood where even the asking price is below this level. How do two specifically chosen comps above 925/sqft over ten months and ignoring other data points tell you that pricing is static now??
Swish,
Low housing prices are good for society. High housing prices are not.
It looks like 239 Brannan #8D (1,173 sq.ft. 2/2) sold for $900k on April 1(!), 2010. It was originally bought for $892k on December 7, 2004. I guess you could call that a transformative program reconnecting the condo market to its natural state of health
I think $925 is not that out of line for a nice condo unit with nice view. Same unit without view may only go for $800k or $600/ft. I think there is enough sales on both ends of the spectrum one can draw reasonable conclusions on price range. Top tier building with view – $800-1000/ft; Lower tier building without view – $500-600. Everything else in between. Add at least $50k for deeded parking.