As we outlined at the end of January:
Purchased for $1.185 million in December of 2015, the “modern, stylish, tri-level loft” #14 at 175 Russ Street, “in the heart of SOMA,” resold for $1.165 million in April of 2019, which was down 1.7 percent on an apples-to-apples basis but “17.1 percent over asking!” according to all industry stats and aggregate reports as the condo had been re-listed for “$995,000” that March.
In addition to its 1,361 square feet of living space, the two-bedroom condo includes a deeded parking space and storage, along with access to a common area roof deck with “AMAZING city skyline views!”
And having returned to the market listed for $1.195 million this past June, reduced to $1.189 million in August and then to $1.165 million in November, a sale at which would be considered to be “at asking,” the “luxurious tri-level loft” is now in contract.
The sale of 175 Russ Street #14 has now closed escrow with a contract price of $1.1 million, down 5.6 percent from the second quarter of 2019 and 7.2 percent below its price at the end of 2015 on an apples-to-apples-to-apples basis. The widely misrepresented Case-Shiller index for condo values in “San Francisco” was up 24 percent over the same period of time. And yes, the “median sale price” is up as well.
Clearly, the prior buyer did not understand the meaning of “14” to the Chinese…..
UPDATE: Two Years Later, And…