Listed for $688,000 in May, reduced to $650,000 in June,and then dropped to $625,000 in September, the “stunning” 672-square-foot, one-bedroom condo #706 in the Stage 1075 development at 1075 Market Street has just sold with a contract price of $600,000, a sale at which is officially “within 4 percent of asking” according to all industry stats and aggregate market reports (such as Redfin’s “list-to-sale price” metric, according to which “the average [South of Market home sells] for about 3% below list price,” or Realtor.com’s “Sale-to-list price ratio” of 97.8 percent).
Having previously traded and set a market comp at $979,000 in February of 2019, however, the re-sale of 1075 Market Street #706 represented a 38.7 percent drop in value on an apples-to-apples basis for the “bright, sun-filled” Stage 1075 condo with an assigned parking space in the building’s garage and rooftop amenities galore.
In the not so distant future $600K will be seen as a bargain price for the parking spot alone. Use the apartment to store your snow chains in the summer and bike rack in the winter.
If you just did a ham-fisted valuation at the $893 per ft.² implied by the closing price of Unit 706 discussed above, then Unit 711 in the same building should go for around $377,739, or about a 22.6 percent decrease from current the current asking price for a same-floor studio. And that’s for a unit that sold for $640,000 about six months prior to the pandemic.
i guessed $585K. do i get a prize?