Based on the assumption of an appreciating market, and past sales (e.g., comps) in the exact same Marina building, the original list price of $1,229,000 for 1307 Bay Street #3 probably seemed quite reasonable at the time. But it didn’t sell for that.
Nor did it sell for the reduced price of $1,195,000. Or $1,179,000. Or $1,139,000. Or even $1,069,000. It did close escrow two weeks ago, however, for $1,030,000 (16.2% under that original asking).
And yes, that’s $80,000 (7.2%) less that what #1 sold for in April of 2005. That’s $112,000 (9.8%) less that what #2 sold for in April of 2006. And that’s $140,000 (12%) less than what #4 (which is directly below #3) sold for last November (2006).
And while Bay is indeed a busy street, it was last year (and the year before that) as well. So if the Marina location hasn’t changed, what the heck has?
∙ Damn Those Direct Comps In The Marina (1307 Bay Street) [SocketSite]
∙ RealRecentReductions: You’ve Seen These Before (Will You Again?) [SocketSite]