1751 Beach Street (a renovated three-bedroom, two-bath Marina condo) closed escrow this past Friday with a contract price of $1,420,000. A sale of this same condo in July of 2002 for $1,100,000 would suggest average annual market appreciation of 4.9% over the past five and one-half years.
Then again, 1751 Beach Street also changed hands a little over two years ago (September 2005) for $1,400,000. And with this data point in hand, average annual market appreciation for this property is more accurately represented as 7.8% from July 2002 to September 2005 and 0.7% from September 2005 to November 2007.
[Editor’s Note: Up next, a look at this property from the perspective of an investment over the past two years (so let’s try to keep the comments on this post related to the market).]
∙ A Case Of Premature Reduction At 1751 Beach In The Marina? [SocketSite]
∙ An Apples To Apples Sale In The Marina (1751 Beach): The Investment [SocketSite]
an annual appreciation of almost 5% since July 2002…not too bad for your personal residence. Where are things headed from here…? There are a few other flats out there right now in the Marina that are sitting a little longer on the market…I believe they too will need to reduce their price if they want to sell before the end of the year…we’ll see.
Seems like the market is (or should that be “was,” as this went into escrow over a month ago) either in “bargain-hunting” or “dead-cat-bouncing” phase, depending on your perspective.
Looks like the “premature reduction” in October got somebody’s attention and moved this property quickly (although it went a tad below the reduced price). Good decision to cut, in retrospect.
Isn’t this place built out of brick and in the Marina? If so, I would run for my life. Literally.
Is it a UMB building? I doubt it. Probably just the facade is brick.
It still sold for $986 per foot.
I don’t think you can extrapolate from this anecdote. You guys have taught me that much. At a glance, it looks like the market on the north side of town is about the same as it has been for the last two years. In a word, expensive. But it’s just one sale, not 30.
Fluj, statistics are to SS what Bigfoot is to science. No need to worry about something like sample size.
If memory serves me correct, the 2 bedroom on the top floor of this building sold in 2002 for 800k and again in 2005 for 1.2 million. 15% year-over-year increase is closer during that time period.
Maybe the purchase price of 1.1 million in July ’02 was unreasonably high.
And this calculation does not look like it accounted for the agent commisions associated with most transactions?