We featured it in April but missed it when it closed escrow in May. Luckily a plugged-in reader did not. Purchased from the Sierra Heights sales office for $769,000 ($540 per square foot) in February 2007, the bank owned sale of 55 Sierra #101 closed escrow on May 22, 2009 with a reported contract price of $569,000 ($400 per square foot). That’s a 26% drop in two years.
And earlier today a reader takes us to task for missing what onthe surface appears to be an “apples to apples” sale pair for 79 Valley, a three-bedroom, two-bath Zack | de Vito designed and renovated condo. Purchased for $1,109,000 in November 2006 and then sold this past April for $1,095,000 (which would suggest a net 1% drop since 2006).
Unfortunately, a review of the sales history and refinancing records for 79-81 Valley suggest the two units might have been purchased as TICs in 2006 and subsequently converted to condos in which case it’s no apple for you.
∙ Apples To Apples And A Fall From For Sierra Heights: 55 Sierra #C101 [SocketSite]
∙ New Developments: Sierra Heights [SocketSite]
∙ A New Valencia Corridor Comp Coming Soon (3615 20th Street #6) [SocketSite]