The sale of The Palms (555 4th Street) #540 for ten percent over asking (yes, OVER ASKING!) is sure to spark a few “it’s a rebound in San Francisco” remarks.
Then again with a reported contract price of $415,000 it’s also a 2009 closing at 26% under its January 2007 purchase price ($562,000) for the upgraded, but bank-owned, condo with all appliances intact.
∙ Fronds To Fronds For A Few One-Bedrooms At The Palms (555 4th) [SocketSite]
∙ SocketSite Sees Seasonality (Versus Signs Of A Rebound) [SocketSite]
Did this unit include parking?
[Editor’s Note: Yes (and we would have noted it if it didn’t).]
May be a small step in the direction of establishing a floor of $600 a sf for a without view unit with parking in SOMA. 20% carrying cost of $2600-2700 incl tax. Not too far off rent with deduction…
That may not be too significant considering rents have been trending down too: http://1.bp.blogspot.com/_pMscxxELHEg/Sjj_32xn7TI/AAAAAAAAFi4/kOOC3XTnbe4/s320/RentCPIOER.jpg
I certainly am not inclined to put down an $83k down payment on a tiny place that would be cheaper to rent.
Does the editor of Socketsite have a Real Estate License?
[Adam’s Note: While I once did (see comment below), I actually let it expire. Cheers.]
Paul, that has been asked and answered in an older post. Yes, Adam is licensed, but non-practicing, and his license is held by a broker in Los Altos unrelated to SocketSite:
https://socketsite.com/archives/2006/02/hello_my_name_i.html
[Adam’s Note: Cheers (but see note above).]
The sale of The Palms (555 4th Street) #540 for ten percent over asking (yes, OVER ASKING!) is sure to spark a few “it’s a rebound in San Francisco” remarks
LOL at your little soapbox. Maybe a 10th posting of the Hank Plante piece now?
[Editor’s Note And yet industry folks continue to regurgitate the report. Maybe by our 99th posting…]