The sale of 2430 Scott Street closed escrow on 8/3/10 with a reported contract price of $3,910,000 ($888 per square foot).
Remodeled in the year 2000 and sold for $4,200,000 in June 2007, call it an effective decline of 7 percent over the past three years for the 4,400 square foot Pacific Heights single-family home versus expectations of 12 percent appreciation over two based on a list price of $4,695,000 in May 2009.
∙ 2430 Scott Street: An Entirely Different Dow Theory In Action? [SocketSite]
The 4.7 was a wishing price. I’d say this is not a terrible outcome. Not great in terms of $$$ lost, but -7% in one of the worst housing corrections in history…. coulda been worse. And he saved few percent on a sale commission.
$888/psf feels like an accurate comp. I think he chased the market here a little bit, maybe a lot actually. I would have listed it at $3.9 earlier this year and it would have received a lot more attention or even some competition. That said, I don’t think the use of an agent would have changed the outcome very much.
On second thought, I actually think 888 psf is a pretty good deal for this house. So much interesting activity in the market right now.
from personal experience I predict that they will highly regret paying $4M to live across the street from town school…