845 Montgomery #PH1

While 845 Montgomery #C failed to find a buyer at its 2008 purchase price ($1,000,000), and a redecorated (“Venetian plaster, silver leaf recessed ceilings, (faux) ostrich wall treatments”) penthouse atop the Jackson Square Condominiums has been on the market for two weeks at $3,150,000 (18% over its April 2008 undecorated price of $2,633,000), 845 Montgomery #G just hit the market asking $1,050,000 (12% under its 2008 price of $1,200,000 for the 1,026 square foot two-bedroom).

∙ Listing: 845 Montgomery #G (2/2) 1,023 sqft – $1,050,000 [MLS]
∙ Listing: 845 Montgomery #PH1 (2/2.5) 2,018 sqft – $3,150,000 [MLS]

Comments from Plugged-In Readers

  1. Posted by eddy

    Juts in terms of condo apples in general, 200 Brannan St #428 just closed for $2.7 after going into contract in a week and sitting in escrow for a few more. It sold for $2.7M in 2005 (according to Trulia).

  2. Posted by tipster

    @eddy: Huh? In General?
    219 Brannan 16c sold for $850K in 2005 just sold for $690K in September.
    219 Brannan 14K sold for $1.325M in 2004, sold for $1.095M in September.
    50 Lansing #702 sold for $1.075M in 2006, sold for $870K in September.
    In general #428 is probably one of the nicest units in south beach and a one of a kind property. Not the sort of thing you can say, “in general” about.

  3. Posted by eddy

    In general as it related to the discussions of Apples since this isn’t a post on 200 Brannan; not in general as it relates to condos. But as we’ve seen from 428, 49 Hill and a few others (just few, not all), but if you buy quality and use some intelligence, you’re not necessarily going to get creamed in the market.

  4. Posted by tipster

    The market is changing as we speak. There have been about twice as many new listings in the last DAY as condos/townhouses/SFRs sold in the last WEEK, according to redfin.

  5. Posted by Jeremy

    Wait, isn’t there always a listings spike on Friday, as people get ready for the weekend? I notice that my daily Redfin e-mail is always much longer on Friday morning.

  6. Posted by tipster

    Yes, Jeremy, but I was comparing one day of listings to one week’s worth of sales.
    To compare one week to one week: 211 listings, 48 sales (condo, townhouse, SFR). It changes minute by minute, but 4X the number of listings as sales, and the number of listings was already at an all time high.
    This is like 2008 on steroids. The beginning of the summer and listings head up, but it’s the beginning of the summer and people aren’t really ready to sell. The end of the summer and the listings spike up fiercely, but sales are way down. Now property owners buy the hundreds are stuck with places they don’t want and that are costing them a fortune in monthly payments.
    By February, they are sick of it and start to really slash prices to try to compete for the few remaining buyers, all of whom are negotiating aggressively. Only the cheapest homes sell, and the other owners are stuck pouring mountains of cash into an asset they no longer want. Prices drop precipitously.
    By early 2009, it was all over. I can’t wait for 2011.

  7. Posted by sunnyvalesteve

    To actually discuss the topic of this thread for a change, 845 Montgomery #E was also listed for awhile, for $700K. Don’t know if it ended up selling.

  8. Posted by hangemhi

    gee tipster – i seem to recall late 2008 and early 2009. wasn’t anything else going on at that time that spooked buyers and sellers?
    of course you are soooooo right anyway and since late ’08 and early ’09 was the actual end of the world then i guess we can expect the horror that followed that time to hit us again now???????

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