Purchased for $2,400,000 in July 2001 and resold for $3,250,000 in May 2005 having been “exquisitely refurbished and renovated [to] perfection,” the Masten and Hurd designed villa at 200 Santa Clara Avenue returned to the market this past June asking $2,798,000.
According to the MLS, the sale of the 3,513 square foot St. Francis Wood home on a 8,938 square foot lot closed escrow three days ago with a contract price of $2,353,200.
Assuming the sale price is correct, and it was an actual sale (versus foreclosure), call it a 28 percent ($896,800) drop in value below its 2005 price for the home on an apples-to-apples basis, or 2 percent ($46,800) below its pre-renovated value in 2001.
∙ More Mediterranean Villas For Less Money In St. Francis Wood [SocketSite]
∙ While The MLS Reports A “Sale,” Public Records Report A Foreclosure [SocketSite]