As we wrote seven months ago:
New construction in 2007 featuring siding from reclaimed olive oil barrels, hardwood floors from reclaimed mine timbers, and bathrooms with Zuma tubs and Duravit sinks, 3280 Mission Street #D was listed for $1,399,000 that July and sold for $1,450,000.
It’s now three years later, the Valencia Streetscape Improvement Project has been completed, and the three-bedroom atop 3280 22nd Street has returned to the market asking $1,550,000.
Withdrawn from the MLS in December, yesterday the green apple to be returned to the market listed for $1,395,000 and with just “one” day on the market and no reductions in the eyes of those friendly neighborhood trends reports.
And as a couple of plugged-in readers note today, the resale of 3280 22nd Street #D closed escrow this past Thursday with a reported contract price of $1,380,000, five percent under its 2007 sale price and just “one” percent under asking and two months on the market according to MLS based neighborhood trend reports.
∙ A Green Apple To Be Atop 3280 22nd Street (#D) [SocketSite]
∙ Going Green In The Mission (3280 22nd St.): Prices/Additional Details [SocketSite]
∙ Now Asking 10 Percent Less Green For A Green Mission Apple [SocketSite]
Excellent result for the seller – far better than average for SF.
With the $70,000 loss and another $70,000 in commissions, the ’07 buyers paid about about $12,000 net per month to live in a 3BR place (albeit a nice one) in the Mission. Note that I’m ignoring closing costs and opportunity costs on the down payment. Not how I’d choose to spend my money, and a whopping loss, but they should consider themselves fortunate given how other SF buyers from that era are faring.
Another interesting apple in the ‘hood–but of a different vintage and price-point–will be 3368 23rd St (b/t San Jose and Valencia, a block south of the “Green Mission Apple”). It’s a nice 2/1 flat (1335 sqft), in an Italaniate two-unit building, which sold for $851,000 in June 2005. Was listed twelve days ago for $779,000 and quickly went “active contingent.”
It seems to me that the technology mini-boom happening in the bay area is going to continue to support prices for prime properties in desirable neighborhoods in the $500K-$1.5M zone. I don’t include SOMA condos in that category.
Call it Google money, Facebook money or whatever, somebody is out there bidding on these properties. Parts of South of Market, especially around Townsend/8th and the design center area are definitely reminding me of 2000 with a fresh group of enthusiastic young people ready to climb.
cse: Ditto for 567 27th St., #2. Nice condo. Price point designed to attract interest – $799k, less than 10% over its 2003 selling price — lot of traffic at the open house; went contingent real fast.