The sale of the Streamline Moderne 3,100 square foot (per its previous listing) property at 849 Sanchez closed escrow yesterday with a reported contract price of $3,200,000.
Call it $1,032 per square foot versus the $1,096 per square foot ($3,400,000) it was purchased for in June 2008, a three year drop of six (6) percent for the poster child Moderne home over the past three years.
∙ Mo’ Moderne Atop Liberty Hill (Or Not) [SocketSite]
∙ San Francisco’s Modern Era Of Design And Development [SocketSite]
Wow. Great outcome for the seller. Awesome house in an awesome location.
Over 300 large up in smoke is a great outcome for the seller?
I’m glad you’re not my surgeon–“great news, we didn’t have to cut off the other leg too!!”
Well if you read all the predictions on the final sales price on this site a couple of months ago, you would think this was a great outcome for the sellers.
The 2008 sale doesn’t appear to have been an open market transaction.
I do think this is a good result for the seller… I love some of these art deco homes scattered about the city.
It’s not an apple, really, but 180 Beaumont closed the other day for 4% down from its 2007 price. The kitchens and baths were redone in the interim.
It’s a great outcome for a short-term hold in the biggest correction of our lifetimes.
Of course, 200K pure loss + ~160K Salesman fee + cost of staging + other costs = 400K+
They could have lost 25% if they had followed the path of many other areas of SF. The loss would have been twice what it is.
Nobody said selling after 2 1/2 years was ever a good move. Apart from Subprime 2004-2006, that is 😉 But that was also a once-in-a-lifetime event.
The seller did very, very well. The agents earned their keep on this one.
Yup, I called for a much bigger loss on this one. Kudos to the agent and sellers.
* eats hat *
-6% when bought in 2008? I’d say that’s not bad.
^ “not bad”? I’d say that’s a fantastic result for the seller. Perhaps the new buyer “overpaid”?
Or just maybe the 2008 buyer “underpaid”? Note fluj’s 8:43am comment above that the 2008 sale might not have been an open market transaction.
Wow. Did anyone here call this right?
Well done, I figured $850/ft², so this is outstanding for the seller.
Obviously, this is nowhere near an apple, but note that we sold our NV home in January for a 7% loss off the April 2007 purchase price. As someone pointed out, after an historic collapse of the market (right after we bought!), and a short-hold, that was a pretty “good” outcome for us, despite the other costs.
This is back on the market already.
I hear that they never moved into this house.