See 845 Montgomery #C Return To 2009 (And Back Below 2008)May 2, 2011
As we wrote at the end of March:
In 2009 a list price of $1,095,000 didn’t attract a buyer, nor did its reduced price of $995,000, and a year ago it was withdrawn from the MLS. Today, 845 Montgomery #C is back on the market and listed for $1,029,000, the two-bedroom Jackson Square condo was purchased for $1,000,000 ($958 per square foot) in 2008.
And while the listing photos might not be quite so polished this time around, at least those for the neighborhood establishments are actually in the ‘hood versus a mile or so away.
No word on whether or not the “show to most select clients” line from the listing is code.
The list price for 845 Montgomery #C has just been reduced to $995,000, back below its $1,000,000 purchase price in April 2008 and on par with the list price at which it was withdrawn from the market without a sale in 2009.
∙ Listing: 845 Montgomery Street #C (2/2) 1,044 sqft – $995,000 [MLS]
Comments from Plugged-In Readers
How about if the real estate agent did not use his iPhone to take the listing pictures for the sale of a 1,000,000 dollar condo. The place also looks dungeon dark with the only “view” facing another wall?
Agree with Mike. Other than the first photo, which was definitely not taken with an iPhone, this may be the worst photography I’ve seen for a $1Mil place shown on SS.
My prediction is that if this place sells it will be in the 700K range. Two primary reasons: while this development is in many ways interesting, this unit is not that compelling. The interiors are nice (esp. the baths), but there are no views. Why live next to the pyramid if you can’t see it?
Second, isn’t this building unreinforced masonry? I’m not sure how easy it will be to find financing, frankly. With lenders more risk averse, I think this property could easily dip into the 700s.
The agent marketing this place is both lazy and arrogant. Whatever offer someone writes, I hope they specifically write in a clause demanding a percentage back because they came to like the place despite the best efforts of the agent.
I think the unreinforced masonry discussion about this building may be a red herring. The building was gutted and fully seismically retrofitted to code in 2007. Even before the retrofit it survived Loma Prieta with little damage. Should as safe as/safer than most of the other properties discussed on SS. There are many retrofitted brick buildings in SF (for example, Oriental Lofts) and they do not appear to be penalized by the market, funders, or insurers.
The first resale in this building closed escrow last week. Unit H sold for $1.3 million, $886/sf.
The listing for 845 Montgomery #C has been withdrawn from the MLS after 218 days on the market without a reported sale. Once again, asking $995,000 for the past six months having been purchased for $1,000,000 in April 2008.
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