As we wrote in March of 2010:
Purchased new for $665,000 in the year 2000, 246 2nd Street #806 is back on the market in 2010 asking $658,000. See silly rabbits (or perhaps “bears”), prices really haven’t fallen that much at all. And bank-owned sales are obviously irrelevant when it comes to comps.
As we added this past August:
The sale of 246 2nd Street #806 closed escrow in May 2010 with a reported contract price of $650,000 (2 percent below its year 2000 sale). And as a plugged-in reader notes, the 1,101 square foot condo is now back on the market and listed for $738,000 in 2011.
And this past Friday, the resale of 246 2nd Street #806 closed escrow with a reported contract price of $718,000 ($670 per square foot).
∙ Year-Over-Year On Second [SocketSite.com]
∙ A Nine Year “Push” To Be For A Two-Bedroom At 246 2nd Street? [SocketSite]
∙ Another Non-Comp Comp Closes At 246 2nd Street (#1003) [SocketSite]
Not a bad outcome for the seller. As I’ve said before, I really like this location… I wonder how much equivalent units at SF BLU are selling for?
I follow this area pretty closely as well, and there have been no resales at BLU to my knowledge. I think there was an attempted flip of an E-plan that was featured on Socketsite, but it never sold IIRC. I’m sure somebody will correct me if I’m wrong.
But if I had to guess, I’d say a BLU resale would probably get between $700 and $750 psf today. No surprise you don’t see any of them hitting the market given most buyers paid around $900 psf and are between $50 and $100K underwater at this point. But they got that new condo smell!
I’m an owner in SF Blu and we paid nowhere near $750 per sq. ft. We paid $560 per square foot which is an unheard of deal for the area. SF Blu started selling just before the market crashed in 2009 and the buyers that purchased during the months following really lucked out. Based on recent comps in the neighborhood, we’re already up $100k. I’d hardly call that underwater. Not sure when a window of opportunity like that is going to happen in SF again.
I also own at Blu and I only paid $300/sf in late 2009 at the market bottom. I’m easily up close to half a million. SF real estate is ON FIRE, especially south of market condos! I may buy another as prices are only going to continue to climb! I have had zynga mail room employees knock on my door with $700,000 cash in a duffel bag offering to buy my place on the spot.