As we noted in August, 2701 Van Ness Avenue #711 was purchased for $671,000 in 2006, hit the market listed for $599,000 this past February, and was eventually reduced to $449,000 as an approved short sale.
This past Wednesday, the sale of the 768 square foot top floor condo closed escrow with a reported contract price of $455,000. Yes, that’s officially “over asking” according to industry stats, but 32 percent ($216,000) below the comp setting price paid in 2006.
Van Ness Chateau
This one sells for $592/psf. Meanwhile #201 hits the market today for $540k for 953 square feet asking 566/psf and it has 2 parking spots and noted specifically as NOT REO/Short.
For some reason I got bored and looked up the history on this building. Lots of good data and data points excluding the BMRs in the unit. It looks like this 2006 was the 3rd highest sale /psf in the building with one above/below in 05/07 respectively.
Anyway, here is the complete history of the building, seems the prices here are back around the long term averages:
Unit Sold $ SqFt Sold Date $/PSF
#604 $195,000 894 10/1/1996 $218.12
#410 $224,500 981 3/15/1995 $228.85
#403 $130,000 551 6/7/1995 $235.93
#510 $240,000 981 5/7/1996 $244.65
#202 $179,950 700 10/15/1997 $257.07
#311 $199,000 768 12/3/1997 $259.11
#301 $255,000 953 8/14/1997 $267.58
#406 $154,750 550 12/30/1997 $281.36
#503 $165,000 550 2/4/1998 $300.00
#601 $313,000 953 3/18/1998 $328.44
#206 $175,000 528 2/1/2011 $331.44
#705 $190,000 547 8/12/1997 $347.35
#703 $200,000 551 10/16/1998 $362.98
#711 $299,000 768 6/23/1998 $389.32
#202 $312,000 793 11/14/2001 $393.44
#407 $395,000 1000 7/16/1997 $395.00
#301 $400,000 953 10/31/2001 $419.73
#306 $230,000 528 8/28/2001 $435.61
#604 $410,000 894 4/3/2002 $458.61
#311 $360,000 768 5/17/2002 $468.75
#402 $389,000 793 5/25/2001 $490.54
#603 $275,000 551 1/17/2003 $499.09
#703 $280,000 551 9/12/2001 $508.17
#505 $278,000 547 2/7/2003 $508.23
#209 $442,000 867 5/21/2002 $509.80
#203 $299,000 579 2/20/2001 $516.41
#605 $285,000 547 6/1/2001 $521.02
#203 $305,000 579 7/8/2003 $526.77
#311 $405,000 768 7/6/2000 $527.34
#506 $279,000 528 8/26/2003 $528.41
#605 $299,000 547 6/2/2003 $546.62
#511 $435,000 768 10/24/2011 $566.41
#503 $325,000 551 2/27/2004 $589.84
#711 $455,000 768 12/7/2011 $592.45
#306 $315,000 528 11/26/2003 $596.59
#503 $330,000 551 10/31/2000 $598.91
#411 $460,000 768 9/6/2000 $598.96
#304 $560,000 894 4/25/2008 $626.40
#503 $350,000 551 5/28/2010 $635.21
#705 $350,000 550 3/24/2000 $636.36
#405 $349,000 547 10/5/2011 $638.03
#410 $629,000 981 8/7/2009 $641.18
#302 $515,000 793 7/20/2000 $649.43
#311 $500,000 768 9/17/2010 $651.04
#601 $650,000 953 9/9/2005 $682.06
#411 $527,000 768 10/8/2003 $686.20
#604 $615,000 894 6/12/2009 $687.92
#209 $627,000 867 5/23/2006 $723.18
#302 $575,000 793 8/13/2010 $725.09
#604 $650,000 894 7/28/2006 $727.07
#505 $400,000 547 5/2/2006 $731.26
#601 $699,000 953 11/3/2009 $733.47
#705 $402,000 547 2/10/2004 $734.92
#403 $415,000 551 10/30/2009 $753.18
#302 $599,000 793 11/3/2006 $755.36
#405 $420,000 547 12/22/2004 $767.82
#510 $760,000 981 8/9/2005 $774.72
#603 $438,000 551 4/28/2006 $794.92
#411 $625,000 768 3/17/2006 $813.80
#409 $639,000 785 3/16/2009 $814.01
#305 $449,000 547 5/15/2008 $820.84
#506 $437,000 528 8/31/2007 $827.65
#711 $671,000 768 4/18/2006 $873.70
#706 $483,000 528 9/25/2007 $914.77
#406 $499,000 528 5/4/2005 $945.08
eddy’s data sorted by date. You can vaguely see the arc of the bubble in there:
Unit Sold $ SqFt Sold Date $/PSF
———————————-
#410 $224,500 981 3/15/1995 $228.85
#403 $130,000 551 6/7/1995 $235.93
#510 $240,000 981 5/7/1996 $244.65
#604 $195,000 894 10/1/1996 $218.12
#407 $395,000 1000 7/16/1997 $395.00
#705 $190,000 547 8/12/1997 $347.35
#301 $255,000 953 8/14/1997 $267.58
#202 $179,950 700 10/15/1997 $257.07
#311 $199,000 768 12/3/1997 $259.11
#406 $154,750 550 12/30/1997 $281.36
#503 $165,000 550 2/4/1998 $300.00
#601 $313,000 953 3/18/1998 $328.44
#711 $299,000 768 6/23/1998 $389.32
#703 $200,000 551 10/16/1998 $362.98
#705 $350,000 550 3/24/2000 $636.36
#311 $405,000 768 7/6/2000 $527.34
#302 $515,000 793 7/20/2000 $649.43
#411 $460,000 768 9/6/2000 $598.96
#503 $330,000 551 10/31/2000 $598.91
#203 $299,000 579 2/20/2001 $516.41
#402 $389,000 793 5/25/2001 $490.54
#605 $285,000 547 6/1/2001 $521.02
#306 $230,000 528 8/28/2001 $435.61
#703 $280,000 551 9/12/2001 $508.17
#301 $400,000 953 10/31/2001 $419.73
#202 $312,000 793 11/14/2001 $393.44
#604 $410,000 894 4/3/2002 $458.61
#311 $360,000 768 5/17/2002 $468.75
#209 $442,000 867 5/21/2002 $509.80
#603 $275,000 551 1/17/2003 $499.09
#505 $278,000 547 2/7/2003 $508.23
#605 $299,000 547 6/2/2003 $546.62
#203 $305,000 579 7/8/2003 $526.77
#506 $279,000 528 8/26/2003 $528.41
#411 $527,000 768 10/8/2003 $686.20
#306 $315,000 528 11/26/2003 $596.59
#705 $402,000 547 2/10/2004 $734.92
#503 $325,000 551 2/27/2004 $589.84
#405 $420,000 547 12/22/2004 $767.82
#406 $499,000 528 5/4/2005 $945.08
#510 $760,000 981 8/9/2005 $774.72
#601 $650,000 953 9/9/2005 $682.06
#411 $625,000 768 3/17/2006 $813.80
#711 $671,000 768 4/18/2006 $873.70
#603 $438,000 551 4/28/2006 $794.92
#505 $400,000 547 5/2/2006 $731.26
#209 $627,000 867 5/23/2006 $723.18
#604 $650,000 894 7/28/2006 $727.07
#302 $599,000 793 11/3/2006 $755.36
#506 $437,000 528 8/31/2007 $827.65
#706 $483,000 528 9/25/2007 $914.77
#304 $560,000 894 4/25/2008 $626.40
#305 $449,000 547 5/15/2008 $820.84
#409 $639,000 785 3/16/2009 $814.01
#604 $615,000 894 6/12/2009 $687.92
#410 $629,000 981 8/7/2009 $641.18
#403 $415,000 551 10/30/2009 $753.18
#601 $699,000 953 11/3/2009 $733.47
#503 $350,000 551 5/28/2010 $635.21
#302 $575,000 793 8/13/2010 $725.09
#311 $500,000 768 9/17/2010 $651.04
#206 $175,000 528 2/1/2011 $331.44
#405 $349,000 547 10/5/2011 $638.03
#511 $435,000 768 10/24/2011 $566.41
#711 $455,000 768 12/7/2011 $592.45
Nice to see another 30%+ decline. Hopefully, we’ll see some bigger declines in this building in 2012.