CFAH

145 Magnolia Living
As we first reported with respect to 145 Magnolia this past September:

The site was purchased for $466,000 in 1998 and by 2000 a four-story and light-filled 3,400 square foot property had risen at 145 Magnolia. It sold for $2,800,000 that July.

It’s now eleven years later and the Marina property is back on the market listed for $3,250,000. And it’s still looking rather contemporary both within and without.

Delisted, relisted and reduced to $2,995,000 in January, the sale of the “Stunning, light-filled contemporary” house at 145 Magnolia has closed escrow with a reported contract price of $2,850,000, 1.8 percent over its year 2000 sale on an apples-to-apples basis.
Modern Living At 145 Magnolia In The Marina [SocketSite]

Comments from Plugged-In Readers

  1. Posted by El Bombero

    Wow, they spent over $400k in property taxes alone, and the sales price can’t even cover the agent commission after a 12-year hold.

  2. Posted by roboRocket

    Can anyone explain why high end homes sell for 2000-2003 price ranges while high end condos still sell for 2005-2007 prices?

  3. Posted by [anon.ed]

    No.

  4. Posted by Brahma (incensed renter)

    roboRocket, care to share a couple of examples supporting your hypothesis? I’m far from a real estate perma bull like some on socketsite, but I don’t quite think your 7:30pm assertion holds up.
    Are you counting distressed properties?

  5. Posted by fancy rental

    el bombero that’s not a terrible outcome really, $2800 a month to live in that place is a bargain. (to make the math easy let’s assume maintenance and tax savings cancel out)

  6. Posted by DataDude

    Why do the seller’s agents always say what the property was “offered at” and not what it “sold for” (except when it sold over asking)?
    http://www.ninahatvany.com/Sales/for_sale.htm
    Once a sales price is established, the offer price doesn’t matter, except perhaps to gauge how well the agent priced the house in the first place.

  7. Posted by anon

    fancy rental, you are correct that $2800 a month to live in this place would be a bargain. But that’s what they paid just in property taxes! All in, they paid about $12,000 a month. Not quite as much of a bargain!
    And they lost 1/3 of the value, close to a million 2000 bucks, through inflation.

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