As we reported with respect to a polished South Beach apple back in February:
Listed for $1,288,000 in January 2011, the 2,097 square foot #320 at 200 Brannan sold for $1,260,000 last April. Back on the market ten months later and listed for $1,450,000.
With new hardwood floors in place, it’s not perfectly apples-to-apples, but we’ll call it close enough. And if you think you know South Beach, now’s the time to tell.
In the words of a plugged-in LegacyDude on the record at the time:
I think I know South Beach. And I know this building, although I’ve not seen this particular unit. If it’s the floor plan I’m thinking of, it’s really more suitable for a couple, as the layout would not work well for roommates despite being a 2/2. So not a great rental.
That said, dumb tech money is back in Soma, so I don’t think the ask is outside the realm of possibility. I don’t follow 200 Brannan that closely, but looks like recent sales have averaged ~$700 psf. Assuming this unit has no critical flaws that are hidden in the pictures, and the square footage is accurate, it could go for/close to asking. I’ll guess $1.35 to hedge myself.
No need to hedge, Dude, the sale of 200 Brannan Street #320 closed escrow today with a reported contract price of $1,450,000, up 15 percent ($190,000) year-over-year.
∙ South Beach Apples-To-Apples And Year-Over-Year [SocketSite]
Not much science involved – anybody that is actively looking or goes to Soma open houses is aware that the market has again shifted in favor of sellers vs. buyers here. Prices are not approaching bubble peaks by any means, but have definitely come off the bottom and appear to be gradually increasing. The wind is blowing in a different direction, although I’m still not sure how sustainable it really is.
Now let’s return to over-analyzing the latest Noe Valley sale.
@legacy…gradually increasing? Good buildings are selling near and above “bubble” in my SB building. Plus rents are higher than costs. My building has places closing on the opening week. One bedroom next to me sold cash in 3 days over asking and in high $800s sq ft.
[Editor’s Note: Addresses and examples always make a stronger point (and for better debate).]
Yeah, I think $850 psf is probably about right for “Prime Soma” right now, give or take. Still below bubble peaks, which were at or around $1,000 psf for the best buildings.
Regarding specific examples, look at the Infinity. 14F in tower 2 originally sold for $830K, or $630 psf, in 2009. It resold again last December for $1.15MM, or $870 psf. That’s probably a good example of buying at/near the bottom.
23D in tower 1, a similar floorplan on a higher floor, originally sold for $1.479MM in 2008, or $1,120 psf, and is now listed at $1.55MM. This is a decent example of buying at/near the peak. Even if it goes at asking, they probably still lose money on a 4 year hold.
congrats to the seller