As we wrote in February with respect to the penthouse atop the Brannan’s tower one:
Purchased as new for $3,980,000 as the dotcom days were in decline in December 2000, the Brannan’s tower one penthouse #18D resold for $2,810,000 in August 2005 at which point its HOA dues were $780 per month.
The HOA dues for 219 Brannan #18D are now $999 per month and the 2,005 square foot condo is back on the market and listed for $3,310,000. Call it 17 percent ($670,000) under 2000, but 18 percent ($500,000) over 2005 at asking for the penthouse.
The sale of 219 Brannan Street #18D closed escrow yesterday with a reported contract price of $2,942,500. Call it 26 percent ($1,037,500) under 2000, but 5 percent ($132,500) over 2005 for the South Beach penthouse in 2012.
∙ From The Dotcom Days To Today As Viewed From A Penthouse [SocketSite]
∙ San Francisco Employment Trends And Dot-Com Context [SocketSite]
That seems like a pretty hefty HOA increase – 28% in 8 years. Is that typical?
Mine have gone up around 15% in six years, but I have heard that 2-3% annually is normal. This would be slightly above that, so I don’t think it is that atypical.
26% under 2000
Folks, $1,468 per square foot is NYC territory and very very high. Not many 3BDs like this one in SF although there are a certainly more than there were in 2000.
Ouch. 34% inflation since 2000, so this place is more than half off the 2000 price in real terms. Nothing in NYC has seen that! Maybe Modesto.
And about 12% below the 2005 price in real terms.
With a housing downturn lingering this long, it is simply dishonest to disregard inflation when comparing past sales.
Hey
If you Exclude Inflation, Down Paymebnt, Mortgage Payment, Taxes, Upkeep, Realtor Fees, Transfer Tax thats $2.9 Mill Pure Profit
Happy Friday!
http://www.youtube.com/watch?v=zAlNrtcPCLw
I’m with eddy on this one, I can’t see any scenario where the 2000 price made the slightest bit of sense.