Will The Rising Tide Lift The Beacon Back Above 2006 Prices?

In October of 2005, the two-bedroom Beacon unit #730 at 250 King Street was purchased for $935,000 ($699 per square foot). Four months later, the top-floor condo was relisted for $1,125,000 and resold for $979,200 ($732 per foot) in early 2006 according to public records, a sale which was reported at $1,080,000 on the MLS, an “$807 per square foot” price which would have been used for industry reports and Realtor comps.
Having fallen into foreclosure by early 2009, 250 King Street #730 resold for $650,000 ($486 per foot) that August. The 1,338 square foot Beacon condo with parking for two cars is now back on the market and listed for $998,000 ($746 per foot).
As plugged-in people know, a year ago the 1,476 square foot Beacon two-bedroom #802 sold for $811,000, up 21 percent versus its 2010 sale price of $527,077 on courthouse steps but 10 percent below its 2006 price of $906,666.
Amongst the 172 preforeclosure properties currently spread across San Francisco, four are units at the Beacon, including the 1,186 square foot unit #720 which was purchased for $863,500 ($728 per square foot) in September of 2005.
∙ Listing: 250 King Street #730 (2/2) 1,338 sqft – $998,000 [via Redfin]
∙ Foreclosure Activity Plummets In San Francisco [SocketSite]
∙ A Beacon Of Hope [SocketSite]
∙ A Beacon Of Distress (250 King #802) [SocketSite]