Purchased as new for $810,000 in July of 2007, the top-floor one-bedroom condo #411 at 310 Townsend Street resold for $575,000 in December of 2011, a 29 percent drop for the brick and timber unit across from Caltrain.
Returned to the market last month listed for $899,000, the condo has closed escrow with a reported contract price of $950,000, a 65 percent gain.
And if measuring the average annual appreciation for the Central SoMa condo over the past eight years, it’s exactly 2 percent per year.
A nice unit, but really needs another bathroom on the second level.
Hate to be a stick in the mud, but 950k for a little condo? Sure doesn’t feel like the bottom. In fact, a pessimist might say that declaring 2% appreciation right now is misleading and nothing that anyone should rely on for future expectations.
I’m confused. Certainly no one is suggesting that we are at the bottom of anything. There is some debate as to whether we are at the top of the rally that’s now 5-6 years running from the bottom in 2009-10.
I think the rally only really started in 2012, though. pretty much sideways in 2010/11
2011 was really the bottom, and prices didn’t appreciably starting going up until 2nd half of 2012
Good time to dump it with the neighboring lot being developed to 400′