Purchased for $1,400,000 in March 2015, the contemporary three-bedroom Potrero Hill condo #B at 2130 24th Street returned to the market seven weeks ago listed for $1,395,000.
This past Friday, the sale of the 1,535 square foot condo closed escrow with a reported contract price of $1,475,000 or $961 per square foot, representing total appreciation of just over 5 percent for the “beautifully updated” and “almost impossible to find” unit on an apples-to-apples basis over the past year.
And again if the average appreciation over the past year for this property was 5% and the market was running very hot last year, what does this data point say about recent appreciation?
If the average weight of 5 people on an airplane is 200 pounds and you know that 4 of them weigh 225 each, what does the fifth person weigh?
This looks awful familiar. Isn’t this the same condo that Roh Habibi sold on Million Dollar Listing San Francisco?
Must be tough to squeeze your Tesla into the garage. I don’t know about having a house built on stilts in an active earthquake zone.
since it was only held for one year, the seller had to pay some hefty taxes and i’d guess about 5% in commission. so even if it appreciated 5%, there was no money to be made.
This was a capital loss after commissions, transfer taxes, and other fees on both the buying and selling sides. So no taxes. Probably a small loss, but they won’t be able to use that to offset any other capital gains (one of the disadvantages of “investing” in houses – there are a lot of advantages too).
Why would there be hefty taxes due?
my mistake. JR is right. i was thinking about capital gains because it was held less than 2 years, but since there was a loss, there wouldn’t be capital gains.
More evidence of our falling real prices. We are doomed!
5 p’cent YoY? I’ll take it. Given that it’s been double digit gains since 2012, this gain so late in the cycle is still sweet. (f’course I wouldn’t buy/sell in 1 year, but for all of us buy and holders, it’s been a rather chaa-ching time!)
The answer is the neighbors. Poor sods, the new owners.