Purchased for $3.4 million in April of 2015, the fully-remodeled and seismically upgraded five-bedroom home at 908 Ashbury Street returned to the market listed for $3.595 million early last month.
Yesterday, the sale of the Ashbury Heights property closed escrow with a contract price of $3.85 million, which represents apples-to-apples appreciation of 13.2 percent over the past 18 months or 8.4 percent per year.
And having first traded hands for $2.75 million in August of 2010, yesterday’s sale represents average annual appreciation of 5.5 percent over the past six (6) years.
Did that even pencil out for the seller? After commission and remodeling, it’s unlikely they made a sizable profit to justify 18 months of work. Wonder what their cash-on-cash return was.
The home was remodeled and upgraded prior to its sale in 2010, as linked, categorized and referenced as “apples-to-apples” above.
I agree with Serge and can’t understand the financials on this. Looks like a loss to me.
Very interesting. 2010 was truly a unique moment in SF real estate history. Congrats to all around here including the listing agent who priced this place at a sweet spot in the market. Must have been some competition to get the price up over asking so much. Are we back to debating whether a sale 400k over the previous sale price was a good investment? I miss that person. 😉
nothing really changed since the sale in 2015. Only minor improvements such as paint, a new light fixture, and a new toilet. The seller’s company didn’t IPO and he’s staying in his downtown condo. The money from the IPO was supposed to go toward the remodel. He never even moved in. It basically sat empty for a year.