Purchased for $2.8 million back in February of 2011, the 2,623-square-foot “Penthouse D” atop BLU at 631 Folsom Street returned to the market in April of last year priced at $4.198 million, a sale at which would have represented total appreciation of 49.9 percent over the previous five years or roughly 8.2 percent per year.
Reduced to $3.85 million after two months on the market, to $3.695 million last August, and then to $3.3 million in November, the penthouse was listed anew for $3.295 million at the beginning of this year.
And having just closed escrow with a contract price of $3.0 million, the sale of 631 Folsom Street #PHD is officially “within 5 percent of asking” according to all MLS-based stats and reports as its list price was reduced to $3.15 million last month.
The sale represents total appreciation of 7.1 percent for the penthouse unit over the past 6.5 years or roughly 1.1 percent per year on an apples-to-apples and straight line basis (not accounting for any possible up and down between).
For those running the numbers at home, the current HOA dues for the three-bedroom, three-bath unit #PHD, which comes with a dedicated parking spot below, are roughly $980 per month.
And on a related note, the list price for 631 Folsom Street unit #7D, which was purchased for $1.458 million in the fourth quarter of 2015, was reduced to $1.375 million last month and then taken off the market without a reported sale.