Market Street ‘Icon’ Fetches 0.4 Percent over Early 2016 PriceNovember 27, 2017
Listed as “an absolute masterpiece of both quality and style” for $848,000 in March of 2016, the one-bedroom condo #202 at 2299 Market Street (a.k.a. Icon) sold for $830,000, or roughly $1,231 per square foot, that April.
And having returned to the market listed for $875,000 this past September, a sale at which would have represented total appreciation of 5.4 percent since early 2016, or roughly 3.4 percent per year, the sale of 2299 Market Street #202 has now closed escrow with a contract price of $833,625 ($1,237 per square foot), representing total appreciation of 0.4 percent for the Market Street condo on an apples-to-apples basis over the past 19 months.
For those running the numbers at home, the monthly HOA dues for the unit in the boutique building are currently $477 per month, up from $470 per month in 2016, which doesn’t include a parking spot in the building’s garage.
Comments from Plugged-In Readers
Wow, its mad. This kind of money to live 1 floor above at at a busy traffic crazy intersection.
This would have been an appropriate price if parking was deeded to the unit.
I believe there is a deeded parking space for this unit.
While the unit was listed with a parking space on the MLS, said space referred to a spot in the building’s garage which could be leased for $325 per month.
That’s insane 3,900 to house a car per year? Best to be carless if you own there. Public Transportation is right outside your door.
Pretty decent result given that new condo pricing is “down 20%” since this was sold new . . .
Like john downey writes, this pricing is as hard to believe now as it was 20 months ago.
2299 Market Street actually opened as new in 2013 and unit #202 first traded hands in early 2014.
Regardless, the aforementioned new condo pricing index has actually dropped 12 percent since the first quarter of 2016, having peaked in the third quarter of 2015.
At this rate, it would take about twenty five years just to recoup your selling costs.
Very true. But the 2017 buyer paid even more than the 2016 buyer. Not a good sign for anyone looking for a bargain over 2016 pricing.
Now just to be clear about this time you’re saying this. Is this also not a prediction and just a statement about the present time?
‘Not a good sign for anyone looking for a bargain over 2016 pricing, in the next few days’
It’s worth noting and I have it on good source that the 2.5% buyer agent fees were waived on this transaction, so one could view the selling price as $855K or 3% over the 2016 price.
“masterpiece of both quality and style”? It’s a nice neighborhood and a newer building. But it is also clearly just a bland modernistic box. Do they have Frank Lloyd Wright’s ashes in that weird gold urn on top of the bookcase? Otherwise hyperbole is alive and well in SF. … 🙂
Absolutely awful building. Cheaper than cheap on every level. The hallways for the building are MAX 3′ and the ceilings are oppressively low, making the public areas warren-like. The units are chopped up into weird layouts, making furniture placement awkward. Every unit has built-in speakers in the weirdest locations and they are not powered, making them impossible to use. The HOA discourages the use of the outdoor area by providing no furniture and draconian use rules.
The whole in the ground it replaced was more of an Icon than this building.
Comments are closed.