Purchased for $1.2 million or roughly $1,136 per square foot in January 2016, the 1,056-square-foot one-bedroom condo #1212 within Gramercy Towers at 1177 California Street returned to the market priced at $1.275 million this past July, a sale at which would have represented total appreciation of 6.3 percent since the end of 2015.

Reduced to $1.199 million in September, the sale of the remodeled apartment with sweeping views and a designated parking spot below has now closed escrow with an apples-to-apples contract price of $1.1 million or roughly $1,042 per square foot, representing total depreciation of 8.3 percent over the past two years for the Nob Hill condo with views.

But remember, the median sale price in San Francisco is up.

Comments from Plugged-In Readers

  1. Posted by SFMichael

    Six pictures, including four of the kitchen? Somebody’s hungry.

  2. Posted by Drew

    I dig the steakhouse in that building.

  3. Posted by Philip

    Between commissions and transfer taxes, a break even at best. On the other hand, the owner had a place to live.

    • Posted by SocketSite

      You might want to check your model (or make it past our first paragraph above).

    • Posted by tipster

      Purchased for 1.2, sold for 1.1, transaction costs another $75K, looks like another big loss, while the median is up. Hard to imagine, it’s almost like the median is affected by mix.

      • Posted by anon

        Certainly true – the mix contains more properties that have gone up in value than flat or down properties. So to that extent, the median “is affected by the mix.” Here is an example: 728 Long Bridge #211 in Mission Bay. Sold for $998,500 in Feb. 2016 and just sold again yesterday for $1,300,000. Up 30% in just under 2 years. Another in the same building to add to the mix, #1408, sold for $1,504,500 in Feb. 2016 and sold again yesterday for $1,680,000, up 12 % (no permits on file for either indicating any material renovations). Of course, if you only look at the outliers that have gone down, which do exist, you will get a skewed picture. It’d be like looking at the left half of a bell curve of people’s weights and concluding “people sure have gotten thinner.”

        Keep your eye on Case Shiller and you will have a very accurate sense of where the market is.

  4. Posted by Mark F.

    What’s with that fake animal skin rug?

    • Posted by SFMichael

      Doubt it’s fake; who puts a mane on a fake zebra-skin rug? Zebra’s aren’t endangered and you can actually buy these on line.

      Why anyone would want to is an entirely different question.

      • Posted by Richard

        Animal skin (real or fake) rugs are the latest staging fad. Thanks Trump.

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