Sub-2015 Priced ‘Ultra-Premium’ Condo in the Mission ReducedOctober 12, 2018
Purchased for $1.625 million in mid-2015, the two-bedroom Mission District condo #205 in the “V20” building at 3590 20th Street, at the corner of Valencia, was on the market for 4.7 percent less ($1.549 million) last year but failed to find a buyer.
Today, the “ultra-premium V20 home” is back on the market with a $1.395 million price tag, a sale at which would represent deprecation of 14.2 percent for the 1,112-square-foot unit, which is “situated at the intersection of the dynamic Mission Dolores and the vibrant Inner Mission,” on an apples-to-apples basis over the past three years.
Keep in mind that the penthouse-level unit #504 in the building, which was purchased for $2.595 million in mid-2015, resold for 13.7 percent less ($2.239 million) last year while unit #505, which was also purchased for $2.595 million in mid-2015, resold for 22.9 percent less ($2.0 million) this past May.
Comments from Plugged-In Readers
Is “ultra premium” in reference to Spinal Tap’s “Up to eleven” ?
supercalifragilisticexpialidocious! ‘Ultra-premium’ is a perfectly cromulant way to describe this unit.
This building seems to get no love. Any thoughts on why?
Quite simply, the building top-ticked the market in 2015 and garnered plenty of rather exuberant love at the time.
this. on per square foot basis, the units are still selling well. $1254/foot for this unit (third floor, no views, standard builder-grade finishes) is arguably market or even above market. It’s just that someone paid an even higher price before. Also it’s not really correct to say the last sale price is from Mid-2015 – back then every development sold out before completion, so the actual contract date was probably late 2014 or early 2015, and the escrow closed after inspections in mid 2015.
seems reasonable. 2014/15 certainly the Mission was on fire, and the prices were surprising everyone, particularly for things with a new car smell. Not surprising, perhaps, that things are coming back to earth.
it’s probably gonna be a looong while before any original buyers see their prices again, with the condo market the way it is.
Yeah, the builders did get some extremely good prices for that period of time.
As a comparison, 886 Dolores St., a bigger 2 bedroom 2 bath a couple blocks away, sold a few months later in February 2016 for about the same price ($1,675,000), and it just sold again for $1,925,000. Quite different result.
It certainly helps to have bought in a two-unit building, with room for improvement, up in Dolores Heights versus new construction in the Mission. And now back to the actual neighborhood and segment at hand…
In retrospect, that is exactly right. I suspect that at the time, a lot of people thought a new unit was the better move. Some guessed right, some guessed wrong. The February 2016 buy turned out to be a good move for the Dolores Street buyer.
While others didn’t bother to guess and used actual data and analytics to intuit the early trends at hand, versus retrospectively. Speaking of which…
Yes, new condo units have not seen the pretty nice gains of the last 2-3 years as the rest of the market.
Those that think that it’s simply “new condo units” that effectively peaked in 2015 really don’t understand the market segments or metrics at hand. But in retrospect, they’ll probably figure it out. And one again, back to topic at hand…
UPDATE: ‘Ultra-Premium’ Condo in the Mission Resells at a $300K Loss
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