Purchased for $950,000 in June of 2015, the modern two-bedroom unit #411 at 1875 Mission Street (aka “M@1875”) returned to the market listed for $1,050,000 this past August, a sale at which would have represented total appreciation of 10.5 percent for the “luxurious, stylish and modern top floor [Mission District] condo,” with “the finest” floor plan in the building and a compact parking space in its garage, since the second quarter of 2015.
Reduced to $1,025,000 after 10 days on the market, the asking price for the 778-square-foot unit was dropped to $999,999 in mid-September, to $949,999 at the end of September, to $939,999 in early October, to $900,000 in mid-October, to $875,000 at the end of October and to $850,000 last month.
Yesterday, the list price for 1875 Mission Street #411 was reduced to $825,000, a sale at which would now represent total depreciation of 13.2 percent for the unit on an apples-to-apples, versus “median price,” basis since the middle of 2015, not accounting for the value of all the furnishings which are now included in the sale as well.
Last year, the one-bedroom unit #211 at 1875 Mission Street resold for $832,020, representing total appreciation of 7.4 percent for the unit from 2015 to 2017. But as we noted at the time, “while a straight line from early 2015 to today would show “continued” appreciation over the past thirty months, a curve would reveal a front-ended up and more recent down,” which brings us to today.
This past Friday, the resale of 1875 Mission Street #411 closed escrow with a contact price of $815,000, roughly 14 percent under its 2015 price on an apples-to-apples, versus “median price,” basis and only “1 percent under asking,” versus 22 percent under its original list price and expectations, according to all industry stats and aggregate reports.