Quickly in Contract and Sold! (Below its 2016 Price)March 1, 2019
The “fabulously located condominium” unit #1 at 1536 Pacific Avenue, which was built in 2009 and “designed to withstand the test of time with high quality materials, construction and finishes throughout,” sold for $2.5 million in February of 2016, fetching roughly $1,777 per square foot.
In addition to three bedrooms and two full baths, the Nob Hill unit features a deeded parking space in the boutique building’s garage, elevator access, a private terrace with views, and monthly HOA dues of $575 per month.
And having returned to the market listed for $2.5 million at the end of January, the unit was in contract “within two weeks,” but with a contract price of $2.375 million, or roughly $1,688 per square foot, down 5.0 percent on an apples-to-apples basis since the first quarter of 2016.
Keep in mind that the adjacent, and nearly identical, three-bedroom unit #2 in the building, a nearly perfect comp, sold for $2.5 million ($1,777 per square foot) six months ago.
Comments from Plugged-In Readers
Not bad,they got out just before the 3/1 ARM reset. And they only lost a quarter of a million dollars!
Curious what the $575 HOA covers. I assume not utilities.
Also, editor: what happened to the embedded google maps in the top right corner showing the location of the property in question? Those were quite nice.
[Editor’s Note: We have a known mapping glitch which should soon be resolved.]
Not that exclusive of a building if it has a beauty salon on the first floor.
I am in the market for a 1-bedroom. Not seeing any significant price drops as of yet.
I note that socketsite puts “fabulously located condominium” in quotation marks, and with good reason. While this place is near “commerces” as the French say, implying convenience, it is really too near. I think that one might still be able to find a similar property in a more residential neighborhood, either uphill or in PacHts. This is one “location” down.
I will refrain from my usual comments about white walls and boxes.
Quotes don’t indicate sarcasm, or some other tone, here… it’s only in quotes because it is *quoting* the listing text verbatim.
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