Over Asking, but at a Loss, for a Designer Clocktower Loft

Purchased for $375,000 in 1995, the roughly 1,800-square-foot ClockTower loft #557T at 461 2nd Street was subsequently remodeled, incorporating two tons of river rock and $400K worth of custom fabricated steel and glass designed by Olle Lundberg.

The remodeled loft subsequently traded for $1,050,000 in September 2000; for $785,000 in August of 2002; for $1,000,000 in March of 2005; for $1,160,000 in February of 2007; and then for $1,445,000 in April of 2014.

And having returned to the market priced at $1,495,000 this past July, a sale at which would have represented total appreciation of 3.5 percent for the unit since the second quarter of 2014, the sale of the “gorgeous, dramatic, and incredibly spacious loft,” with “floor-to-ceiling loft-paned windows” and a “chef’s kitchen” outfitted with a commercial-grade Hobart fridge, Thermador convection oven and Creda stovetop, has now closed escrow with a reported contract price of $1,400,000.

And while the sale was 6.4 percent below its original list price, and 3.1 percent below its value in 2014, the sale was officially “over asking” according to MLS-based stats and aggregate reports as the list price for 461 2nd Street #557T was reduced to $1,345,000 last month.