Superlative Penthouse Fetches 1.6 Percent Over Its Early 2015 Price
October 30, 2019
Purchased for $1.648 million in February of 2015, the two-bedroom, two-bath corner unit #7C atop the “Amero” at 1501 Filbert Street, on the border of Cow Hollow and Russian Hill, returned to the market listed for $1.75 million this past July.
The 1,040-square-foot unit features wide-plank hardwood floors, “a dramatic open floor plan featuring nearly floor to ceiling glass and outlooks onto Russian Hill and the Bay,” a modern kitchen with high-end finishes and a “spa-like bathroom with sumptuous marble and double vanity sinks,” along with deeded parking in the building’s garage, access to a rooftop terrace with “dual BBQ’s, [an] outdoor dining area and [an] outdoor lounge with [a] linear gas fire pit” and HOA dues of $688 per month.
Relisted anew with an official “1” day on the market and a newly reduced (although not according to MLS-based stats) list price of $1.695 million last month, the resale of 1501 Filbert Street has now closed escrow with a contract price of $1.675 million, representing total appreciation of 1.6 percent for the “rarely available penthouse” unit since the first quarter of 2015 on an apples-to-apples versus “median price” basis.
And yes, the Case-Shiller index for Bay Area condos is up 30.7 percent over the same period of time.
Comments from Plugged-In Readers
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At least it wasn’t money in WeWork.
Despite recently plummeting, WeWork is still valued above its Series D round in late 2014 (by over 50 percent). And of course, the S&P 500 is up 45 percent since February of 2015.
This building was way super expensive compared to other resales when it came on the market. And still sold today for $1580 a sq foot.
The market seems fine to me.