Purchased for $1.498 million in May of 2015, the 1,059-square-foot two-bedroom unit #1507 within Gramercy Towers at 1177 California Street returned to the market priced at $1.545 million seven months ago, a sale at which would have represented total appreciation of 3.1 percent for the Nob Hill condo over the past four years.

In addition to two bedrooms, the “light-filled” unit which overlooks Huntington Park, the Fairmont Hotel and Nob Hill, features two bathrooms and an assigned parking spaced in the garage below, with HOA dues of $1,369 per month (which cover the building’s staff, including a 24-hour doorman, health club access, parking, electricity, water, heat, garbage, cable TV, internet, earthquake insurance and window washing as well).

And having been reduced to $1.498 million in September (with a listing that was updated to note: “Seller wants it sold!”), the sale of the Nob Hill condo has now closed escrow with a contract price of $1.4 million, down 6.5 percent on an apples-to-apples basis since the second quarter of 2015.

Comments from Plugged-In Readers

  1. Posted by jenofla

    Are prices coming back down to earth? Good to know a 2 bed condo in a decent area with a reasonable HOA can stay affordable for a household with a, say, 350K income. A doctor (though not a primary care one) can finally afford a 2 bed condo in SF!

    • Posted by AY

      Why would you expect a two-bedroom in a full-service Nob Hill building with views to be “affordable”?

    • Posted by Steven

      The thing is new money doesn’t find Nob Hill glamorous anymore — it’s more or less is an extension of the Tenderloin with horrible transit and absolutely nothing to do if you’re young. It’s okay for the nearly dead!

      • Posted by Michael

        That hasn’t been my experience. Some of the trendier restaurants and bars are just down the hill from this place (liholiho, del popolo, mensho). The Masonic is next door. There’s a park across the street. Trader Joe’s is two blocks away. And it’s an easy commute downtown!

  2. Posted by anon2.5

    Is that a skylight above the kitchen? If so, this is a great deal.

    • Posted by Notcom

      From ‘googlemap’ it looks like the building doesn’t have any skylights – and what appears to be a ceiling can be seen in the reflection – so I would say it’s simply floodlighting.

  3. Posted by Brisket

    “…HOA dues of $1,369 per month (which cover the building’s staff, including a 24-hour doorman, health club access, parking, electricity, water, heat, garbage, cable TV, internet, earthquake insurance and window washing as well”

    Not a bad bang for your HOA bucks.

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