Purchased for $2.595 million or roughly $1,433 per square foot in July of 2015, the three-bedroom penthouse unit #504 atop the Mission District development at 3590 20th and Valencia Street (a.k.a. the “V20” building) returned to the market priced at $2.8 million in 2016, a sale at which would have represented annual appreciation of just 6.3 percent for the 1,811-square-foot unit with balconies, city views, a private roof deck and a dedicated parking spot below.
And the luxury unit, which quietly resold for $2.239 million ($1,236 per square foot) in October of 2017, representing depreciation of 13.7 percent ($356K) on an apples-to-apples basis, has now returned to the market with a $2.295 million price tag.
An adjacent three-bedroom penthouse unit in the building (#505) resold in mid-2018 having depreciated 22.9 percent from the second quarter of 2015 on an apples-to-apples basis while a lower-level two-bedroom unit in the building resold at the end of 2018 having depreciated 18.8 percent from mid-2015 on an apples-to-apples versus “median price” basis as well.
And the resale of the two-story penthouse unit #504 atop the V20 building at 3590 20th Street has now closed escrow with a contract price of $2.5 million, up $261K (11.7 percent) versus its depreciated value in 2017 but still $95K (3.7 percent) below its mid-2015 price on an apples-to-apples basis.
The multiple sales of this one unit in just a few years is head-spinning!
Perhaps if we ask SocketSite nicely enough, they’ll display it in a chart.
still mind blowing that someone would pay $2.5M to live in that neighborhood
How is 2.5 mind blowing when Someone paid 7.25 To live right there last year.
3 different people within 4 1/2 years certainly felt it was worth roughly that much and that’s all that matters in the real estate world.
In related building/neighborhood news: Up and Down for Another Depreciated Mission District Penthouse