Purchased as a 2,000-square-foot property, “in need upgrading,” for $1.31 million in May of 2018, the single-family home at 1160 Florida Street has since been redesigned by Martinkovic Milford Architects, completely renovated (“no stone has been left unturned”) and expanded to 2,800 square feet of habitable space, featuring a “modern aesthetic and designer finishes,” with “an abundance of natural light,” a “dazzling” open floor plan, four bedrooms and four baths.
Priced at $3.995 million last October and then reduced to $3.495 million after two weeks, the Mission District home was listed anew for $3.095 million early last month, with an official “1” day on the market.
And the list price for 1160 Florida Street has now been further reduced to $2.95 million, down a million (26 percent) since the home was priced last year but a sale at which would be considered to be “at asking” according to all industry stats and aggregate reports.
The sale of 1160 Florida Street has now closed escrow with a contract price of $2,837,650 or roughly $1,030 per square foot. And while that’s officially “within 4 percent of asking” according to industry stats, and with only “40 days on the market” as well, it’s roughly 29 percent ($1.16 million) below its original price when listed five months ago.
Keep in mind that the number of homes on the market in San Francisco hit a 9-year high earlier this week and the percentage of listings with at least one official price reduction had ticked up to 17 percent, all prior to the COVID-19 lock-down.