Up and Down for Another Depreciated Mission District PenthouseMarch 6, 2020
On the heels of the penthouse unit #504 atop the V20 building at 3590 20th having just resold for $2.5 million, up $261K (11.7 percent) versus its depreciated resale for $2.239 million in 2017 but still $95K (3.7 percent) below its sale for $2.595 million in mid-2015, an adjacent penthouse unit in the building has just resold as well.
Purchased for $2.595 million in mid-2015, the three-bedroom unit #505 traded for $2.0 million in mid-2018.
And having returned to the market priced at $2.395 million this past November, the resale of 3590 20th Street #505 has now closed escrow with a contract price of $2.25 million, up 12.5 percent from its depreciated sale in mid-2018 but still 13.3 percent below its mid-2015 value on an apples-to-apples basis.
Comments from Plugged-In Readers
In the midst of a spreading coronavirus epidemic, I have to wonder if having a medical clinic on the ground floor of the building would scare buyers away.
So two identical (?) units which sold for the same price in 2015 have resold within a week of each other by prices that diverge by 10%. I guess that’s a decent indicator of the amount of latent price volatility in the market.
While certainly similar, the units aren’t identical (while slightly smaller, unit #504 features arguably better views and outdoor space, with a corner rooftop deck), other than in having failed to re-fetch their 2015-era prices.
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