Purchased for $1.8 million in the second quarter of 2018, the dated two-bedroom, two-bath penthouse unit #12F atop 2200 Pacific Avenue, “a meticulously managed 65-unit building on a distinguished flat block of Pacific Heights,” was then “meticulously updated to reveal an open floor plan with southern views spanning from Downtown’s Transamerica Pyramid to Twin Peaks.”
In addition to the open floor plan, the 1,955-square-foot unit now features “top-of-the-line luxury upgrades,” including a marbled kitchen which is now outfitted with Miele, Liebherr, Viking and SubZero appliances; custom built-ins and storage units throughout; a master suite with ample closets; and a completely remodeled en-suite bath with a custom floating vanity and floor-to-ceiling tiles.
And the updated unit easily re-sold for $2.895 million this past November.
Five weeks ago, the unit suddenly returned to the market with a $2.695 million list price. Three weeks ago, the list price was reduced to $2.495 million. And yesterday, the list price for 2200 Pacific Avenue #12F was reduced to “$2.2 million,” a sale at which would now be considering to be “at asking” (but would also represent a real 24 percent drop in value over the past five months).
If you think you know the market for remodeled penthouse units in Pacific heights, now’s the time to tell.