Purchased for $1,069,433 four years ago in September of 2016, the top-floor, two-bedroom corner unit #605 at 388 Fulton Street hit the market in Hayes Valley listed for $998,000 this past July.
The efficient 720-square-foot unit features westerly views, with an open galley kitchen, modern finishes and access to the building’s shared roof deck with a built-in grill and panoramic views.
And the re-sale of 388 Fulton Street#605 has just closed escrow with a contract price of $960,000, down 10.2 percent on an apples-to-apples basis versus the third quarter of 2016.
For those running the numbers at home, the unit’s HOA dues are currently running around $600 per month.
Even at the height of the crazy years, this was not worth it’s nearly $1500/sf price. Everything looks so standard: windows, trim, kitchenette, and an uninspiring layout. They’re lucky they got $1300+/sf for it.
Keep in mind that smaller units naturally fetch higher prices per square foot; 65 other units in the building fetched similar price per square foot figures circa 2016; and each sale became a comp for other sales in the neighborhood.
even by small unit standard (and this unit is not even small side as a 2-bedroom), this seems like a very high $/sqft for today’s condo market (congrats to the seller).
also worth noting that this is a 2/1 (not a 2/2), which in terms of functionality and pricing (imo) deserves to be looked at more as a 1/1 than a 2/2.
Actually, the average sale price per square foot for newer (built in the past 10 years), sub-750-square-foot units over the past six months has been roughly…$1,330 per square foot, which is effectively the price per square foot at which the unit above just sold having fetched $1,485 per square foot in 2016.
10.2% below Q3 2016 is 2015 pricing.
$960k condo to $9M Marina SFR back to 2015 pricing.
I’d say that’s a broad retreat.
In related news: Apples-to-Apples for Another Efficient Two-Bedroom