How Up is Down for a Sleek Condo in San FranciscoNovember 20, 2020
The two-bedroom, two-bath Unit C in the converted Jackson Square building at 845 Montgomery Street, which is located in the heart of the “coveted Jackson Square Historic District,” “surrounded by world class art galleries, tree lined streets, charming alleys, and distinctive eateries,” just sold for $1.3 million having been listed for $1.595 million in May.
And having traded for $1.205 million in September of 2014, the recent sale might appear to be evidence of market appreciation and a decent gain for the sleek condo despite the under asking sale.
But the 1,044-square-foot unit was completely remodeled in 2015, which is when the high-end Boffi kitchen and Gaggenau appliances; the Agape and About Water fixtures and finishes in the new bathrooms; the built-in walnut veneer cabinetry; the seamless recessed lights; and the white Terrazzo floors were added.
And in 2016, the “ultra modern loft-style condominium” then traded for $1.625 million and was entered into the MLS as a “comp” to be used for other sales.
In January of 2018, the unit then traded for $1.8 million.
And as such, while the value of the unit is “up” from 2014 according to MLS-based reports and stats, the most recent sale of 845 Montgomery Unit C actually represents a 27.8 percent drop in value for the designer Jackson Square unit since the first quarter of 2018 on an apples-to-apples basis (and the latest comp for the building and surrounding neighborhood).
Comments from Plugged-In Readers
What a lucky dog the new buyer is! And I am not sarcastic. I have seen 3-4 really good buys lately. When everyone is fearful, that is the time to be aggressive, I guess…
Four sales in a little more than six years, even with a full remodel – there has to be something wrong with this place, right? And I don’t understand the fully white kitchen at all.
Great view of steel girder and cave like setting along with hospital white / emergency room feel for $1.8. some people have more money than sense or taste.
It’s seismic bracing , don’t you just feel safer having it in view rather than worrying if it’s really there…buried behind a wall ?? (And I am being sarcastic).
Ouch 27% hair cut in less than two years. People sure have half million dollar plus to sling around these days! Beautifully remodeled but that view is less than ideal for something that sold close to 2m less than 2 years ago. I would never pay that but I guess somebody did. Even at 1.3m still feels very pricy to get a boxed in view imo.
The building is the former location of the great restaurant Ernie’s. A scene from “Psycho” was filmed in that restaurant.
The all-white interior screams “historic”.
Access to the subterranean parking garage in that building is by a car elevator. I have often wondered what they would do in a power outage.
Despite the lack of view, it’s actually a very nice building. Tons of restaurants in the area and Jackson Square is great. Definitely a West Village feeling there. I’d much sooner live in a unit in this building than in a shiny tower South of Market.
Actually, the scenes in “Vertigo” were shot in a studio. Hitchcock built an impeccable recreation of the interior, even bringing in the real employees. Hitchcock was always meticulous. In the movie, Stewart drives along a winding route in the City. Unlike “Bullitt” and others, the filming accurately shows the drive.
The microwave in the laundry room is great
it’s for drying out smaller garments that are still moist.
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