CFAH

Purchased as a nearly 2,500-square-foot, “top floor flat in an elegant two-unit building in Jordan Park” for $1,662,500 in December of 2014, 68 Parker was extensively remodeled in 2015, with a redesigned higher-end kitchen, new baths and built-ins.

The remodeled three-bedroom flat then re-sold for $2,625,000 in April of 2019.

And having been listed for $2,595,000 two months ago, the resale of 69 Parker has just closed escrow with a contract price of $2,555,000, down 2.7 percent ($70K) on an apples-to-apples basis from the second quarter of 2019.

Comments from Plugged-In Readers

  1. Posted by haighter

    Beautiful home. Is the top floor flat the only unit with access to the garage and ground floor bonus room? Or are those shared with the lower floor flat?

  2. Posted by Notcom

    I wonder how many people would be able to find “Jordan Park” on a map (without it being labeled)…back in 1939 when this unit was offered it was described as “(the) Richmond”.

    Anyway, back to the ‘what’ as opposed to the ‘where’ (or ‘why?’): seven years later, it was offered – together w/ its building-mate – for $35,000.

    Apparently it’s kept up with inflation….and then some.

    • Posted by Alai

      Nice find. Needs a subscription, though. Maybe share a screenshot of the relevant part?

      • Posted by Notcom

        But I won’t get my commission that way ! 🙂

        Actually this particular ad wasn’t very descriptive (7 rooms, 2 baths, garage…) The 1939 ad referenced earlier was a promo short and went into quite a bit of detail on finishes, rooms, etc.) It also verifies this was built as two flats, as I had thought it was a conversion…apparently not (or if so the conversion came very early)

  3. Posted by Panhandle Pro

    I’m a little surprised. I’d think a condo with that quality and location would get slightly more, maybe $1200/foot. Condos over $2M have not been faring as well lately so this appears to be another example. I think the buyer got a decent deal.

  4. Posted by johntrev

    That’s a beautiful home, appropriately remodeled and in a lovely area filled with many attractive homes. It’s a good spot to be – in between the outdoor options Presidio and GG Park, shopping and restaurants on Clement and California, with easy access to main artery Geary, yet far enough away from it that the neighborhood feels quiet and cozy. Still, interesting to see the choices people make – $2.5+M would buy a very nice single family home that would be preferable to many.

  5. Posted by JPark Jen

    With the upcoming mege development a block away on California Street, I wonder if the new owner is looking at this as a pieds-à-terre or investment property. 69 Parker is situated close enough to be impacted by both the construction noise and dirt.

    • Posted by Orland

      Does that {3700 California CPMC campus redo} appear to actually be going forward any time soon?

      • Posted by JPark Jen

        I’ve seen workers removing historic ornamental outside reliefs from the 3700 building, with the website stating construction is scheduled to begin this year. Perhaps Socketsite can get the scoop for us? (wink nudge)

        • Posted by Notcom

          I was going to scold for not showing initiative, but it appears the [3700 California] website hasn’t been updated for a while. Based on the schedule shown – i.e. they probably didn’t get much accomplished last year – it looks like it’s been delayed a bit.

        • Posted by Orland

          Pursuant to a linked 2/28/2020 Chron story on Planning approval at the 3700 California website, construction is expected to begin in “early 2022” and take 6 years to complete.

          • Posted by SocketSite

            As we noted last year, “TMG Partners [had] been positioning to break ground [this year], phasing the project on a block-by-block basis, moving east to west and potentially finishing construction around 2024, as “dictated by market conditions.” And in fact, the paperwork to secure permits for the first phase of construction was filed at the end of 2019, prior to the project’s approval.

            But the project is now effectively “on hold,” along with the processing of the permits and subdivision of the site, which have yet to be approved, with no hard date for breaking ground.

  6. Posted by john downy

    Does a purchase price of 2-1/2 million mean you would pay $2,500 a month (30k a year) in non deductible property tax alone? Oh boy.

    • Posted by Conifer

      Yes unless the Dems keep their word and restore the SALT deduction, which they probably will hidden away somewhere.

  7. Posted by Been there

    Socket Site appears to highlight the poorly performing Apples. Would you be so kind as to highlight a few strong ones? Perhaps I have missed them

    • Posted by SocketSite

      While a popular narrative and rationalization, we don’t “cherry pick” the apples we feature on the site. In fact, we typically won’t feature a sale if we know its outcome prior to it being placed in our cart to be featured. And in the rare case that we do know the outcome prior, we’ll note it in the copy.

      At the same time, we’re always looking for valid sale pairs (beyond the nebulous “many others” or properties that were actually upgraded or modified between sales).

      • Posted by sparky-b

        What’s in the cart currently?
        Typically how far back do you go?
        Is 50 Oakwood in the cart?

        • Posted by Ohlone Californio

          There are a lot “apples” in this market going after sizeable year over year gains. Another one looks to be 271 Fair Oaks.

          • Posted by SocketSite

            Despite the fact that 271 Fair Oaks traded “off market” last year, it’s in our cart.

        • Posted by SocketSite

          We maintain a cart of around 2,500 properties, around 50 of which are currently active. And yes, 50 Oakwood, which we featured back in 2016, is in the cart.

          While short-term holds typically make for poor investments, due to outsized transaction costs, they are ideal for isolating actual movements in the market (and generating agent commissions). As such, our ideal sale pair includes a one to five year hold and doesn’t span an inflection point in the market which muddles the trend.

          To wit, while nearly every property in San Francisco would show net appreciation from 2005 to today, isolating the movements from 2005 to 2011, from 2011 to 2015, and then from 2015 to today tends to tell a much different story in terms of the actual movements in the market.

  8. Posted by Been there

    So nothing to highlight?

    • Posted by jack sprat

      You’ve got this all wrong. This property went for only 3% below its 2019 price. This IS one of the better performing properties in this market.

Add a Comment

Your email address will not be published. Required fields are marked *

Recent Articles