Purchased for $2.3 million in April of 2015, the 1,838-square-foot corner unit #806 in the Comstock, at 1333 Jones Street atop Nob Hill, returned to the market priced at $2.9 million this past July.
Technically a two-bedroom, the unit, which features some rather spectacular, panoramic views, was previously reconfigured and remodeled to serve as a luxurious “one-bedroom,” with a glass wall and shades between the second bedroom, now media room, and living room, an open floor plan, and high-end finishes throughout.
And the resale of 1333 Jones Street #806 has now closed escrow with a contract price of $2.675 million, representing net appreciation of 16.3 percent since the second quarter of 2015 for the above-average unit (which is one (1) percent below the 17.3 percent gain in the the Bay Area index for condo values over the same period of time).
Why is there a HAL 2000 above the cooktop range? That’s the most interesting vent fan (if that’s what it is) I’ve ever seen
This is a good result. Coming in at just under the Bay Area wide condo appreciation index. Keep in mind that the suburban land rush has pushed up home prices far more in Oakland/the Easy and the Peninsula as compared to SF as jobs and population shift to Oakland/the East Bay and the Peninsula.
These numbers are from the SFBT and are for homes in the Bay Area. The Bay Area region saw a 16% rise in median home price February YOY. Home prices in Contra Costa County rose 25%, San Mateo is up 13% and Alameda County rose 17%. However, San Francisco prices grew less than 1%. Condo prices have fallen in SF so this Nob Hill condo did especially well.
Suburban land rush: Spurred by the East Bay and San Mateo County on the Peninsula, the median price of a single family home in the entire Bay Area region rose to $935,000 in February, a 16% increase from February 2020. Tight inventory and high demand for traditional suburban neighborhoods drove up median home prices in Contra Costa County 25% to $737,000, and up nearly 13% to $1.6 million in San Mateo, according to data from DQNews and CoreLogic. Alameda County home prices rose 17% to $935,000, while Santa Clara County grew 4% to $1.29 million. In San Francisco, however, prices grew less than 1% to $1.47 million. (East Bay Times)
Despite frequently being misreported as such, a change in the “median sale price” is not the same thing as a change in underlying values, or “appreciation,” particularly when there’s a big change in the mix.
Interesting range hood – I’ve never seen one like that with the inverted diagonal.
I’ve seen breakdowns of condo sales by neighborhood in SF, with expected results – downtown / SOMA being hit the hardest, outer neighborhoods not nearly as bad. I’d be curious to see the impact by…
– Building type – I would assume condos requiring elevator access would be hurt more (vs walk up or direct street access).
– Square footage – I wonder if the “house-like condos” of 1500+ square feet have held up better, relatively to pre-COVID, since work from home is a more tenable solution the higher the square footage gets.
Essentially what I’m saying is worst hit is a studio in SOMA in a tall building, and least hit is a larger condo with direct street access in an outer/park-centric neighborhood.
Having been watching the SF condo market very closely the last few months, I’m starting to see condos going over asking again; especially if they have a view in a luxury high-rise.
Most market indicators lag behind several months. Anecdotally, it looks like the SF condo market is definitely heating up.
We recently sold our Infinity corner 2 BR within a week at a reasonable price (e.g. what we thought was fair for the market in March and a reasonable price for the buyer). Our unit had some bay views, was well maintained and very nicely appointed. It never hit the MLS and sold essentially after the first showing. No contingencies. Quick close; loan from the buyer. So yes, market seems to be improving. We held off selling with the belief that a new president, vaccine availability and improving economic conditions would lead to sentiment change. This seems to be proving out (at least for us).
Congratulations!
i’ve always been curious from a seller’s standpoint, why sell “off market” and also, why sell after only the first showing? isn’t there are pretty good chance that someone out there will offer higher that didn’t come on first day?
Thanks.
From our perspective, we had a price we wanted to achieve (based on a informed understanding of the market) and got that price with no contingencies. We didn’t feel the market warranted (nor supported) setting a date to review offers. Could we have gotten a better offer? Possibly. Could we have lost the offer we accepted? Probably. We’re happy with the outcome.
As long as they promise the furniture isn’t included.
Is there a functional use for the hoops attached to the back of the dining chairs?? Maybe the awful staging is to offset and accentuate the amazing views 😀
Have to agree with Bluntcard. This has to be the worst staging job I’ve seen. Is that actually a globe on the coffee table?
The windows are nice, but where are you supposed to hang your art?
The same place you put your books.
You’re both right. Home without an oz of artwork on the walls would seem pretty cold to me. they had to convert a bedroom into living space just to have a TV.
someone needs a rug consultant. man, those are terrible
Look at an exterior photo…those are concrete slabs. Not possible to recess lights (or anything else) in the ceiling.