Listed for $4.2 million in January of 2019, the asking price for the “unparalleled view compound” on a 6,300-square-foot lot at 276 Ripley Street, a 4-bedroom Bernal Heights home with a contemporary open floor plan and “at-your-door access to the iconic walker’s paradise, Bernal Hill,” was dropped to $3.35 million that September, further reduced to $2.75 million, and then increased to $3.195 million that October before the home sold for $3.1 million in November of 2019.
And having returned to the market priced at $3.295 million this past April, a sale at which would have represented total appreciation of just 6.3 percent for the single-family home since the fourth quarter of 2019, and quickly in contract for around a week, 276 Ripley has just been relisted for “$2.995 million.”
And with the resale of 276 Ripley having just closed escrow with a contract price of $3.0 million, it’s another “over asking sale” according to all industry stats and aggregate reports but down 3.2 percent on an apples-to-apples basis from the fourth quarter of 2019 and 9 percent below the home’s original list price.
The (widely misunderstood) index for “San Francisco” single-family home values is up 19.2 percent over the same period of time.
$3 million is way more than 9% down from the original list price of $4.2 million.
“And having returned to the market priced at $3.295 million this past April”
Oh so the current original, not the original original. Fair enough, since I guess the original original isn’t even the original original, just the original original of this excerpt.
Also: I do not like this renovation at all. The end.
Congrats to the new owners. Phenomenal piece of property. Happy for the seller and buyer . Seller will be kicking himself for selling so cheap. In 5 years will probably be at least 5m. 90% of that gain will be from inflation but 5m none the less.
Whether a listing price starts too high and then is lowered, or starts too low and then trades higher is irrelevant for the economics of the participants. The actual sale prices matter. So in this case a gray-white-and-steel remodeled home in a neighborhood popular with valley-commuting tech workers traded down 3.2% after many people left the city and a great deal of uncertainty remains about home office work relationships. Seems about right.
The listing prices etc. are all smoke and mirrors.