Featuring picture-postcard views, spanning from the Golden Gate Bridge to Alcatraz and far beyond, the renovated unit #3C at 1080 Chestnut Street, which is a classic cooperative building “on one of Russian Hill’s most desirable flat blocks,” with a 24/7 doorman and live-in property manager, was purchased for $3.45 million, or roughly $2,127 per square foot, in December of 2016.
The 1,622-square-foot unit is outfitted with two bedrooms, two baths, a north-facing balcony, and side-by-side parking for two cars in the building’s garage.
And having returned to the market priced at $3.495 million in October of last year, a list price which was reduced to $3.150 million this past May, the re-sale of 1080 Chestnut Street #3C has just closed escrow with a contract price of $2.9 million or roughly $1,788 per square foot. And while $1,788 per square foot certainly isn’t cheap, it is 15.9 percent cheaper on an apples-to-apples basis.
The Case-Shiller index for Bay Area condo values was up 20.3 percent over the same period of time.
The Bay Area condo (and home) index is not granular enough. Certain local areas have seen especially strong appreciation while other areas not near as much. Per Redfin the average sale price for a home in San Mateo County is up 4.1% YOY yet Case Schiller has 21% for the Bay Area. Go to certain parts of the East Bay and its quite a bit more. I live in the Mt. Davidson area and home prices here are definitely not up 21% here YOY.
Bottom line, comparing appreciation of SF condos (or homes) to the Bay Area condo (or home) index is comparing the proverbial apples and oranges.
Monthly HOA is likely $2000…
A little less, actually. As it was in 2016.