Purchased for $11.1 million, or roughly $3,350 per square foot, in April of 2016, the cooperative apartment #1601 at 1750 Taylor Street (a.k.a. The Royal Towers in Russian Hill) returned to the market listed for “$9.5 million” this past September, a price which was quickly upped to $11 million on the MLS.
As plugged-in readers might recall, the former three-bedroom Imperial Floor Plan unit was taken down to the studs, reconfigured and rebuilt as a high-end “two-bedroom” unit with a den/office, to maximize the space, take advantage of its panoramic views and “accommodates today’s lifestyle” back in 2011/2012, after which it quietly traded for $9.1 million in April 2015, prior to the 2016 sale.
And yesterday, the re-sale of 1750 Taylor Street #1601, which “could very well be the best residence in one of San Francisco’s preeminent buildings,” closed escrow with a contract price of $11.25 million or roughly $3,390 per square foot, representing total appreciation of 1.4 percent for the high-end unit on an apples-to-apples basis since the second quarter of 2016 or 0.2 percent per year (versus appreciation of 22 percent from 2015 to 2016 despite the “short-term hold”).
The widely misrepresented Case-Shiller index for “San Francisco” condo values is up 19.4 percent over the same period of time, up 28.5 percent since April of 2015.