Purchased for $2,305,000 in February of 2019, the two-bedroom, two-bath unit #3G at 288 Pacific Avenue, across from The Battery in Jackson Square, returned to the market priced at $2,538,000 last June, a sale at which would have represented total appreciation of 10.1 percent for the “meticulously maintained” luxury unit since the first quarter of 2019 or just 4.3 percent per year.
In addition to 11-foot ceilings in the main room, the 1,301-square-foot condo is outfitted with floor to (near) ceiling windows, wide plank European oak flooring, custom oak cabinetry, and a parking space in the building’s garage.
And having been relisted anew for $2,350,000 two months ago, the asking price for 288 Pacific #3G has just been reduced to $2,285,000, a sale at which would be considered to be “at asking” according to all industry stats, despite being 10 percent below last year’s asking price and expectations, and down $20,000 on an apples-to-apples basis.
If you think you know the market for luxury condos in San Francisco, now’s the time to tell. And yes, the widely misreported Case-Shiller Index for “San Francisco” condos is up 9.6 percent over the same period of time.