Up on Pacific Avenue But Still Down From 2016
May 16, 2022
As we outlined back in the first quarter of 2019:
The “fabulously located condominium” unit #1 at 1536 Pacific Avenue, which was built in 2009 and “designed to withstand the test of time with high quality materials, construction and finishes throughout,” sold for $2.5 million in February of 2016, fetching roughly $1,777 per square foot.
In addition to three bedrooms and two full baths, the Nob Hill unit features a deeded parking space in the boutique building’s garage, elevator access, a private terrace with views, and monthly HOA dues of $575 per month.
And having returned to the market listed for $2.5 million at the end of January [2019], the unit was in contract “within two weeks,” but with a contract price of $2.375 million, or roughly $1,688 per square foot, down 5.0 percent on an apples-to-apples basis since the first quarter of 2016.
Keep in mind that the adjacent, and nearly identical, three-bedroom unit #2 in the building, a nearly perfect comp, sold for $2.5 million ($1,777 per square foot) [in 2018].
And having returned to the market priced at $2.395 million last month, the re-sale of the “stunning” unit #1 at 1536 Pacific Avenue has just closed escrow with a contract price of $2.425 million, representing total appreciation of 2.1 percent since the first quarter of 2019, and an “over asking sale,” but at a price which was still down 3.0 percent since the first quarter of 2016 on an apples-to-apples basis while the widely misreported Case-Shiller Index for “San Francisco” condos is up 22.9 percent over the same period of time.
Comments from Plugged-In Readers
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Just curious, is it noisy living over the garage door mechanics? Does the open/close rattle the floor?
Yes. A belt drive (vs. chain drive) door operator is quieter, and installation supports with dampeners can help.
The composition of the floor between the garage and first level of residence also is a factor. Retrofits on older wooden floors can really transmit sound, almost like a hi-fi speaker. But this might be reinforced concrete which would muffle the sound significantly.