As we outlined earlier this year, the 7,138-square-foot home at 15 Buena Vista Terrace, which was built on a double lot, with panoramic views and luxury finishes throughout, including a proper home theater and a 500-square-foot “party room” that opens to a 567-square-foot roof deck, returned to the market priced at $12.75 million in August of 2021, having been purchased for $6.6 million in 2013, a sale at which would have represented average annual appreciation of 7.5 percent per year for the top-tier single-family home.
Reduced to $11.95 million in November of 2021, to $10.95 million early last year, to $9.975 million last May, to $8.9 million last September, and then relisted anew, with an official “0” days on the market, for $7.95 million this past February, the resale of 15 Buena Vista Terrace has now quietly closed escrow with a contract price of $7.5 million and its listing was removed from the MLS, representing average annual appreciation of 1.3 percent for the high-end home over the past decade or 14 percent in total, versus a 92 percent increase in the frequently misreported index for Bay Area home values over the same period of time, with an up and down between.
And yes, the sale was officially “within 6 percent of asking!” according to all industry starts and aggregate market reports despite the home having finally traded for nearly 50 percent less than its original list price and expectations.
13% improvement = 1.36% YoY (simple) price inflation over the last 10 years. So the high end isn’t quite catching up to inflation.
And adjusted for National CPI, $6.6M in 2013 for $7.5M in 2023, a loss of ~ 12%
And against initial listed $12.75 in Aug 2021, represents nearly -41% of asking
Adjusted for SF Bay CPI, $6.6M in 2013 for $7.5M in 2023 represents a loss of ~18%