Purchased for $2.47 million in October of 2017, the “exceptionally luxurious Lumina condo” unit #36C, “featuring stunning panoramic views of the Bay Bridge, Bay and San Francisco,” along with high-end finishes throughout, returned to the market priced at $2.295 million this past May, a sale at which would have represented net depreciation of 7.1 percent for the 1,495-square-foot, two-bedroom, two-bath condo over the past six years while the frequently misreported index for San Francisco condo values is “still up over 10 percent!” over the same period of time.
And while the Case-Shiller index for “San Francisco” condo values ticked up 1 percent yesterday, the resale of 201 Folsom Street #36C closed escrow with a contract price of $2.05 million, representing a 17.0 percent drop in value for the exceptionally luxurious unit on an apples-to-apples/actual basis below its value in the fourth quarter of 2017.
Down 17% during a time of exeptionally high inflation. Brutal.
For those who may have forgotten about it, in December of 2022 the 1,366 ft.² two-bedroom unit 7E in this same tower closed for a price down 18.2 percent during about a 77 month holding period. For this condominium (unit 36C), the decline was 17.0 percent and the holding period was about 82 months.