As we outlined last year, the two-level, 2,215-square-foot Mission District condo at 859 Alabama Street, which “epitomizes sophisticated San Francisco city living and offers a rare opportunity to own an architecturally significant home,” which had somehow appreciated from 2014 to 2017, despite it having been “used” and the “short-term hold,” returned to the market listed for less than 4 percent more than its 2017 price but failed to sell.
Purchased for $1.6 million in November of 2012, the modern three-bedroom condo at 857 Alabama Street, the unit below 859 Alabama Street, resold for $2.15 million in February of 2015, once again, despite the “short-term hold” and the unit having been “used.”
Boasting 2,050 square feet of space, with three en-suite bedrooms; an open concept great room; high-end finishes; a large private deck; a huge private backyard; and deeded garage parking for one car, 857 Alabama Street returned to the market priced at $2.295 million last month, a sale at which would have represented net appreciation of just 6.7 percent since the first quarter of 2015 on an apples-to-apples basis.
If you think you know the market for modern units in the Mission, now’s another chance to tell. Keep in mind that the widely misrepresented Case-Shiller index for condo values in “San Francisco” is “still up 35 percent!” from February of 2015 while the “asking price” for 857 Alabama was just reduced to $2.15 million, a sale at which would now represent net appreciation of 0.0 percent over the same period of time for “[o]ne of the premier modern luxury homes in the heart of the vibrant Mission!”