Purchased for $675,000 in May of 2015, the 623-squaere-foot unit #308 at 1875 Mission Street (a.k.a. “M1875”) returned to the market priced at $649,000 two weeks ago, a sale at which would have represented a net 3.8 percent drop in value for the studio over the past eight years, despite the fact that the frequently misreported index for “San Francisco” condo values is “still up 25 percent!” over the same period of time.
Outfitted with wide-plank oak floors, radiant heat and “an open kitchen with custom cabinetry for ample storage in addition to a Bertazzoni range, Bosch Dishwasher, Liebherr fridge, quartz countertops, and elegant gold-flecked glass backsplash,” the unit is located in “a modern boutique condo building,” with a rooftop deck, pool and lounge, “[s]et in the heart of the vibrant Mission District.”
And after a week on the market, the list price for 1875 Mission Street #308 has been dropped by 11 percent to $575,000, with the listing now touting “Transparent Pricing.”
If you think you know the market for condos in “[o]ne of SF’s most vibrant neighborhoods,” “located near trendy shopping, restaurants, great nightlife, tech shuttles, and 16th BART station,” now’s the time to tell.