Featuring two bedrooms, two baths and two parking spots in the boutique Mid-Market building’s garage, the 870-square-foot unit #513 at 1075 Market Street (a.k.a. Stage 1075) sold for $1.25 million in May of 2019, establishing a neighborhood comp at $1,437 per square foot.
Three months ago the contemporary unit, which “checks all the boxes,” returned to the market priced at only $1.025 million, a sale at which would have represented an 18 percent drop in value from the second quarter of 2019 on an apples-to-apples basis, despite the fact that the frequently misreported index for “San Francisco” condo values is “still up” over the same period of time.
Dropped to $949,000 after a week on the market and then relisted for $899,000 in September, the list price for 1075 Market Street #513 has just been reduced to $769,000, with an interim reduction to $849,000 last month. As such, an “at asking!” sale for 1075 Market #513 would now represent a net 38 percent drop in value for the two-bedroom unit from the second quarter of 2019.
If you think you know the market for contemporary Mid-Market condos and other units which benefited from the 2019-era comp(s), here’s another chance to tell.