As we outlined last month:

Purchased for $2.725 million in June of 2014, the “well located, finely modernized Italianate Victorian spanning three levels of magnificent open design” at 2208 Pine Street resold for $3.35 million in October of 2020, representing net appreciation of 22.9 percent or roughly 3.3 percent per year for the Lower Pacific Heights home despite it having been “used,” as is typical when the market is actually appreciating.

Returned to the market priced at $3.495 million this past March, a sale at which would have represented net appreciation of just 4.3 percent over the past three years for the remodeled single-family home in an established San Francisco neighborhood, the listing for 2208 Pine Street was withdrawn from the MLS is August and then relisted anew, with an official “1” day on the market, for $3.195 million in September, a list price which was just dropped to $2.895 million, a sale at which would be considered to be “at asking!” according to all industry stats and aggregate reports but would represent a 13.6 percent drop in value for the single-family home over the past three years on an apples-to-apples basis.

And in fact, the resale of 2208 Pine Street has just closed escrow with an “at asking!” contract price of $2,895,000 according to all industry stats and aggregate reports but down $455,000 (13.6 percent) from the fourth quarter of 2020 on an apples-to-apples basis while the widely misreported index for “San Francisco” single-family home values is “still up over 20 percent!” over the same period of time.

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