Purchased for $3.825 million in April of 2015, the 3,015-square-foot and seismically upgraded “Showcase Residence” at 75 Rico Way, “on one of the most sought after blocks in the Marina District,” returned to the market priced at $3.995 million three months ago, a sale at which would have represented net appreciation of just 4.4 percent over the past eight years.
Reduced to $3.795 million last month, the resale of 75 Rico Way has now closed escrow with a contract price of $3.725 million, which is officially “within 2 percent of asking!” according to all industry stats and aggregate reports but 2.6 percent below its 2015 value on an apples-to-apples basis and despite the fact that the widely misreported index for “San Francisco home values” is “still up 66 percent!” over the same period of time.
Anybody know home much was spent on improvements and upgrades?
$12,000 per DBI – primary bedroom bathroom remodel and converting the living room fireplace to gas.
Which answers questions from the previous posting of this property as to why the bathroom pictures don’t agree with the floor plan and what happened to the fireplace chimney flue.
Ah yes: IOW confirms – explains, really – why,/b> the floorplans are out-of-date: still a dog-ate-my-homework for high-end property, due dilligence wise tho.