Purchased for $2.500 million in May of 2019, the 1,859-square-foot, full-floor Nob Hill condo at 1049 Clay Street returned to the market listed for $2.299 million this past October.
Positioned as an “Entertainer’s Dream,” the top-floor unit with three bedrooms, or two bedrooms and a family room, features “timeless details [and] modern upgrades,” with a spacious chef’s kitchen; high-end appliances; side-by-side parking in the two-unit building’s seismically-upgraded garage; and a large, private roof deck with a panoramic view of Coit Tower and beyond.
And having been reduced to $2.058 million in December, an “at asking!” sale at which would represent a 17.7 percent drop in value for the unit 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, but trending down, 1049 Clay Street remains on the market.
If you think you know the market for quintessential San Francisco condos and “one of the city’s most desirable neighborhoods,” now’s the time to tell or fire up the rationalization engines.
The condo has a pretty huge flaw: windows that actually looked out to anything other than your neighbor looking back at you. Looks like you get something in the master but… who cares?
Deeded roof deck that isnt’ attached to the condo directly is also a huge miss.
“Inferior condo trades down” should be the real title of this article.
For my taste, the greater detriment is how a cup of tea up there on the roof would have to be enjoyed in the shadows of highrises that envelope the place.
Yet, somehow, the defects you cite didn’t stop the unit from going for $2.5 mil almost five years ago, at which time the article title might well have been, “Inferior condo trades up during speculative asset bubble induced by ZIRP and quantitative easing (aka “welfare for the well-to-do”).”
For me, the major flaw is the floor plan. Tiny dining area and a toilet closet off the living room. No ensuite bath in the primary bedroom.
I forecast two more years of stories about condos trading down.
UPDATE: The list price for 1049 Clay Street has been further reduced to $1.999 million, a sale at which would be considered to be “at asking” according to all industry stats but would represent a 20 percent drop in value for the Nob Hill condo, below its 2019 price, on an apples-to-apples basis.
UPDATE: Having fallen out of contract, the list price for 1049 Clay Street has just been further reduced to $1.9499 million, a sale at which would be considered to be “at asking” according to all industry stats but would represent a 22 percent drop in value for the Nob Hill condo, below its 2019 price, on an apples-to-apples basis.