As we highlighted two years ago, the “stylish,” 1,361-square-foot unit #14 at 175 Russ Street, “in the heart of SOMA,” which was purchased for $1.165 million in April of 2019, having previously sold for $1.185 million in December of 2015, resold for $1.1 million in March of 2022, down 5.6 percent from the second quarter of 2019 and 7.2 percent below its price at the end of 2015 on an apples-to-apples-to-apples basis, despite the fact that the widely misrepresented Case-Shiller index for condo values in “San Francisco” was “still up 24 percent!” over the same period of time. It was obviously another “cherry-picked outlier!”

Purchased for $1.3 million in April of 2015, the “sophisticated” 1,363-square-foot unit #15 at 175 Russ Street, a two-bedroom unit, with “abundant natural light, soaring ceiling height, spacious closets, in-unit washer dryer, two gas fireplaces, and wood floors,” along with deeded parking and storage in the elevator building’s garage, returned to the market priced at $1.15 million last year, having been unsuccessfully offered for rent at $5,195, $4,995 and then $4,795 per month.

Relisted anew for $1.15 million last month, the list price for the stylish unit was then “adjusted” down to $995,000 after another week on the market.

And having just closed escrow with a contract price of $960,000, the re-sale of 175 Russ Street #15 was officially “within 4 percent of asking” according to all industry stats and aggregate market reports but down 26.2 percent on an apples-to-apples basis, below its early 2015 price (versus the “cherry picked” 7.2 percent drop from 2015 for unit #14 in 2022).

8 thoughts on “Two Years Later, And…”
  1. The deal-killer for me is that all of the windows face a light well. Great view of your and the adjacent neighbor’s fire escapes. Apparently it’s so bad that most of the photos in the listing have had the windows made translucent. Also, I prefer bedrooms to have 4 walls, not 3.

    1. As pictured in the gallery above, that’s incorrect, at least for unit #15 which actually overlooks Russ Street and the city beyond, with one loft bedroom and another with four walls and a door.

  2. this neighborhood is way worse now than it was in 2015. But still to take a 26% loss, not even considering the opportunity cost . (S&P up over 200% since 2015)

  3. I’m not arguing that this is cherry picking, but I am curious as to why there’s such a difference between the CS index and this property. Is CS missing something obvious about SF’s condo market?

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