As we outlined last month, the four-level, five-bedroom Pacific Heights home at 2741 Vallejo Street, “an exclusive and quiet street surrounded by lovely homes and a short distance to the Presidio,” returned to the market priced at $9.995 million three months ago having been purchased for $9.500 million in March of 2020.
Reduced to $8.750 million in January, the official “asking price” for the property has just been further reduced to $7.600 million, a price that reflects the minimum price necessary to replace the current highest bid for the property, which is lower, a sale at which would be considered to be “at asking!” according to all industry stats and aggregate reports but would be down 20 percent on an apples-to-apples basis from the first quarter of 2020 and $1.2 million less than the home fetched in September of 2016, prior to it being updated and modernized.
I turned out to be off by an order of magnitude. Not that it wouldn’t close in the sixty days following my comment (it didn’t, 118 days after the above post, and 262 days after being listed at the initial $9.995 million level, the listing was removed from the MLS without a sale), but in terms of the gross loss in value.
301 days after delisting, the seller either accepted the previously mentioned highest existing bid or what resulted from a pocket listing, and 2741 Vallejo St closed for $7.65 million about a month later, 500 days after my posted comment.
And as alluded to above, that closing price, while 0.7 percent , also constitutes an equity-impairing nominal decrease of 19.5 percent on an apples-to-apples basis from March of 2020. This sale generated an annualized return of negative 4.06 percent a year over the previous five years, and a seven figure gross loss of value since before it was , not six as I predicted. Not taking into account inflation or the any fines imposed by the Department of Building Inspection.
a price that reflects the minimum price necessary to replace the current highest bid for the property, which is lower
Doesn’t this seem like a blatantly obvious point ? At least for a site that seemed to assume some level of intelligence above the amoebic on the part of its readership. I wonder if Adam was trying to send some coded message….does anyone recognize a cipher that could get us to
“h eldho stag einafort une cookief actor ysenduber ea ts”??