Purchased for $640,000 or roughly $940 per square foot in mid-2013, the 618-square-foot, one-bedroom unit #738 in The Palms at 555 4th Street, a quiet interior unit that now benefits from the new Central Subway Station right out the door and wasn’t impacted by other developments, returned to the market priced at $615,000 in February of this year.
And having just closed escrow with a contract price of $600,000 or roughly $900 per square foot, the re-sale of 555 4th Street #738 was “within 3 percent of asking!” according to all industry stats and “surging market” reports and “only down 4 percent!” on an apples-to-apples basis (on an 11 year hold). At the same time, the widely misreported index for “San Francisco” condo values is “still up over 50 percent!” over the same period of time.