September 20, 2006
A Number Of Notable Reductions
After two weeks on the market, prices at Francisco Palms in the Marina have been reduced. 1239 Francisco has been reduced $151,000 (15.9%) and 1247 Francisco has been reduced $151,000 (14.4%). It looks like the market has spoken with regard to pricing these individually financed TICs in line with condos.
Also after two weeks on the market, 355 Bryant #102 has been reduced $200,000 (9.1%). However, before you decree the end of 355 Bryant, keep in mind that #105 ($1,125,000) went in to contract after seven days.
∙ The Francisco Palms (1229 Francisco) [SocketSite]
∙ Listing: 1239 Francisco (3/1) - $899,000 [MLS]
∙ Listing: 1247 Francisco (2/1) - $799,000 [MLS]
∙ Listing: 355 Bryant Street #102 (2/2) - $1,995,000 [Gomez & Patton]
∙ The Live/Work Lofts Of 355 Bryant [SocketSite]
∙ The Brannan: Four Months Later [SocketSite]
∙ Listing: 219 Brannan Street #18K (2/2) - $2,025,000 [Coldwell Banker]
∙ Listing: 219 Brannan Street #18A (2/2) - $2,625,000 [Coldwell Banker]
First Published: September 20, 2006 12:10 AM
Comments from "Plugged In" Readers
Must be a typo. We all know prices don't go down for properties in the Marina. Anyone know what dataquick reported for Aug vs. Jul in 94123? Just curious.
Posted by: Dude at September 20, 2006 1:46 PM
Dataquick doesn't report prices. Dataquick reports medians, which are more a function of what people are spending. As incomes rise, medians usually rise. You are focused on the wrong statistic.
If you want to look at prices, you need to look at repeat sales of the same residence that has not been improved since the last sale. There have been a few on this very site that are more or less about where they were 2 years ago.
Medians are up about 20% from that period. My sense is repeat sales prices for the same unimproved properties are up about 5-7% from that period, and heading down.
Posted by: Tipster at September 20, 2006 3:09 PM
You're referring to the Case-Schiller index of repeat sales, I assume. That's due out next Tuesday, but is on a 3-month delay.
Posted by: Dude at September 20, 2006 4:44 PM