Two weeks ago $196,000 (16.4%) was shaved off the asking price of 2040 Franklin #1207. And as best we can tell, the grand views (and “Euro Style” remodel) remain available.
On the surface, a sale at the reduced list price of $999,000 would appear to represent annual appreciation of 10.4% a year ($230,500 over its purchase price of $768,500 in January 2005). Of course that wouldn’t account for any of the time, energy, or expense invested by the sellers in a “sparing no expense” remodel of the condo (think Sub-Zero, Miele, built-ins, and marble).
A remodeling budget of $100,000 would cut that “appreciation” in half. An even larger budget and…well, you get the idea. And yes, we’ll keep you posted.
∙ Listing: 2040 Franklin #1207 (1/2) – $999,000 [MLS]