The sale of 1756 North Point closed escrow this past Wednesday with a reported contract price of $1,575,000. That’s an official 1% under asking of $1,595,000 and 49 days on the market according to industry stats, but do keep in mind it was also listed for $1,795,000 four months ago (which would be 12% under original list and 120 days on the market).
Of more interest to us, and those actually trying to make sense of the market, the 2009 sale price of $1,575,000 is 17.9% below its purchase price of $1,920,000 in April 2007.
As we wrote in January, “while short holding periods might not make for the best real estate returns, they do make for better apples in terms of isolating movements in the market versus simply averaging a bunch of years out.”
∙ A Rather “Real” Apple On The Tree In The Marina: 1756 North Point [SocketSite]