October 14, 2009
Fronds To Fronds For The Palms (555 4th Street) #540: Down 26%
The sale of The Palms (555 4th Street) #540 for ten percent over asking (yes, OVER ASKING!) is sure to spark a few "it’s a rebound in San Francisco" remarks.
Then again with a reported contract price of $415,000 it's also a 2009 closing at 26% under its January 2007 purchase price ($562,000) for the upgraded, but bank-owned, condo with all appliances intact.
∙ Fronds To Fronds For A Few One-Bedrooms At The Palms (555 4th) [SocketSite]
∙ SocketSite Sees Seasonality (Versus Signs Of A Rebound) [SocketSite]
First Published: October 14, 2009 7:45 AM
Comments from "Plugged In" Readers
Did this unit include parking?
[Editor's Note: Yes (and we would have noted it if it didn't).]
Posted by: Unknown at October 14, 2009 9:35 AM
May be a small step in the direction of establishing a floor of $600 a sf for a without view unit with parking in SOMA. 20% carrying cost of $2600-2700 incl tax. Not too far off rent with deduction...
Posted by: Outside at October 14, 2009 1:09 PM
That may not be too significant considering rents have been trending down too: http://1.bp.blogspot.com/_pMscxxELHEg/Sjj_32xn7TI/AAAAAAAAFi4/kOOC3XTnbe4/s320/RentCPIOER.jpg
I certainly am not inclined to put down an $83k down payment on a tiny place that would be cheaper to rent.
Posted by: J at October 14, 2009 2:25 PM
Does the editor of Socketsite have a Real Estate License?
[Adam's Note: While I once did (see comment below), I actually let it expire. Cheers.]
Posted by: Paul Hwang at October 15, 2009 5:51 PM
Paul, that has been asked and answered in an older post. Yes, Adam is licensed, but non-practicing, and his license is held by a broker in Los Altos unrelated to SocketSite:
http://www.socketsite.com/archives/2006/02/hello_my_name_i.html
[Adam's Note: Cheers (but see note above).]
Posted by: sfrenegade at October 15, 2009 6:27 PM
The sale of The Palms (555 4th Street) #540 for ten percent over asking (yes, OVER ASKING!) is sure to spark a few "it’s a rebound in San Francisco" remarks
LOL at your little soapbox. Maybe a 10th posting of the Hank Plante piece now?
[Editor's Note And yet industry folks continue to regurgitate the report. Maybe by our 99th posting...]
Posted by: anonn at October 15, 2009 6:27 PM
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