As we wrote ten days ago:
Hours after our noting the bank-owned listing for 425 1st Street #3908 at $695,000, the sales office at One Rincon Hill reduced the list price for 425 1st Street #4308 from $780,000 to $749,000 ($992 per square foot).
Today, the sale of 425 1st Street #4408 closed escrow with a reported contract price of $690,000 ($914 per square foot), the 755 square foot view one-bedroom had most recently been listed by the sales office for $785,000.
Considering the sale office sold #3908 for $855,000 in June 2008 ($1,132 per square), and taking into account a five floor higher premium, we’ll call it a 20-25 percent drop in value for #4408 over the past two years.
And the argument that $695,000 for #3908 is “cheap” simply because #4308 is listed for
$780,000$749,000? Not so strong.
As we noted a few hours later:
UPDATE: 425 1st Street #4308 is now listed as in escrow and with contingencies waived. This ought to be interesting. Hopefully the buyers had the inside scoop with respect to the contract price for #4408.
Yesterday the listing for 425 1st Street #4308 was changed from “In Escrow – Firm” to “Available.” Interesting indeed.
∙ Additional ’08 Stack (And Year) Perspective From One Rincon Hill [SocketSite]
∙ The First Listed Foreclosure At 425 First (One Rincon Hill) [SocketSite]