2155 Buchanan
As we wrote in February of 2009:

Apples-to-apples sales tell us the most about how the market is moving, but non-sales can provide some hints as well.

And while 2155 Buchanan Street #9 is in contract up in Pacific Heights (purchased for $1,000,000 in June 2006, listed for $950,000 in November 2008, last asking $885,000), the listing for the “reduced to sell!” and vacant 2155 Buchanan Street #7 has expired without a sale (purchased for $899,000 in July 2005, listed for $960,000 in August 2008, asking $850,000 at expiration).

Perhaps we’ll soon see a sign in the window for number seven and another unit of rental inventory to be absorbed. We’ll keep you posted on the contract price for number nine.

UPDATE: After 24 hours off the MLS as “expired,” the listing for 2155 Buchanan #7 has been turned back on. No adjustment to the price (still asking $850,000) and now an official 186 days on the market (but we’ll call it 185).

As plugged-in people know, the sale of 2155 Buchanan #9 closed escrow on 2/26/09 with a reported contract price of $925,000, representing a 7.5% decline in value from June 2006 ($893 per square foot) to February 2009 ($826 per square). The listing for 2155 Buchanan Street #7 was withdrawn from the market in April 2009 without a sale at $850,000.
Today, 2155 Buchanan #7 returned to the market asking $899,000 ($825 per square).
Keep in mind that three weeks ago the sale of the two-bedroom 2155 Buchanan Street #8 (“elegant top floor corner unit in sought after location”) closed escrow with a reported contract price of $800,000 ($777 per square). It had last been listed at $820,000 having been purchased in July of 2004 for $832,000 ($808 per square).
And then there’s the 1,035 square foot 2155 Buchanan #2. As a plugged-in tipster notes, the ground floor two-bedroom was purchased for $750,000 ($725 per square) in December 2005 and sold in August 2008 for $955,000 ($923 per square). Yikes or yeah depending on whether one was buying or selling at the time.
UPDATE: A resident tipster’s opinion with respect to the top floor #8: “Best unit in building: faces away from hospital and Sacramento bus stop.” Again, sold for $777 per square foot three weeks ago (4 percent under its 2004 price).
∙ Listing: 2155 Buchanan #7 (2/1) 1,090 sqft – $899,000 [MLS]
Checking In On Two Pacific Heights Apples: 2155 Buchanan Update [SocketSite]
A Pacific Heights Apple Up In The Tree: 2155 Buchanan #9 [SocketSite]
Another Shot At A Ripening Pacific Heights Apple: 2155 Buchanan #9 [SocketSite]
San Francisco Rental Market Weakness: SocketSite Readers Report [SocketSite]
A Bell Rings And An Apple Closes Escrow In Pacific Heights [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by eddy

    Condos were always going to get crushed. They were, and still are trading at near SFH psf levels. I don’t really comment on condos all that much as its a much more volatile market since supply is not as constrained.

  2. Posted by curmudgeon

    I’m with Eddy. More and more you are giving me a headache with these properties. Give me a table or something!

  3. Posted by Willow

    curmudgeon: It’s not that complicated really. How difficult is it to read a few paragraphs?

  4. Posted by Gee Ess

    +1 to tables. I really appreciate all the comps and historicals! But paragraphs of numbers are hard to parse and compare properly in one’s mind. Doing the work once in print will save lots of us from doing it in our heads.

  5. Posted by snider

    stand on that corner (sacramento & buchanan) and listen: ambulances and the 1 california announcing “ONE CALIFORNIA” in a really loud recorded voice every 20 minutes… that bus announcement is loud.
    no thanks at any price

  6. Posted by MarinaRenter

    My significant other use to live a few blocks from there on California, too. There is also a noisy firestation near there. California street is a bit like a highway there, too. I would never pay $2 million to live on California street there.

  7. Posted by curmudgeon

    Willow, I know my comment is snarky, but it relates to the fact that there is a long multi-pharagraph quote from an old post, which contains an update, followed by the post today, with an update.
    Personally, I would find it very useful to have ONE paragraph at the beginning (tabular or not) summarize that issue. Basic journalism.
    And I love Adam, I really do.

  8. Posted by Spencer

    i lived in this building for 5 yrs. i heard ambulance sirens maybe once per month. the ambulances do not use sirens near the hospital. the 1 california runs by, but you can only hear it on one side of the building. the building and location are great. but it is clearly a suffering apple. I went to look at #8 last month prior to the sell. It is the nicest unit in the building. the lady who paid $955K for #2 was there and telling all of the prospective buyes how great of a deal #8 was when it was listed for $850K. She has clearly lose at least $200K in value from her 08 purchase.
    Personally, i think it pretty amazing that some prime pacific hts condos are now selling for less than 2004, but still still costs about 2-2.5x rent.

  9. Posted by eddy

    Condos were always going to get crushed. They were, and still are trading at near SFH psf levels. I don’t really comment on condos all that much as its a much more volatile market since supply is not as constrained.

  10. Posted by anonee

    “some prime pacific hts condos”
    ahem, sacto/buchanan is not prime pacific hts.
    “the lady who paid $955K for #2 was there and telling all of the prospective buyes how great of a deal #8 was”
    reeally? do tell..

  11. Posted by SocketSite

    The list price for 2155 Buchanan Street #7 has just been reduced to $870,000. Once again, purchased for $899,000 in July 2005 and asking $960,000 in August 2008.

  12. Posted by SocketSite

    The most recent listing for 2155 Buchanan Street #7 has been withdrawn from the market after another 106 days on the market without a reported sale.

  13. Posted by tipster

    #7 back on at $899. I assume this means that they are expecting to have to pay $49K in closing costs, prepaid HOA fees, etc.

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