Purchased for $3,025,000 in July 2008, as plugged-in people know the single-family Pacific Heights home at 2416 Gough returned to the market last July asking $2,995,000 and was then listed on the MLS in August at $2,775,000.
With two price cuts in between, today the list price for the 3,500 square foot home was reduced to $2,295,000, a sale at which would represent an apples-to-apples 24 percent ($730,000) drop in value for the “Exquisite Victorian Home on a wonderful tree lined street in Pacific Heights” over the past two years.
Of course one could argue that the buyers of this property simply “overpaid” in 2008, but then so did everyone who relied on the individual sale as a market comp – or in the aggregate as it factored in to average and median sales price reports – at the time.
∙ Listing: 2416 Gough (6/3.5) 3,500 sqft – $2,295,000 [2416goughstreet.com] [MLS]
∙ Apples To Apples On A Pacific Heights Tree Lined Street [SocketSite]