Touting “best [South Beach] location and building,” higher penthouse ceilings and two car parking, the sale of 229 Brannan #17J closed escrow on Friday with a reported contract price of $1,100,000, $779 per square for the 1,412 square foot Brannan two-bedroom.
As we noted this past October, tax records would suggest the sellers purchased the unit for around $950,000 in March 2002. In the same stack but seven floors below and without the higher ceilings or second parking spot, 229 Brannan #10J sold for $1,290,000 in 2006 and then again for $1,070,000 in June 2009 (a drop of 17% over those three years).
As we also noted, 229 Brannan #14J which had been purchased for $1,027,000 in August 2001 resold for $1,080,000 in August 2010. But again, that’s with lower ceilings, one less parking space, and three floors below number seventeen.
∙ Up (And Down) Atop The Brannan: 229 Brannan #17J [SocketSite]
Wow, so by waiting 6 months, the owner of 14J could have had higher ceilings, a higher floor and an additional parking space for $20K more.
The difference in view those three floors make is pretty noticeable. You can see the difference by comparing the photo above with photo 7 of the listing for 14J: it’s the difference between a view and a cluttered view.
http://www.redfin.com/CA/San-Francisco/229-Brannan-St-94107/unit-14J/home/1958035
All for waiting 6 months. Wow. Meanwhile, 9J was foreclosed. Should be interesting to see what happens
While we’re discussing the Brannan, 219 Brannan 14K was purchased in September ’10 for $1,095,000. It is now relisted, with no upgrades or changes whatsoever, for $1,295,000. I think that’s like 30% appreciation year over year?
Wow… lol. Delusional.