While the asking price for 2405 Folsom #1 has been reduced to $1,210,000 (roughly 105 percent of its April 2008 purchase price), a reader notes that a block away the penthouse atop 3354 20th Street has hit the market listed for $1,499,000, twenty (20) percent over its purchase price of $1,245,000 in March 2008.
Keep in mind that while the median recorded sales price for condos in the area increased 10 percent from 2008 to 2010 (from $685,000 to $755,000), the median price per square foot actually fell 5 percent (from $640 to $610). Unfortunately we don’t have the “apples-to-apples” numbers for 2011 to date.
∙ Listing: 3354 20th Street #302 (3/3) 2,600 sqft – $1,499,000 [MLS]
∙ From “Luxe” To “Luxury” For A Mission Apple On The Tree [SocketSite]
I think I’ve seen enough anecdotal info to say that the mission district suffered smaller losses than most SF neighborhoods. Compared with next door noe valley, alot of SFH’s in noe fell 20-25%. Ouch!
Here is some 2011 data for comparison
The unit in the same complex just sold and closed at $1,450,000 in May 2011- similar square footage and less desirable floor plan. Does have beet city views though. Just thought you might want to know
The Mission has done less badly than SF average, true. But less bad than Noe? Not sure about that. Here are a couple of recent closings.
Down 23% from 2008:
http://www.redfin.com/CA/San-Francisco/590-Alabama-St-94110/home/1074158
Down 18.5% from 2007:
http://www.redfin.com/CA/San-Francisco/3450-18th-St-94110/home/17305320
Down 10% from 2005 (inflation has whittled another 15%, not to mention the lost 2005-2007/8 gains):
http://www.redfin.com/CA/San-Francisco/919B-Florida-St-94110/unit-2/home/733462
This place looks very nice, although there is no way I’d spend half that amount to live at this location. Maybe some Zynga guy with more new money than sense will pay this, but I doubt it.
Beautiful. But I wouldn’t pay $1.2M to live in the heart of Mission, either.
The listing for the penthouse atop 3354 20th Street has been withdrawn from the MLS without a reported sale.