August 30, 2011
The Sale Price For Smitty Number Three
Converted in the year 2000 by Bay Area architects Abrams & Milliken, the largest of three units within the former Smitty Knitting Factory building at 75 Lansing Street hit the market in 2006 listed with 4,000 square feet for $2,995,000 and sold for $2,800,000.
With Venetian plaster, windows galore, and 20 foot ceilings atop; mahogany bookshelves in the library; and a kitchen designed by Pacassa Studios, the unit returned to the market in 2008 listed with 3,298 square feet for $3,850,000 and sold for $3,500,000.
75 Lansing #3 is back on the market today listed for $3,250,000 without any square footage. The agent's notes for other agents does, however, note 3,100 square feet. And tax records suggest it's 3,132.
The sale of 75 Lansing #3 has closed escrow with a reported contract price of $3,250,000, at asking but 7 percent under its 2008 value on an apples-to-apples basis.
First Published: August 30, 2011 10:00 AM
Comments from "Plugged In" Readers
It's the incredible shrinking condo...
Posted by: lyqwyd at August 30, 2011 12:02 PM
Quality always comes through.
Posted by: Stucco-sux at August 30, 2011 9:41 PM
Recession? What recession? House prices plunge? I would hardly use the word plunge for a 7% haircut. Should we call it a slight adjustment? Why is that housing prices in the nicer part of SF never takes a plunge where everywhere else takes a dive? It would be nice to own something in the city that does not cost an arm and a leg.... still waiting for that elusive rent = mortgage + insurance + tax house.
Posted by: LOL at August 31, 2011 9:28 AM
"Why is that housing prices in the nicer part of SF never takes a plunge where everywhere else takes a dive?"
It's just conjecture, but my feeling is that this has more to do with price then nice area vs bad area.
Probably related to the fact that a large part of the bubble was related to financing and has more of an effect on lower priced houses. You can see for the three CS tiers that higher priced homes went up less and have fallen less. I'd conjecture that were you to look at even higher price tiers you'd see the effect continue.
Furthermore, it seems fairly clear that there is a great deal of variance in home prices. Say you peg the market at being down 25% with a 10% standard deviation. Assuming ~3,000 home sales per year, you'd expect about 75/year to do better then -5%, 15/year flat or better.
Posted by: tc_sf at August 31, 2011 9:57 AM