March 27, 2012
Returned to the market this past September listed for $2,895,000 touting "sweeping views of the GG Bridge & bay - think America's cup!," the music for the make whole game of musical chairs appears to have stopped for the three-bedroom Russian Hill home as its sale closed escrow today with a reported contract price of $2,600,000.
Call it 5 percent ($125,000) less today than ten months ago, 2 percent ($50,000) below its late 2010 sale, all on an apples-to-apples-to-apples basis.
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First Published: March 27, 2012 1:30 PM
Comments from "Plugged In" Readers
OMG she was lucky to buy before all those IPOs LOL!!
$400,000.00 lost in 6 months on SF real estate. Never gets old.
[Editor’s Note: Since corrected above, the decline in value was $125,000 over ten months. The cost of selling, including commissions and transfer tax, was likely around $150,000 for a total loss of $275,000 (give or take).]
Posted by: tipster at March 27, 2012 2:47 PM
$2,895,000 was the list price, not the last sales price. The last sale price was $2,725,000. So the loss was $170k in one year, not $295k in six months.
Might seem like picking nits to some...
[Editor’s Note: Great catch and since corrected, cheers.]
Posted by: NoeValleyJim at March 27, 2012 2:57 PM
Ouch. at least the seller is doing their part to keep the local real estate industry afloat
Posted by: Dont get it at March 27, 2012 2:58 PM
Maybe I'm picking nits here, but isn't the loss on the order of about $250-275k? 2.725 purchase minus 2.6 sale price minus agent commission and other selling costs.
Posted by: El Bombero at March 27, 2012 3:11 PM
Sold 5 months later?
Posted by: lolcat_94123 at March 27, 2012 4:02 PM