April 30, 2012

Apples-To-Apples And Two Years Later At The Artani

818 Van Ness: 8/11/08 (www.SocketSite.com)

As we wrote last month:

While the Artani sales office still has around ten unsold units left to sell over at 818 Van Ness Avenue, #203 has returned to the market as a resale and two-year apple to be.
Purchased for $549,000 in June of 2010, the 781 square foot one-bedroom has been on the market for a week seeking the same.

The sale of 818 Van Ness Avenue #203 closed escrow on Friday with a reported contract price of $579,000 ($741 per square foot), up 5.5 percent over the past two years on an apples-to-apples basis.

A Two-Year Artani (818 Van Ness Avenue) Apple To Be [SocketSite]
The Artani (818 Van Ness) Opens And A Plugged-In Reader Reports [SocketSite]
Artani (818 Van Ness) Inventory Starts To Return As Expected [SocketSite]

First Published: April 30, 2012 7:30 AM

Comments from "Plugged In" Readers

So the realtors, bankers and tax man took every dime, and the owner took all the risk. Nice.

Posted by: tipster at April 30, 2012 8:55 AM

Not surprising. Good building in an area that has been improving pretty quickly (and more to come).

Posted by: kg at April 30, 2012 10:17 AM

And right on cue, it's tipster with the crankypants response!

Your post would almost make sense... except, you know, the whole upside thing. How many 100% gains have we seen on this site? 200%, 300%? Plenty from longer term owners. That's the payoff for owners who "took all the risk".

Coming out practially even - after *all* expenses - after holding for just two years ain't the worst thing in the world.

Get a hug.

Posted by: Agent415 at April 30, 2012 10:19 AM

No way a positive apple is spun negative right off the bat, whowuddathunkit.

Posted by: sparky-b at April 30, 2012 10:19 AM

@tipster -- owner also saved themselves a conservative 60k in rent. cheers.

Posted by: kg at April 30, 2012 11:23 AM

"owner also saved themselves a conservative 60k in rent. cheers."

Did they have a principle-only loan or something? And some kind of sweet deal where they didn't have to pay HOA fees or property taxes?

Posted by: J at April 30, 2012 11:37 AM

there is a sucker born everyday. thanks to the new owner for reconfiming this important cliche

Posted by: spencer at April 30, 2012 4:23 PM

so much for Case Schiller

Posted by: tuneinto at April 30, 2012 5:05 PM

Case Schiller is a regional index, but this is a condo on Van Ness. It's all very "micro".

Posted by: Mole Man at April 30, 2012 6:57 PM

Great result. I think Spencer got the call right!

Here is a good tale of the high end. 1940 Broadway No. 6 just sold. $4.91 million in 2008. $4.2 million in March 2011. $4.0 million in May 2012. And down another 7 1/2% from 2008 due to inflation. Gee, just about exactly where Case Shiller would have put it. Good times!

Posted by: anon at May 1, 2012 9:52 AM

What exactly did Spencer "get right"? His comment looks to me like his usual schtick.

Posted by: Fishchum at May 1, 2012 1:15 PM

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