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]

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Comments from “Plugged-In” Readers

  1. Posted by tipster

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

  2. Posted by kg

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

  3. Posted by Agent415

    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.

  4. Posted by sparky-b

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

  5. Posted by kg

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

  6. Posted by J

    “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?

  7. Posted by spencer

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

  8. Posted by tuneinto

    so much for Case Schiller

  9. Posted by Mole Man

    Case Schiller is a regional index, but this is a condo on Van Ness. It’s all very “micro”.

  10. Posted by anon

    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!

  11. Posted by Fishchum

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

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