September 14, 2012
A Million Dollars Under Dotcom Days For The Brannan's Penthouse
As we wrote in February with respect to the penthouse atop the Brannan’s tower one:
Purchased as new for $3,980,000 as the dotcom days were in decline in December 2000, the Brannan’s tower one penthouse #18D resold for $2,810,000 in August 2005 at which point its HOA dues were $780 per month.
The HOA dues for 219 Brannan #18D are now $999 per month and the 2,005 square foot condo is back on the market and listed for $3,310,000. Call it 17 percent ($670,000) under 2000, but 18 percent ($500,000) over 2005 at asking for the penthouse.
The sale of 219 Brannan Street #18D closed escrow yesterday with a reported contract price of $2,942,500. Call it 26 percent ($1,037,500) under 2000, but 5 percent ($132,500) over 2005 for the South Beach penthouse in 2012.
∙ From The Dotcom Days To Today As Viewed From A Penthouse [SocketSite]
∙ San Francisco Employment Trends And Dot-Com Context [SocketSite]
First Published: September 14, 2012 10:00 AM
Comments from "Plugged In" Readers
That seems like a pretty hefty HOA increase - 28% in 8 years. Is that typical?
Posted by: matlaw at September 14, 2012 10:14 AM
Mine have gone up around 15% in six years, but I have heard that 2-3% annually is normal. This would be slightly above that, so I don't think it is that atypical.
Posted by: Lance at September 14, 2012 10:36 AM
26% under 2000
Posted by: phringe at September 14, 2012 11:41 AM
Folks, $1,468 per square foot is NYC territory and very very high. Not many 3BDs like this one in SF although there are a certainly more than there were in 2000.
Posted by: eddy at September 14, 2012 2:37 PM
Ouch. 34% inflation since 2000, so this place is more than half off the 2000 price in real terms. Nothing in NYC has seen that! Maybe Modesto.
And about 12% below the 2005 price in real terms.
With a housing downturn lingering this long, it is simply dishonest to disregard inflation when comparing past sales.
Posted by: anon at September 14, 2012 2:46 PM
If you Exclude Inflation, Down Paymebnt, Mortgage Payment, Taxes, Upkeep, Realtor Fees, Transfer Tax thats $2.9 Mill Pure Profit
Posted by: ReadingForRealtors at September 14, 2012 2:49 PM
Posted by: eddy at September 14, 2012 2:55 PM
I'm with eddy on this one, I can't see any scenario where the 2000 price made the slightest bit of sense.
Posted by: lyqwyd at September 14, 2012 3:14 PM