As we wrote about the apples-to-apples resale of 33 Vandewater #301 which returned to the market over in North Beach a couple of months ago:
Purchased for $550,000 in 2005, the one-bedroom condo #301 at 33 Vandewater Street, a Donald McDonald designed development, was listed for sale for $525,000 in early 2011, reduced to $514,500, and then withdrawn from the market having failed to find a buyer.
With a remodeled kitchen, wood burning fireplace and deeded parking, the 618 square foot condo with five skylights has just returned to the market listed for $489,000 “in a prime North Beach neighborhood.” If you think you know North Beach, it’s time to tell.
The sale of 33 Vandewater Street #301 closed escrow yesterday with a reported contract price of $565,000, three (3) percent above its 2005 price on an apples-to-apples basis.
∙ Listed For Less Than In 2005 In A Prime North Beach Neighborhood [SocketSite]
Didn’t Michael rent this place after Kimberly threw him out of the beach house?
Seriously, one ugly reminder of a questionable era.
just as questionable in 2005.
This is good market news as it failed to fetch a buyer in 2011 at 514,000 but sold in 2013 at 565,000. Pretty standard fare to sell at 2005 prices. Same thing in most of the country. Down about 18% in real terms over an 8-year period. Housing is a lousy investment. If you assume any real appreciation at all in deciding whether to buy, you are simply foolish. Buy if it makes financial sense vs. renting (possible, but rare in SF), or if you just like the place and you don’t care about the financial hit.
“Housing is a lousy investment”
For people who equate all areas and fail to grasp the difference between a good buy and a bad one, like you? Sure.
For others who actually understand a local market? It can be quite good.
Absolutely right. Good buys are . . . er, good. And bad buys are . . . er, bad.
Above late (September) 2005 price actually anon. Which is a very different beast from say, early 05.
but even your assertions above are a considerable softening of your position from only two months ago, when we were assured by you this place was
“ouch, below the price of 8 years ago! Almost 25% below in real terms.”
You clearly didn’t see this sales price coming!~