631 Folsom Street #2F Entry

Purchased for $1.2 million in mid-2013, the rare two-bedroom patio residence #2F at 631 Folsom Street (a.k.a. BLU) returned to the market priced at $1.45 million this past April, a sale at which would have represented total appreciation of 20 percent over three years – or roughly 7 percent per year – for the downtown condo with a wrap-around deeded patio and upgraded finishes inside.

Reduced to $1.375 million in September, the sale of 631 Folsom Street #2F has now closed escrow with a contract price of $1.295 million, which represents total appreciation of 8 percent over the past three and a third years – or roughly 2 percent per year – for the 1,190-square-foot unit on an apples-to-apples basis.

And with a list price which was reduced to $1.295 million last month, the sale officially closed at “100 percent of asking” according to all industry statistics and reports.

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Comments from “Plugged-In” Readers

  1. Posted by ohmy

    Hey and let’s not forget that mere $780/mo HOA…mere peanuts.

  2. Posted by Pero

    I generally enjoy the apples-to-apples comparisons of condos and houses. They often represent the best estimate of how prices have shifted over a specific period of time.

    But when it comes to 1-2 bedroom condos in SOMA, you have to take into consideration that over the past 3 years, hundreds (if not thousands) of new condos have been built (and more are still under construction) in the neighborhood. The new condos compete for the same type of buyers as this specific condo. The new construction represents a bit of a ‘supply shock’ which is unlikely to last beyond 2017 (according to the SF planning department pipeline). Under these circumstances, is a 2% y-o-y appreciation over 3 years low or high? Is it representative of how prices might develop in the future once new condo construction in SOMA slows down? I don’t have an answer, but it’s important to take these things into consideration.

    [Editor’s Note: The Nearly 64,000 Apartments and Condos in SF’s Housing Pipeline. And while New Condo Sales Tick up in San Francisco, Prices Continue to Drop.]

  3. Posted by anon

    To add a data point, 55 Page # 514 just closed at $630,000. Sold for $564,000 in March 2015. Up 11.7%. Rumors of a SF market decline have been greatly exaggerated.

    • Posted by curmudgeon

      I’m guessing that the units most exposed to a slow down are in SOMA and Mission Bay, given that that’s where most of the new units have been built. Hayes Valley has a bit of a different story. Anecdotes matter, but it takes a lot of anecdotes to make a trend. Time will tell.

  4. Posted by nobody

    Compounded appreciation will be less.

  5. Posted by run

    Great oven if you’re 3-ft tall.

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