Having sold as new for $1.235 million in March of 2014, the 1,143-square-foot unit #511 at 1788 Clay Street (a.k.a. Marlow) has just traded hands with a $1.48 million contract price.
And yes, on a straight line basis, that’s “up 19.8 percent!” since the first quarter of 2014.

But in May of 2016, the “engaging, modern 2 bedroom + den, 2 bathroom home,” with “a prime Nob Hill location, a wonderful 5th floor elevation with panoramic views and balcony, and premium finishes and appointments,” traded hands with a $1.565 million contract price as well.

In other words, and more accurately, while the two-bedroom unit appreciated 26.7 percent from 2014 to 2016, despite the short-term hold (as is typical in an appreciating market), it actually depreciated 5.6 percent from 2016 to today on an apples-to-apples basis (as is typical when the market is in decline).

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Comments from “Plugged-In” Readers

  1. Posted by that_dude

    Only SS will spin a rising sale price as a bad thing.

  2. Posted by tipster

    Sales started in April of 2013, with move in in 2014, so the first sale is likely at a 2013 price.

  3. Posted by justin

    Sounds like bitter real estate agents to me… Don’t worry you still get paid too much for not much work.

    “In other words, and more accurately, while the two-bedroom unit appreciated 26.7 percent from 2014 to 2016, despite the short-term hold (as is typical in an appreciating market), it actually depreciated 5.6 percent from 2016 to today on an apples-to-apples basis (as is typical when the market is in decline).”

    • Posted by Ohlone Californio

      So if they still get paid, why are they bitter?

      They just do their job either way.

      Consider the possibility that the seller was acutely aware that a loss was probable the entire time.

  4. Posted by Plugger

    If all these homes are selling for lower than previous prices, surely median price will drop.

  5. Posted by john

    Well Mr May (2016) had to bring a check for 85k to the closing not to mention another 75k give or take for the realtor. So he might think the “rising price” wasn’t all that

  6. Posted by Conifer

    The best thing about this Polk Gulch Van Ness building (the extreme western flat edge of Nob Hill) is that it is just across Clay from the nice Episcopal church, St Luke’s, with a coveted pre-school. The second best thing is the view from this apartment, but it is still a white box with dark floors, not very “Nob Hill.”

  7. Posted by Redsecs2

    This condo suffers from a cancer of soffits that are metastasizing to such an extent that they are blocking the windows. HUD has better design coordination.

  8. Posted by Dick

    Soffits are about the only thing giving new construction anything approaching “character”. They’re the only thing that makes a room not look like the inside of a white box.

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