Just so you know it's not all gloom and doom out there, 272 Upper Terrace closed escrow a few days ago for $1.5M, or $101K over the asking price. We're sure realtors will use this as a benchmark for a still-hot market. Whoo-hoo.
The sad truth is that 272 Upper Terrace was the only modern renovation in its price range. And that it's really a two-bedroom and not a three, one of which is below grade. And that it's been on-and-off the market since October 2005, with asking prices ranging from $1.3M to $959K and only sold at a premium after an architect went and slapped some Ipe wood on it and put in a new kitchen. On the odd side, it went into escrow three days after hitting the market, but took another twenty-four to close.
· The Undead at 272 Upper Terrace [Curbed SF]