Here’s a Castro condo listing with a story to tell. It’s a mystery story, although the culprit remains unidentified.
The 1,450-square-foot unit sits right in the middle of a circa 1902 Edwardian building. (This isn’t the twist yet.) It’s a two bed, one and a half bath number that’s been off the market since 2000. It’s a sizeable catch in terms of roomy interiors and high ceilings, and it sits at a fairly sweet spot near 16th and Market.
There are even a few of those all-important period details, like a pair of marble fireplaces. It listed at just under $1 million last month, so with a little healthy bidding it seems poised to bring in seven figures.
But after a few weeks without a sale and frequent news suggesting that condo demand is softening, a change of price seemed in order. So they dutifully responded to the market indicators by (wait for it) increasing the price 32 percent.
That’s right. First listed for $999,000, this baby jumped up to more than $1.3 million last week, double what it last sold for in 2000.
Did someone finally win a long-simmering argument that the first price was too low for the neighborhood? Or did they do the math and realize that the previous $670,000 sale was the equivalent of more than $930,000 today, making the initial price not much of an appreciation after all?
Well, selling agent Kevin Kropp says that the original price was an effort to close a deal ASAP. When nobody could follow through after three weeks, the owners decided to say hell with it and just charge full price.
Now to see where that price goes from here.
- 3485 16th Street [Vanguard]
- SF Has More Condos Than the Last Four Years [Curbed SF]
- Exhaustive Neighborhood Price Map [Curbed SF]