Thursday, September 22, 2011

Example of Higher Priced Property Rebound?

There have been several reports recently that the higher end of the real estate market is enjoying a recovery even while the rest of the market remains flat and is expected to remain so for the next year.

There have been several high profile sales recently in the usual neighborhoods (Pacific Heights, Russian Hill, Nob Hill) but there is an unusual concentration of listings within a two block area on the north/west side of Potrero Hill -- two condos and two single family homes. 

The two single family homes include:

746 Kansas which has been completely remodeled from a seriously deteriorated state and listed for $1,675,000 or $744/sq. ft.

531 Kansas which went through a major remodel and 3rd floor addition about 10 years ago.  531 Kansas was on the market in 2009 originally listed at $1,799,000 and subsequently at $1,688,000 with no takers.  The current list price is back to $1,799,000 or $766/sq. ft.  (The photo is from the previous listing.  For some reason, the current listing agent has chosen not to include a picture of the front of the building).

The two condos are:

737 Vermont St., the lower unit in a two-unit in a 10-year old building.  This is the first resale.  It's listed at $1,195.000 or $665/sq. ft.  At today's writing, it's been on the market 13 days.

2101 18th St., the lower unit in another two-unit building that was built just three years ago, is listed for $1,299,000 or $764/sq. ft.  It's only been on the market officially for 7 days and is already in contract.  (Earlier this year for-sale signs appeared at the property for a couple of weeks but then disappeared without the listing appearing in the multiple listing service.  Whether that was just an over-eager agent jumping the gun or something else was going on I don't know.)

Here's a map showing current listings and recent sales over the past six months on Potrero hill over $1.1 million.

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