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May 31, 2011

High-End San Francisco Condo Market Softens

I checked in on some recent condo listing sales last week, and found three that point to a softening luxury condo market:

That’s 261 26th Avenue #1 in the Lake neighborhood. The 2600-square foot 4BR/4BA unit had two levels, a deeded yard, one-car parking, and HOA dues of $361/mo. 26th Avenue was last sold in May 2008 for $1.4M. It was listed in March 2010 for $1,385,000 and was on and off the market a couple times (with one contract falling out due to buyer financing issues). The condo sold last week for all cash after 374 days on the market for $1,080,000.

455 Vallejo #PH, Telegraph Hill

455 Vallejo’s penthouse unit was a 2BR/3.5BA property had living room views of the Transamerica Building, city skyline and Bay/Golden Gate bridges. The 3100-square foot condo also had HOA dues of $2600/mo (which included earthquake insurance). It was listed in the Fall of 2010 for $2,995,000 and sold last week for $2,435,000.

229 Brannan #14E, South Beach

229 Brannan #14E was a 3BR/3BA view unit with two terraces, two-car parking and two storage spaces. Listed in the Fall of 2010 for $1,250,000, the condo consisted of two units that had been legally combined. Final selling price last week? $1,625,000.

Word to the wise buyer: If you’re interested in a high-end property and it’s been sitting on the market a while, it may be time to swoop in and get a deal.

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