The Struggle Is Real For This Twice Reduced Nob Hill Condo

If you’ve been following our coverage of the San Francisco real estate market, then you know a tide change in favor of home buyers is in full swing. This is especially true of condominium properties where the inventory of active listings is currently on par with highs seen during the Great Recession (not including hundreds more new construction units) and price reductions are up dramatically from a year ago. Sellers are competing for offers, slashing prices and selling at a loss with increasing frequency.

During the hot, hot market of 2015, 1720 Clay Street #14 sold in just nine days and for $1,398,000 — $200,000 over its list price. The median price of condos climbed to a peak in late 2019, fueled by a voracious demand for housing amidst an undersupply of epic proportion.

The 2-bed/2.5-bath penthouse condo was relisted for $1,749,000 on 17 March 2020, the day before San Francisco entered virtual lockdown in response to the COVID-19 pandemic. By July, the price of 1720 Clay Street #14 had been reduced to $1,450,000. And the next month, it was withdrawn from the market without sale.

Two years later and now facing 40-year-high inflation, decade-high mortgage interest rates and a looming recession, the property has again been put up for sale. Any modest appreciation that the seller hoped to realize, however, evaporated earlier this month with an eye-catching 30 percent price cut — it’s second reduction in as many months — down to $995,000. Strategically priced well below the median sales price of 2-bed condos in Nob Hill and aiming to create a bidding war, the seller set a date to review the anticipated multiple offers. That date came. And that date has gone.

1720 Clay Street #14 is still available!

If the seller will accept an offer anywhere close to $1 million, that lucky buyer will be getting an absolute steal. In addition to what the property offers as a spacious contemporary home in a prime neighborhood, it comes with secure parking for two vehicles and rights to build a rooftop deck. It’s also the only 2-bed home in this professionally-managed 15-unit building. The newly revamped Van Ness corridor and vibrant Polk Gulch area are a stone’s throw away, placing a bounty of urban amenities practically at its front door. Contact us today to arrange a private tour.

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