Final 2779 Folsom Townhome Returns, Reduces Price

It’s been more than a year since the newly constructed condominium residences at 2779 Folsom in the Inner Mission made their debut on the market. Entirely unsold, the listings were withdrawn from the MLS and then reintroduced with reduced prices in Q1 2022. The largest of these six homes — 2779 Folsom Street #6 — was the last to appear, offered at $2,550,000.

Three months later and with buyers’ purchasing power rapidly deteriorating thanks to surging mortgage interest rates, $100K was slashed from the price of this sole languishing townhome. Then the listing was cancelled.

Every real estate agent in San Francisco knows: the longer a property has been on the market, the more leverage a buyer has to negotiate price. A property can return to the MLS with 0 “Days on Market” (appearing as a New Listing) after being withdrawn for 30 days.

And, so, 2779 Folsom Street #6 returned in mid-July for a fresh start — price unchanged, curiously.

Apparently, however, the seller is growing motivated to make a deal. Earlier this week, the home’s price was reduced by $75K to $2,375,000. The seller is additionally offering to buy-down the purchaser’s mortgage interest rate, which is a trending incentive as of late.

 

2779 Folsom Street #6 is marketed and listed exclusively by cooperating broker Vanguard Properties. Listing photos below courtesy of SFAR MLS.

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