Shooting for +$1M After 2 Years

By Dave Fratello | November 13th, 2014

In a terrific, quiet, midtown location, there's a modern, remodeled ocean-view townhome.

It's 2305 Bayview.

This snazzy, 3br/4ba, 2570 sq. ft. property got bid up by a little bit when it sold in June 2012, call it 28 months ago.

Asking $2.249M, the sellers actually got $2.300M.

That 2012 price was a little nudge over the 2005 and 2006 sales ($2.050M and $2.225M), befitting the extra work that had gone into the truly gorgeous conversion of the home from its original spec-quality look.  

And now here we are, all this time later (28 months), and it looks like the townhome might be worth $1 million more. 

The list price is $3.399M.

There's one ceiling-busting comp fairly nearby, at 304 27th (4br/4ba, 2700 sq. ft.), where an off-market sale just netted $3.540M. (See "New High for an MB Townhome.")

Just take the PPSF from the Mediterranean townhome at 27th (which fronts Highland) and take it to 2305 Bayview, and you're at $3.362M, within a rounding error of the start price. We're guessing that will be the argument.

You can quibble about views and location differences. 304 27th has world-beating, unblockable panoramas soaring over Bruce's Beach park and rooftops across Highland.

Bayview has bay views (of course), and the listing calls those views "virtually invulnerable to being blocked." The west-of-Highland location should be worth a plus factor.

We don't know what the market will say, but the crude comps sure say that camping out at 2305 Bayview was an outstanding decision by these sellers for the past couple of years.

Imagine a fancy hotel that pays YOU $1,200/night to stay there.

Sounds crazy? Not for the sellers here.

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