We first took note of the well-designed unit #1 at 236 States Street back in 2008, a few years before it was marketed as a short-sale near the bottom of the Great Recession, foreclosed upon, and then sold by the bank for $600,000 in early 2012.
Having since been remodeled, including an upgraded kitchen and bath, the Corona Heights condo returned to the market listed for $999,000 this past March.
And last week, the sale of 236 States Street #1 closed escrow with a contract price of $1,245,000. That’s nearly 25 percent and a quarter of a million dollars “over asking!”
Of course, the condo also traded hands for $1,175,000 back in 2016. And while total appreciation of 6.0 percent over the past 32 months on an apples-to-apples basis, or roughly 2.2 percent per year on a straight line basis, is certainly greater than zero, it paints a rather different picture of the market than a “25 percent over asking sale,” especially when it’s an above-average unit which just sold.