In earlier blogs, I wrote about walking along Townsend Street and commented on 200 Townsend, a loft condominium building, located at the corner of Townsend and 3rd Street, and about The District, the wine bar, located on Townsend. As you move along Townsend and cross 3rd Street, you will reach Clarence Way, located between 3rd and 2nd Streets. This street goes unnoticed by many who pass by.
Built at the end of the street, are two loft condominium buildings containing 18 units each. The first sales reported in the Multiple List System were in 2000. Over the last six years, 14 first time sales have been reported and 5 re-sales. 6 of these 19 sales occurred in 05 and 06.
Over the last four years, I have toured the units “for sale.” The layout, finishes, and large windows impressed me. I have heard many positive comments about the look from buyers after they have seen the units. However, in addition to the look, buyers always ask about past appreciation of the units resold.
Because of the small number of re-sales, it is difficult to say much about past appreciation in the building. I will offer some information. Two units in 2 Clarence Way sold for $659,000 in 00 and $710,000 in 01 and resold in 05 for $811,000 and $861,000 respectively. In 2005, one unit with 1,840 square feet sold for $1,176,000 and a unit with 1,859 square feet sold for $1,345,000 in 2006.
Just wanted to let you know about these two loft building tucked away on Clarence Way. These two buildings are two of the many buildings which are hidden gems in SoMa.
Sam Vitkowski
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