The Palms – aka 555 4th St. – is a modern luxury condominium building located in the South of Market (SOMA) neighborhood. I’ve had some recent inquires about condos for sale in the building, so I took some time to pull out all of the sales data from the MLS to demonstrate what price and value trends in the building have been like over the past several years.
If you’ve been wondering if values and prices at The Palms have hit bottom, I think the charts in the above screencast show a good job of visualizing both when building prices peaked and when the values hit bottom. There have been numerous short sales at 555 4th St. over the past several years, but even though many homes continue to be short sales condo values appear to have stabilized and are fluctuating within a much more narrow band.
For those of you that have been following the SF real estate market, it will come as no surprise that prices for two bedroom condos at The Palms peaked in late 2007, with residence 831 selling for $1,320,000 – or $860/square foot. Prices hit bottom in late 2009, when residence 307 sold for $590,000 – or just over $500/square foot. Since that time, all of the sales of two bedroom condos that have been reported in the MLS have been in the $550 – $625 per square foot range, or in the $600,000 – $700,000 range depending on specific location within The Palms, individual condo upgrades, number of parking space, and other variables that have been unique to the particular properties.
If you’ve got additional questions about home values for condo residences at 555 4th St., or any other San Francisco building, please don’t hesitate to get in touch with us. We’ll be happy to share the freshest real estate data available with you. It’s important to note that this screencast looks only at two bedroom condos, but when I have a moment I’ll also share the data for 1 bedroom and studio homes at The Palms.