Eric, I agree there don't appear to be any recent sales of comparable units in the area that would support that asking price. This could be a situation where the seller and the agent have calculated what it will cost to pay off the current mortgage as well as closing costs and commission and have "backed in" to this asking price. Ultimately the market (buyers) will decide if it's worth it. Six or seven years ago units in your building were selling close to this price range. In the overall San Francisco market condo pricing has risen dramatically in the last few years. Just prior to the recession in 2008 the average 2 bedroom, 2 bath condo in San Francisco sold for $950,000. During the recession that same configuration dropped to an average selling price of just $771,000. So far this year the average selling price is just over $1,000,000.
Prudential California Realty
1715 Polk St., San Francisco, CA 94109
This is a good question and one that will be answered by the current market conditions which can change at any time.
I see that you bought this home in August of 2009 when it was a pre-forclosure for $300K. It was last listed in Sept of 2006 for a price of $585K. Because of the popularity of the area AND the current position of the market you may be able to expect about the same price point or higher. Can you tell me how much the HOAs have increased, if at all?
The bottom line is that a proper evaluation of the home and its features, and a thorough analysis of the current and sold comps will be needed. If you so desire, feel free to call or email me and I can assist you both with my own insight and would be happy to bring a small team of agents from my firm to help.