Location, location...location?

AT&T Park (I thought it was SBC Park....or was it Pac Bell Park?) in San Francisco is, quite simply, one of the most amazing ballparks in the major leagues. It's home to the San Francisco Giants and some of the most breathtaking views you're going to find from any seat in any stadium.

Bay Area real estate has long seen amazing gains - to the point where it's pretty much unaffordable to most regular folks (irregular mortgages notwithstanding).

But even an incredible location like this doesn't guarantee you very much (if any) appreciation these days...even in Norcal. Take for instance this condo, within easy walking distance of the ballpark:
207 King ST #502 Size: 1 bed, 1.5 bath, 1,143 sq ft
MLS: 318373
Sale history: 09/24/2003 : $650,000
11/02/2005: $850,000
Current price: $869,000 (152 DOM)


Luxury townhouse condominium located in the newly developing area of Mission Bay at The Glassworks. Open high ceiling floor plan on the main level with half bath, Living room/dining area with hardwood floors and gourmet kitchen with cherry cabinets, granite counters and high-end stainless appliances. Custom closets from California Closets. Upstairs master suite, complete with a built-in office/library area. Tall windows with ample light with views of the city skyline and King Street boulevard.


Nothing at all wrong with this condo...except perhaps the price. The owner who sold in 2005 cashed out with a $200,000 potential profit (before selling costs, assuming no shady refinancing or HELOCs) for just two years of ownership (13.6 percent appreciation per year).

This latest owner, however, is going to be caught holding the bag to the tune of $33,140 assuming no more price drops and 6 percent in selling costs.