In a City where reporting on the cost of housing apparently amounts to sensationalism, SocketSite seems to be serving the role of the fifth estate to the Chronicle’s SFGate.com. Last time, SocketSite took exception to SF Gate’s methodology for estimating the median rental rate in the City.
This time, SocketSite imposes a tamer view on SF Gate’s pick for “insane flip”:
“Someone gets an award for investment of the year at 1150 Sacramento St., #202. Property records show the unit, a 2-bed, 2-bath co-op on Nob Hill, sold for $690K in June of 2014. It was listed, went pending, fell out, was relisted and then sold for $1.740M in May 2015. No need to do the math: we’ve done it for you. That’s an appreciation of $1,050,000 in one year. Check out pictures in the gallery above.”
SocketSite interpreted public records to mean that this one year “appreciation” from the previous “purchase” likely followed a straw-man transfer between family members, and that the increase in value actually took place over a couple of decades.
