Make no mistake, we love busting the chops of other companies out there, but that doesn’t mean we’re wrong or right, and they’re bad or good. It just means we like putting things out there that we, and hopefully you, might find interesting. So far, we’ve been pretty successful.
So a reader asks:
Just curious if you know what happened to 1826 Filbert, an over priced $1.7 mil 2/1 SFH being sold by Redfin. Place was 1,000sqft and quirky. I noticed the person moved out, but can’t find a sale.
Well, according to MLS, the property was on the market in June for $1,795,000, then withdrawn end of June, then back on the market at the same time, same price. It appears now the listing has expired (same price), which for all practical purposes means it may not have sold, or it may have been sold in an off market deal, or Redfin simply forgot to update their MLS listing.
Of course, a big indicator of why it may not have sold is the fact that when you call the Redfin 877 number you get the full “national” run around, and as of yet (20 minutes calling over and over) you get no live person. When you call the 858 number, it sounds like they say, “Hi, you’ve reached Redfin San Diego.” Hmmm… They must be out surfing.
If you’d like to try the Redfin experience yourself, feel free to contact the Redfin agent: Erik Van Joosten: 877-973-3346 or :858-[removed per request].
Now, does this mean we don’t applaud innovation? Hardly. More like a little quality control.
[Update: Max (listing agent) called back moments ago, (about 10 minutes after leaving a message), 2 offers under asking when it first listed, not acceptable to the seller. Seller has decided to rent it.]
You are correct in your update that Max Diez is the listing agent. I am the corporate broker based in San Diego. You are welcome to list our 877 number, but please take my direct line down from your post.
Yes I live around the corner from this place and was wondering the same thing. I thought it was over priced as well and then one day the redfin sign disappeared.
why is redfin using an agent in san diego?
because it isn’t an efficient system with which to sell real estate
On Friday June 14th – on the blog I share with Garrett, I wrote the following:
Thursday, June 14, 2007
Appreciation and then SOME!
3 years ago 1826 Filbert St sold for $1,147,000. (March of ’04) to be exact. It’s back on the market now listed at $1,795,000!
Ready for this – new kitchen and new bath. Those typically net some nice returns — but to the tune of $17,000 per month of ownership? That better be some damn nice granite and the best water pressure in the city!
To be continued … I’ll keep my eye on this property and report back when and if it closes.
Looks like the buyers agree – don’t want to beat a dead horse – but if the kitchen and bath warrant that big a jump in price, perhaps taking some legit pix to capture the space would serve the owner well. Cut the seller rebate by $150 and pay me – I’ll come take pictures!
Everyone (esp. “R”ealtors) give the redfin, trulia, zillow’s of the world a hard time. These companies, or some similar online entity, could be eating your lunch in a few years.
They could, but I’d bet against it. Redfin’s business plan is fatally flawed because buyers and sellers are at cross purposes. You don’t put them in a room together. It’s the future versus memories. As for Zillow, their database just plain ole doesn’t work properly. Until SF gets everything properly automated, Zillow will be relatively ineffective. And good luck with that …
“why is redfin using an agent in san diego?”
James,
Redfin uses only local Direct Agents to handle the purchase and sale transactions. I am on the listing due to being the Redfin Broker for all of California. We have Direct Agents in the Bay Area, Los Angeles, Orange County, and San Diego. All of these Direct Agents work for Redfin, and consequently show up under my license.
Alex, thanks for getting to the bottom of this! I walked through this property, and I thought it was very ambitious they were asking $1.8 million for around 1,300-1,400/sqft. I left wondering where the second floor was!
The remodel was nice, and the location is solid, but COME ON, $1,200-$1,300/sqft for a place with no view is egregious and this is why going with REDFIN has its downfalls. The agent should have advised her against shooting for stupid money. I bet the agent was not an expert in the district.
Guess you can’t fault a seller for trying to shoot for the moon. She should have listed it for $1.45 mil, and get competitive.
BoomTIME
Eddy — 9 years ago I was a web designer for ZipRealty – they “redefined” real estate – to the tune of having spending 20 million VC dollars in 11 months and “redefining” their entire commission structure.
I won’t argue that the industry could stand some changes – I’m the first person to say that and it’s why Garrett and I started our own real estate brokerage — to focus far more attention on information, neighborhoods and actual properties and put far less attention on BS like “top producer”, “top 1% in the world”, and the other ridiculous elements and monikers that come along with being a Realtor in this town. We have agents who spend more time marketing themselves at properties as opposed to marketing the properties. (Think Annette Benning in American Beauty)
I sound like a broken record – but go read the bio’s of the agents at Redfin and Zip — they are all “EXPERTS” in every ‘hood in San Francisco. That’s not possible and claiming to be an “expert” in Hunters Point and Ashbury Heights – to me that says, “I’m not an expert in anything.”
I’ll take my chances as will my lunch!
Greg, I wasn’t implying that the current implementation of these ideas is perfect; far from it. It’s just that 10 years ago the concept of a “listing” was entirely different and having anything more than a Polaroid of the house was overkill. Now you’ve got sites like this one, curbed, socket, cleanoffer, redfin, SFARMLS; not to mention industrious brokers like yourself and Alex here with his SF Newsletter who are using technology to establish a competitive edge.
The structure of the business is changing. I’m not predicting the end to “R”ealtors. I think CleanOffer is a great idea. I’d like it even better if I could pre-load all of my credit and my personal-standard-offer terms. It would be great if I could make some real indication of interest and only bother my sponsor agent if there was a property that I wanted to see or make an offer on; AND get some credit (i.e., commission) for doing the majority of the work.
The job of your typical agent these days has become much more streamlined for your modern home shopper. And in a city with lots of renters who may not have the same pressure or needs of an out of state relocating buyer; most can take their time and watch the market for the right property.
Eddy – I completely agree with you. I don’t see my job as a typical “sales” job — i’m not working at the Gap and telling you how good the sweater / jeans combo looks — do you want to add a belt and socks? (Yes I worked at the Gap as a sophomore in Jersey — Rockaway Mall baby!)
While it’s a “sales” industry – i shudder to use the term salesman when describing what I do. I’ve only been involved in real estate in San Francisco – the buyers in this city I’ve had the opportunity to work with have been incredibly savvy. They don’t need me to sell them anything – I add value as a broker of information and insight and a very skilled negotiator.
The seller is the one paying the commission – in my opinion, a good listing agent in this market is well worth the money they make – assuming they get their client a fair market offer in a reasonable time. The seller has the right to negotiate the commission and I know from experience, that savvy sellers will make sure they are getting 5% – 5.5% – 6% value from their agent.
Just so this doesn’t sound like I’m bashing on Redfin – there are clearly elements of the traditional real estate system I’m baffled by.
I’m astonished at how some of our “top producing” listing agents market property. I lost a listing to a 1% Super Uber Producer. While I was disappointed, I assumed I would learn something by attending the open houses / Broker Tour’s, reviewing the marketing materials, etc. Here’s what I learned – the entire marketing plan was focused on the listing agent – that person’s resume, face, website – There was more information on the listing agent than the property. The For Sale sign featured a big picture “Top 1%” line of some sort. The pictures were clearly not professional – the statement was all text and the only bold items which drew attention — the agents name.
This baffles me — I sense in the next 10 years, sellers are going to demand more and force additional changes in this industry. Should be an interesting ride….
I agree with Eddy. The RE industry is starting to catch up with technology and sooner or later RE agents will for the most part be obsolete for those of us that have the time, energy and desire to do our own legwork and save a bit of money. I have friends now who are getting their RE license for the sole purpose of writing their own offers. While the skills Greg mentioned are great to have on your side as a buyer, at the end of the day I don’t feel like it makes or breaks a deal.
Time will tell – Travel Agents – they are relatively obsolete these days. Car salesmen — still around and thriving. Saturn’s concept invoked some changes – but didn’t really redefine the industry and one could argue that given the technology, it’s ripe for major change.
I’m slightly confused – you mention you have friends who are buyers who desire to write their own offer. Buyers don’t pay a dime to work with a Realtor – sellers pay the commission. Are you inferring that a seller will reduce his/her commission or your friends intend to make the commission?
In any event – change is not something you can avoid – In my opinion there are several brokerages that are ready for a change and can adapt and profit from a change. There are some big DAWGS that are not and will suffer with any major change in the commission structure.
I’m saying people are getting the RE license so they can get part of the commission that would go to the RE.