Comments on: Isolated Panic amongst some San Francisco Realtors, or something larger?

By: Sam

Sam — Thu, 15 May 2008 19:51:59 +0000

We need to educate buyers and agents. It doesn’t really matter how long a property

has been on the market. Not every property is right for every buyer. We may need

to adjust the price a bit if theres no action, but the way it is today; over two weeks on

the market is like the kiss of death. In a slow market; and even a normal market, it

would be normal to take a few months. Prior to the bidding wars; nobody asked, it

wasn’t published in the MLS., and nobody really cared. If you found something good

for your clients that had been on the market for a while; you were just a good agent.

Clients were secure enough not to think something was wrong with the property just

because its been up for a while.

By: SFGROUNDLEVEL

SFGROUNDLEVEL — Wed, 14 May 2008 17:45:07 +0000

Some lower end properties are doing just fine as well. I saw two listings next to each other on 3rd Avenue in the Inner Richmond sell like hotcakes! Both of the properties were great value added opportunities, and sold very quickly. I believe they were both listed just under $1 million. When there is a good deal to be made there is always someone to buy it. I think the areas in San Francisco that will be hurt the most are places were “trendiness” has seriously inflated prices.

By: PropertyonFire

PropertyonFire — Wed, 14 May 2008 07:10:41 +0000

Lower sales volume is definitely hurting A LOT of agents. So long as volume is good, doesn’t matter if prices are going up or down.

The higher end SF property owner is doing just fine.

By: missionite

missionite — Wed, 14 May 2008 05:55:23 +0000

Last real check I did (which was only a couple days ago) didn't indicate any great strength in the Sunset, at least in the lower ranges. The 2.5M and up crowd may be seeing something else. The relative health of multi-million dollar homes aside, I think there is something else going on with regards to desparate agents: lower sales volume. As I have mentioned previously, lower volume has a much more deletrious effect on agents incomes then lower prices. As credit continues to dry up, and more and more foreclosures lap upon the shores of our city, there's going to be a lot of pressure on agents with their own nice homes and nice cars to pay for to keep that cash flow coming in. It's not as easy as it used to be, and as Alex points out, the panic threshold starts in pretty early when your lifestyle is predicated on moving volume. I think there's plenty of room for it to get even tougher. We'll see what happens. [Editor's note: Missionite, I went ahead and edited this comment for you and fixed the / you forgot in code. I deleted the other duplicate comment.]

By: PropertyonFire

PropertyonFire — Wed, 14 May 2008 04:42:47 +0000

Any color would be helpful on 153 Avila St., as I went to take a look and thought it would sit, and perhaps I could get it for $2.5mil or less. There’s nothing reasonable around $2mil for 3/2′s, except for the one house on Moulton. Which i don’t think will get asking.

http://sfarmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSPropertyDetail&ARGUMENTS=-N847674491,-N220504,-N,-A,-N13571456

By: PropertyonFire

PropertyonFire — Wed, 14 May 2008 03:03:30 +0000

Fluj/Alex – Do you have color on 153 Avila St.? This was Chef Sung from Isa’s house on the market. I think he’s about 31 years old now. Nice remodel, says it’s 2,400sqft, but there’s no way for this 1 story bungalow house, unless they are including the 300-350sqft deck off the two bedrooms. Real living area is closer to 2000sqft, as the master bedroom is behind the garage.

Asking was $2.695mil.

The property market in District 7 is pretty darn nuts. These 1story bungalow houses use to be AT MAX $2.3-2.4 mil two years ago.

By: fluj

fluj — Wed, 14 May 2008 02:53:56 +0000

That would be eastward, right? We see properties selling in the outer avenues daily … like 15 in the last week and a half. You really don’t think that the outer Sunset has actually gotten more saleable in recent years?

By: nathanchurchll

nathanchurchll — Wed, 14 May 2008 02:41:07 +0000

I’ve had listings in avenues for 30 years.the geographis location of salable

property keeps moving westward.25th avenue last year was the outer reaches

of salable property. now its 15th avenue.look at SF Daily for property sales

and everybody losing money

By: fluj

fluj — Wed, 14 May 2008 02:09:23 +0000

Oh and a bit of an anomaly went pending today, 791 27th st. Like properties in the same area flew off the shelves. For this one I guess you have to put it down to pricing. It’s taken 140 days and one 100K price reduction, but it’s still at nearly 750 a foot. Maybe that high up on 27th cannot command ~800 a foot, and that’s all there is to it?

By: fluj

fluj — Wed, 14 May 2008 02:05:00 +0000

Depends on the property re: lowballing. I think I saw six properties today. None of them will be on the market very long.