Recently we had someone ask if we could “provide a bit of color on 153 Avila”, a contemporary 3 bed, 2.5 bath, single family home in the Marina asking $2,695,000, and as a matter of fact, we can provide some “color”.
It sold after 14 days on the market for $2,975,000 (10.4% over asking) or $1202.51 per square foot. As for who’s house this is, PropertyonFire tells that. Hope that helps and glad to provide some “color”. Tough market down there in the Marina isn’t it?
Update: Here’s some more color…this home was listed by the owner (we call that FSBO) for $2.6M not too long before hitting MLS. A friend of ours wrote and presented an offer for $2.55, and the seller basically laughed them away. Our friends, and everyone who knows about sales on that block for that matter, told the seller he is nuts and “will never get $2.6M”. And look what happened! We might as well call it $3M at this point.
Those folks that bought 451 Avila just made what we like to call instant equity.
–153 Avila [listing detail]
–$600,000 Over Asking on Avila [theFrontSteps]
Good stuff. This 1 story, done up bunglow houses sold for “just” $2-2.2 mil 2-3 years ago. My goodness, this is nuts.
What’s the over / under, or will they ever bet that Socketsite will highlight this sale, even though this listing was highlighted on their site earlier? :)
Just like the 2221 Baker St. house that sold for 300-400K over to $4.2 mil, I bet SS doesn’t highlight this 290K OVER ASKING sale. More importantly, this is a new RECORD HIGH for a 1 story remodeled bungalow house with the master bedroom on the lower level.
Also to note, this house is not 2,400sqft as claimed. It’s more like 2,100sqft. There’s no sunroom like some of them have, just the deck (which is nice, but shouldn’t be included in livable squareftage). Upstairs foot print is always about 1,400-1,500sqft, and downstairs living space is 600-700sqf.
It is truly amazing that these house that people could have bought for $1.8-1.9 in 2005, 2.1-2.2 in 2006, and 2.3-2.5 in 2007 is now almost THREE MILLION!!!! Think about it folks, THREE MILLION for a one story Bungalow house in The Marina!
Thoughts Fluj/Alex anybody else? B/c I don’t have my head in the sand like some people and realize prices are going up in SF, but don’t you guys think these price are NUTS??
[Editor’s note: Tigger, Please, please, please pick one “name” and stick to it. We ALL know your various “names” because your argument is always the same. Really, we don’t mind if you say the same thing over and over again under one name. We really don’t.]
Honestly, Tigger, my first thought is that you are a poster with as many as six different usernames that I’ve seen. But if you’re not ….
Yeah man, surprising indeed. Usually master suite down type properties, excavated properties, will not perform so well. The Marina continues to perform very well along with about 10 other pockets in town.
I don’t 451 Avila St. is getting “instant equity” after their $2.8 mil purchase even though the lot is much bigger. You need 500K in 451 Avila to make it sweet. But, at any rate, SF property never ceases to amaze me. Almost $3million for this…………………………. yowoweewa!
This is a nicely done up house. Amazing how crazy SF prices have gotten in District 7.
Let’s talk about finances. I’d have to be making at least $350,000 in salary to afford if I put down 33% or $1million. 2 million mortg at todays rate of 6.5% is about $13,000/month!
It’s all about location. With property prices in areas where everybody wants to live in SF going up, rents going up, and stock market going up, it’s great to be an employed american asset owner!
Renting,
nice math re the mortgage. but it’s my opinion than NO mortgage, absolutly NONE should be given out for more than a million anyway. 1M is $6K a month. + 1K minimum of property taxes ( 2K for a 2M property etc) = $7K+ a month of financial load (that is = a nice MAXIMUM of rent to live anywhere in the city, or nearly. for 10K a month, you can rent nearly anything in the city. for 15-20K a month, you can rent AND have the maid etc)
Anything above that should be exclusively some “accounting trick” – for example: you have your $3M in google stock, and you convert 6K a month into your second 1M mortgage. (for a total of 2M mortgage).
And for me, that 2nd million dollar mortgage is NOT a mortgage, it’s a cash offer. ie: there is no possible foreclosure on that property, at least not related to the $M second mortgage.
to push the argument to the end, to some extend, no house above 1.5M is mortgage possible. Because the load of the side expenses (aka property taxes to name only that one) is already eating up ALL the cash flow for housing on a “normal” income. So the math is not “how much can I stretch my budget today” , but rather “if tomorrow I’m left with no income [for a day or for a year, layoff, sabatical or whatever], what fixed financial load can I afford – WITHOUT tapping into a line of equity?”” [renting the property and living somewhere else is acceptable, it’s not a line of equity, it’s makinng the capital work for you]
if people were stopping killing the “Hen that lays golden eggs” there would be no foreclosure, no bankrupcy, no volatile prices… and the housing would be strong and LOWER and more stable than right now.
Sophie – What does “and the housing would be strong and LOWER and more stable than right now” mean?
All i now is that the rental stock is pretty crappy compared to what you can buy at this amount.
Renting,
i mean moving with the econoy and the incomes, not moving with speculation.
If RE prices are going up +75% in 5 years when the local economy is going only +20% in the same time – there is only one certainty: it will HURT (eventually – the best possible scenario being RE prices frozen for some time till the economy catches up)
the discrepancy between rent and mortgage on the very same property HURTS
the canyon between some controled rents and the “market” rents HURTS.
when it hurts, everybody tries to get chinchin to compensate… and it HURTS even more by making the market stay above a healthy level.
As for rental – I just googled randomly. If you have 10K to spend, you can get a cute bachelor pad for 6K or less at the paramount.
or to find an address that buzzed on tFS: 1501 greenwich #503 at 10K fully furnished.
for 8K you can even rent in atherton or tiburon (and nice ones!)
not sure it’s more difficult to rent than to buy (considering everything else equal – that is, finding an agent to help you, and googling a lot)