Four Bed, Two Bath Central Richmond Home, Auction Price… $625,000!

Four Sixty Three 16th Ave in the Central Richmond is a “fixer upper with 4 bedrooms, 2 baths, 3 car garage with additional sunroom, attic & huge area in garage for storage / rooms. Great potential in million dollar neighborhood!”, and it’s not just on MLS, but on the auction block for $625,000.

The house looks pretty decent from the exterior, but we all know you can’t judge a book by its cover:
46316th

Auction was supposed to have happened yesterday, and for $625,000 we have to hope it went significantly above that. If not, we’re all in trouble. We’ll let you know the outcome as soon as we know. For now, we’re left wondering if it was an Outside Lands reveler that made the highest bid.

[Update: From a reader, SFB: the winning bid was $791,000.]

-463 16th Ave [MLS]

Comment Du Jour: “Easily outbid by USF”

This quote comes from reader “Disconsolate“, on “Stories Of Despair In San Francisco Real Estate“:

I was in probate court that day to observe the overbidding on Juanita Way as preparation to overbid on a house in University Terrace. Our court date was last week. We showed up and went to our max ($100k over the original accepted offer), but we were easily outbid by USF. We didn’t stand a chance.

You are not alone, our friend. Not alone. Thanks for the comment!

Map of Retrofit Projects Completed in the Bay Area since the 1989 Loma Prieta Earthquake

Living in earthquake country, we get asked all the time, “Is this home on bedrock or landfill.”

The next question, “Do you know if this building has been retrofitted?” Usually, we don’t, but that might be changing. Check out this new user-generated mashup where you, the visitor, can add a project that has been retrofitted. We’re guessing it’s an honor system type thing and thinking it could be pretty useful. What about you?

Click to find out what buildings have been retrofitted in the bay area

Cool idea, cool map, but we’re thinking when the users start adding all the retrofitted projects to the map, those bubbles (pinpoints) might get a bit cluttered. No big….Along comes the 9.0 shaker, we clear the map, and start all over….if we’re still around.

-earthquakeretrofit.org
-Map of Bedrock Vs Landfill (San Francisco

Homes For Less Than $60,000! Stocks Edge Higher After Jump In Home Sales? What’s This Mean!?

So who’s got the REAL scoop on real estate?

mediamixups1

“The housing market has decisively turned for the better. We are bouncing back,” NAR’s chief economist Lawrence Yun told reporters. (Source: SFAR Advantage Online)

“Bay Area home prices spiked in the three months ending June 30, part of a national upswing that suggests to many economists that the housing market’s long downdraft is coming to an end.” [Biz Times]

“But Robert Shiller, a Yale economist and principle author of the report, said in published reports that the downturn isn’t necessarily over, pointing to an stabilization in his house-price index early last year that quickly evaporated.” [Biz Times]

Truth be told, nobody knows wtf is going to happen, just like nobody could put their finger on when the bubble would burst.

-More Bay Area homes sell for less than $60,000 [SFGate]
-Stocks edge higher after jump in home sales [Associated Press via SFGate]
-Sharp Rise in SF house prices [SF Business Times]

Stories Of Despair In San Francisco Real Estate (source: sfnewsletter)

I published this exact thing on sfnewsletter today, but since it is a newsletter there is no room for discussion. Hopefully, we’ll get some here.

I recently submitted an offer for $425k on a Short Sale in SOMA (175 Bluxome #119). The “lender approved price” was $450k, but the sellers accepted our offer for $425k and we were waiting to hear back on the lender approval. Alas! Not to be. Another offer came in after ours for $450k and take a wild guess which one the lender accepted.

On another occasion, some other clients and I found a $725,000 probate sale (I actually uncovered it prior to it hitting MLS, but the sellers were not willing to accept any “pre-emptive” offers) in Miraloma Park at 305 Juanita. We were one of seven, yes seven, orginal offers. I believe our offer price was $745k or so. The winning offer was at $780k and they could not perform on their deal, so the seller’s agent called us and asked if we’d like to be in contract at their price of $780,000 and hope to scare away any overbids in court. We said yes. The next minimum overbid price in probate court goes at increments of 5% of highest accepted price ($780k) plus $500, which put it to $819,500 and we all thought that price was not realistic for this house. Wrong again! There were three of us in court, and the property got bid up to $835,000 (After the initial overbid is met, the judge decides on increments and in this case went in increments of $5000.) So not only did my clients lose out, so too did six other buyers!

The third story is a rather unique single family home at 195 Beacon, asking $1,650,000 (sold in 2007 for $1,650,000 not updated at all…ouch!) One week on the market, my client called, said he was interested, two days later it was in contract. We are in contract as “backup”, and there are four other parties behind us hoping buyer #1 falls out, and should buyer #1 fall out, they’re hoping we fall out. I’ll keep you posted how that one plays out.

I have so many more stories of despair to tell it is not even funny, so don’t go thinking the market is all THAT bad. It’s bad compared to recent years, but it’s certainly not awful. I do, of course have good stories to tell too, but we’ll save those for when they close escrow and keys change hands. ;-)