Category Archives: Fixers

One Million Dollars Over Asking. Market “Crazier Now Than In ’05 And ’06″

Where on Earth!? Right here, 2821-2823 Broderick, San Francisco, CA 94123.

As if $1,000,000 over asking wasn’t enough, how about a two (yes 2) day close of escrow. Still shows Pending in MLS, so look for it to close on Tuesday.

How do I know?

A legit friend of mine offered $3.515 and didn’t get it. I don’t know exact price, heard from another friend the seller accepted $3.56 but not confirmed. Asking price was $2.495. I also tried to buy 2740 Lake St a few weeks ago, it went to an all cash buyer, 5 day close for $620k over asking. There was another house on El Camino in Sea Cliff that went like $1.2MM over asking recently. Market feels crazier now than it did in ’05 and ’06.“–A Trusted Developer Here in San Francisco

-2821-2823 Broderick, Cow Hollow 2 Unit Asking $2,495,000 [MLS]
-Google Earth Fun with 2821-2823 Broderick [Google]

West Portal Wreck, What’s It Gonna Take? (145 Madrone)

Just curious to see how up on your real estate all y’all are.

Take a look at 145 Madrone, a 3 bed, 1 bath, 1920′s home in prime West Portal, asking $849,000 (offer date next Monday). By all accounts, the one single photo doesn’t do this property justice. (Come on fellow Realtors! Even if it’s a wreck, you gotta put more photos up.) It needs a lot. We wouldn’t go so far as to say it “needs everything” like a certain Clipper wreck you may have heard about, but it needs a lot (new kitchen, new bathrooms, blow a wall out here and there, redo the floors, dry wall, ceilings…).

So what’s it gonna take to be the lucky owner of this diamond in the rough? We’re giving away a trip to Hawaii for the reader that nails the sales price in the comments below. (Not really, but we can dream, and we do appreciate all of your comments.)

-145 Madrone, 3bed, 1 bath, $849,000 [listing details]

Reduction, Ad Nauseum

I’m not a Realtor, so I’ll tell something I’m more qualified to comment on: buyers’ perspectives. For instance, I can tell you how buyers looks at a property that’s been reduced more than twice. We feel sorry for them. They’re like awkward teenage boys at their first dance, pretending to be terribly busy with their shoe laces to avoid eye contact. We all know these boys can’t really be too picky; they have to take what they can get.

This analogy might not totally work for reduced priced properties. I’m just saying that as a buyer, we tend to feel a lot more powerful when we notice a home’s asking has come down not once, but twice– a feeling that multiplies with each subsequent reduction. That’s why, as a seller, I’d really hope my agent were savvy enough to price my home right. Of course, we can’t, unless we are Dione Warwick, know what the future holds, and some of the current meltdown has caught us by surprise. Still, the writing’s been on the wall awhile. Most literate people, I’d think, would have read it.

Case in point the next three properties, whose reduction history goes from bad to worse.

1. Studio TIC at 1059 Leavenworth St #5 San Francisco, CA 94109. Current price: $325,000. In over 120 days on the market, the list price has come down thrice:

Jul 02, 2008 $399,000
Jul 03, 2008 $329,000
Sep 09, 2008 $325,000 

2. 532 Clipper St #B San Francisco, CA 94114, currently at $539,000 is a 2 bed/1 bath TIC flat. In over 170 days on the market, it’s suffered 5 reductions, each one not very big, but the conglomeration of so many price cuts is pretty damning:

May 14, 2008 $679,000
Jun 11, 2008 $659,000
Aug 13, 2008 $639,000
Aug 28, 2008 $599,000
Sep 25, 2008 $570,000
Oct 28, 2008 $539,000

3. 3630 22nd St., San Francisco, CA.  A 2bed/1bath detached cottage TIC, this one I’ve saved for “worst” because though it has not been cut as often as the above property, the overall slash down is quite dramatic. In over 100 days on the market:

Jul 18, 2008 $749,000
Sep 05, 2008 $649,000
Oct 06, 2008 $589,000
Oct 29, 2008 $499,000

In this last case, the current price seems a lot more fair. I went to the open house yesterday and the listing agent informed me the place needed about $250K in repair and pest control. I have to wonder who would have ever, ever, ever paid the original list price.

I also wonder what other SF real estate agents or buyers or sellers think of these reductions overall, so I’m serving this blog up on the Front Steps for commentary. Take it easy on those awkward teen age boys though. Everyone, and everything, is fragile right now.

A long time coming: 235 Broderick hits the MLS, we tried to warn you

Had you been reading theFrontSteps a while ago, June 11th to be exact, you’d have had an opportunity to pick up this developer special at 235 Broderick long before the rest.

235 Broderick

Now the cat is out of the bag, the chatter has begun, it’s on MLS (listed for exactly the same price the seller’s paid in March of 2008, $2M…makes price per square foot a cool $500), and we’re left pondering the future of this (potentially) awesome house.

One thing is for certain, these sellers will likely take a huge hit and that can’t feel good. You know what they say, “One man’s loss, is another man’s gain.”

…and we almost forgot the before shots. Can’t wait to see the after!

-Developer Special not on market in Haight Ashbury [theFrontSteps]

-235 Broderick [listing detail]

-235 Broderick (before) [listing detail]

Baja Noe bites back (141 27th St.)

From “Fluj”:

Have you been following 141 27th St? In the flats of Noe. Formerly known as Baja Noe Valley, between Guerrero and Dolores. Anyway it is a partition sale of a whole scale cosmetic fixer that needs just about everything. It was listed at $637,500 nominally before the offer date. The offers came in, right? $950K. The first court overbid is going to be $998,000.

141 27th St. [listing detail...not an sfnewsletter listing]

Developer Special (not on market) in Haight Ashbury

We hesitate to provide the address of this property (as always to preserve privacy), but at the same time we feel it our obligation to put out to a larger audience some potential deals that might be right up your alley. Should you, or your friends, be interested in taking this property off the hands of the current owner (around $1.8-2M) feel free to contact us.

facade
(We can see you MapJack O’holics cruising now.)

It’s got some potential for the right person, and “permits and plans for redoing the entire house and expanding the garage to a two car garage. [The owners] have gotten as far as completing a total demolition of the interior space. The house is about 4000 square feet, 6bd/4ba”, it’s located in a great area of the Haight Ashbury district, and we want you to have it.

If you recognize this kitchen, you know the home.

demokit

…and of course that facade will let you know if it’s something you desire. We also tend to think this better for an owner-occupier rather than developer, so if you’re looking to remodel a home, need this kind of space, and don’t plan on flipping, opportunity knocks.

Ask us: What’s up with 1409 Sanchez?

Where readers ask and we try to answer:

Can you help find out if 1409 Sanchez closed? This was a total tear down and it was listed for $1.1MM.

If this sold anywhere near ask, then Noe [Valley] is still hot…

The status of this property is “pending” and scheduled to close in March. Make no mistake, Noe is indeed still hot.

We’d post a picture, but it must be one of these, as the agents didn’t provide one.

Noe Valley Pocket Listing and “cosmetic fixer”

Since we were recently on the subject of Noe fixers, it’s time to start spreading a little of the insider love. We don’t have pictures, but words. If you’re interested in this place, contact us.

“I have a cute off market single family fixer opportunity in Noe Valley that I wanted to pass on. The two level home is a cosmetic fixer with huge potential. It has a nice two level floorplan, two bedrooms, 1.5 baths, one car garage and a huge garden. There is also potential for adding a third bedroom downstairs (room has high ceilings and a large window) and the seller has schematic plans for renovating the kitchen and adding a second full bath and the asking price is $1.150.000.”

Ask Us: Fixer in Noe for $699,000? (439 Clipper)

Where readers ask and we (everyone reading) try to answer:

Can you guys comment or get readers to comment on 439 Clipper in Noe? Yes, it’s marketed as a fixer but the price is $699k for an Single Family Residence in Noe. I honestly didn’t think you could buy a tear-down or even a lot in Noe for that price. I did a drive-by and it doesn’t look like a tear-down.

439clipper.jpg

I’d be very curious to know if anyone’s seen the inside, knows the rest of the story, has the scoop or whatever. I plan to check out the open house next weekend… Thanks.

Since it is a sunny day, the winds are offshore, and the swell is still here, we are going to defer to the readers on this one, and insert obligatory  “out of office” statement here. Back soon.

-439 Clipper [Redfin detail page]

Nothing’s Changed but the Price, Oh, and the Type

The history of 465 Hoffman looks something like this:

Sold

03/08/2007—$1,150,000— 18.2%/yr (appreciation)

07/21/2006 —$1,035,000— 9.7%/yr

04/15/2004 —$840,000

…as a single family.

The plans look something like this:

465hoffman.jpg

…as an “Ultra-Modern designed legal 2 unit,also marketable as a magnificent 4 BR/3 bath,VIEW,single family home.”

The views still look like this:

465hoffmanview.jpg

…but now the price looks something like this:

$1,625,000.…as a vacant lot.

We ask, do you think a “status change” (“Single Family Residence” to “Lots & Acreage”) and demolition of this house (below) could add $475,000 in value in nine months?

465before.jpg

We’ll have to wait and see, and go check it out.

-Sales History [Redfin]

-listing detail [MLS]