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]