Category Archives: Done Deals

Top Sales Over Asking In San Francisco For The Last Two Weeks

I get a lot of people in real estate in other markets around the country contacting me and telling me their market is crazy good. I have to nod my ahead and agree, “Uh huh. Yep. That’s impressive.” But really, it’s not. San Francisco real estate is an entirely different beast. Case in point, the most recent overbids:

Address BR/BA/Units DOM List Price Sold Price Overbid
219 Richland Ave 3/1.00/N/A 15 $818,000 $1,250,000 52.81%
1527 Ofarrell St 3/2.00/ 4 $899,000 $1,300,000 44.61%
317 Crescent Ave 3/3.00/N/A 28 $995,000 $1,425,000 43.22%
610 Russia Ave 2/1.00/N/A 13 $599,000 $850,000 41.90%
2909 Jennings St 1/1.00/N/A 8 $190,000 $269,444 41.81%
173 27th St 3/1.00/ 22 $900,000 $1,265,000 40.56%
1223 Bosworth St 2/2.50/N/A 24 $1,495,000 $2,100,000 40.47%
354 28th St 2/1.00/N/A 19 $1,100,000 $1,525,000 38.64%
432 Moraga St 3/2.00/N/A 12 $889,000 $1,220,000 37.23%
755 Mangels Ave 5/3.00/N/A 11 $959,000 $1,315,000 37.12%

In case you’re wondering, yes, we have Underbids too.

Olé!

Something For You Fence Sitters And Gold Panners To Ponder…

1761hayes

My clients just got shelled by 16 other offers on 1761 Hayes, a top floor 2 bed, 1 bath condo in NOPA asking $849,000. We offered $1,051,000, and they accepted an offer that was “barely higher”. So here’s a thought:

I’d say it’s time for many of you long time residents sitting on the selling fence to pack it up, cash out, and head for greener pastures where the $$$ you make on your sale can buy you acres of space, money in the bank, and plenty of breathing room. I’d even suggest all of you gold panner techies flocking to SF looking to strike it rich consider building another hub for tech activity somewhere else. Don’t get me wrong, I love all of you, many of you are my clients, we love what you’re doing for the economy (for that matter, the world), and there is a reason everyone wants to be in San Francisco, but at some point, I’d think even you, the innovators, would get tired of throwing your money at sellers and it still not being enough. Surely, the internet works in other locales around the world, and surely companies can be built and go viral from anywhere. Perhaps the companies that are leading the innovation now should open satellite offices in markets where their talent can afford to live? I know Oregon, Seattle, and Salt Lake City have a reasonable real estate market, as well as hip scene. Makes perfect sense to me, and might ease the frenzy that is San Francisco real estate. What do you think?

On a side note (somewhat related to technology): in case you aren’t on the VIP list, and you’re stuck waiting in line for your real estate agent to send you stale data via snail mail about recent sales in your ‘hood, comps that by the time they reach you are old news, I published yet another issue of sfnewsletter last week, and it’s chock full of good real estate porn, including a few good overbids you’ll want to share amongst friends, and a link to the stuff you really want: real time market data sortable by neighborhood and property type (courtesy of The Goods-SF).

Get on the list at sfnewsletter.com. Get out of town with money in the bank by giving me a shout (alexclark@gmail.com, 415-254-5351).

-1761 Hayes Property Detail [theGoods-sf.com]

Maximum Overbid Monday!

Well now that we have the government shutdown (temporarily) behind us, let’s get back to the market at hand. It would appear there is a bit of a calm washing over our waters, but open house activity is still through the roof, so we might indeed be stuck in this craziness for a while. Case in point, San Francisco’s most recent Top 10 Overbids.

Rank| Address | Property Type | Bed/Bath | DOM | Asking Price | Sale Price | % Over

#1-709 York St: Single-Family; 2/2.00; 10 DOM; $799,000; $1,150,000; 43.93%
#2-152 Hancock St: 2-4 Units; 26 DOM; $1,100,000; $1,557,000; 41.55%
#3-82 Peralta Ave: Single-Family; 3/2.00; 28 DOM; $998,000, $1,380,000; 38.28%
#4-514 Precita Ave: Single-Family; 2/1.00; 11 DOM; $925,000; $1,255,000, 35.68%
#5-130 Randall St: Single-Family; 3/1.50; 7 DOM; $1,195,000; $1,575,000; 31.80%
#6-3901 17th St: 5+ Units; 28 DOM; $2,300,000; $3,025,000; 31.52%
#7-327 Richland Ave: Single-Family; 3/1.00; 35 DOM; $749,000; $980,000; 30.84%
#8-515 Powhattan St: Single-Family; 2/1.00; 13 DOM; $708,000; $925,000; 30.65%
#9-4430 Cabrillo St: 2-4 Units; 14 DOM; $925,000; $1,200,000; 29.73%
#10- 1108 Cabrillo St: Single-Family; 3/1.50; 11 DOM; $1,295,000; $1,677,000; 29.50%

[Copyright ©2013 TheGoods-SF.com. Visit www.thegoods-sf.com for more information. Data feed from SFAR MLS deemed accurate but not guaranteed.]

This data set reflects properties that got into contract on average 30+ days ago, so it will be interesting to see how this continues. We look forward to providing this information to you every Monday, now that the Goods has made it easy for us to share it, so come on back!

REALLY Expensive Real Estate…Like $35,000,000

Twenty-nine fifty Broadway sold “off market” last month for $35,000,000.

2950BroadwayFacade
[Photo Source: SocketSite]

As reported on SocketSite today:
“Hidden behind non-disclosure agreements and tax records stamped “DO NOT FILM,” you’re not supposed to know about the sale of 2950 Broadway which was purchased for $29,500,000 in 2011, remodeled a little last year, and very quietly sold off the market last month. But now you know. And you’re about to know the record setting sale price as well.

With a sale price of $35,000,000 (roughly $3,182 per square foot) and $875,000 in transfer tax confidentially paid, 2950 Broadway has just displaced 2840 Broadway to become the most expensive single-family home ever sold in San Francisco.”

Wow…and some people will wonder and cry foul that it never hit the MLS.

San Francisco’s Million Dollar (Sold Property) Club

A quick look at all of the million dollar plus sales (142 of them) in San Francisco in the last month for properties that closed escrow between 8/19 and 9/19/2012.

[Please note: Clicking an image below will not take you to that property's details page, simply a bigger photo. To see details, hover over photo, see address, and find it on the list of properties below, or contact me for details. Sorry for hassle.]

Instead of being able to share all of these properties, with photos, under one link, MLS puts a limit on that of 100 properties…so we had to break it up. Details below, and kudos if you’re in the club:

-Click here for the Comparative Market Analysis Version (all in one, no pics) [MLS]
-Click here for the Detailed Version, including pics, for Single Family Homes and 5+ Units [MLS]
-Click here for Detailed Version, including pics, for Condominiums and 2-4 units [MLS]

From $799,000 To $1,228,000, The Dust Settles On 137-139 Corbett

Perhaps you remember my attempt (for a client) to secure 137-139 Corbett?

If you had forgotten, it doesn’t really matter. The property was listed at $799,000, we offered $932,000, they received over 30 offers (many of them all cash). The dust has settled and the final sales price has been revealed…a staggering $429,000 over asking! Which brings the winning bid to $1,228,000.

Mind…blown…again.

-137-139 Corbett, San Francisco [MLS]

San Francisco Real Estate Market Update, Listings, & Sales Week Ending 3/9/2012

The latest and greatest sales data for San Francisco Real Estate:

sfnewsletter/MarketTracker sales information and data is a bi-weekly publication I provide via email. As much as I try to repost it here each week, sometimes time does not allow. Please shoot me an email if you or anyone you know would like to be added to the list.

2701 Broadway, On San Francisco’s Billionaire Row, Finds Its Billionaire Buyer

It’s big news for the Billionaires on Broadway. We have it on good intel that 2701 Broadway, a little house on the hill just down the street from the likes of the Gettys, Trainas, and Ellisons of the world (and let’s not forget a Monster of Rock), has found a buyer ponying up an undisclosed amount of cash (originally asking $32,000,000 then reduced to $28,500,000 and no longer listed on MLS) for this one of a kind, meticulously remodeled home, last sold in 1998 for $5,500,000.

Break out the bubbly, and call it all cash (pocket change really), some new billionaires are moving to Broadway’s Billionaire Row.











To the gentleman that said to me when visiting this home at 3577 Pacific (before it came on the market) “Zephyr Real Estate doesn’t have clients for this…” You’re right, Zephyr has clients for this instead. Congratulations to Anna and Dennis of Zephyr Real Estate for bringing the buyer to 2701 Broadway.

Just need that invitation to the housewarming party, and we’ll bring the Cazadores for fresh lime margaritas on the deck overlooking San Francisco, the Golden Gate Bridge, and the beautiful Bay!

-2701 Broadway, 7 bed, 7 bath, 16,400 sqft, asking $28,500,000 [MLS]
-Kirk Hammett Finds Buyer For His Pacific Heights Monster Den [theFrontSteps]

Out Of The (Stalefish) Pond And Into The File

When the bottom falls, it falls hard. By way of unplugged Flujster, we learn our new favorite house becomes our new favorite comp. Three thirteen Duncan, a stunningly remodeled contemporary 5 bed, 5.5 bath home in Noe Valley closes escrow for a reported $2,400,000…down slightly from the original $2,850,000 asking price.
313duncan1

Looking on the bright side (for the developer), it only spent 72 days swimming in the Stalefish pond. [In order to reach Stalefish status a property must be on the market 100 days, 313 Duncan was on the market 172 days, so time spent in the pond...72. Prior to that it was just another listing.]

We’ll file this one under Done Deals that make us jealous. Congrats to the new buyers. We make a killer margarita, so don’t be shy.

-313 Duncan…5 bed, 5.5 Bath, closed at $2.4M [MLS]

Casa Cielo is a done deal…with an asterisk (3690 21st Street)

They asked $3,745,000 and they got….? We’ll just never know. It’s another one of those deals that closed with an asterisk (meaning sales price not disclosed). Something tells us it was close to that. It only spent 8 days on the market.

-

In case you’re wondering what’s all the fuss, here are the marketing remarks:

Atop Liberty Hill, Casa Cielo is one of San Francisco’s best known homes. A rich local history and a location perched on top of the city make it a true once in a lifetime opportunity! The opulent interior features a massive formal living room with vaulted ceilings, multiple sitting rooms, a large deck with 180 degree views of the city and bay, 3 bedrooms and 3 remodeled bathrooms. Surrounded by lush mature gardens and several patios with fountains. Detached one car garage with guest apt above.

And only one RealSpeak thrown in. You see, that’s how you get it done.

-3690 21st Street [sfnewsletter listing detail]