Category Archives: It is Brisk Out

2200marketmarket

30 Days Later, Property Resells For $101,000 More

This is for those of you that just fought your way into contract, closed, and are now wondering, “Will I ever make my money back?”

A good friend and colleague of mine recently (just this March) represented her buyers in the purchase of this awesome top floor penthouse at 2200 Market #502. They closed for $949,000, in an all cash purchase.
2200 market street

2200 Market

The owner decided not to move in, and therefore wanted to sell. Recently listed again – this time for $899,000, 2200 Market #502 came back on only 30 days after the buyers closed on their purchase. Fast forward four days of marketing, it went into contract, and voila! It has sold $101,000 higher than it sold for just 30 days prior – and it was an all cash transaction.

Because I know most of you are doing the math on how much this buyer/seller made, probably around $30,000 after commissions, title/escrow fees, and transfer tax. Not bad for holding a property just 30 days.

How’s that for nuts?

-2200 Market #502 [Listing Detail]

It Is Certainly Brisk Out, And We’re Not Talking Weather

Somebody has certainly turned the tap on with regards to San Francisco real estate. Case in point (like we need to see more), 1998 Broadway #1007.

I just called on this Pacific Heights property to get an appointment for a client to take a look at it next Tuesday. How foolish of me to think it’d still be available! They accepted offers yesterday, received five, and will certainly not be looking for another by next Tuesday.

That’s a two bedroom, one and one half bath, 1030 square foot condominium asking $750,000, gone in seven days.

-1998 Broadway #1007, $750,000 [MLS]

San Francisco Real Estate Market Update, Recent Sales, And IPO Madness

Another week, another issue of sfnewsletter sent. All kinds of great market info and real estate p*rn for you to peruse. Including many off market opportunities I’ve already mentioned here.

Have a great weekend!

-Latest issue of sfnewsletter/MarketTracker

The Best Time To Sell Since San Francisco Real Estate Went Bust…Is Now

I’ve often said, if you can’t say it better yourself, just plagiarize. Or something like that. ;-)

Even if it means sharing information from a “competing” brokerage. Mark McLaughlin is the CEO of local real estate company Pacific Union. His recent article pretty much sums up my thoughts exactly. Especially, if you live in Cole Valley.

I asked him, “Do you have any data that might suggest how poor earnings of the investment banks and the capped bonuses of the investment bankers impact the luxury goods and real estate markets in the San Francisco Bay Area?”

His response was fairly simple and as follows: “No data. I would think the Apple, Google, Facebook etc. income gains would swamp any losses in the finance sector in the Bay Area.”

It is very important to remind our sellers that the both the buyer demographics and the traditional selling season in our markets have, in fact, changed – and for the most part, our markets are supply-constrained. We have more motivated buyers than we do properly improved, located and priced properties for sale.

Put another way, now is the best time I’ve seen since 2007 to list your property for sale. Demand is through the roof.

-Wall Street vs. Apple, Google, Facebook, etc.

Four Buyers In Four Days…And 121 Beulah, How Did It End?

Hi all! I just wanted to give a little update to you from my world of San Francisco real estate.

In my humble opinion, the market is extremely hot for the right properties. On Friday I wrote four separate offers (five if you count that one property is two condos), in four entirely different neighborhoods, and have been in a multiple offer situation on every single one of them. My buyers lost out on a house near West Portal (by roughly $25-35k), and my buyer on a Outer Avenues house is still in the thick of a six offer situation.

My clients for a Cole Valley property accepted a counter offer from the seller, knowing that other offers were lurking. And thankfully, the sellers of a Russian Hill property that my client offered on realized cash truly is king in this lending environment, and wisely accepted our offer on their property, rather than the others with financing.

I would love to share details and specifics about all of these, but as you can imagine, I can’t. I am very busy representing a ton of people throughout the city at this very moment, and all of it is helping me gain that much more knowledge to help you.

As always, other agents are talking to me and sharing stories, potential buyers they may have for homes, and properties some of their sellers may sell. Why they don’t just post all of it for free on PocketListings.net is beyond me, but I’m happy they feel comfortable sharing with me.

If you, or any of your friends/family, need help with San Francisco real estate, please don’t hesitate to contact me. My head is FULL of real estate opportunity!

Oh…and that luxury remodel on Beulah I mentioned two weeks ago….SOLD IN FIVE DAYS for $2,600,000 (asking $2,495,000). We can only assume CASH, and multiple circling.

Happy Monday! It snowed!

394 Frederick, Before, After, Here And Gone (In Contract After 7 Days): $2,399,000

True, the market tanked. True, average home prices have come down in San Francisco. True, even A+ areas like Noe Valley and Pacific Heights have felt the pinch. False, it is death doom and destruction everywhere. Case in point, 394 Frederick St @ Belvedere in Cole Valley, is an awesome 4 bed, 4 bath, 3173 square foot home that spent a staggering ;-) 7 days on the market (one Sunday Open House, one Broker Tour) and received an offer with non-contingent financing (means they’re getting a loan, but they’re not worried about that loan approval falling apart), the offer is really close to asking, and it’s damn near a done deal.
394frederick

394frederickdeck

Call us crazy, but we’ve seen a lot of activity in the market as of late, at all price points.

For those wondering, last sale was in 2005 for $1,755,000 (asking was $1,395,000) but has since undergone a significant remodel, and added roughly 1209 square feet.

Kitchen Before:
394frederickbeforekit

Kitchen After:
394frederickbeforekit2

Living Room Before:
394frederickbeforelr

Living Room After:
394fredericklr

We’ve long stood by Cole Valley as a better investment than Noe Valley. Is the writing appearing on the wall? Time will tell. Maybe real estate doens’t suck after all.

-394 Frederick [MLS]

12 Offers On One Property In This Market?

The story for 214 Dorland is not something you’d expect to hear in this market. More than 20 disclosure packages were handed out, an offer date was set (on April Fool’s Day no less), and contrary to what most would think, the offers came streaming in…12 of them to be exact.

214dorland

To counter those that will be quick to jump and say, “The deal hasn’t closed yet,” if this first offer falls out, there are 11 others to fall back on.

Would that mean this two bed, one bath condo in Dolores Park, priced at $629,000 is defying the odds, or starting a new trend? We leave that debate to you, and the powers that be.

[Update: Last sale April 1999 for $745,000 for the entire 2-unit building. The 2-unit building just condo converted this week.]

-214 Dorland, 2bed, 1 bath, $629,000

Ripple In Still Waters, Lake District Condo Moves Fast (64 7th Ave)

647thkit

Although MLS still reflects the Lake District condominium at 64 7th Ave (3 bed, 2.5 bath, 1 pk, $1,535,000) as “active”, sources close to the sale are telling us it is in contact after a short five days on the market.

647thbed

Call it luck, call it buyers that don’t read the newspapers (bless them), or call it a very nice home in an excellent location that somebody just had to have, and we’ll call it something we’re seeing more and more of, and you’re hearing less and less about.

That backyard is going to be a great place for a party, what should we bring?

-64 7th Ave…3 bed, 2.5 bath, 1 pk, $1,535,000 [sfnewsletter listing detail]

Quick Flip at 733 Front Street

[Update 10/20/08: Sold, $1,725,000]

On the other side of the equation, let’s take a look at 733 Front #605.

One of the first resales at this conversion building down in the Financial District, #605 was sold through the sales office for $1,600,000 only about three months ago. The unit directly below it #505 was sold for around $1.7M and received three offers (floor plan was a bit different, but not by much). Unit 605 recently listed at $1,695,000 and boasts one of the few corner views, (not to mention 4 storage spaces), it is now in contract a mere 6 days after hitting the market.

This market is anybody’s guess, because it sure is making my head spin.

-733 Front #605 [MLS listing detail]