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]

Top 10 Overbids Of The Week, And One Mind Bender On Church That Wouldn’t Even Make The List

[Update: Most recent Overbids can be found here, and delivered to you biweekly via email at sfnewsletter.com]

Before we get down to the top 10, I thought you all might like a bit of first hand story to ponder over lunch or dinner with your friends.

This property: 1850 Church, technically in Glen Park, practically in Noe Valley.
1850church
It is a top floor, three bedroom, two bath, down to the studs remodel including moving the bedrooms from the back of the house to the front, moving kitchen to the back, blowing out walls, opening up space, adding a deck, and basically making it awesome…and it has two car parking and a yard. For all practical purposes, it’s pretty sweet. It is however bordered by a shack on the right and left of the property, which can either lend to its appeal or detract, depending on your tolerance for jungle overgrowth. But enough about that. What happened?

Listed for $1,195,000, maybe a bit low, but probably pretty fair, all reasonable comps suggested a sales price in the high $1.2s to mid $1.3s. Single family homes are selling for that, and this is a condo! After all the dust settled, there were seven offers. My clients wrote at $1,350,000, my colleague’s clients wrote at $1,410,000 (You doing the math? That’s already $215,000 over asking.), and neither of us won. Go figure. So any day this property is going to close at $1,435,000 with a cash offer that came with zero contingencies, which equates to $240,000 over the asking price, and right into the range of insanity. Exact square footage is not known, but a ballpark would put this property to at least $1000/psf, and at 20% over asking, it doesn’t even get on the top 10 list!

Isolated incident? Sadly no. The pattern is the same. Buyer loses once. Buyer loses twice. Buyer loses three times or more. Buyer gets fed up, goes crazy big, blows our minds, blows everyone else out of the water, and sets the bar that much higher for the next. It’s a vicious cycle we’re in.

In case one anecdotal sale isn’t enough for you, I present San Francisco’s top 10 Overbids of the week.

Address BR/BA/Units DOM List Price Sold Price Overbid
2820 Sacramento St 2822 2-4 Units 11 $1,825,000 $2,550,000 39.73%
360 Guerrero St 1/1.00/404 11 $599,000 $780,000 30.22%
1013 Rhode Island St 2/2.00/N/A 9 $1,099,000 $1,410,000 28.30%
125 Bella Vista Way 3/2.00/N/A 42 $749,000 $960,000 28.17%
664 Teresita Blvd 2/1.00/N/A 9 $699,000 $891,000 27.47%
26 Pleasant St 30 2-4 Units 75 $2,395,000 $3,020,000 26.10%
1335 31st Ave 2/2.00/N/A 14 $795,000 $1,000,000 25.79%
415 Missouri St 3/1.00/ 19 $995,000 $1,250,000 25.63%
3380 22nd St 3/1.00/ 70 $849,000 $1,060,000 24.85%
2446 17th Ave 3/2.00/N/A 15 $729,000 $908,000 24.55%

So when will this madness end? I’m guessing not anytime soon. I’ve been saying it’s a great time to be a seller, but if you’re a seller needing to buy in San Francisco and stay here, not so fun.

To you out of town readers that have waited for your time to unload your SF property, are you going to keep rolling the dice and bet things get hotter, or get out while the gettin’s good?

-1850 Church [Property Detail]
-Noe Valley, Glen Park comps for 1850 Church [MLS]
-Overbids you may have missed [theFrontSteps]

The House Of Haight Ashbury Vintage Gets $1.3M More, Two Potrero Hill Comps You’ll Want To Track, And More Overbids To Ponder

Before I show you the list of the top 10 overbids, have a look at the building that houses Haight Ashbury Vintage:
Haight Vintage Building sells for $8,250,000
Listed for $6,950,000 back in October, it just closed for a mere $1,300,000 more. Apparently, Vintage is more hip than you thought…

I have more story. Just yesterday I heard of 25 offers on this condo on Missouri in Potrero Hill, and there will be many on this other condo on Mississippi, but those are not done deals. Get on the list and know when they close.

So…the overbids. Regardless of where these are priced, consider the number of buyers out there bidding on what little inventory we have, which ultimately drives the price up. Think it’s just a matter of pricing below comps to eventually get to market? I don’t. The data shows staggering growth in SF, and a possible plateau, but the truth is, buyers far outnumber sellers, and until those two numbers meet in the middle, we can expect another year of mind boggling overbids. Another thing to consider is when these properties went into contract, that being the “slowest” time of year for San Francisco real estate: The Holidays and a couple weeks after.
Anyhow, here you go. Overbids, cuz I know you love them:

Address BR/BA/Units DOM List Price Sold Price Overbid
2510 39th Ave 2/1.00/N/A 15 $599,000 $788,000 31.55%
179 Vienna St 2/2.00/N/A 11 $499,000 $650,000 30.26%
200 Amber Dr 4/2.50/N/A 12 $1,299,000 $1,670,000 28.56%
506 Molimo Dr 3/2.00/N/A 31 $859,000 $1,100,000 28.06%
12 Sherwood Ct 3/2.00/N/A 5 $788,000 $1,000,000 26.90%
700 Illinois St 1/2.00/3 13 $499,000 $630,000 26.25%
726 Masonic Ave 2/1.00/ 34 $750,000 $925,000 23.33%
94 Eastwood Dr 2/2.00/N/A 26 $898,000 $1,085,000 20.82%
738 Masonic Ave 2/1.00/ 6 $799,000 $955,000 19.52%
1501 Haight St 1509 N/A/N/A/14 39 $6,950,000 $8,250,000 18.71%

Thankful For Overbids

The most recent top 10 overbids in San Francisco Real Estate. Hope you all had a great Thanksgiving! If you’re selling and getting out of dodge, you have much for which to be thankful.

Address BR/BA/Units DOM List Price Sold Price Overbid
22 Flora 3/2.00/N/A 19 $299,888 $500,000 66.73%
306 Guerrero St 308 2-4 Units 18 $849,000 $1,300,000 53.12%
1032 Castro St 3/2.00/N/A 35 $959,000 $1,340,000 39.73%
3303 Folsom St 2/2.50/N/A 6 $1,095,000 $1,510,000 37.90%
1001 Ashbury St 2/1.00/N/A 35 $998,000 $1,325,000 32.77%
2341 Cecilia Ave 2/2.00/N/A 17 $799,000 $1,050,000 31.41%
19 Delano Ave 3/1.50/N/A 11 $789,000 $1,033,000 30.93%
76 Ramona Ave 2/1.00/ 8 $898,999 $1,168,000 29.92%
3311 Jackson St 3/2.50/N/A 15 $2,880,000 $3,701,000 28.51%
1156 Florida St 3/2.00/N/A 72 $995,000 $1,275,000 28.14%

More Overbids For Your Monday

It’s another Monday, and the madness continues.

Address BR/BA/Units DOM List Price Sold Price Overbid
3691 17th St 3693 2-4 Units 16 $1,499,000 $2,200,000 46.76%
127 Central Ave 129 2-4 Units 60 $1,200,000 $1,720,000 43.33%
152 Hancock St 2-4 Units 26 $1,100,000 $1,557,000 41.55%
82 Peralta Ave 3/2.00/N/A 28 $998,000 $1,380,000 38.28%
1628 York St 3/2.00/N/A 17 $1,095,000 $1,458,000 33.15%
130 Randall St 3/1.50/N/A 7 $1,195,000 $1,575,000 31.80%
325 Precita Ave 3/2.00/ 18 $925,000 $1,216,000 31.46%
327 Richland Ave 3/1.00/N/A 35 $749,000 $980,000 30.84%
4430 Cabrillo St 2-4 Units 14 $925,000 $1,200,000 29.73%
1108 Cabrillo St 3/1.50/N/A 11 $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.]

Some overbids that were featured last week are still on this list until they get knocked off.

To answer some questions that popped up in the comments of our last overbid post about intentional underpricing to generate overbids…yes, there is certainly a lot of that out there, but there is also a lot of uncertainty as to what is a correct market price for any particular property when comps continue to escalate. And yes, there are agents that intentionally underprice, not in an effort to be fair and competitive for the market, but in an effort to boost their personal marketing strategy, and that’s just plain wrong.

The name of the game in our market is when you have doubts, price it low and let the buyers set the price. It’s almost always better to price low than high. However, what’s more interesting to us is not the amount over asking a property sells, but the number of offers that come in to generate such a fever pitch. We wish MLS had a metric requiring agents to post the number of offers that came in when a property sells, but who knows if that would ever happen. In any given overbid situation, you can assume there would be at least four to five offers. That seems to be a good average, but really it only takes two offers to drive the price up, and you certainly don’t need 20 offers. That means in any given multiple offer situation, one person wins, many lose, so when another similar property ultimately hits the market in a week or two after that, add another new buyer or two to the interest, multiple offers happen again, one person wins, many lose. Repeat over and over again and you see how prices get bid up, and frustration grows to the point where a buyer that has lost out several times in a row ultimately says, “Eff it! We’re going to win this one, so we’re going big.” They finally win. They become the Maximum Overbid of the Week, and they could care less. The feeling of relief is indescribable for many buyers. All of the searching, the reviewing disclosures, the inspections, the loan pre-approvals, the touring open homes, the emotional thrill of thinking you found your home, then depression of seeing it slip away, all of that is done and gone. As a buyer, you can prevail, and there are strategies to increase your chances of success.

As a seller, it’s not as relaxing as you might think, and it can be stressful rolling the dice and asking for more from buyers that are already offering waaaay more than you expected. Even more stressful is getting a pre-emptive offer and having the nagging thought in your head of whether you could get better than that bird in hand if you wait and get to your offer date. It’s a fine line between getting greedy and getting burned, but it certainly provides for good party conversation, which is why we provide this stuff to you!

As a bystander, blame should not be placed on the shoulders of Realtors claiming they intentionally underprice to generate overbids. The goal of listing property for sale is to get sellers the maximum amount of money possible. Currently, creating an environment that will generate multiple offers for a seller is what works, and it works well. We’ve been blogging about the real estate market long enough to know that the majority of comments against overbids come from bystanders, or buyers that continually get beat up…and it’s frustrating. We know all too well. But as a seller, we have yet to meet one that is unhappy with 15 offers (all over asking), many of them waiving inspections, and many of them cash that can close in five days. Regardless of how much over, under or at asking a property sells…it ultimately sells at market price.

So let the overbids continue, let our market climb, let our economy flourish, let jobs be created! San Francisco is on fire and there really is no place like it…so like a favorite band of ours says, “Embrace the Chaos”. Extra points if you know the band….

Happy Monday! Get back to work.

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!

Maximum Overbid Of The Week: 235 28th Street, Noe Valley…

This one is hot off the presses. So hot, this property at 235 28th Street in Noe Valley still has dust billowing up around it from the flurry of bidding that just went down.

235noefacade

235noekitchen

235noerear
By all accounts, this is a great, great house. Sure, it needs a little work, but could be really nice and totally livable with ripped up carpet and buffed out floors, new paint (get rid of the wallpaper), and tidy up the yard. It’s actually livable now, but we have champagne tastes like all of you. To take it even further, the house could be expanded down, up and back. Big project for sure, protect that lovely historical facade, dig out the downstairs, add one more parking spot, and go big…and that’s exactly what all of you, dear readers/buyers, can expect to hit the market in or around another year, and expect it to be in the $3,000,000 range.

We just bid on this property, and we lost. Asking $899,000, we bid $1,250,000, we were “in the top four”. Winning bid (hate that word) was $1,300,000, cash, seven day close. That’s $401,000 over asking. Hard to beat. And for our buyers, it’s another one lost. It stings just as bad this time (the 7th) as it did the first.

To all you sellers, we keep saying it’s a great time to sell, are you believing us yet?

-235 28th Street, Noe Valley: 3bd, 1ba, $899,000 [MLS]
-When Someone Else Tells You Our Market Is Hot Will You Listen? [theFrontSteps]
-Telegraph Hill Neighbors: Our Opposition Is Unconditional [theFrontSteps]

Maximum Overbid Of The Week: 430 Noriega Gets $725,000 Over

There is a little something I used to do back in 2003 thru 2008 (mostly on what was then sfnewsletter), then the market tanked, and so too did The Maximum Overbid Of the Week. Alas! It has returned. At the request of some long time readers, I present 430 Noriega:
Noriega
A wee little four bedroom home in San Francisco’s Golden Gate Heights that hit the market asking $1,300,000, and promptly sold for $2,025,000, a mere nine days later, and $725,000 extra. Buyer and seller represented by the same agent on this one. Not bad. Not bad at all.

For the record, Curbed beat me to the punch on this scoop, so check out what they had to say too.

[Update: Steven L writes in the comments, "Since you note that Curbed beat you to the punch, couldn’t you also have noted what one of the commenters over there said? “This is a little misleading at best. There were 2 adjacent lots valued at 300K each that were attached to the sale. The total asking price was really $1.9M and a sale price of $125K over that isn’t that big of a stretch.”]

Are you a would be seller? Let’s talk about putting your property on the market, and helping you go out on top.

-Golden Gate Heights Abode Gets $725k Above Asking [Curbed SF]
-The Maximum Overbid Of the Week [theFrontSteps]

Hows About $415,000 More Than You Were Asking? Will That Be Enough?

Just when you think you’ve seen it all, along comes a property on Clayton Street in the Haight Ashbury district (might as well call it Cole Valley too) that drops the jaw just a little bit more.

For all practical purposes, this property was really nice. It had a wonderful upper two level unit with views, deck, hot tub, and charm. It had a great lower level unit that could easily fetch $5500 in rent, or be annexed to the upper unit as a large single family (if memory serves me correctly), and it had a nice little cottage in the rear of the property that I didn’t even see, but was rented for I think $1750/month. It had all the charm, all the parking, all the amenities, and all the trappings of a great Cole Valley – Haight property, including rental income.

My clients and I decided to throw our name into the hat at their asking price of $1,650,000, knowing it was a long shot, but worth a try. We were one of 12 offers, not even in the top nine, and low and behold 777-779 Clayton closed escrow last week for a staggering $2,065,0000, or $415,000 over asking price! Happy Holidays To That Seller (Flash Gordon…no joke)!!!

We can debate the fair market value, whether it was under priced, and all that another day. For now, I ask any of you to show me a market in the world (Not Silicon Valley, not Marin, not Berkeley) where 12 buyers show up for one property, at least 9 of them offer more than the seller is asking, and the “winner” ultimately gives the seller $415,000 more than what was suggested as a fair price to purchase the property.

Perhaps it’s time to bring back the Maximum Overbid Of the Week, and consider switching from a listing service to an auction service for selling San Francisco real estate?

-777-779 Clayton details [MLS]
-More Cole Valley Stories [theFrontSteps]
-More Haight Ashbury Stories [theFrontSteps]

139 Corbett, Asking $799,000, Receiving 30+ Offers: Where Will It Be When The Dust Settles?

At what point do you, dear fellow colleague and wonderful real estate companion, stop and say, “Okay, maybe I under-priced this property a bit, so I’ll just go ahead and raise the marketing price $100,000 now, so I don’t make a lot of agents and their buyers think they stand a snowball’s chance in hell of getting this property?”

Case in point, 139 Corbett, a Single Family Home in “Corona Heights” (we can just call this almost heart-center Castro), with three bedrooms, two baths, two car parking, expansion potential down, a yard, and big (nay, fantastic) VIEWS of Eureka Valley/Castro…asking $799,000:


There were 30+ offers! My client offered $932,000 and wasn’t even close. It’s certainly going to sell over $1,000,000, and I’d even guess a sales price close to $1,100,000…but “comps supported” a $799,000 list price? Really? Do you need 30 offers? Wouldn’t 10, or even two, offers be just as good?

Maddening. Truly maddening.

-139 Corbett, $799,000, 3bd, 2, ba, 2 pk [MLS]

But It’s A Buyer’s Market

Any of you see this article on Yahoo! about US Cities Where Homes Sell The Fastest?

Gather ’round…I have a story for you.

Yesterday, on behalf of my clients, I presented a full asking price, ALL CASH (that’s $1,350,000 George Washingtons), two week to close, sellers may “rent-back” ’til November offer on 49 Alma Street in Cole Valley. This is a home that was listed late 2010 for $1,475,000 and withdrawn in January of 2011.


…and our offer was not enough! We were one of FIVE offers!

We expected multiple offers, but here is the kicker – four of the five offers were also all cash! Are you kidding me!? Hang on…it gets better. Our offer was almost the lowest in price. One other offer below us. The winning offer had zero contingencies. That’s all cash, significantly over asking, no contingencies, two weeks til the seller gets their coin…Is it 2003-2005 all over again? WTF!

I know the details of the other offers, but for the sake of the lucky and thrilled seller, and the lucky and thrilled buyer, some things in a transaction are better not to publish until it closes and cash and keys are transferred. Job well done by listing and selling agent combined, and the buyer for blowing our minds.

Okay, I have another anecdotal bit of story for you.

Seven Divisadero hit the market a couple of weeks ago. Barely two or three days on the market…Bam! In contract, all showings canceled.

You cancel showings when you have an extremely good offer that you’re not afraid is going to fall apart. My guess is another all cash offer over asking with one simple inspection contingency.

That leaves several all cash buyers with over $1,000,000 to burn still out there looking.

But it’s supposed to be a buyer’s market…right?

-US Cities Where Homes Sell The Fastest
-Battle Royale: Cole Valley Versus Noe Valley [theFrontSteps]
-Multi Millions On A Monday [theFrontSteps]
-49 Alma Street [Property Website and Photo Credit]
-7 Divisadero [Property Website and Photo Credit]

43% over (asking) on 2190 Broadway 9W ($5,000,000)

Just a bit busy, so this from today’s sfnewsletter:

“Hi Alex,

I just heard a rumor that 9W at 2190 Broadway asked for $3.45M and closed for $5M. An overbid of 43%?”

Rumor mill says…TRUE! Also true: that puts the price per square foot of this condo that “needs updating” at $1,562.50; HOA dues are $2254.50; Days On Market 39; built in 1973; 3200 square feet; and one parking space.

Happy Friday!

-2190 Broadway 9W [listing details]

The Wall Street Journal reports on Overbids?

Aldo Congi…Capo di Capi telling it like it is. Andrew, you kind of fumbled a bit, but we’ll let it slide. And who was that that walked out of the bathroom in the middle of your interview!? Gasp….

No way! It’s not happening. Really it’s not. The market has tanked. This report was from 2005. The Wall Street Journal just wasted their time. (sarcasm, sarcasm, sarcasm)

And on the other side of the equation, Shiller (think Case-Shiller) thinks it’s only going to get worse, like worse than the Great Depression worse. Let’s make sure we don’t invite that guy to our party!

-Home Sales Fall, but Signs of Stability Emerge [The Wall Street Journal]

A Done Deal at 3647 Washington ($910,000 over asking)

We’ve been through the over/under debate countless times, but when the big ones hit we have no choice other than high-light them, and 3647 Washington is no exception.

3647wa

According to MLS, this five bedroom, four and one half bath single family home in Presidio Heights hit the market March 26th at $3,595,000, spent a staggering 12 days (or less) actually “on” the market, and just closed escrow for $4,505,000…or 25% ($910,000) above asking.

We again say, look past the over/under debate on whether it paints a picture of the market and think more about the desire of one person to have that property so much more than the others. Also think about the ones that lost.

$600,000 over asking on Avila?

In case you don’t get the sfnewsletter, we’ll bring a tid bit to you:

“Since everybody keeps telling us about it, we might as well print it (albeit a bit premature). This one will certainly blow your mind. Four fifty one (451) Avila hit the market February 29th (the first time in 60 years), asking $2,279,000, received nine offers, three of which were all around the top, and will apparently be closing not 100 or 200, no not 300 or 400, nope not 500 either, but a mere $521,000 above asking (go ahead, do the math).

Something tells us this house hasn’t seen that kind of action in at least 60 years! (Yes, that kind of action.) And what’s this about a cat included in the purchase price? ;-)”

[Update: Ask, and receive, proof of the $2.8M asking price.]

-Friday April 18th, 2008 [sfnewsletter]

2956 Webster: 8 Offers, 4 Cash, 1 Winner, 7 Losers

From sfnewsletter:

We’re really trying to stop publishing these things, but they just keep coming up. This week we have 2956 Webster in the oh so popular Cow Hollow District. This is a 2 bed, 2 bath condominium that was asking $1,279,000 was absolutely swarmed, received eight (yes 8 ) offers, four of them all cash, and ultimately closed at $1,410,000. Yes…that much over ($131,000).

Forget for a minute this property sold above asking, because as we’ve said before there are some grey areas regarding sales above asking. What we all need to focus on is that there are still seven (yes 7) very hungry buyers for two bedroom condos in this area at this price that were beat out, and those were the buyers that stepped up to write an offer. There were probably more that didn’t even want to compete. Guess what? Those buyers are likely still out there.

Done Deal in Presidio Heights: 327 Locust

We’re putting 327 Locust (3 bed, 2 bath SFR condo (oops!) asking $1,798,000 selling $2,025,000) up per reader request.

327locust.jpg

We acknowledge this sale closed 10/31/2007 and we are now in the beginning of 2008. The market has changed since then, but an eye-catching sale nonetheless. Or shall we say classic “competitive pricing” situation?

If you’d like to see the sales history, check out Redfin.

-327 Locust [mls]

-Property History [Redfin]

Hip Hip Hooray!…and $300,000 over (4924 17th)

We know, we know…stop cheerleading, it doesn’t serve us well. It really doesn’t indicate any sort of bearing as to our real estate market. It’s just rubbish. It only happens on the high end, but it happens, and you need to know about it.

492417th.jpg

4924 17th St. asking $3,600,000, selling $3,900,000. Listed 10/19/2007, “pending” 10/31/2007, sold today 12/10/2007…cash. Apparently, these buyers don’t care about the memo.

-4924 17th St. [mls]

Hmmm….$354,000 Over Asking in a Down Market?

135coleIs that correct? Let’s see, sales price $1,553,000, minus list price $1,199,000 equals $354,000. Is that right? Hmmm. Day offer received 9/28/07 minus list date 9/12/07 equals 16 days on the market. Is that right? It can’t be. We just said volume is down 41%. Ohhhh. We get it. We’re just being led astray that the San Francisco market has tanked, when in fact, it has NOT! Don’t believe what you’re reading. Cooled, yes. Tanked, no. Go ahead and put that on the Craigslist Housing forums,“Planet of Slums”.

135-137 Cole in Park North. Two units, both vacant, both needing some love, and both flying off the shelf in unison.

Say it with us now. The market is still good. The market is still good. The market is still good. Eventually, it might sink in.

-What’s going on $500,000-$700,000 [theFrontSteps]

-God Save the Queens of the Craigslist Housing Forum [theFrontSteps]

-135-137 Cole [mls]

Tanking Market? Come Again? “That’s what she said” (1705 Broderick)

She being 1705 Broderick, a 3 bed, 3.5 bath, single family home in Lower Pacific Heights, and the pun being that she just came on the market 10/03/07 for $2,450,000 and just sold for $2,800,000. For the mathematically challenged (that includes us) that is $350,000 above asking (14.29%), a staggering month on the market (MLS shows 15 days, but we’ll add a few for sh*ts and giggles), and a price per square foot of $1,057 for Lower Pacific Heights between Pine and Bush streets.

MLS

Argue all you want about pricing, anecdotal information only, it’s the exception not the norm, blah, blah. The fact is, there was more than one person interested in this type of property that had the means to make this type of purchase. Should another home like this come around, what’s going to happen? Keep in mind, this whole sale took place in one of the worst markets our city has seen in years.

If you watch “The Office” you’ll get the “that’s what she said joke”. Regardless, a pretty good sale in a pretty “gloomy” market. We think you’d have to agree.

It’s a cold market indeed…(130 Retiro Way: an Update)

130retiro.jpgNot too long ago, we featured a friendly wager on 130 Retiro Way in the Marina district, what it will sell for (asking $1,725,000) and what kind of remodel we’ll see.

RentsUP” nailed the sales price at $1,850,000, or $125,000 above asking (7.25%). It closed yesterday. Now about the remodel? And did you buy it too? If so, that’s just plain cheating. ;-)

-Mid Century Betting, 130 Retiro Way [theFrontSteps]

Nothing special, just $421,000 over asking, that’s all (1809 Diamond)

Asking $1,799,000 1809 Diamond in Noe Valley, a 5 bed, 3.5 bath, just closed for $2,220,000 or $421,000 (23.4%) above asking.

1809diamond.jpg

Debate the pricing all you want, demand is there. We might add this home listed 9/21, and was on the market a staggering 12 days.

Ahhh, what the hell. Previous sale, September 2004, $1,375,000, or 61.4% increase in three years. (Just looking at sales price 2004 vs. sales price 2007 not taking anything else into consideration.)

-The Real State of Real Estate [theFrontSteps]

-1809 Diamond [MLS]

-1809 Diamond 2004 [MLS]

Noe Valley wins, Pacific Heights loses … BIG!

Way back when on July 3rd one of our readers, “Eddy”, sent in a post pitting two districts against each other titled “A tale of two districts”.

We showcased two properties:

douglassacto.jpg

689 Douglass, which absolutely flew off the shelf, and ultimately sold for $2,050,000 from the $1,895,000 asking price (Close of escrow was 8/15/07).

The other property being 2679 Sacramento, was withdrawn from the market at $1,550,000, and is now back on with a new price ($1,515,000), and a new lease on life, as it is only 2 Days on the Market (We guess, they’re not counting the 48 days on the market from the last go-round).

Let’s cross our fingers that it sells this time, but honestly our hope is fading.

And as Eddy pointed out, “Still no parking or back yard.” Not easy to put those two items in either. ;-)

For more of these types of neighborhood battles, we now have something similar that we call the Battle Royale, which you should check out and chime in on. We’re working on our next, Inner Sunset vs. West Portal. Stay tuned!

-“A tale of two districts” [theFrontSteps]

-689 Douglass [listing detail from sfnewsletter]

-2679 Sacramento [listing detail from sfnewsletter]

-Battle Royale [theFrontSteps]