Tenth Avenue Opulence For $277,000 Less. Who Wants To Has It?


[Editor's Note: It is recommended you watch the video first.]

There is a lot to love about this listing at 261 10th Ave, especially “savings the money”, but I’m not quite sure what’s to love more:

Is it the insanely awesome gold coverlet accented by leopard print throw pillows and zebra print chair?

Is it the built in ballet studio that screams tutus and Baryshnikov? However, the ceiling looks a little low to soar like a Swan…

Is it the animal paintings in the foyer that look to be horses, or maybe at least one Giraffe?

Or could it simply be the recent price reduction to start off the new year? A price reduction from an original asking of $1,675,000 to the New Year’s price of $1,398,000…more than a QUARTER MILLION DOLLARS.

It’s at a juncture like this when (proper) staging comes in handy, as does realistic pricing and shelving any visions of grandeur and opulence. Personal tastes aside, this is a great house, in an excellent location.

Who wants to has it?

-261 10th Ave, 4 bed, 3.5 bath, $1,398,000 (MLS)
-Find me on the Facingbook

You Changed Your DOM But Were Never BOM, 4148 23rd St Returns

You know that feeling you get when you meet someone and you just know you’ve seen them before, but you just can’t figure out where? Well, fortunately for us folks in the biz of real estate, we have this little feature called “property history” that is becoming all too necessary to check religiously. As it turns out, we have seen 4148 23rd St (4 bed, 2.5 bath, Renovated Noe Valley Edwardian) before.

414823rdfront

We saw her first in 1998 when she sold for $435,000. Then we saw her again (with a face-lift) in April of 2008 for $1,799,000 when she was on the market for 140 days and pulled off the market in August. She resurfaced (very briefly) in December of 2008 with the same look, only different price ($1,599,000 or 11% less than before) and a fresh new DOM (days on market) of zero. Come to think of it, we never did see her BOM (back on market).

414823rdbath

Now we see her again in January 2009 with the same price, but new DOM, and still no BOM. This can only mean she never did find a suitor. So why the new DOM? It’s a trick we agents play, and the public is on to us.

We knew we saw her before, and it almost slipped passed us. Now we’re left to wonder what she’ll look like when we see her again…SOLD, BOM, or with yet another new DOM?

-4148 23rd St, $1,599,000 [listing detail page by sfnewsletter]
-Resetting DOM, Buyers Speak Up, ABC News Nightline Is Listening [theFrontSteps]

Dropping BOMs

Back in the day (two to three years ago) if you dropped a BOM on your listing, it didn’t really matter as there were usually a handful more buyers ready to pounce. These days…not as many, and by all accounts we’re definitely seeing an increase is BOMs across all price points and property types. Today is no exception.

With the return of 1141 Vallejo, a three bed, two bath, Russian Hill residence, we’re left wondering…who’s next, and will another buyer be ready to pounce?

What is a BOM? B.O.M. stands for Back On Market…a listing that was in contract, and for any number of reasons, is again available.

St. Regis, 188 Minna #33D, Back on Market!

So you heard me complain, and cry, and moan that my clients missed out on unit 33D at the St. Regis. Well, now it’s back on the market, still $3,695,000, still spectacular, and still available. The buyer, which just so happened to be represented by the seller’s agent as well, has walked (the wife claiming the space just didn’t work).

My clients have determined that they aren’t quite sure South of Market is happening enough to purchase at the St. Regis, claiming it to be a bit “dead”, and now 33D awaits the next person looking for an A+ unit with spectacular views, floor to ceiling windows, an outdoor terrace, and a great floorplan. Comps will quickly point to unit 23D selling at $3.3M, but I’d like to point out that was an off-market deal and the buyer and seller were represented by the same agent (think not necessarily market price). So now that the dust has settled, 27D (at $3,475,000) and 33D (at $3,695,000) are both available, things could get interesting.

There is still one other unit “available”, but not yet on the market in the “F” stack, should you be interested.

-188 Minna #33D [Pacific Union Listing, $3,695,000]

-188 Minna #27D [listing detail $3,475,000]

Isolated Panic amongst some San Francisco Realtors, or something larger?

Recently, we’ve been contacted by more than a dozen Realtors asking if we could “plug” their listings. Typically, this is not something we do as it defeats the purpose, honesty, and transparency of this blog, but we got to thinking…why not? We could make a little $$ from it, and help get the word out about some pretty cool properties that happen to still be available. Truth be told, a lot of “tips” from “tipsters” are essentially “plugs” anyway. Right?

Well, don’t worry, we’re not going to start whoring ourselves out…yet. But what has us thinking is the increase in requests to do so for properties that have only been on the market 2-6 weeks. In any other part of the country having a listing for 4 months is normal, and panic usually sets in around the 6th month that it is not sold, so why such alarm after 2-6 weeks? San Francisco Realtors are so accustomed to homes flying off the shelf, and when they don’t…they PANIC! Remember, a listing isn’t a “Stalefish” until 100 days have passed, so why all the panic?

We still say it all comes down to pricing, pricing, pricing, and location, location, location, and there is no need for panic across the board. We’re still hearing many more reports of multiple offers and properties flying off the shelf than we are of properties sitting, but is the national trend finally starting to hit San Francisco on a broader level, not just the southern districts? We’ve heard reports of homes in the Inner Richmond, Cole Valley, Westwood Park, Bernal Heights, Inner Sunset, Noe Valley (Gasp!), Parkside, Potrero Hill, and a few other nabes getting a bit stale. Properties that previously would have sold in the blink of an eye. So what gives?

We want your thoughts, especially you Realtors. Go ahead and comment anonymously, we won’t tell. And we certainly hope to hear from the Fluj, who, in case you missed it, we caught.

[If you'd like to check out what we've written about other neighborhoods in San Francisco, look to the right hand column and "Browse Site by Category".]

Reduce and Sell, Reduce and Sell (411 Banks in Bernal)

Even if the market has cooled, and properties are seeing price reductions, they are still selling. There is a technique to employ that usually leads to the same outcome: Reduce, and Sell, and we might add, don’t panic.

MLS

Case in point, 411 Banks, a two bed, one bath, 1600 square foot single family home in Bernal Heights, listed in May at $750,000, price reduced and relisted in September at $699,000 and now on track to becoming a done deal during the holiday doldrums. From what we can tell it spent ~160 days on the market. The last recorded sale on MLS was in 1997 at $165,000.

What’s your favorite? The pink, the picket, or the 1997 price?

6 units in Alamo Square: an update

Not too long ago we reported on some properties that were near and dear to our wallets, literally. True to our word, we report the good, the bad and the ugly.

So we again, bring a sad story on what can happen in this market.

869grove.jpg

The property is 869-879 Grove, a 6-unit building in the Alamo Square district, and the story (shortened) is as follows:

Actually, we’ll make it really short. Hit the market 9/6/07 for $1,695,000, had tons of activity, some very serious buyers circling, but none that wanted to take on the daunting task of the tenant issues associated with this building in order to be able to maximize the use of the property. So… it is still available, and on the Fast Track to Staledom. For the savvy buyer that would like to owner occupy this building, you might like to take a look. For the developer looking to evict and flip, maybe not.

-What Happened? Redfin got it. [theFrontSteps]

-Nothing Special, Just $421,000 over asking, that’s all (1809 Diamond) [theFrontSteps]

-Reasons for my Absence, Market Activity on Three Levels [theFrontSteps]

What happened? Redfin got it (1826 Filbert)

Make no mistake, we love busting the chops of other companies out there, but that doesn’t mean we’re wrong or right, and they’re bad or good. It just means we like putting things out there that we, and hopefully you, might find interesting. So far, we’ve been pretty successful.

So a reader asks:

Just curious if you know what happened to 1826 Filbert, an over priced $1.7 mil 2/1 SFH being sold by Redfin. Place was 1,000sqft and quirky. I noticed the person moved out, but can’t find a sale.

1826filbert.jpg

Well, according to MLS, the property was on the market in June for $1,795,000, then withdrawn end of June, then back on the market at the same time, same price. It appears now the listing has expired (same price), which for all practical purposes means it may not have sold, or it may have been sold in an off market deal, or Redfin simply forgot to update their MLS listing.

Of course, a big indicator of why it may not have sold is the fact that when you call the Redfin 877 number you get the full “national” run around, and as of yet (20 minutes calling over and over) you get no live person. When you call the 858 number, it sounds like they say, “Hi, you’ve reached Redfin San Diego.” Hmmm… They must be out surfing.

If you’d like to try the Redfin experience yourself, feel free to contact the Redfin agent: Erik Van Joosten: 877-973-3346 or :858-[removed per request].

Now, does this mean we don’t applaud innovation? Hardly. More like a little quality control.

[Update: Max (listing agent) called back moments ago, (about 10 minutes after leaving a message), 2 offers under asking when it first listed, not acceptable to the seller. Seller has decided to rent it.]

We’re going to Paris! But you need to buy first

Seems as we’re on the receiving end of just about every promo out there, and some are just too good to pass up. “It’s simple – write and close the most contracts at The Potrero between November 9th and December 31st 2007 and you could be on your way to Paris.” (You meaning us, the agents.)

potreroparis.jpg

Since we’re not big fans of stinky Paris subways, smoking fags (those are cigarettes to the un-trained Euro traveler), and all the sexy French women, we’ll just write the contracts for you, get you in a sweet pad at The Potrero, and should we win, we’ll pick one of you to send on your way to Paris. How about that? So not only would you get the insane buyer incentives, (last check it was two years paid HOA, W&D, and Fridge) , but a trip to gay Paris as well. (Gay Paris pronounced Gay Pear E)

You know where to find us to get you in the door.

Fine print: It’s just tickets, no hotel or anything else…but at least they’re business class, and we’ll throw in a Frenglish dictionary for you.

p.s. We’re totally joking about not liking Paris…we love it there.

-The Potrero South Building Now Selling [theFrontSteps]

-More Incentives at the Potrero [theFrontSteps]

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]

Investor Alley

by Greg Angilly

In every market there are properties that can be obtained for below market value – many that have a strong upside. Here are two we’ve been watching for a few weeks. Our sense is these are available at or below asking and are both strong investment opportunities.

3479 Sacramento St – List Price – $1,075,000

gregsac.jpg

2 bed / 1.25 bath + bonus room down. Parking and outdoor space and on the market for 90 days. Good location – slightly busier than the typical Presidio Heights location – but surrounded by boutique shops and cafés. Well under the average price per sqft in Presidio Ht’s. I imagine there is a willingness to negotiate the price if other terms of the offer are strong. The unit doesn’t show well at all. It’s dark and could use some upgrades. That said, nothing needs to be done so you can owner occupy while you renovate. New kitchen and bath / upgrade lighting / repaint the façade / research the inclusion of bonus room via interior stairs. With basic upgrades this unit should sell for $1.15+ – if you can include the downstairs rooms you are looking at $1.35+.

2080 3rd St # 8 – List Price – $649,000

greg3.jpg

Property has seen several price reductions from original price of $689,000.  Top floor unit with walk out deck with expansive views in smaller building. If purchased for 635K the loft becomes a great investment. Can serve as a nice rental / income property – approximate rental rate is $2500/ month. There are several new projects going in on 3rd St which will bring additional owners and businesses. The Mission Bay campus continues to grow and several new businesses have recently opened along the 3rd St corridor. This area will continue to mature and a deeded top floor deck with views will be a commodity people are willing to pay money to obtain.

I will be tracking these properties for our readers, and I am open for any discussions regarding the two, and/or my opinion on their investment value.

-2080 3rd St # 8 – List Price – $649,000 [mls]

-3479 Sacramento St – List Price – $1,075,000 [mls]

An offer date that came and went (366 Montcalm in Bernal Heights)

A reader just fired this to us, and since we happen to be sitting at the computer (go figure) we’ll just throw it up without any real editorial genius, and hope our readers or Stammtisch can provide some insight.

366montcalm.jpg

366 Montcalm ($649,000), a two bed, one bath “condo alternative” on the North Slope of Bernal Heights apparently had an offer date yesterday, but received no offers. So if you’re interested, here’s your chance. [Update 7/12-in contract]

-When Readers Want Prices, We Bring It! [theFrontSteps]

-463 Nevada, In Bernal On $950,000, out $775,000…yes that’s under asking. [theFrontSteps]

-366 Montcalm [zephyr, MLS]

Fast Track to Staledom ™: an update on 1110 Fulton

1110fultonlr31.jpg
On April 11th, we told you about 1110 Fulton, and how we liked it, and thought it wouldn’t last at the then reduced price of $975,000 from $989,000. We were wrong. It has been reduced yet again to $959,000, and now…well…it’s on its way to our coveted list of Stalefish ™. A sign of the times? We leave that up to you to decide.

-Tuesday Tour: Liked [sfn BLOG]
-Tasty isn’t it? [sfn BLOG]

Big Price, Big Wine Cellar, Big Time Stalefish ™

bvcut.jpgWe know there is a ton of interest for this property, hell…look at it. It’s beautiful. Ahhh, but it’s a Stalefish indeed. From what we can gather, 21 Buena Vista has been on the market for about 300 +/- days. First put on the market back in January of 2005 at $5,250,000, then re-listed with a different company at $5,475,000 in May of 2006, reduced to $4,950,000 in June of 2006, then $4,495,000 in November 2006, and now finally $4,250,000. It’s pretty much got everything you need: 22 rooms on four floors (6 bed, 6 bath); 2 gourmet kitchens incl. state-of-the-art appliances; a home theatre w/64 sq ft screen; 1700 sq ft of gallery space; a home gym w/massage rm & sauna; a master suite w/expansive spa and steam-room; view decks; a 3000 bottle wine tasting room; and 8229 square feet.  So what are you waiting for?

bvtop.jpg

-21 Buena Vista [Zephyr Agent site]
-Stalefish ™ [sfn BLOG]
[pictures pulled from MLS]

Tuesday Tour: Didn’t Like

2342 42nd Ave., a 3 bed, 3 bath single family in the Outer Parkside.
234242nd.jpg
What I don’t like is the fact that in August of 2006 this property was listed at $1,095,000, then in March of 2007 listed at $899,000, now it is listed at $1,295,000. If it sells at $1,295,000, I’m packing up and moving to Mexico, because that would be just plain wrong. It should sell around $775,000 or less. That is a fair price. It has no ocean views, is hardly high-end, literally shares a fence with a school, and could definitely use some “modernizing”. Other than that, it is a great house…seriously. This is one of the hottest markets in the city right now, and this house is just going to get Stale.
I know the price has been set by the seller, so I can’t hold it against the Realtors, but if that’s the price they want, they might as well put it on Zillow as their “Make Me Move” price, save the agents some time, and never plan on moving.

-2342 42nd Ave. [MLS]
-What I liked [sfn BLOG]

It happens… and a great opportunity

[Update 3/30/07: "Pending" as of today...that means it's pretty much a done deal.]
2356larkin.jpg 

2356 Larkin, a two bed, one bath condo in Russian Hill, hit the market for a day at $1.5MM, received an over asking offer, then promptly fell out.  Now it sits. Just look past the zebra rug and wall art (we understand it is all subjective), and you’ll see what we see….a great home in an excellent location.  That price might be negotiable at this point too.  You never know.

2356Larkin.com
[pic taken from property website]

Now we’re talking!….Bernal again…and again.

folsom.jpg

On March 13th, we told you about 3335 Folsom, 3 bed, 2 bath, $1,395,000 Single Family residence in Bernal Heights that had just hit the market. It was like bees to a hive at the open houses, lots of showings, offer date was set, interested parties were there, alas………..no offers!!!! Sometimes this happens. Buyers don’t want to be in a bidding war, so nobody steps to the plate. This could be a good opportunity for someone.

Now We’re Talking!…Bernal Again.
[pics and info taken from www.talklein.com, a member of sfnewsletter]