Category Archives: Still There

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?

Fixer Facing Foreclosure: an Update (455 Vernon)

Price then for this lovely home in Merced Heights, $695,000. We were told recently they just had a “$125,000 price reduction to $600,000″, (We’re assuming that math is from an “original price”.) So there you have it, 455 Vernon is now $600,000.

455vernon.jpg

We still have dibs on that truck.

-Fixer Facing Foreclosure: Move Fast! [theFrontSteps]

-455 Vernon [listing detail]

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]