Below you will find important statistics for the past decade and a half on the luxury markets in District 5. The price point has reached $1.5M for an average home in Glen Park and more than $2M to own a home in Noe Valley and Eureka Valley. Note that the 2014 data are year-to-date, between 1/1/2014 to 7/25/2014.
I’m pleased to announce my clients have successfully sold their Richmond District top floor condominium for $1,200,000 (listed at $949,000), or as I like to point out, $200,000 more than the most recent, closest competitor property on 26th Ave that listed almost the same day as we did.
It’s no coincidence we knocked it out of the park. It was strategy, patience, perseverance, and knowing how to finesse each offer (we received five) to their highest and best without them walking away. Congratulations to my clients that just set the bar for Central Richmond condos – the last area of the city you can still find a deal. Let the migration begin.
Although I’ve been out and about and trying to enjoy summer, clearly the Overbid factory didn’t get the memo. Check out the most recent craziness, including one architect/owner designed house on 15th Ave that sold almost 40% over asking! To all of those that think things slow down in Summer…think again.
Top 10 Overbids for San Francisco:
|414 Missouri St||4/3.00/N/A||6||$950,000||$1,410,000||48.42%|
|671 Alvarado St||2/1.00/||12||$899,000||$1,305,000||45.16%|
|1426 6th Ave||3/3.00/N/A||13||$1,595,000||$2,300,000||44.20%|
|609 Precita Ave||2/2.00/N/A||42||$825,000||$1,175,000||42.42%|
|531 Sanchez St||2/1.00/N/A||8||$995,000||$1,400,000||40.70%|
|2570 Folsom St||4/3.00/N/A||14||$1,595,000||$2,210,000||38.56%|
|45 Richland Ave||3/1.50/N/A||10||$650,000||$900,500||38.54%|
|2628 15th Ave||3/1.50/N/A||12||$849,000||$1,175,000||38.40%|
|656 Arguello Blvd||2/2.00/3||21||$799,000||$1,104,713||38.26%|
|80 Jersey St||3/2.00/||14||$1,195,000||$1,650,000||38.08%|
Want the top 20, sign up for sfnewsletter @ sfnewsletter.com.
[Update: Business Insider Just Shared 13 Properties all Selling For $1M or more over...]
Have a great weekend!
Here’s a shocker: 4369 21st, a single family home in Eureka Valley that was listed at $1,299,950 just sold for – wait for it – 19.23% UNDER asking. That is correct.
Multiple offers came in, buyers lined up, ultimately a hefty Section 1 pest tab forced the seller to go with the all cash, easy peasy developer deal. Win for the seller – got it sold. Win for the buyer – got a deal. Win for the agent – double ended it.
There you have it, properties do sell under asking. So many, in fact, we also publish a list of the Top 20 Underbids to help you sleep easier at night.
Check back tomorrow for the top 10 Overbids, if you’re so inclined.
-Top 20 Underbids [theGoods-sf.com]
It’s Friday, that means it’s time for the Top 10 Maximum Overbids of the week. As usual, there are some doozies, but nothing I would consider ultimate shockers like a few of the last weekly Top 10’s we’ve seen. The number one spot goes to the “Contractor’s Special” on Nevada in Bernal Heights that fetched 65% over (totally in line with market sales price, and not easy to price this type of property). The number 10 spot goes to my clients that finally won after so many years searching – 538 Baker in NOPA that was “only” 32% over asking and the winner out of 15 other offers, two of which were actually higher than ours and all cash. We had a loan. But we “won”.
Anyhow, on with the show. The Top 10 Overbids for San Francisco this past week:
|270 Nevada St||1/1.00/N/A||14||$530,000||$876,000||65.28%|
|866 Cayuga Ave||4/3.00/N/A||20||$928,000||$1,380,000||48.71%|
|27 Day St||3/1.00/N/A||43||$895,000||$1,310,000||46.37%|
|1271 15th Ave 1273||4/3.50/||13||$1,795,000||$2,550,000||42.06%|
|307 Parker Ave||3/2.00/N/A||13||$1,250,000||$1,710,000||36.80%|
|25 Miraloma Dr||3/2.00/N/A||10||$1,050,000||$1,420,000||35.24%|
|1150 Holloway Ave||2/1.00/N/A||35||$889,000||$1,200,000||34.98%|
|320 Castenada Ave||3/1.50/N/A||26||$1,695,000||$2,250,000||32.74%|
|471 Hickory St||2/1.00/N/A||5||$1,060,000||$1,400,000||32.08%|
If you’re curious what your property might sell for, give me a shout.
Have a great weekend!
-Top 20 Overbids Delivered to Your Door (Inbox) [sfnewsletter.com]
-Are Overbids A Result Of Intentional Underpricing? It’s Competitive Pricing [theFrontSteps]
-Top 20 Underbids [sfnewsletter.com]
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.
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]
Recently, I had the pleasure of representing my client in the sale of his condominium in one of the most sought after locations and buildings in downtown San Francisco. Many people refer to this area as SOMA, some refer to it as FiDi (Financial District), some as the Barbary Coast, and others still as Yerba Buena. Regardless of what you call it, I call it a sale that far exceeded my client’s expectations and set a new price per square foot record in his building of $1233 per square foot. In the end, we received 16 offers, all over asking, and settled 31.31% above asking, and well above any recent comparable sale.
My client was so thrilled, he sent me this wonderful testimonial:
Best agent, bar none, in San Francisco
I had the good fortune of working with Alex Clark of Paragon Real Estate on the recent sale of my condo. Alex is extremely professional yet very personable and possesses a keen knowledge of the San Francisco real estate market. My unit was listed for only 11 days and received 16 excellent offers all well over the asking price.
If you are contemplating selling or buying in San Francisco, Alex Clark is a must in your strategy.
A VERY satisfied client.
Many people will chalk this up as simply a sign of the times, but there is an art to garnering tremendous interest, multiple offers, and ultimately a successful, new high water mark sale. It also helps to have your property listed here on the most popular San Francisco Real Estate blog, so it can get press on the more most popular Curbed SF real estate blog. Buyers are online, that’s where I am, and that’s where your property will be.
Congratulations on your sale Peter, and all the success and good times in New York City. I’m definitely jealous of that one way ticket.
-Battle Royale: San Francisco or New York City, If You Had To Choose (Over 100 comments on the matter) [theFrontSteps]
-More Testimonials [theFrontSteps/Alexander Clark]
-Recent Transaction [theFrontSteps/Alexander Clark]
-1 Ecker (16 Jessie) Hits The Market, Monday Open House Was Packed [theFrontSteps]
-A Slice of 1 Ecker Can Be Yours For $495,000 [Curbed SF]
You read that correctly, 2224 Jackson Street, a Pacific Heights trophy three unit property listed at $2,095,000, just knocked out last week’s stunner at 2514 Gough (Sold $1.4M over), to take the cake for most insane insanity ever in real estate anywhere, ever, by selling for $1,706,000 over asking price, or a grand total of $3,801,000. It is a vacant multi unit property in one of the best areas of town, but still – that’s nuts.
That was the winner, but there were more. Second place was a paltry
$600,000 over asking- that one got kicked off the list today. See the top 10 Overbids list below.
|2224 Jackson St||2-4 Units||13||$2,095,000||$3,801,000||81.43%|
|1783 Noe St||2/1.00/N/A||24||$1,195,000||$1,705,000||42.68%|
|390 Franconia St||2/1.00/N/A||6||$895,000||$1,262,375||41.05%|
|239 Judah St||3/2.00/N/A||27||$1,199,000||$1,661,000||38.53%|
|2200 Lyon St||3/2.50/N/A||19||$2,100,000||$2,900,000||38.10%|
|141 2nd Ave||3/3.50/N/A||9||$1,900,000||$2,600,000||36.84%|
|3700 Folsom St||2/2.00/N/A||12||$1,049,000||$1,425,000||35.84%|
|79 Everson St||3/2.50/N/A||24||$1,195,000||$1,610,000||34.73%|
|5725 Diamond Heights Blvd||4/3.00/N/A||8||$1,595,000||$2,139,250||34.12%|
|727 35th Ave||5/4.50/N/A||13||$1,525,000||$2,025,000||32.79%|
I need a drink. You?
In case you’ve driven/ridden by this place and thought you’d like to have a look inside, it’s your lucky day – 203 Guerrero just hit the market, and it’s pretty damn sweet.
Modern to the core, and a perfect place to see and be seen (if you’re into that type of thing), this stunner of a 3 bed, 3 bath condo (not a single family) could be yours for the very low, never sell at this price in a million years, price of $1,699,000. Don’t walk, run. It’s awesome. It has a rooftop deck with hot tub smack dab in the heart of the Mission (the heart is known to wander) for Chrissakes! Oh yeah, and Four Barrel is just down the street.
-203 Guerrero Listing Details [The Goods]
2625 Noriega: 3 bed, 2 bath, $850,000 and all the pink you could ever want – like ever.
This property is definitely not marketed to create the frenzy we’ve come to expect in this market, but will it make a difference in the final outcome? Time will tell. In the meantime — just enjoy the colors for a sec and remember, your eyes are not playing tricks on you.
-2625 Noriega: 3 bed, 2 bath, $850,000 [Property Details]