Category Archives: Alamo Square

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SOLD! 1471 McAllister

I am pleased to say, I just helped my clients secure this wonderful property in the Alamo Square (bordered by and often referred to as NOPA) area of San Francisco, located at 1471 McAllister. It’s a fabulous 3 bed, 2 bath property in an extremely awesome location, and we are thrilled to say we “won” this most competitive offer situation.

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List price: $995,000

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.

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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]

The reasons for my absence: Market Activity on three levels

I know, I know. I’ve been MIA, but there is a reason. A good one. Or two. Actually three. You see, when I get caught up in this blog, reading comments, and reporting on what I see “virtually” I almost get the sense the market has cooled. It has cooled, but not nearly to the extent reported by every other media outlet out there. When I go out into the “field” with buyers and sellers, it is an entirely different picture.

My first example:

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420 Lake, a six unit building asking $1,950,000, in the Lake District. Priced a bit too high for my client who is looking to vacate the building, completely remodel, and sell as TICs, this property had a showing schedule, an offer date (gasp!) and is now in contract. How it pans out, we can only wait and see, but that should be a good indication of something.

My second example:

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869-879 Grove, another 6 unit building asking $1,695,000 in Alamo Square. Just hit the market, first Broker Tour was yesterday, and is rumored to be receiving an offer today.

My third Example:

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2185 Bush #311, my own listing, a two bed condo in Lower Pacific Heights. Received an offer after only 18 days on the market, with many, many buyers circling. We’re still negotiating the final details, so hopefully I don’t jinx it, but the buyers are there, as is the activity, the loan approvals, and interest.

[Update: Literally two minutes after this went live, we are ratified in contract...with contingencies.]

636 Steiner…an offer and a UFC style beat down!

by Alexander Clark

If you’ve never seen an Ultimate Fighting Championship match you’ll have no idea what I’m talking about, and I know it’s a stretch comparing writing an offer to stepping into the Octagon and taking on the likes of Chuck Liddell, but to some of my clients, they truly feel they are getting kicked while they are down and they just want to get a place to stop the bleeding.

Our story of 636 Steiner, a 3 bed, 1 bath, 1582 sqft. condo in Alamo Square, asking $869,000, is quite a doozy.

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I’ve put this picture of the kitchen in so you all can see what kind of kitchen near $1,000,000 buys you these days, and illustrate a big problem (among others) I had advising my clients to go much higher in their offer price.

This all started a couple weeks ago when my clients said they’d found a place they want to write an offer on. (This would be the third offer they’ve written, the other two being 218 Cole, and 256 Page).

The seller decided not to do the typical pre-contractor and pest inspection in order to promote super “clean” offers, so we thought we’d get a leg up on the competition and do them prior to the offer date…the seller said no, because we weren’t the only party requesting to do this. So we waited until Monday.

Offers were due at noon, and I was continually calling the selling listing agent to find out how many were coming in, so that we could adjust our asking price and submit an offer at a price that we thought would keep us in the game. Our first offer was at $915,000, which I submitted at 12pm. I called the agent and asked how many offers he had received…the answer “four so far, but I expect 9 total.” My thought…”F*ck!, what the hell!”. Called my clients, told them the story, and said we better put our best foot forward. So at 2pm we revised our offer, told them to burn the other one, and submitted our max offer at $950,000 pleading the selling agent to keep us in the game. So we are now $81,000 over on a home that has tiny tandem parking, a trek down the stairs to the washer/dryer, really no easily accessible outdoor space, a kitchen that really has no counter space, and 8 other interested buyers. I told the agent to give it to me straight, so we don’t waste any more time. His answer, “I have three offers higher than yours, and they’re very ‘clean’.”

That’s it. Throw in the towel, clean up the blood, lick our wounds and move on. The property was in contract that evening, so I’m thinking there wasn’t too much in the way of counter offers and I wouldn’t be surprised if it sells north of $985,000, which to me, is absolutely nuts.

The score: my clients 0, the market 3. These clients need a knockout on their next offer and we’ve asked Mr Liddell for some help, so steer clear.

Happy house hunting.

-218 Cole: Damnit it happened again [theFrontSteps]

-Why’s this keep happening to me?! [theFrontSteps]

-636 Steiner [MLS]

Fast Track to Staledom ™: an update on 1110 Fulton

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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]

Tuesday Tour: Liked

1110 Fulton, a 2 bed, 1.5 bath condo right across the street from Alamo Square Park.
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I especially like the fact it has had a recent price reduction from $989,000 to $975,000. The property is very similar to 256 Page, but not quite as high end. Location is great, price was wrong. It will not last, so get to it.

-Why’s this keep happening to me? [sfn BLOG]
-1110 Fulton.com [agent site]