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A post wherin I look at price reductions that seem to be pointless.
1. Courtesy of SF Schtuff, 1001 California St., #3 is a super lux condo in the old Hitchcockian San Francisco splendor. (MLS gallery offers house porn to die for, here.)
The original price here was $7,250,000. Now it’s $6,950,000. Indeed, one could argue a $300K price break is nothing to sneeze at. But really, the person who can afford the new price could also afford the old price, especially since this home includes an HOA of $5886 per month. So, $300,000? Big ****ing deal. The monthly payments are still going to top the GNP of certain third world countries.
Here’s another reduction I don’t think makes any difference. 2421 Clement St. This is a 10 unit building, “fully rented,” originally priced at $1,435,888. More than 50 days later, it’s reduced to $1,398,000.
In this case, it’s not so much the amount of the reduction. I just wonder who would ever want to buy a 10-unit building in SF when every other day a law here makes being a landlord a bigger headache than it already was. In fact, this Examiner article highlights the dubious joys of landlords who are currently suing the city to block such laws. Good luck.
So I wonder, in the world of real estate, if price reductions aren’t sometimes just not that much of an incentive after all.
—————
Photo of 1001 California, #3 via listing agent Betty Brachman, Brachman Group.
Four Sixty Three 16th Ave in the Central Richmond is a “fixer upper with 4 bedrooms, 2 baths, 3 car garage with additional sunroom, attic & huge area in garage for storage / rooms. Great potential in million dollar neighborhood!”, and it’s not just on MLS, but on the auction block for $625,000.
The house looks pretty decent from the exterior, but we all know you can’t judge a book by its cover:
Auction was supposed to have happened yesterday, and for $625,000 we have to hope it went significantly above that. If not, we’re all in trouble. We’ll let you know the outcome as soon as we know. For now, we’re left wondering if it was an Outside Lands reveler that made the highest bid.
[Update: From a reader, SFB: the winning bid was $791,000.]
-463 16th Ave [MLS]
Tags: auction
Life is not good if you are 640 23rd Ave, and we’ll tell you why.
Originally listed an eternity ago (for a home at least) back in April of 2008, this 3 bed, 2.5 bath, 1831 square foot home came on the market for $1,295,000. Price was reduced to $1,285,000 in July and it appears to have gone into contract then. Back on the market in the end of July, same price. The price was then again reduced in September to $1,185,000 and then appeared to relatively quickly go back into contract. Then it fell out, went back in also at $1,185,000 and now appears “Back on the Market” for $1,099,000.
This entire story is based 100% off of MLS “property history”, so there may be some error, but generally it’s pretty darn accurate. Poor sellers. Not quite as fortunate as that little house just down the street that practically flew off the shelf.
What gives?
-640 23rd Ave [listing detail page]
Tags: back on market, Central Richmond, reductions
We’re going to get a little Web 2.1 for the moment and do something we can’t recall ever seeing anywhere on the web (please correct us if we’re wrong), and that is open up the mic to advice on a price when an offer is in hand as of moments ago. Had you seen me twittering about last night’s showings, you’d have known we were close to an offer yesterday. Now, it’s back to the blog.
So…some clients would like some help deciding about an offer that was received on their home yesterday at 579 23rd Ave.
Obviously, we can’t go into detail about anything on the offer (especially price), but we can ask what you’d pay for it and if you’d take any one, or all three, of the scenarios below.
1. Offer is above asking by $20k
2. Offer is at asking of $879k
3. Offer is below asking by $20k
Down payment is equal to or greater than 20%, inspections waived, close of escrow 45 days. Good offers, or should the clients hold out for something better?
We know what we’d do, and we’ve already given our advice to our clients, but what would you do? That’s what we want to know!
-579 23rd Ave [MLS]
Tags: real estate, san francisco, San Francisco Real Estate, theFrontSteps
Where readers ask and we try to answer:
1474 17th ave was sold on 1/25 for $1mm (3000sqft duplex), but I did not see anything in MLS or any other signs of activity, nor was there any trace of it in the sfnewsletter. Was this a pocket listing? The price seems to be very reasonable, so under what situations would the seller be willing to let it go at that price without inviting any public offers?
Sellers do crazy things sometimes, and maybe that was the price they wanted…a cool million.
Regarding the sfnewsletter question. sfnewsletter pulls data directly from MLS, so if it was not in MLS, it will not be on sfnewsletter’s reports…yet. (For those not receiving sfnewsletter, this is an example of the report this reader is referring to. sfnewsletter does the same report for just sold.)
Beyond that, you’ve stumped us. Maybe some readers know what happened with this property. According to propertyshark.com, it did indeed sell as you mentioned, but MLS is empty. Our web is only cast so far. Readers?
And weren’t we just in that area?
Having driven by this construction project on the corner of 14th Ave and Clement countless times, I finally stopped, shot, and unfortunately couldn’t roll. And now I’m forced to quit dreaming. According to the construction crew, it is going to be a synagogue, and the vertical sides perfect for a frontside air, or McTwist, will hold seating like a “theatre” and they are “going to put a roof on it”. Imagine what Tony Hawk, or Danny Way could do on this thing:
[youtube=http://www.youtube.com/watch?v=KkLbHeW1RSs]
[Danny Way pulling a 360 OVER the Great Wall of China...on a skateboard.]
Anybody else have any insight on this project?
In record time a reader comes through. It will be the Beth Sholom Synagogue, and the Architect is Stanley Saitowitz. Here is a link to their site, and here are the renderings:
[images pulled from Stanley Saitowitz, Natoma Architects, Inc. website (www.saitowitz.com)]
Another way to ensure hordes of buyers to your property, use the words, “Good Bones”. This 2 bed, 1 bath, probate at 833 26th Ave is a total fixer that listed at $679,000, minimum bid is now $896,150, after receiving 23 offers. As we said, fixers fly. This one could easily get into the mid $900,000′s.
-833 26th Ave. [MLS pictures]
-20 on 40 [sfn BLOG]
-More Overbids [sfn BLOG]
Over on the sfnewsletter we have this little list we call our Stalefish ™. (Properties on the market 100+ days.) Of course there are ways around hitting our list (“Resetting the DOM to sell Stalefish”-sfgate), but generally, we’ll find them. 177 17th Ave. (TIC) is on that list, but if you take a look at a couple of these pictures, you’ll surely see it is not the property, but the price. The other unit in the building, 175 17th, is in contract and just waiting for you to help them out.
Current price: $1,360,000
Previous price: $1,428,000
3 bed, 3 bath, 2150 square feet, lower unit
Offer date now set for March 21(not too sure how smart that is)
Beautiful Kitchen. 
The good thing about finding a Stalefish ™…there are deals to be had, and anxious sellers, especially on a two unit building like this that has the potential for condo conversion.
[pictures taken from property profile, photographer not stated]
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