Category Archives: Duboce Triangle

2200marketmarket

30 Days Later, Property Resells For $101,000 More

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.
2200 market street

2200 Market

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]

But It’s A Buyer’s Market

Any of you see this article on Yahoo! about US Cities Where Homes Sell The Fastest?

Gather ’round…I have a story for you.

Yesterday, on behalf of my clients, I presented a full asking price, ALL CASH (that’s $1,350,000 George Washingtons), two week to close, sellers may “rent-back” ’til November offer on 49 Alma Street in Cole Valley. This is a home that was listed late 2010 for $1,475,000 and withdrawn in January of 2011.


…and our offer was not enough! We were one of FIVE offers!

We expected multiple offers, but here is the kicker – four of the five offers were also all cash! Are you kidding me!? Hang on…it gets better. Our offer was almost the lowest in price. One other offer below us. The winning offer had zero contingencies. That’s all cash, significantly over asking, no contingencies, two weeks til the seller gets their coin…Is it 2003-2005 all over again? WTF!

I know the details of the other offers, but for the sake of the lucky and thrilled seller, and the lucky and thrilled buyer, some things in a transaction are better not to publish until it closes and cash and keys are transferred. Job well done by listing and selling agent combined, and the buyer for blowing our minds.

Okay, I have another anecdotal bit of story for you.

Seven Divisadero hit the market a couple of weeks ago. Barely two or three days on the market…Bam! In contract, all showings canceled.

You cancel showings when you have an extremely good offer that you’re not afraid is going to fall apart. My guess is another all cash offer over asking with one simple inspection contingency.

That leaves several all cash buyers with over $1,000,000 to burn still out there looking.

But it’s supposed to be a buyer’s market…right?

-US Cities Where Homes Sell The Fastest
-Battle Royale: Cole Valley Versus Noe Valley [theFrontSteps]
-Multi Millions On A Monday [theFrontSteps]
-49 Alma Street [Property Website and Photo Credit]
-7 Divisadero [Property Website and Photo Credit]

San Francisco Pocket Listings, Not On MLS Opportunities, And Buyers Looking!

I’ve been resisting the urge to continually share the opportunities popping up in San Francisco on my new venture, PocketListings.net, but I can’t hold back. Here is a summary of what is going on “behind the scenes” in San Francisco real estate that we’re gradually bringing to center stage.

-Thirty-three hundred square feet in Pacific Heights for $2,875,000:

-A “creative buyer looking for development opportunities…flexible on property type and price.

-Three bedroom Potrero Hill Condominium For Sale, but not on MLS.

-Telegraph Hill Buyer looking to be on the East Slope, and desiring views. Price up to $2,000,000.

-One bedroom condo in Dolores Heights, very much for sale, but also “not on MLS”.

-Should you find yourself itching to move to Marin, here is a nice 4 bedroom, 4 bath home with 4 Car Parking, also “not on MLS”.

-If you want to get way the hell out of dodge, perhaps this Daytona Beach, Florida “family compound” is for you.

I could go on and on, but I’ll stop there. The moral to the story is that what you see on MLS is not close to the entire picture, AND PocketListings.net is pioneering a platform to give the buyer a voice. We plan on completing the real estate circle, if you will. Think of the countless properties that could be marketed before MLS, thousands that get withdrawn or expired from MLS, bank foreclosure inventory, and so much more. If you’re an agent, I’d encourage you to use it, and if you’re a principal, I’d encourage you to browse it, then tell your agent to join!

-PocketListings.net

Sold? (64 Pierce)…a reader asks

Take note…flattery at the beginning of the paragraph grabs our attention and puts the email at the top of the list. Flattery at the end of the paragraph assures you can cut in line and get a quick response. A reader asks, [We answer].

64pierce.jpg“Hi-

First off, just wanted to say that I enjoy your blog.

I live near Duboce Park and I noticed a house at 64 Pierce with a For Sale sign on it (Listing from Hill & Co, I believe) and then gone in a few weeks. I can only guess that it sold very quickly. I stopped by the open house one Sunday. Nicely done, but not totally pimped out…on a nice block, a cul de sac leading into Duboce Park (which has pluses and minuses) with a listing price close to $2M. [$1,950,000]

First question…was wondering if it indeed sold and if you know any of the specifics. As a nearby homeowner, just wondering how “hot” (or not) the neighborhood is. [You had a 50/50 chance to guess correctly on whether it sold, but you chose wrong. Just be careful if you go to Vegas. It is withdrawn for the duration of summer, therefore did not sell...according to MLS. ]

Second question is that I noticed that it was not on MLS. I was wondering what your thoughts were about “To List” or “Not To List” on MLS. I am of the mindset that you want to expose your home to as many people as possible….even if it means a lot of “looky loos” stopping by the open house. MLS seems to reach a lot of people, so why potentially limit your pool of possible buyers? [It was listed on MLS 7/12/07 and withdrawn 8/2/07. Definitely "To List" on MLS is the best thing to do for maximum exposure. Even better is to list with one of us...obviously. ;-) ]

Thanks and keep up the good work. [Thanks for reading, writing in, and spreading the word!]

Doug”