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.
Before we get down to the top 10, I thought you all might like a bit of first hand story to ponder over lunch or dinner with your friends.
This property: 1850 Church, technically in Glen Park, practically in Noe Valley.
It is a top floor, three bedroom, two bath, down to the studs remodel including moving the bedrooms from the back of the house to the front, moving kitchen to the back, blowing out walls, opening up space, adding a deck, and basically making it awesome…and it has two car parking and a yard. For all practical purposes, it’s pretty sweet. It is however bordered by a shack on the right and left of the property, which can either lend to its appeal or detract, depending on your tolerance for jungle overgrowth. But enough about that. What happened?
Listed for $1,195,000, maybe a bit low, but probably pretty fair, all reasonable comps suggested a sales price in the high $1.2s to mid $1.3s. Single family homes are selling for that, and this is a condo! After all the dust settled, there were seven offers. My clients wrote at $1,350,000, my colleague’s clients wrote at $1,410,000 (You doing the math? That’s already $215,000 over asking.), and neither of us won. Go figure. So any day this property is going to close at $1,435,000 with a cash offer that came with zero contingencies, which equates to $240,000 over the asking price, and right into the range of insanity. Exact square footage is not known, but a ballpark would put this property to at least $1000/psf, and at 20% over asking, it doesn’t even get on the top 10 list!
Isolated incident? Sadly no. The pattern is the same. Buyer loses once. Buyer loses twice. Buyer loses three times or more. Buyer gets fed up, goes crazy big, blows our minds, blows everyone else out of the water, and sets the bar that much higher for the next. It’s a vicious cycle we’re in.
In case one anecdotal sale isn’t enough for you, I present San Francisco’s top 10 Overbids of the week.
|2820 Sacramento St 2822||2-4 Units||11||$1,825,000||$2,550,000||39.73%|
|360 Guerrero St||1/1.00/404||11||$599,000||$780,000||30.22%|
|1013 Rhode Island St||2/2.00/N/A||9||$1,099,000||$1,410,000||28.30%|
|125 Bella Vista Way||3/2.00/N/A||42||$749,000||$960,000||28.17%|
|664 Teresita Blvd||2/1.00/N/A||9||$699,000||$891,000||27.47%|
|26 Pleasant St 30||2-4 Units||75||$2,395,000||$3,020,000||26.10%|
|1335 31st Ave||2/2.00/N/A||14||$795,000||$1,000,000||25.79%|
|415 Missouri St||3/1.00/||19||$995,000||$1,250,000||25.63%|
|3380 22nd St||3/1.00/||70||$849,000||$1,060,000||24.85%|
|2446 17th Ave||3/2.00/N/A||15||$729,000||$908,000||24.55%|
So when will this madness end? I’m guessing not anytime soon. I’ve been saying it’s a great time to be a seller, but if you’re a seller needing to buy in San Francisco and stay here, not so fun.
To you out of town readers that have waited for your time to unload your SF property, are you going to keep rolling the dice and bet things get hotter, or get out while the gettin’s good?
Have I got a story for you…
When I closed the deal last Friday for [removed], my new condo in a 2-unit building, I had no idea my downstairs co-owner was a self-described “sex enthusiast” who engages in loud S&M “leather sex” on a regular basis. I learned this not from the seller or his agent, but via an email from the co-owner himself, which I received last Sunday night, after close.
The mere fact of the co-owner’s sexual preference doesn’t bother me in the least. But the possibility of it coming to the attention of my 10 year old son, whose bedroom was to be directly over the downstairs bedroom, enrages me.
By what measure does this not require disclosure? All parties to the sale knew I had a young boy who would be living with me. And I had expressed to my agent directly my concern over the possibility of an S&M dungeon in the common garage area, as that would be an inappropriate feature in a child’s environment.
Neither the seller or his agent told me about the use and type of noise coming from the lower unit, though the co-owner writes that this was a topic of conversation several times between the seller and him.
The level of noise transmitted between the units has been an ongoing issue. In fact, renovation of the seller’s unit was undertaken as recently as this year to help abate the noise: new sound proof padding and carpeting were added.
Despite the possibility that my 10 year old would be negatively affected by this noise type and unit use, this fact was kept from me during a full 6 weeks while I decided whether to purchase the condo.
I implored both realty companies to rescind the sale. They both said get a lawyer, we can’t help.
I now have a brand new condo I cannot move into because of the risk it poses to my son.
I have 50% custody of my son. If I were to move in to the condo, my ex-wife would immediately sue for full custody.
I have very little cash reserve because I paid nearly 50% down.
I have to move out of my current temporary residence on May 3. I have nowhere to go.
I have thousands of dollars of furniture and rugs piled up in my living room, purchased specifically for the unit at [removed].
I cannot afford rent because of my new useless mortgage.
I literally don’t know what to do or where to go.
For this I paid $27,000 in commissions?
All of this is due is to a lack of disclosure, and the lack of will to properly investigate my clear and communicated concerns. I was the only person who bid on the condo. I suspect there may be a financial motive for the non-disclosure, as the seller was eager to get out early, and requested early close via his agent.
The only people that can act quickly enough, and that have the necessary resources to fix this, as well as a moral and ethical obligation to do so, are the real estate agencies. And they are ignoring me or dragging their feet.
I am hoping to generate enough public awareness that they will take a more responsible approach for a situation that they have created by their lack of due diligence to discover all possible pertinent disclosures.
I specifically instructed my realtor to ask the sellers agents for access to a locked room in the common access area to determine if it was possibly an “S&M dungeon.” I felt a little silly asking, but also felt I needed to know with certainty that that usage was not the case where my son and I would live for years to come.
Apparently, [my agent] did not communicate my clear concern to the other realtor, or [the selling broker] did nothing about it except ask for the inspection of the room. I have 2 emails from the realtors on this topic. My concerns in this area were clear to my agent, and the conversations on this topic with her were witnessed.
I am willing to forward the pertinent emails for your verification, if you are interested, from the co-owner, [and both brokerages]. You may call me with questions at the number below.
Please help me spread this story far and wide. Public opinion is the only leverage I have at this point to enact a solution, other than litigation, which will take years and thousands of dollars to come to a probable unsatisfactory conclusion.
The responsibility of disclosure is one that these realtors took far too lightly, apparently preferring to deliberately not know, despite my concern, rather than to threaten the sale with the full disclosure that was their legal, moral and ethical responsibility.
I appreciate any help you can offer.
Thank you very much.
Glad to be a messenger, but clearly there are some privacy concerns and legal issues I decided to avoid by eliminating address and names, but a little bit of internet digging and you’ll get the unedited version.
Good luck to you Jack!
You know we often get stuck on the mid-century homes in and around the San Francisco Bay Area, and if you’re gonna spam us, it better be good (or at least mention mid-century or modern.) This home at 66 Everson surely fits the bill of good & mid-century. A little bit heavy on the dark wood side of the scale than what we desire (makes us feel like we’re in a Sauna with the Squirrel and Silvia from the movie “Hot Dog”), but an awesome home nonetheless, and someplace we’d love to come party, so let’s get you in it!
Designed by renowned Bay Area architect, Charles Warren Callister, and built in 1963, the home is detached, and situated on a wide lot with unobstructed views of downtown. The home is 3 bedrooms, 2.5 bathrooms, plus a large office. Landscape design by Casey Kawamoto, asking $1,849,000, and not yet on MLS. But of course you’re connected (as are we), so you’ll be happy to know there is a “pre-MLS tour” this week on May 21 from 4-6pm.
Go ahead. Crash the party, suck back some beverages, and sample some hors d’oeuvres. Just don’t forget to take a look at the home while you’re there, and please don’t get lost in the garden.
Or the shed. (Yes…too many good photos to just pick one. Deal with it!.)
Don’t forget our invitation to the housewarming. We make a mean fresh lime margarita that would go well with that kitchen.
-66 Everson [Property Details: 3 bed, 2.5 bath, $1,849,000]
Hello out there, theFrontStep Readers! You may (or just as likely, may not) know my name from my blogs for Redfin. I’ve kindly been invited to write also for theFrontSteps, so here I am, on the steps, with my first blog.
So here’s the setting: last night, 2:00am, sultry night, people walking up from the bars, falling down, giggling. That noise doesn’t bother me much. I’d have to be a hypocrite if I tried to pretend I’ve never, after closing time, made too much noise under someone’s window as I staggered home. But another noise does bother me: some a-hole flooring his car and slamming on the breaks as he reaches the stop sign in front of my house. Then, from fully stationary, he floods the car again, tyring to go from zero to sixty instantaneously. Then he screeches off, circles the block, and comes back to do it again.
But we all live in a city. We can’t really expect quiet, can we? We can hope for it, and maybe in some areas, get it most of the time. But in the end, we’re sharing with a lot of people, some of them loud and possibly crazy. That’s why this new law aiming to curb SF noise interests me. Continue reading
Ready? From what we can tell…Last sold in September ’06 for $1,275,000. Listed in July ’07 for $1,475,000. Re-listed in August ’07 for $1,550,000. Neither time did it sell. Re-listed September ’07 for $1,289,000, reduced October ’07 to $1,249,000, and now in contract (a birdie tells us) over the “original asking”.
So, here’s our question to you. We know which price is referred to as “original”, do you? And we know it will be shown on MLS as “sold over”, but did it? Either way, we’d suggest the buyer’s agent possibly didn’t do their best homework, wouldn’t you?
-2473 Diamond [sfnewsletter property detail]
-Why are Realtors so Arrogant and such a$$holes [theFrontSteps]
-65,000 over, 35,000 under, or 1000 over [theFrontSteps]
We give you a reader’s un-edited [okay, maybe slightly edited] letter to the editor:
I just saw your site for the first time! Where have I been?
I am really interested in SF real estate, but from a purely looking-into-other-people’s-houses-and-fantasizing-about-what-their-lives-must-be-like perspective.
My husband and I sold our flat in Noe Valley last summer. It was not a pleasant experience. It took a while to sell (a few months in SF terms seems to equal a year in the “real world.”) We sold it for under by something like $50K. We moved into a rental while we looked for our next place. We just knew we’d find our dream house – it was a Buyer’s Market!
Nine months later, we found a house in Glen Park. Bought it before it hit the market (a friend of a friend) and now I’m happy as can be. A two-bedroom, single-family, detached on all four sides right [near] Glen Park Canyon for $870k. That’s a good deal, right? But I still like to check things out.
I don’t know nothing ’bout no market rates and interest and blahblahblah. I just know that I’ve seen a lot of houses in Bernal, some in Glen Park, some in Noe, a few others around town. For awhile I was checking a couple of different websites several times a day for new listings.
I’ve worked with three different agents in this city, one when we bought our place in Noe, and two when we sold it. We didn’t like any of them. But we finally figured out that it wasn’t them – it was us. We must be way too picky.
So, that’s a little about me. Not that interesting, and I don’t know that I can really contribute much other than comments like “That place is pretty!” or “1.5 for that shit hole?!” but I figured I’d say hi. And I like your site.”-M
We’re glad you found us. We hope to hear a lot more from you in the future, and something tells us you’ll fit right in. In fact, since you blew through 3 different Realtors, maybe you could provide some insight on this thread.
As for your question whether you got a good deal…you got a house in Glen Park, didn’t have to compete for it, and you’re happy. Sounds like a good deal to us.
The teensy weensy 790 square foot “condo alternative” at 99 Surrey in Glen Park that had all the blogs abuzz, has sold. Asking $599,000 sold for $573,000 or $725/square foot. It did also have “RH-2 lot with renderings of contemporary 2 unit building with parking”, so we’re thinking we’ll be hearing about this in a few years.
[Update: After browsing MLS a bit longer, we see it last sold 12/29/06 for $499,000, but then it "needed work and creative ideas". That means it appreciated $73,000 in 6 months, even though it sold under asking. Of course we know nothing of how much they put into it, if any, and how much they spent in mortgage, but those are the basics for you to ponder.]