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Underbids All Over The Map | San Francisco

Did you miss the Top 10 Overbids last week? Don’t worry, SFGate has em posted, but since it’s Monday (well it was yesterday), we like to bring you the weekly top 10 Underbids. Sounds like SFGate might recap them there too, so keep your eyes peeled.

The top dogs are a variety this time around. Locations are spread out – Western Addition, Bayview, Nob hill, Telegraph Hill, Marina, Pacific Heights, Inner Mission, Cow Hollow, and Noe Valley. Sizes range from a 232 square foot micro studio condo, which sold for $390,000 (don’t get too excited, that’s nearly $1700/sqft), to a 5590 square foot 5 bedroom mansion, which sold for only $1500/sqft (don’t get too excited here either, that’s $8.4M). There’s even a commercial unit in the mix, that fetched “only” $430/sqft (we ain’t talking apples to apples to the above.)

Just goes to show, in real estate, particularly in San Francisco it’s all about location, location, location…and pricing, marketing, presentation, and timing.

Regardless, have a great work week. Enjoy the top 10, stay dry, and pray for more rain/snow.

Address BR/BA/Units List Price Sold Price Underbid
1406 Golden Gate Avenue 3/2/0 $1,399,000 $1,200,000 -14.22 %
1311-1313 Palou 2-4 Units $995,000 $875,000 -12.06 %
1300 Pacific Avenue 0/2/0 $468,000 $425,000 -9.19 %
412 Green Street #A 0/1/0 $425,000 $390,000 -8.24 %
3315 Pierce Street 3/3.5/3 $2,699,000 $2,500,000 -7.37 %
2470 Broadway 5/4.5/2 $6,995,000 $6,500,000 -7.08 %
1326 Utah Street 2-4 Units $1,289,000 $1,200,000 -6.90 %
33 Perine Place 2/2/1 $1,500,000 $1,400,000 -6.67 %
2828 Divisadero Street 5/5.5/2 $8,995,000 $8,400,000 -6.61 %
425 28th Street 3/2/1 $1,695,000 $1,588,888 -6.26 %

theFrontSteps Overbids on SFGate [SF Gate, San Francisco Chronicle Online]

1333 Jones St., Nob Hill San Francisco

13% Under Asking In Nob Hill | That’s An Audi R8

Hope everyone had a great Thanksgiving! I know I did. Back to the grind…

With the grind comes daily ganders at all things San Francisco real estate, and today is no exception. Check out this this Nob Hill Co-op apartment at 1333 Jones topping our weekly list of underbids (because they do exist).
1333jones

Listed just under $1.5M and sold for $1.3M… that’s gotta put a smile on your face. The $200,000 savings can put an Audi R8 in your garage (it is holiday season after all), or your kids through San Francisco pre-school (go with the R8). :-)

Hey look! Two other full service bachelor pads also sold under asking recently: one at the Four Seasons and the other at the Ritz Carlton. Underbid by about 8% after being on market for 339 and 227 days respectively. Wowza…

Anywho…the weekly top 10 list of Underbids for your Monday viewing pleasure:

Address BR/BA/Units List Price Sold Price Underbid
1333 Jones #801 1/1.5/1 $1,495,000 $1,300,000 -13.04 %
2955 Pacific Avenue 3/2/1 $4,100,000 $3,650,000 -10.98 %
2535 Vallejo Street 3/3.75/2 $6,275,000 $5,600,000 -10.76 %
956 South Van Ness 4/3.5/2 $2,995,000 $2,674,000 -10.72 %
3283 25th Street 2-4 Units $1,788,000 $1,615,000 -9.68 %
765 Market Street #27B 1/1.5/0 $1,550,000 $1,415,000 -8.71 %
690 Market Street 1/2/1 $1,150,000 $1,050,000 -8.70 %
3236 Scott Street 5+ Units $2,450,000 $2,250,000 -8.16 %
825 Rhode Island Street 4/3.5/1 $1,895,000 $1,750,000 -7.65 %
1069 Capp Street 5+ Units $1,799,000 $1,675,000 -6.89 %

Top 10 Underbids | Would You Believe 20% UNDER Asking In Bernal?

15 prospect

The market is cooler…no doubt.. Is it seasonal, or longer term? Time will tell. As you saw last week, Overbids are still rampant, but more and more emails are coming to me, “Still Available”, “Offers as they come”, “Motivated Seller”, etc. Could we be approaching the year of the buyer?

Out of the 10 Underbids featured, 4 are multi-unit buildings, which made up the 1st, 2nd, and 3rd place on our list. The #1 underbid goes to a Bernal Heights duplex – a “Tremendous Bernal Heights Fixer” to be exact, 15 Prospect Avenue, which just closed 20% under asking or at $950,000 from its $1,199,000 list price. Looks like my buddy Eddie O’Sullivan got his clients a nice little project. Well done lad…

As for the rest, this is how it stacked up.

Address BR/BA/Units List Price Sold Price Underbid
15 Prospect Avenue 2-4 Units $1,199,000 $950,000 -20.77 %
622-626 Buchanan Street 2-4 Units $1,399,000 $1,250,000 -10.65 %
161-165 Cook Street 2-4 Units $2,395,000 $2,150,000 -10.23 %
2287 16th Avenue 4/2/2 $1,388,000 $1,250,000 -9.94 %
301 Mission Street #49D 2/3/2 $4,588,000 $4,180,000 -8.89 %
2829-2831 Pierce Street 2-4 Units $2,970,000 $2,750,000 -7.41 %
3260 Baker Street 3/2/2 $2,999,000 $2,800,000 -6.64 %
1308 Valencia Street 4/3.5/1 $2,499,000 $2,350,000 -5.96 %
265 Minerva Street 2/1/1 $699,999 $659,000 -5.86 %
2869 Broderick Street 4/3/2 $3,500,000 $3,300,000 -5.71 %

For more Good Real Estate Stuff…check out The Goods.

Off Market Magic

SOLD | Duboce Triangle, Inner Mission, Russian Hill, Mission Dolores

Congratulations to my buyers (x4), and my off market seller! That was quite the whirlwind of activity, and I’m thrilled we were able to pull it all off.

As my client said on my LinkedIn profile, I pulled off a “hat trick that [he] thought was impossible in the crazy San Francisco real estate market…” by not only helping him win a 15 (or more) offer situation on 2169 Folsom (Rex Ray’s old pad), but also coordinating the off market sale of his condominium to New York buyers buying his home (2186A 15th St) sight unseen.

I should add we pulled this off with making the purchase of Folsom contingent upon the sale of 15th…almost unheard of in this market, but we did it! And a special thanks to the listing agent for sticking with us. Phew!

In addition to the above trifecta, I represented the buyers of a great “new” condominium at 323 A Church. Another multiple offer situation that was quite touch and go all the way until the very end, I used my connections at SFO to make sure my buyers’ flight from Germany was not delayed and arrived on time, so they could sign their loan/buyer documents that day or risk getting kicked out of contract:

I also represented buyers of 870 Chestnut, which turned out to be a walk in the park compared to the other deals, as it only contained the usual lender headaches and seller hardball tactics that are almost guaranteed to be a part of any transaction

Big hats off to all of my wonderful clients past, present, and future. Because of you, life is good. I hope you all enjoy your new homes, and remember I am here for you, always.

I appreciate all of you readers near and far, many of whom have become clients and friends, and look forward to connecting with all of you when it’s time for you, or anyone you know, to buy and sell San Francisco real estate.

If you’ve had it in your mind to buy or sell during the post Labor Day listing Bonanza and usual market spike, we should talk now to get your ducks in a row.

Carry on, and continue enjoying your Summer….

For a look at some more Recent Transactions, follow this link

elseworth

San Francisco | Top 10 Overbids Of The Week

As if last week wasn’t painful enough for you buyers. The top spot this week comes in a meager 67% above the list price of $850,000 for a sales price of $1,425,000. Bernal Heights, FTW! But don’t overlook the Mission district single family home at 3336 23rd Street that fetched $811,000 over asking either:

Address BR/BA/Units DOM List Price Sold Price Overbid
99 Ellsworth St 2/1.50/N/A 12 $850,000 $1,425,000 67.65%
1365 Union St 1367 2-4 Units 8 $1,999,000 $3,150,000 57.58%
3475 Jackson St 4/3.50/N/A 12 $3,995,000 $6,175,000 54.57%
3336 23rd St 3/2.00/N/A 16 $1,495,000 $2,306,000 54.25%
1644 Great Highway 4/2.00/N/A 19 $799,000 $1,210,000 51.44%
197 Lower Ter 2/2.00/N/A 13 $995,000 $1,500,000 50.75%
61 Germania St 2/1.50/ 7 $899,000 $1,310,000 45.72%
88 Norton St 2/1.00/N/A 14 $659,000 $950,000 44.16%
2266 Jackson St 3/2.50/ 7 $1,695,000 $2,410,000 42.18%
514 Elizabeth St 2/1.00/ 15 $1,095,000 $1,555,000 42.01%

Wowza…

[Editor’s Note: Overbids are calculated by way of percentage over, not dollar amount over.]

To see the Top 20 Overbids, as well as top 20 Underbids (they exist), check out The Goods that I provide.

Have a great weekend!

3800washington

Stalefish: You Won’t Believe Your Eyes

There is a little something in our market, of which many buyers are not aware, and many agents overlook. I have long referred to them as “Stalefish“, but others refer to them as “buying opportunity” or “still available property”, or what we named (on theGoods) as the “30+ Club”. What are these, you ask?

They are, quite simply, properties on the market more than 30 days, and darnit if there aren’t quite a few gems out there that I’d love you to buy.

Getting beat up in Noe Valley? Check out 469 Valley:
469valley
This is a 3220 square foot remodeled view home in Noe Valley…and it’s still available! Deck, garden, master suite, it has it all. Listed at $2,989,000.

Not your cup of tea? Check out 27-29 Fountain, also in Noe Valley:
27Fountain
Previously listed at $2,900,000, this detached Victorian with 4 bedrooms, booming views, decks, parking, yard, and a great location is now $2,600,000! You just saved $300,000. Opportunity knocking right here.

Maybe you don’t like Noe, and you’d rather be in Cole Valley – sorry, nada. But keep checking!

You think Pacific Heights never has anything for you? Think again. This absolutely stunning home at 2701 Broadway is still there:
SONY DSC

SONY DSC
“Comprised of five levels encompassing over 16,000 square feet the home includes 7 bedrooms, 7 full baths, and 4 half-baths, plus 2 kitchens, 2 family rooms, 2 offices, 3 rooftop terraces, a basketball/sport court, plus a multitude of rooms for today’s active lifestyle. 2 car garage,” and a bargain price of $39,000,000.

Okay, so maybe $39,000,000 is a bit more than you can handle, and you really don’t like basketball anyway. Maybe surfing is more your thing? Well…you’re in luck. It just so happens this little fish at 2307 40th Ave is still there:
230740thAVe
It’s “beautifully remodeled and updated”, close to the beach, and other “neighborhood conveniences like Walgreens” (huh?), and from what I can tell, very ready to be sold.

So if you’re getting beat out by the hordes of buyers all over the hot new listings, and you have possibly overlooked those homes that weren’t exactly perfect, you might like to give this list another glance. And if you’re an agent, you might like to send this invaluable information to your clients (branded to you, or course).

Whether you call ’em Stalefish, or otherwise, no matter how you slice it, there is opportunity out there in many shapes, sizes, and prices. Prices which, at this point, could be very negotiable.

Time to go fishing!

p.s. Wondering about the home with all the marble columns? It’s available too: 3800 Washington, $17,995,000, and it’s frickin amazing!

Stalefish, 30+ Club, Buying Opportunity: Find it all here
Battle Royale: Cole Valley Versus Noe Valley [theFrontSteps]

[Big Ass Disclaimer: Every property in this post and on the Goods 30+Club is listed as “active” on MLS. All information is deemed to be accurate, but not guaranteed.]

Five White-Hot Districts In A Red-Hot San Francisco Real Estate Market

July 2013 Special Report

Virtually every area of San Francisco and the Bay Area has been experiencing dramatic home-value appreciation in the past 12 to 18 months. Some that were hard hit by distressed property sales, which experienced the largest price declines, have surged in price but remain 20% – 30% below previous peak values reached in 2006 – 2008. As a state, California is still about 25% below its 2007 pre-crash median home price. And in San Francisco itself, many if not most neighborhoods now appear to have re-attained or moved slightly beyond previous high points.

But in this past quarter, a handful of neighborhoods and districts in the city have leapt well beyond the highest average home values achieved in the past. Interestingly, comparing these white-hot areas with one another, there are often huge differences in property type, era and style of construction, and neighborhood culture or ambiance. But all of them have been very affected by affluent – often newly affluent – high-tech professionals of one age group and level of affluence or another. Naturally, these neighborhoods are highly desired by other buyers too – often professionals in finance, bio-tech, medicine and law – but the high-tech-buyer dynamic has generally super-charged these markets in particular.

However, please note that the difference we’re talking about between these neighborhoods and the rest of the city is between white hot and red hot: Quite honestly, they’re all very hot markets right now.

The Inner Mission 

Super hot, super hip, generally young: this neighborhood has seen very dramatic changes since the early nineties as a classic process of gentrification occurred — changes which have recently accelerated. Houses here are often large, classic Victorians, while the condos are mostly modern, built within the last decade or so. This area has a large, vibrant and diverse commercial district centered around Mission and Valencia Streets, but is still close to Noe Valley and the Castro. This chart focuses on the condo market, in which values are approximately 15% above the previous peak.

Noe Valley – Eureka Valley (Castro) – Dolores Heights 

These neighborhoods are part of a district that includes Cole Valley, Ashbury Heights, Clarendon & Corona Heights, Duboce Triangle, Mission Dolores and Glen Park, all of which have seen enormous recent appreciation. Housing here is typically older, built in the first 4 decades of the last century; there are many parks for kids and pets; the streets are tree-lined and the ambiance of the neighborhoods is relaxed and family friendly. This district surged in popularity and price in the mid-late nineties, was one of the last to peak in value in 2008, and has been at the forefront of the market rebound which started early here, in 2011. Among other advantages, it has relatively easy access to highways south to Silicon Valley. The district also has a large condo market, but this chart focuses on house values.

South Beach & Yerba Buena 

After the Embarcadero freeway came down in 1991 and then AT&T Park built in 2000, this area changed from a place for B-class offices and car stereo installations to the home of some of the most dramatic and expensive condo and loft buildings in the country. More condos are now sold here than anyplace else in the city and high-floor units with staggering views often sell for millions of dollars – one sold for $28 million. It’s popular with a number of demographics – high-tech and bio-tech workers working in offices nearby in SoMa and Mission Bay, financial district professionals, and empty-nesters who want to enjoy city life and have all the amenities, but without the responsibility of maintaining a house. Affluent foreign buyers are also a significant segment. Its neighborhood ambiance is very urban. This chart is for condos below the price of $1,800,000, but the dynamic for ultra-luxury condos is also white hot, with an average dollar per square foot value of over $1200.

Bernal Heights 

Like Noe Valley and Glen Park, Bernal Heights was originally a blue-collar neighborhood filled with Victorian houses. Noe Valley soared in value first, becoming wildly popular, and now people who want a similar family-friendly neighborhood ambiance, but at a more affordable cost, have increasingly turned to Bernal Heights. It also has easy access to highways south to the peninsula.

 

Hayes Valley-North of Panhandle (NoPa)-Alamo Square

This condo market is made up of two totally different types: Edwardian flats that have been turned into condos and brand new, ultra-modern condo developments. The Hayes Valley commercial district is very hot and hip, similar to, but still different from the Mission’s Valencia Street. Buyers who are priced out of the nearby Cole Valley-Haight Ashbury condo market often look here for a similar neighborhood ambiance at lower cost. Hayes Valley is also close to the Civic Center cultural cluster of museum, opera, symphony, ballet and other performing arts, which appeals to another buyer demographic as well.

To put all of these charts into one simple suggestion: It’s a great time to sell your property in San Francisco, and our market desperately needs the inventory!

If you have questions or would like information regarding a neighborhood not listed above, please contact us.

Winner: The Best Coffee (House) In San Francisco, And The Rest

Congratulations to Philz Coffee! You have been voted Best Coffee (House) in San Francisco by the people of the internets. The competition was linked to around the world, and we have to say Philz not only got tons of nods during the first round of nominations, but they also swept the voting when thousands more hit the polls.

It’s all good stuff and we can’t wait to get a cup. We appreciate everyone’s participation and the countless links that sent people this way.

The Rankings:

1. Philz Coffee
2. Bernie’s
3. Blue Bottle Coffee
4. Four Barrel Coffee
5. Martha Bros Coffee
6. Contraband (Coffee Bar)
7. Ritual Coffee Roasters
8. Farley’s Coffee
9. Java Beach
10. Sightglass Coffee
11. Peet’s Coffee & Tea
12. Caffe Roma
13. the Beanery
14. Intelligentsia Bar (In Specialty’s)
15. Caffee Trieste
16. Stumptown (Ma’velous)
17. Henry’s House of Coffee
18. Simple Pleasures
19. Barefoot Coffee (Epicenter Cafe)
20. Café La Taza
21. Starbucks (Really?)
22. Caffe Puccini
23. Trouble Coffee (De La Paz)
24. Velo Rouge Cafe
25. Caffe Greco
26. Verve Coffee Roasters
27. De La Paz Coffee (Trouble)
28. Hearth Coffee Roasters (Brown Owl Cafe)
29. Graffeo
30. Bello Coffee and Tea
31. Quetzal Coffee
32. Jeremiah’s Pick Coffee
33. Coffee to the People
34. Piccino Cafe
35. 7-11 (Humoring you)
36. Progressive Grounds
37. Showplace Caffe
38. Castro Coffee House
39. La Boulange
40. Matching Half
41. Wicked Grounds
42. Farm:Table
43. Blue Danube
44. Cafe Reina
45. Toy Boat
46. The Coffee Bean & Tea Leaf
47. The Summit SF
48. Curbside Coffee
49. Rancho Parnassus (Thanksgiving Coffee)
50. Tully’s
51. Capricorn Coffees
52. Cavalli Cafe
53. Equator Coffees & Teas
54. Muddy’s Coffee House
55. The Coffee Roastery
56. Cup of Blues
57. Cafe Encore
58. Ecco Caffe
59. Stella Pastry & Cafe
60. Coffee Roaster
61. Manning’s
62. Dash Cafe
63. Javalencia Cafe
64. Cafe La Stazione
65. The Grove

We’ll just go ahead and stop there. There were another 25-30 one vote coffee (houses) that came in, but we gotta stop somewhere. Thank you everyone!

Mission District “Is Our Backyard”-Says Potrero Hill

[Image Source]

Every so often older posts get comments that are so good, I just can’t pass up posting them right front and center on the home page. This one came in on an old post we did about La Mission District and just how cool it is.

Sorry Mission District, according to this Potrero Hill reader you’re nothing more than their “backyard”.

Potrero Hill is SF’s best neighborhood TO LIVE IN for these reasons:

1) VIEWS – don’t have one? Step outside, you get one every time you head towards any of the other neighborhoods or just to get a cup of Farley’s coffee. Can’t do that? Watch a commercial or movie, it’s likely it includes a scene shot from here.

2) PARKING – every one of the other neighborhoods has you looking and wishing you could drink and drive while looking.

3) SUNSHINE – if we don’t have it, neither do you. If we do, you probably don’t.

4) PROXIMITY – 280, 101, 80 and trains and the #10 make getting up and down the peninsula or to the East Bay, or to the beach or along the Embarcadero or FiDi or the ballpark a snap. Bernal, Bayview, Glen Park, Mission, Noe, Castro, Soma – are all neighbors, in fact La Mission is our backyard. Every thing else is really minutes ‘cept for the Golden Gate Bridge or Golden Gate Park which really is meant for a lovely drive anyway.

5) COMMUNITY – it’s tight and effective and gets more and more inclusive vs. many of the other conformist, hands-off-the-merchandise ‘hoods. This means childless hipsters, muralist breeders, biogeneticists, game designers, street soldiers, old-timers, turistas, baristas and anything with paws come together for the Good Life. And it’s small enough that everyone knows your name, “my friend”.

Touché!

San Francisco’s Coolest Neighborhood…La Mission, Hands Down [theFrontSteps]