218 Cole: Damnit! It happened Again

Recently, I wrote an offer for some clients on 256 Page, and if you click that link, you’ll see we got completely blown out of the water. Well, we just wrote another offer on 218 Cole, and again got blown out of the water.
218cole.jpg

Here’s the story: The property is a nice…nothing stellar…3 bed, 1 bath condo on Cole between Hayes and Fell. It has parking, a tiny deck (more like large stair landing), is on the top floor of a three unit building, and has tons of charm and old-school detail. But again…nothing stellar. Asking $849,000, on the market a few days..maybe a week, took offers, and received nine of them! Our offer was $895,000, 30 day close, 5 day appraisal, 21 day financing, and at least 20% down. Not happening…. “$1,005,000. no contingencies. 18% over! There were two offers in the high range, the other had contingencies. This is the price after the counters and dust settled.”
Do we need to say more? Never saw that price coming. If anyone was a bit uncertain about the market, there’s a pretty good example. And as someone said, “One buyer out…8 more to go.” Meaning there were nine offers, one found a place, the other 8 that wrote an offer are still out there.

[update 6/7/07:] Our source was dead on correct.  Closed escrow this week for $1,005,000. 

-218 Cole [MLS]
-Why’s This Keep Happening to Me? [sfn BLOG]

Ask an Expert (Elaine Larkin), Comparing Condo to SFR in NOPA

“My wife and I live in NOPA and I look forward to hearing your take on the area in your Tour de SF. One question – when comps are listed for condos v. single family homes, do you think it’s fair to ascribe additional value to condos that are housed in a former single family home (e.g. ours, with just one other condo above us)? At 1300 sf, our $810,000 flat with parking is definitely above the average condo price per sf in the area…”
A.W.-San Francisco, North Panhandle
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As answered by Elaine Larkin, Hill & Co. Real Estate
Smaller buildings have more appeal to some people because you have the extra amenity of your own private entrance versus a common entry hall. And flats tend to be larger square footage as well. I assume you are talking about a 2 unit building rather than a single family dwelling.
Elaine Larkin