Maximum Overbid of the Week | Bernal Heights Fixer Wins Again

It’s Friday! Yeah! (If you’re not a Realtor who works every weekend.) That means overbids, and look at that, another fixer takes the cake. This time it’s 554 Anderson in Bernal Heights, a 2 bed, 1 bath home listed for $549,000 and sold for $920,000. As for the rest of the top 10, I think this is the first time we’ve seen the list not contain one single property over $2,000,000.

Top 10 San Francisco Real Estate Overbids:

Address BR/BA/Units DOM List Price Sold Price Overbid
554 Anderson Street 2/1.00/N/A 10 $549,000 $920,000 67.58%
1397 12th Avenue 2/1.00/ 38 $525,000 $750,000 42.86%
2751 23rd Street 2753 2-4 Units 14 $1,200,000 $1,700,000 41.67%
2077 Jackson Street 2/2.00/301 21 $995,000 $1,220,000 22.61%
933 Stanyan Street 3/2.00/ 9 $1,399,000 $1,700,000 21.52%
264 Grand View Avenue 1/1.00/N/A 37 $998,000 $1,192,999 19.54%
191 Cleo Rand 2/1.50/ 15 $528,000 $630,000 19.32%
566 South Van Ness Avenue 2/2.00/9 76 $795,000 $945,000 18.87%
518 Oak Street 2/1.00/N/A 13 $1,249,000 $1,475,000 18.09%
1535 Oak Street 1/1.00/2 41 $699,000 $815,000 16.60%
171 Bright

Maximum Overbid: Severely Damaged, No Electricity, Not Habitable, But Still Top Dog

You gotta love a market (as a seller) where an agent can use the most eloquent of beautifully descriptive words to sell such a wonderful property, in such immaculate condition and still easily (likely with stacks of offers) get a property sold.

From the marketing:

A complete TEAR-DOWN! Beyond the external frame, this home is severely damaged/charred/burned from a fire last May 2014. No electricity so access is limited to morning hours only. All potential buyers to sign a Hold Harmless Agreement prior to access. Probate sale, no court, no death in prop w/in last 3 years. NOT in habitable condition, this is more than a fixer, it’s a complete tear-down!

171 Bright
171 Bright

Listed for $299,000 (that had to be a record in and of itself), this wonderful Ingleside Heights Home just closed for $485,000.

Hey! Look on the bright side…nobody died in the property…at least “within the last 3 years”, and maybe, just maybe, the city will actually let you tear the whole thing down and start fresh.

As for the rest of the top 10 Overbids, here you go.

Address BR/BA/Units DOM List Price Sold Price Overbid
171 Bright Street 0/1.00/N/A 16 $299,000 $485,000 62.21%
1139 Green Street 1139 2-4 Units 12 $1,299,800 $1,710,000 31.56%
1161 York Street 1163 2-4 Units 27 $1,200,000 $1,560,000 30.00%
1819 26th Avenue 2/1.00/N/A 42 $775,000 $1,000,000 29.03%
39 Bradford Street 2/1.00/N/A 29 $998,000 $1,250,000 25.25%
1455 Oakdale 5/3.00/N/A 47 $759,000 $935,000 23.19%
721 Delano Avenue 1/1.00/N/A 28 $569,000 $700,000 23.02%
111 Harold Avenue 2/1.00/N/A 80 $599,000 $720,000 20.20%
526 34th Avenue 528 2-4 Units 41 $1,920,000 $2,240,000 16.67%
427 Parker Avenue 429 2-4 Units 58 $2,200,000 $2,550,000 15.91%

Happy Friday, and welcome to the new look of my new site. Still a bit of dust and debris laying around, but for the most part, we’re open for business.

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Last Underbid of the year: Marina Home Wins

It’s the last Monday of 2015, everyone is out celebrating and the market is slow and quiet, but there are still properties closing every day, and some going significantly under asking.

The top 3 homes of the top 10 Underbid that closed in the last 2 weeks were sold more than 10% under asking (does that make any sense?) And the winner of our last underbid of the year goes to this wonderful 3 bedroom Marina District single-family home 59 Rico Way. Listed for $2,900,000 and sold for 2,550,000, 12% under asking.
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marina2

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And here’s the rest. Happy holidays everyone!

Address BR/BA/Units List Price Sold Price Underbid
59 Rico Way 3/1.5/3 $2,900,000 $2,550,000 -12.07 %
233 Franconia Street 3/3.5/3 $1,795,000 $1,590,000 -11.42 %
1945 Washington Street #411 1/1/1 $739,000 $665,000 -10.01 %
2953 Broderick Street 2/2.5/2 $3,295,000 $3,000,000 -8.95 %
1200 California 1/1/1 $2,188,000 $2,000,000 -8.59 %
338 Spear Street 2/2/1 $2,998,000 $2,750,000 -8.27 %
1177 California Street 1/1/1 $965,000 $900,000 -6.74 %
1598 McAllister Street 5+ Units $3,000,000 $2,800,000 -6.67 %
646 Los Palmos Drive 5/3/3 $1,450,000 $1,360,000 -6.21 %
1 Hawthorne Street #22E 2/2/1 $1,650,000 $1,550,000 -6.06 %
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42.5% of SF Renters Are Cost – Burdened

Forty-two and one half percent of SF renters are cost-burdened, compared to 51.8% national average, study shows.

Apartment List recently analyzed Census data from 2007-2014, to see which cities and states have the most cost-burdened renters (those spending more than 30% of their income on rent). Nationwide, 52% of renters are cost-burdened, up from 24% in 1960 and 38% in 2000, but the numbers vary depending on city and state.

Here are some of the highlights from their report:

    1. The share of cost-burdened renters in San Francisco decreased from 42.7% in 2007 to 42.5% in 2014
    2. The share of cost-burdened renters in the US rose from 49.3% to a high of 53.4% in 2011 – an increase of 1.7 million renter households. It has fallen a bit since then, to 51.8% in 2014.
    3. Surprisingly, San Francisco, Seattle, Denver, and Austin performed relatively well – incomes have largely increased in line with rent growth.
    4. Miami, Detroit, and Los Angeles were among the worst performers in our study, with more than 60% of cost-burdened renters.

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They have data for 50 states, 454 cities, and 922 counties across the United States, so feel free to reach out if there is specific data that you are interested in seeing.

The way I see it, if you plan on staying in San Francisco for a long time, figure out a way to buy, not rent.

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A Home For The Holidays | 776 WISCONSIN STREET

Temporarily off the market for the Holidays, but not off my radar or off of my Christmas list I sent to Santa, and now I’m giving you, or anyone you know, the opportunity to shatter my dreams of owning this home. How could you not want to do that!?

Direct from the marketing piece, and onto your radar. Contact me if you’re interested.

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ELEVATIONhaus

Understated Luxury with Million Dollar San Francisco Skyline and Bay Views

The oversized steel and glass entry door sets the tone for the finish level you will find throughout this modern masterpiece. Once into the entry hall, you will find a wall of quartz stone, soaring high ceilings and Dwell – inspired floating staircase, grounded by handcrafted steel railings. On this level, you will find a gracious well-appointed master suite with gorgeous spa- inspired bathroom and ample closet space, as well as two other bedrooms and full bath. Upstairs, you will be greeted with floor to ceiling windows that open up to breathtaking City skyline, bay and east facing views. The open span living, dining, and kitchen areas offer incredible light throughout the day and evening. A custom designed Studio Becker Kitchen awaits the gourmets and the streamlined design aficionado’s alike. Step out to the patio for alfresco dining, or walk up to the panoramic view roof deck, finished with AZEK decking.
Downstairs, you will find a spacious Media Lounge, complete with built-in bar, wine room, and another glass and stone tile finished full bathroom. A two car garage and laundry room complete this extensively renovated home that touts great vision, design, and attention to detail.
Located on Potrero Hill, the only neighborhood in the town that you could have your windows and doors open well into the evening, and you will, in this fabulous home that takes you worlds away from the hustle of the city, but close enough to have everything at your fingertips!

• 3 Bedrooms
• 3 Full Bathrooms and Powder Room
• Media Lounge with Built-in Bar
• 2 Car s/s Parking
• Panoramic View Roof Deck
• Multi- Zone Radiant Heat
• Mechanical Skylight / Sliding Door
• Two Fireplaces
• Spacious Multi-Level Landscaped Garden and Patio
• Video Intercom System
* Complete Audio System with Built-In Ceiling Speakers with Volume Control in Every Room
* Multi Zone Nest Heating Control

Technology

Nest Heating Control
Security Alarm System
2 Intercom and Video systems
Cat 6 Wiring throughout all rooms

Plumbing/Mechanical

Radiant heated floors throughout entire house with 8 zones of comfort
On demand heater for instant domestic hot water
70 Gallon hot water Storage Tank
High End Fixtures and polished chrome fittings throughout
Wall hung toilets by Geberit with dual-flush
Handheld and held showers in each bathroom
Rain Shower in Master Bathroom

Cabinetry and Woodwork

Studio Becker custom made European Kitchen
Custom wall hung cabinetry bar in Media Lounge
5 inch solid White Oak hardwood floors throughout with Dwell inspired floating staircase
Massive Wine Cellar with wall hung racks

Kitchen

Magnificent blizzard Cesar Stone island
36 Inch Bosch Integrated Fridge
36 Inch Miele Cooktop
36 inch Miele Hood
2 Bosch Dishwashers
Bosch Double Oven with Warming Drawer
Under cabinet 56 bottle Wine Cooler

Electrical / Lighting

New Line voltage electrical throughout
Cat 6 cabling throughout all three levels of the home
Lutron Dimmers in all living areas
Environmentally friendly LED lighting
Mooie light fixtures

Structural

Concrete and steel retaining wall
3 Steel Moment Frames
1 3/4″ x 12 LVL Floor Joists
Multiple Structural Beams

Additional Features

Laundry Room
Separate side entrance to rear yard and decks
Huge Garage for 2 car side by side parking and additional parking for small car in driveway
Storage provided under entry stairs for bikes or maintenance use
Outdoor entertainment Patio and Garden with BBQ gas to rear deck
Glass walled Wine Cave
Wonderful city block with easy parking and close transit access

Architect: Jonathan Pearlman of Elevation Architects
Listed by Suzanne Gregg, Paragon Real Estate Group

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SOLD | 1177 California #304, Gramercy Towers | Nob Hill

Congratulations to the buyer and seller of my most recent transaction! What a smooth one it was. If only all of them went this well. Minimum hassle, and sold at $790,000…just a touch over asking. What a wonderful building run by amazing individuals! I felt very lucky to interact with so many of the people (especially Nolly and Sonny) that make Gramercy Towers a pleasure to visit. If you live there, you’re lucky. Prime Nob Hill Location, full amenity building, and you even get a Steak House downstairs (surely there is a vegetarian option too…this is San Francisco after all.)

Listing Details:
$779,000
1 bed
1 bath
1 car parking
Remodeled Kitchen and Bath
Views
Liebherr Refrigerator
Miele Dishwasher
Fagor Range/Oven
Caesarstone Countertops
Designer Cabinets
Custom Closets
Bar seating
Views
HOA Dues: $848.83 (Includes earthquake insurance, PG&E, heat, water, garbage, common area maintenance, 24/7 lobby, onsite management, and reserves.)

Congratulations all the way around.

If you live in Nob Hill, and are considering a sale, please don’t hesitate to contact me.

1177 California #304, Property Details [theFrontSteps]

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 %