Congratulations to my awesome clients, and friends on their successful purchase ($100,000 below asking) of this beautiful Corona Heights Single Family Home at 4075 17th Street in the epicenter of the Castro.
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.
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]
At what point do you, dear fellow colleague and wonderful real estate companion, stop and say, “Okay, maybe I under-priced this property a bit, so I’ll just go ahead and raise the marketing price $100,000 now, so I don’t make a lot of agents and their buyers think they stand a snowball’s chance in hell of getting this property?”
Case in point, 139 Corbett, a Single Family Home in “Corona Heights” (we can just call this almost heart-center Castro), with three bedrooms, two baths, two car parking, expansion potential down, a yard, and big (nay, fantastic) VIEWS of Eureka Valley/Castro…asking $799,000:
There were 30+ offers! My client offered $932,000 and wasn’t even close. It’s certainly going to sell over $1,000,000, and I’d even guess a sales price close to $1,100,000…but “comps supported” a $799,000 list price? Really? Do you need 30 offers? Wouldn’t 10, or even two, offers be just as good?
Maddening. Truly maddening.