In this week’s list of top 10 underbids, we have 5 multi-unit properties, 3 single family homes, and only 2 condos (SOMA and Noe Valley). Coming in at #1 is this NOPA multi-unit building, which just closed 15.69% under it’s most recent asking price of $975,000, at $822,000. Hang on…it gets better.
There is always a lot of talk around town about how “easy” it is to sell a property in San Francisco, and that all we (Realtors) have to do is sign up a listing, put a sign out front, and the hordes of buyers will come marching through the door, offer oodles over asking, beg to buy the property, offer up their children as security deposit, and seller sells it for a mint.
Not so, and to prove you need us (particularly theFrontSteps) to market your property for sale in San Francisco, I’d like to share some “before & after” shots of recent property transformations.
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]
I’m pleased to say, I have successfully represented the sellers in the sale of their wonderful property at 1793 Sanchez. In the end the road was a little longer than we expected, but we got there. Congratulations to my clients, and the buyers who are incredibly thrilled they were able to beat out seven others to get the keys.
My clients were also kind enough to share a testimonial:
We had an outstanding experience with Alex Clark listing and selling our Noe Valley / Glen Park Victorian. He is highly knowledgable, extremely patient and most importantly endowed with great instincts about how to handle the complex and challenging real estate market of San Francisco. I would recommend him without hesitation.
You can find the property detail page for the home right here. Listed for $1,795,000, sold for $2,257,000, 1793 Sanchez is a large Single Family with Garden Apartment.
Located on one of the best streets in the Fairmount Heights area of Glen Park, and on the Southern edge of Noe Valley, 1793 Sanchez is on the market and you, my dear readers, get the first look inside.
1793 Sanchez Gallery
[Click image for high resolution]
1793 Sanchez Features
Originally built in 1887 (says the plaque on the front of the house), this Victorian is not what you’d expect when looking from the street. A modest staircase leads to a grand home with amazing period details, booming city views, indoor/outdoor living, and a tremendous amount of entertaining space.
Enter the home and be taken away by the old-world charm of the formal living room, which leads to a formal dining room, both rooms which have retained their original character and charm. A small bedroom or office is located on this level just off the dining area, which enters into a designer chef’s kitchen complete with marble countertops, Viking gas range, bar seating and an open living/entertaining room, which opens to a large deck overlooking Noe Valley and the San Francisco downtown skyline. A built-in gas barbecue is standing by the ready as well as either a sun shade for those amazing sunny days, or heat lamp for the cool SF nights.
Upstairs you’ll find a master suite with amazing downtown views, recycled wood floors, a master bath, fireplace, walk in closet, as well as an additional room perfect for a small child, office, or your collection of Manolos. From the master suite you can open the doors wide to a private balcony and take in the morning sun or keep the blackout shades drawn to sleep the day away in total darkness.
On the lowest level of the home you’ll be delighted to find a large bedroom, laundry room, washer & dryer, bathroom, and exceptionally large closet perfect for wine cellar or craft beer collection.
The legal 1 bedroom, 1 bath garden apartment is accessible via the breezeway and has wonderful wood floors, fireplace, W&D, designer lighting, a cute private patio/deck area, and wonderful views out to the impeccably maintained garden oasis with fresh lawn, budding flowers, automatic watering system (drought friendly), and a trickling fountain to soothe the soul. What you do with this garden apartment is up to you, but it’s ideal for additional income, friends and family, or should you be so lucky to have an Aupair, he/she would certainly not complain about living here.
Saturday 9/12 1-4pm Open House
Sunday 9/13 1-4pm Open House
Tuesday 9/15 12-1:30 Broker Tour (Public Welcome)
Thursday 9/17 5:30-7:30pm Twilight Open House
Saturday 9/19 1-4pm Open House
Sunday 9/20 1-4pm Open House
Offer Date: Monday 9/21 @ 12 noon.
In case you’re in a fog at how wonderful this property is…
1793 Sanchez Details
List Price $1,795,000 | Single Family Home w/ Legal Garden Apartment
SF Skyline Views
Formal dining room
Formal living room
Outdoor heat lamp
Master Suite on top level w/ Amazing views
Direct yard access
1793 A Sanchez Garden Apartment:
1 bath (shower)
Open Living Area
Direct yard access
The preparation of this home was featured prominently in the Business Section of the San Francisco Chronicle.
–When is the best time of year to buy or sell a home [San Francisco Chronicle]
–Listings Showcased [theFrontSteps]
–For Sellers [theFrontSteps]
And the winner is…682 Duncan for a mere $625,000 over asking, and just shy of $1600 per square foot:
|682 Duncan Street||3/2.00/N/A||12||$1,050,000||$1,675,000||59.52%|
|430 Nevada Street||2/1.00/N/A||27||$699,000||$1,065,000||52.36%|
|1520 15th Street||2/1.00/N/A||22||$799,000||$1,175,000||47.06%|
|2219 25th Avenue||2/1.00/N/A||13||$949,000||$1,380,000||45.42%|
|850 35th Avenue||2/1.50/N/A||38||$950,000||$1,380,000||45.26%|
|1994 45th Avenue||3/2.00/N/A||28||$799,000||$1,130,000||41.43%|
|195 7th Street||0/1.00/306||38||$299,000||$415,000||38.80%|
|1257 Union Street||2/1.00/||12||$1,195,000||$1,650,000||38.08%|
|1269 27th Avenue||3/2.00/N/A||19||$1,108,000||$1,510,000||36.28%|
|136 Bradford Street||4/2.00/N/A||43||$899,000||$1,225,000||36.26%|
Did you notice that little (291 square feet) sale for $415,000 at 195 7th Street?
As many of you know, I’ve been doing this Maximum Overbid feature for about 12 years running, maybe more. It started on sfnewsletter…it actually started sfnewsletter. Then I started posting the Maximum Overbids here, sometimes regularly, sometimes not. As much as these stats are great information, and surely get you scratching your head, they are not an indication of the market as a whole, and I know that very well. That is why I share not only the top 20 Overbids, but also Underbids, as well as properties still on the market more than 30 days. I share new listings of the past two weeks, as well as recent sales…not just overbids. I share this awesome information via The Goods. And in case you haven’t noticed, I share a sh*t ton of other data too.
I do all of this so you, the buyer, the seller, the renter, the owner, the neighbor, the landlord, the whatever you are, can educate yourself on properties and activity in your area. I’ve always felt it is important for you to know as much, or more than me about the market. If you appreciate this information, I encourage you to contact me when you, or anyone you know, are ready to buy or sell real estate. I encourage you to sign up for sfnewsletter, and I encourage you to follow this blog via email (opt-in form is below).
I am an expert at marketing property to get top dollar, and an expert at getting offers accepted for buyers, and I’d love to work with you. I’m no good at juggling and basketball, so don’t ask me to help you with that.
Have a great weekend!
Paragon Real Estate Group
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.
This heat map compares 2013 2nd quarter or 1st half median home sales prices – for houses, condos, co-ops and TICs combined – with those at the peak value time prior to the recent market recovery. Previous peak value times vary by neighborhood: typically, the least affluent neighborhoods hit peak prices in 2006 and also fell the most, percentage-wise, during the crash, falling 25% to 50%. These neighborhoods were most affected by the subprime and distressed-property sales crises. The mid-affluent neighborhoods peaked in 2007, and usually declined in value in the 20% to 25% range. And the most affluent areas reached peak values last, in the first half of 2008 prior to the September 2008 crash: Their fall in value ranged approximately 15% to 20% from 2008 peak to 2010-2011 nadir.
Generally speaking, when the market began to turn around in late 2011/early 2012, the last neighborhoods to fall were the first to recover, followed by the mid-affluent and then the less affluent areas.
This one is hot off the presses. So hot, this property at 235 28th Street in Noe Valley still has dust billowing up around it from the flurry of bidding that just went down.
By all accounts, this is a great, great house. Sure, it needs a little work, but could be really nice and totally livable with ripped up carpet and buffed out floors, new paint (get rid of the wallpaper), and tidy up the yard. It’s actually livable now, but we have champagne tastes like all of you. To take it even further, the house could be expanded down, up and back. Big project for sure, protect that lovely historical facade, dig out the downstairs, add one more parking spot, and go big…and that’s exactly what all of you, dear readers/buyers, can expect to hit the market in or around another year, and expect it to be in the $3,000,000 range.
We just bid on this property, and we lost. Asking $899,000, we bid $1,250,000, we were “in the top four”. Winning bid (hate that word) was $1,300,000, cash, seven day close. That’s $401,000 over asking. Hard to beat. And for our buyers, it’s another one lost. It stings just as bad this time (the 7th) as it did the first.
To all you sellers, we keep saying it’s a great time to sell, are you believing us yet?
–235 28th Street, Noe Valley: 3bd, 1ba, $899,000 [MLS]
–When Someone Else Tells You Our Market Is Hot Will You Listen? [theFrontSteps]
–Telegraph Hill Neighbors: Our Opposition Is Unconditional [theFrontSteps]