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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]

2955pacific

Pacific Heights Condo Goes 11% Under | Elevator Ensures Minimal Neighbor Contact

Last week it was this Bernal Heights home that went 20% under asking, thus claiming the podium position. The winner this week is an ultra-deluxe condo in one of the most sought-after neighborhoods on the “North End” of town, Pacific Heights. This home at 2955 Pacific has views, a deck, a formal dining room perfect for Thanksgiving (maybe a 9 lb. Turkey and 6 guests, instead of the 16 lb. Turkey you’re envisioning), and even an elevator that takes you from garage to your unit, so you never have to see your politically incorrect neighbors that love to corner you into a discussion (or lecture) about why their candidate is best suited to occupy the White House.

Listed for $4.1M and sold for $3.65, what a bargain…and those red chairs are so great…ornot.
redchair

As for the top 10 Underbid list, here you go:

Address BR/BA/Units List Price Sold Price Underbid
2955 Pacific Avenue 3/2/1 $4,100,000 $3,650,000 -10.98 %
622-626 Buchanan Street 2-4 Units $1,399,000 $1,250,000 -10.65 %
3283 25th Street 2-4 Units $1,788,000 $1,615,000 -9.68 %
765 Market Street 1/1.5/0 $1,550,000 $1,415,000 -8.71 %
2340 29th Avenue 4/2/3 $1,299,000 $1,190,000 -8.39 %
265 Minerva Street 2/1/1 $699,999 $659,000 -5.86 %
570-572 6th Avenue 2-4 Units $1,800,000 $1,700,000 -5.56 %
1052 Rhode Island Street 3/1/1 $899,000 $850,000 -5.45 %
313 2nd Avenue 2/1/1 $789,000 $749,000 -5.07 %
886 30th Avenue 2/2.5/1 $1,450,000 $1,380,000 -4.83 %

This data is pulled from properties sold within the past two weeks. To get this type of stuff sent to your inbox, sign up for sfnewsletter at sfnewsletter.com. I send it roughly every other week.

(Keep in mind the properties we feature go into contract, usually have an escrow period, then close…When we post that a property “goes” we’re referring to the day it actually is SOLD, not the day it goes into contract.)

04-alex-clark-portrait-citybg-2x3I wish you all a wonderful Thanksgiving Holiday filled with good food, good cheer, friends, family, football, skiing, surfing, no drama, no accidents, no injuries, tasty cocktails, cold beer, and old expensive delicious red wine. Happy Thanksgiving! Thank you all for your continued readership, loyalty, referrals, and business. It has been a great year, and it’s still not over (I have a great off market single family home in Cole Valley should you be interested.)

Heat Map Of San Francisco Median Home Price Changes Since Previous ’06-’08 Market Peak

Who doesn’t love a good heat map? Especially us San Francisco residents caught in the grip of one brutally long fog song…
[Click image to enlarge.]
Zipcode_Appreciation-since-Peak

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.

San Francisco Housing Market Continues to Strengthen

The San Francisco housing market continues to heat up, as evidenced by the increasing sale prices of homes in the city. Compared to one year ago, the median price for a single-family home rose by 10.6 percent to $785,000. And, with a limited supply of homes for sale, the city has remained a seller’s market, with aggressive bidding and multiple offers occurring regularly.

Single-Family Home Sales

Compared to May 2011, the city’s inventory of single-family homes for sale fell by 10.8 percent, while the number of homes under contract rose by 13.9 percent. During the same period, the number of homes sold increased by 23.3 percent.

For homes that were priced below $700,000, the months of supply inventory fell by 70.6 percent to a reading of 0.9. For higher-priced homes between $700,000 and $1.2 million, the months of supply inventory also dropped, by 52.7 percent to 1.1 months.

One area of the city which continues to experience healthy sales activity is Twin Peaks West, located in the mid-western part of town. Since May of last year, the number of homes under contract here has increased by 13.9 percent, while the number of homes sold has jumped by 23.3 percent, with 37 transactions closed. Twin Peaks West offers a variety of neighborhood communities, from the upscale and exclusive St. Francis Wood, to the charming mom and pop shops of the West Portal. Homes for sale here typically receive multiple offers and do not last on the market for very long. The median price for a home in Twin Peaks West is $918,000.

Another area of the city which experienced high sales activity is the northernmost district, which includes classic San Francisco neighborhoods such as the Marina and Pacific Heights. Compared to one year ago, the number of homes for sale in this region rose by 24.4 percent, being one of only three districts in the last month which experienced an increase in for-sale inventory. At the same time, the number of homes under contract increased by 18.8 percent, while the number of homes sold rose by 22.2 percent. Here you will find some of the most impressive views and properties in the city, and whose close proximity to Presidio Park and the waters of the San Francisco Bay, provide an endless array of outdoor recreational activities. The median price for a home here is $2,875,000.

Condominium Sales

In the same fashion as single-family homes, the inventory of condominiums for sale in the city dropped by 38.1 percent compared to May 2011. As a result, the number of condominiums under contract increased by 38.7 percent, while the number of condominiums sold rose by 9.1 percent.

For condominiums that were priced between $500,000 and $900,000, the months of supply inventory contracted by 72.5 percent to a reading of 0.9. For luxury condominiums priced above $900,000, the months of supply inventory also fell by 57.2 percent to 1.4 months.

One area of the city which experienced positive condominium sales activity is Downtown San Francisco, in the northeast section of town. Since May 2011, the number of condominiums under contract here increased by 4 percent to a total of 52 properties, making it the second highest district in the city with the greatest number of condominiums under contract. The number of condominiums sold also rose by 8.5 percent, with 51 units sold. Downtown San Francisco not only includes the center of the city’s commerce, it also features quintessential and historic San Francisco neighborhoods such as North Beach, or “Little Italy” as it is also commonly known, and Nob Hill, home to not only some of the city’s most luxurious condominiums, but also to a number of famous landmark hotels such as the Fairmont and Mark Hopkins. The median price for a condominium here is $734,333.

Outlook

The National Association of REALTORS® reports that, “Pending home sales retrenched in April following three consecutive monthly gains, but are notably higher than a year ago.” Lawrence Yun, NAR chief economist, said a one-month setback against a background of many months of gains does not change the fundamentally improving housing market conditions. “Home contract activity has been above year-ago levels now for 12 consecutive months. The housing recovery momentum continues,” he said.

The consumer confidence index, which had declined slightly in April, fell further in May. The index now stands at 64.9, down from a reading of 68.7 in April. Regarding the short-term outlook, Lynn Franco, director of the Conference Board Consumer Research Center, says that, “Consumers were less positive about current business and labor market conditions, and they were pessimistic about the short-term outlook. However, consumers were more upbeat about their income prospects, which should help sustain spending.”

According to the California Employment Development Department, California’s unemployment rate decreased to 10.8 percent in May, and nonfarm payrolls increased by 33,900 during the month for a total gain of 425,000 jobs since the recovery began in September 2009.

As reported earlier this month in the San Francisco Chronicle, “U.S. mortgage rates dropped to record lows for a sixth straight week as concerns over slowing job growth pushed investors into the safety of government bonds that guide interest costs. The average rate for a 30-year mortgage dropped to 3.67 percent from 3.75 percent in the week ended Thursday, Freddie Mac reported. It was the lowest rate in the mortgage-finance company’s records dating to 1971. The average 15-year rate declined to 2.94 percent, also a record, from 2.97 percent.”

It Is Certainly Brisk Out, And We’re Not Talking Weather

Somebody has certainly turned the tap on with regards to San Francisco real estate. Case in point (like we need to see more), 1998 Broadway #1007.

I just called on this Pacific Heights property to get an appointment for a client to take a look at it next Tuesday. How foolish of me to think it’d still be available! They accepted offers yesterday, received five, and will certainly not be looking for another by next Tuesday.

That’s a two bedroom, one and one half bath, 1030 square foot condominium asking $750,000, gone in seven days.

1998 Broadway #1007, $750,000 [MLS]

The Grinch Who Stole Our [Reader’s] Christmas Wreath (Caught On Tape)

From our reader:

Greetings,

I’m looking to enlist your support in some public shaming. You can also point-out the utility of installing a video camera system during a renovation :)

This Grinch stole the Christmas wreath from the front door of my house early Friday morning. She looks like a fairly put-together person, why is she out stealing in the middle of the night? Pacific Heights of course…

The Grinch comes then goes, and returns (cloaked/disguised) at 2:07.

Poor Pacific Heights. It gets such a bad rap…Maybe we need to put a little “Chopper” in Pacific Heights.

[Update: Some questions answered…

[Update #2: From the reader when we informed him/her of the # of links coming to our site for this post, “Good stuff indeed. Channel 7 wants to run a story on it tonight. And it seems the mystery lady has a name…” Guess you’ll have to check Channel 7 (anybody got the link to a report) for the name, and apparently a friend of the owner has placed a new wreath on their door, with a lock hopefully. ;-) ]

More Fun Posts:
Sexy, Sexy Realtors [theFrontSteps.com]
Metallica’s Kirk Hammett Finds A Buyer For His Pacific Heights Monster Den [theFrontSteps.com]
San Francisco Needs To Harden The F**k Up! [theFrontSteps.com]

Metallica’s Kirk Hammett Finds Buyer For His Pacific Heights Monster Den

After what must seem like an eternity (we lost track of the days on market), we’re told the metal lair on top of Pacific Heights at 2505 Divisadero (originally asking $12,500,000 now just $8,995,000…it is on top of Pacific Heights and does include a sound studio and party room built for, and occupied by, Metallica for chrissakes!) has found a buyer.

Hammet

Was “The Black Album” conceived in this room…their worst album if you ask us, and all down hill from there. Give us “Master of Puppets” again!

hammetsound1

“Is that…Is that James? Is that James in the mixing room?”-Bonus points if you know which PUNK band has that quote. And no, it does not refer to James Hetfield (of Metallica).

hammetstudio1
Picture “Garage Days” and picture the parties…Metallica did party didn’t they? ;-)

hammettparty1

Who is the lucky buyer catapulting themselves into the home of one of the largest rock bands ever? Enquiring minds want to know….

If you want to see the party room pre staging and fancy photos, this is what we snapped back in 2007 upon first taking a look at the property.

Congrats to all involved in this one, especially Kirk Hammett.

[Update: We asked our source about the price and got this (no surprise) reply: “It’s a “confidential” sale… although we all know who sold it [Nina Hatvany], just no one is saying who bought. Word on the street is that Ronnie Garfield rep’d the buyer, but I don’t know for sure.”]

2505 Divasadero [Property Website and Details]
Fly On the Wall, 2505 Divisadero hits the market [sfn BLOG]

What To Do With Your $45,000,000 San Francisco Backyard

We’ve always said a skatepark or velodrome in the backyard of 2901 Broadway (last check it was still listed for $45,000,000) would be a most excellent idea (see red arrow).

Maybe we should have Tony Hawk and crew come teach the Pacific Heights crowd a thing or two about what to do with all of that space:

Or maybe Bob Burnquist’s backyard is a better example:

The skiers/snowboarders had the right idea, but getting snow in San Francisco proved a bit problematic:

But with the naturally steep hills here, maybe a skateboard megaramp is the answer? They could launch over the Getty compound.

Those are a few things you’ll see on our Christmas list to Santa this year….

Kevin Rose Should Buy This Pad

Certainly you’ve all heard of a little company called DIGG. It should be no surprise, Kevin Rose, the founder lives in, and loves, San Francisco (lots of talented company founders in this city, aren’t there). He even linked to theFrontSteps a long time ago, which was cool.

With the un-denying success of Digg, and the millions and millions of users, not to mention the hundreds of thousands of people that personally follow Kevin Rose, I got to thinking…the dude needs a phat pad! Sure, you’re all going to think I just found one of the most expensive homes on the market…not so. As always, there is a reason for my madness.

I’m thinking Mr. Rose could shake things up in otherwise quiet Pacific Heights. Here’s how.

The home is 2901 Broadway and wouldn’t it be cool to have a monthly Diggnation on that empty/lonely tennis court. It’s just screaming to become a venue for something! Why not frequent Diggnations?

You could throw up a tent, or go open-air. Get a few kegs of beer, run valet parking up the drive, invite the Gettys and the Bebo founders (they just purchased down the street), and turn it into one sweet venue. The neighbors would certainly love it. I mean, how awesome! Throw Diggnations on that court by night, turn it into a half-pipe and invite all the local skaters by day (or just play tennis). You following me?

It’s my guess Digg and Kevin Rose are worth a couple hundred million dollars, so go on Digg fans…Digg it up and get cozy with your Pacific Heights neighbors!

2901 Broadway, $48,000,000 [MLS Detail Page]

East Bay: How Piedmont Brings Out the Worst in Me

By Home Girl, aka real-estate blogger Tracey Taylor).

Go to Piedmont and you feel you have entered another world. That’s if you live in Berkeley or Oakland or anywhere else where you are a mere mortal.

I suppose Piedmont is the East Bay’s equivalent to Pacific Heights. Rarefied, privileged, cocooned. The median list price here for a SFH is $1,236,000 (admittedly a tad lower than Pac Height’s $3,357,000, but you get the picture).

I saw a couple of Piedmont listings this weekend. The first was a pink chateau (above) priced at $3,295,000; the second, a 1950s one-level given a complete contemporary overhaul (below), was $745,000 less expensive, but by far the more interesting proposition in my humble opinion.

If you are the old-school type who favors traditional interiors and bourgeois accommodations, the chateau is for you. If, however, you like something a little more risque — a splash of California indoor-outdoor living, a few floor-to-ceiling windows and a handful of sumptuous bathrooms thrown in — then opt for the newer model (below).

Both homes have been on the market for 64+ days, and I would want to know why the second one, at 43 Farragut Avenue, has changed hands no less than four times in the past 11 years (beginning in 1997 — a snip at $1,250,000). But if you’re after more bang for you buck than in the Heights, these are both worth investigating.

Oh, I did visit a third open house on my tour of Piedmont:  224 Ricardo Avenue is a perfectly nice house in a perfectly nice area, but it costs $1,275,000 and, to be honest, I felt like I was slumming it. That’s the effect Piedmont has on you if you spend more than enough time there.

Above: your new neighbors should you choose to buy 43 Farragut Avenue in Piedmont.