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$440,000 Under Asking | Personal Chapel Maybe Included, Wallpaper Definitely

It only took seven months, but in the end, it got there. SOLD for $440,000 UNDER asking!

You read that correctly, this 6-bedroom single family home in Mission Terrace at 100 Delano Avenue just closed $440,000 below the original (back in March) asking price of $1,600,000. After a price chop to $1.5, then $1.4, then again to $1.3, it appears the Lord finally took pity on this property and landed it on top of this week’s Top 10 Underbids. With plenty of extra space, awesome curtains, wow-tastic wallpaper, and your own “personal chapel” how could you not want to move right in!?

As for the other buyer scores, here you go:

Address BR/BA/Units List Price Sold Price Underbid
100 Delano Avenue 6/3/3 $1,300,000 $1,160,000 -10.77 %
355 Bryant Street 2/2/1 $2,345,000 $2,100,000 -10.45 %
18 Palm Avenue 4/3.5/2 $4,995,000 $4,525,000 -9.41 %
1264 Bush Street 1/1/0 $649,000 $590,000 -9.09 %
78 Gladys Street 3/2/0 $1,195,000 $1,100,000 -7.95 %
1437 47th Avenue 1437A 2 unit $1,275,000 $1,175,000 -7.84 %
601 4th Street #321 1/1/1 $1,499,000 $1,400,000 -6.60 %
2040 Franklin Street #506 0/1/1 $575,000 $540,000 -6.09 %
2730 Broderick Street 4/3.5/1 $5,850,000 $5,500,000 -5.98 %
301 Mission Street #51D 2/3/1 $4,495,000 $4,250,000 -5.45 %

You see…”deals” can still be had in San Francisco.

San Francisco Condo Prices Down 3% Since Month Prior, Up 15% YTD

SAN FRANCISCO CONDOMINIUM PRICES DECLINED 3 PERCENT IN SEPTEMBER FROM PREVIOUS MONTH, UP 15 PERCENT FROM LAST YEAR

Resale Inventory Surpasses Two Months of Supply for First Time in Two Years
According to The Mark Company Trend Sheet

San Francisco – October 14, 2015 – San Francisco condominium prices declined 3 percent from the previous month according to the Condominium Pricing Index released today by The Mark Company, a leading urban residential marketing and sales firm.
The San Francisco Condominium Pricing Index fell to $1,294 per-square-foot in September, retreating from the $1,340 per square foot record set the previous month, but remains 15 percent higher than September 2014. Monthly appreciation during this time of year is typically low or even negative.

There are approximately 656 new condominiums for sale in San Francisco, marking the lowest inventory level since March of this year. The scarcity of inventory will be eased slightly when sales commence at several developments during the fourth quarter of this year, including 41 units at 450 Hayes in Hayes Valley and 34 units at LuXe in Pacific Heights.

Prices for resale condominiums also decreased slightly to an average of $953 per-square-foot, falling 2 percent compared to August. Despite the recent decrease, prices are still 8 percent higher than one year ago. The number of resales is trending downward, falling 19% since last month, and 25% year-over-year.

“There are currently 395 active resale condominium listings in San Francisco, representing 2.4 months of supply. This is the first time in over two years that active inventory has increased to more than two months of supply, however inventory is still extremely low,” said Erin Kennelly, senior director of research, The Mark Company. Six months of inventory is considered to be the equilibrium between a buyers and seller’s market.

New construction absorption (the number of new condominiums placed into contract), fell approximately 25 percent in September, following a decline of 39 percent in August. “Slowdown is typical in the late summer, however absorption is still 36 percent higher than the same month one year ago,” noted Kennelly.

The Condominium Pricing Index, part of the firm’s monthly Trend Sheet (available at http://www.themarkcompany.com), is based on recent sales data, and uses a proprietary quantitative method to measure trends in market demand. It tracks the value of a new construction condominium without the volatility of inventory changes.

Hot New Listings To Hit The Market

As part of my continued effort to keep you updated on San Francisco Real Estate, I created an offering I call “The Goods“. Below is a snippet of new listings popping on our market, and by following this link, you can see them all.

Address BR/BA/Units DOM List Price Sold Price
2643 16th Ave 3/1.50/N/A 56 $1,195,000 $1,405,000
45 Wilder St 1/1.00/3 25 $599,000 $830,000
1900 46th Ave 2/1.00/N/A 8 $599,000 $808,000
2367 24th Ave 2/2.00/ 6 $699,000 $818,000
1654 25th Ave 2/1.00/N/A 0 $849,000 $1,100,000
3826 Cesar Chavez St 3828 2-4 Units 99 $1,899,000 $2,100,000
343 16th Ave 5/2.50/N/A 47 $2,295,000 $2,295,000
260 King St 1/1.00/457 70 $885,000 $885,000
2307 40th Ave 4/3.00/N/A 62 $1,099,000 $1,078,000
1159 Dolores St 3/1.00/ 45 $1,325,000 $1,350,000

New Listings, Recent Sales, Overbids, Underbids, and More [theGoods]

298chestnut

255 New Listings In The Past 3 Days – Time To Go Shopping!

I thought I’d do a quick post directing you all to the easiest place to see the flood of new inventory just hit our market the past two weeks, specifically the past two days, including this $16,000,000 home at 298 Chestnut, and this $9,500,000 Modern Drooler at 16 Spruce.

As of today, there are about 255 new listings hit the market in the past 3 days…as a comparison, August saw 431 listings total for the entire month. Any of you buyers thinking about taking it easy this weekend…think again. Act quickly before you miss out.

BTW, these data tables are so easy and fun to sort, it’s just the thing for all of you real estate porn addicts. If you’re agent isn’t sending them to you, they should. Just sayin’.

Have a great weekend!

New Listings on the market in the past two weeks [The Goods]

Over/Under List Price — April Percentages For Your Appraisals

I wanted to share these stats for any and all of you buyers, mortgage brokers, or agents that run into appraisers who feel it is their duty to question the price a buyer is willing to pay for a property in this market. In my humble opinion, appraisers should not ever look at percentages above or below asking price. Actually, I think San Francisco doesn’t need appraisers in a transaction at all, ever. If a buyer is willing to pay $$ for a property and a seller is willing to sell it for that, that’s what the property is worth.

Anyhow, this chart shows the staggering number of overbids in San Francisco for April, and the lengths buyers are willing to go to win.

If you’d like to see Overbids, Underbids, Sales, Stalefish, and more, on a regular basis, sign up for my email delivery of exactly that at sfnewsletter.com.

San Francisco Real Estate Market Update & Recent Sales Snapshot

Wowza, wowza, wowza! Those of you that have been reading a long time know that if I go quiet, I’m probably busy. That’s exactly the case. I currently have 4 properties in contract, and two listed as active on MLS (both of which I expect will go into contract soon). Once the dust settles, I’ll have many stories to share, and much more wisdom to impart on all of you. Until then, enjoy the most recent market snapshot I sent on Friday.

And of course, San Francisco’s most recent sales (because that’s all we really care about, right?)

Live in San Francisco’s NOPA District In This Fabulous Top Floor View Condo

Have aspirations to live in the oh so hip NOPA district of San Francisco? Been searching for a single family home in NOPA, but just can’t afford one? You’re in luck, as thankfully San Francisco always has an alternative for you, and 22 Loyola Terrace is no exception.

Photos and details are here now.

Technically mapped in San Francisco’s Lone Mountain neighborhood, 22 Loyola Terrace is one cute cul-de sac a stone’s throw from the heart center of NOPA, close to Haight, down the hill from USF, around the hill from Laurel Village, and a short par 3 away from Golden Gate Park. It’s most definitely stumbling distance to Bistro Gambrinus, 1/2 block from Papalote, and certainly walking distance to Matching Half Cafe (because Starbucks on the corner of Fulton and Masonic should be avoided). It gets better…there is a new place to try on the corner of Geary and Masonic called The Corner Store (Remember the Hukilau? Right there.) They serve brunch, lunch, dinner, and have a soda fountain (such the rage).

This top floor, two level, three plus bedroom condominium could easily trick you into thinking it’s a single family home, but alas…it is not. Homeowner’s dues are an incredibly low $193/month, the wood floors sparkle, the kitchen and baths have been updated, the decks and views are tremendous, the garage is massive (2 cars easily fit), there is additional storage, washer & dryer in the unit, and the creme de la creme…radiant heat, no hot air blowing in your skin to dry you out!

So if you, or anybody you know, has been looking for a single family home, or condominium anywhere near NOPA, Lone Mountain, Haight, Laurel Village, Cole Valley, or even Hayes Valley, this is one property you won’t want to miss. Spread the word far and wide, 22 Loyola Terrace is officially on the market, and ready for a new owner. Me thinks it should be you!

Open Houses will be held every Sunday from 2-4pm until it sells.

22 Loyola Terrace, 3+ bed, 2 bath, 2 parking, 2 decks, 2 levels, 2 cool, $1,095,000 [MLS]