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.
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
Continuing to keep you updated on all things Lumina…
As is always the case, if you, or anyone you know, would like assistance securing a unit in this amazing development, or have any questions regarding this building, or San Francisco please contact me:
–More information about Lumina [theFrontSteps]
Continuing to bring you all the updates on one of San Francisco’s most hyped and happening new developments, Lumina SF, I wanted to quickly follow up on the last post I did with updated pricing on the first release of units. For full details about the Lumina SF development, including amenities and finishes, check out my original post.
So how did that first release go? Was it as insane as everyone expected? I’d say yes. From a reliable source:
Lumina received about 200 offers for the 52 released units. A few were accepted and most were asked to come back with “highest and best.” Additional units were released to absorb more of the interest, resulting in approximately 80 sales. The next release MIGHT BE first come, first serve but buyers that have not prevailed will be given priority, if possible. The next release will not be for a week or more as they are swamped, getting this group of contracts written.
That’s old news. Second release is happening now, and I’d be happy to help you secure a unit in this amazing luxury building.
Paragon Real Estate Group
–Lumina SF: Pricing, Square Footage, and Timing of Sales – An Update [theFrontSteps]
–Lumina – Luxury High Rise Living In Downtown San Francisco [theFrontSteps]
Designed by world-renowned Bernardo Fort-Brescia of Arquitectonica, in collaboration with Heller Manus, LUMINA is a 656-unit condominium development, soaring above the San Francisco Bay, striving for LEED Silver Certification. It is located at 201 Folsom Street on the south side between Main and Beale Streets, two blocks from the Embarcadero waterfront. Currently under construction, the project will consist of two towers of 42 and 37 stories, and two mid-rise plaza buildings of eight stories each (perhaps you’ve seen a couple cranes and a few construction workers down that way?)
Each new home will include first-class features and finishes, and common area amenities will do nothing short of blowing your socks off. Floor plans, which are now up on their site, include studio, one bedroom, one bedroom plus den, two bedroom, to three-bedroom layouts, averaging 1,200 square feet. [Note: that is average…studios start around 1200 square feet.] Of course there will be penthouses too, but they’re holding those cards close to their chest (get on my radar screen if you want to be notified of penthouse units). Many units will offer breathtaking views of San Francisco Bay and the city, and floor-to-ceiling glass windows.
Pricing (Phase 1):
-Studios: approximately 650 square feet, from $695,000 to $825,000
-1BR: approximately 850 to 870 square feet (Tower) and approximately 880 to 1100 square feet (Plaza), from $865,000 to $1,150,000,
-1BR + Den: from $865,000 to $1,160,000
-2BR: approximately 1170 to 1570 square feet (Tower) and approximately 1400 to 1500 square feet (Plaza), from $1,225,000 to $2,295,000
-3BR: approximately 1790 to 2670 square feet (both Tower & Plaza buildings), from $2,350,000 to $5,350,000
Currently no offers are being accepted, but will be considered starting Monday 9/29/14 by noon thru Friday 10/3/14. There are currently ONLY 52 units on offer in ONLY two of the buildings (as stated). After this release, they expect a much larger release of units in the second phase, and pricing will not be the same.
Units available in this release are in the Plaza A (mid rise building) on the 4th Floor, and Tower D (shorter of two towers) on floors 7,12,18,23,30…that’s it. Occupancy projected for late 2015 and 2016 respectively.
Residences will feature: Gaggenau™ ovens and cooktops; Bosch™ refrigerators and dishwashers with integrated paneling; Premium Caesarstone® quartz countertops and backslashes; Custom SieMatic cabinetry with aluminum recessed channel pulls; SieMatic vanity cabinets with Volakas marble countertops; European porcelain tile on bathroom floors and shower walls; Expansive glass curtain wall with balconies/patios in select units; NEST® Learning Thermostats, and views, views views (unless you buy in lower level units, which are totally awesome too.)
Microwave ovens do not come standard, nor do Hardwood Floors. Those are upgrades. Floors will set you back about $10-20,000.
Parking is included with EVERY unit. That said, you are not allowed to park your car, you must use valet (oh the horrors!). If you decide you don’t want parking, you can ask for $10,000 knocked off your sales price, or perhaps roll it into HW floors?
Before I get into the amenities, here are a few more things I’ve learned from my research:
-Homeowners Association (HOA) fees will be in the ballpark of $1000/mo, and calculated based on the size of your unit. Smaller unit = lower HOAs. Larger Unit = Higher HOAs.
-The first phase of sales will be limited to around 75 units, and only in two of the four buildings, the mid-rise (Plaza), and shorter high-rise.
-Sorry, no Penthouses will be released yet.
-Closing for this phase are currently scheduled for 2015 and 2016
-A second release of homes is planned for November.
-Prices will most likely increase for each release.
-Parking is gonna set you back about $10,000, but apparently that $10k will be credited back to you and your purchase price (still fuzzy on this).
–It’s hard as hell to get an appointment to the sales center, but my clients are guaranteed to get in, so register with me below, and we’ll make it happen. [You must be prepared to show pre-approval/proof of funds prior to meeting, and must not be represented by an agent.]
So what about those amenities, which literally consume about an acre of land?
An expansive ±10,500-square-foot rooftop oasis with outdoor dining areas, barbecues, fire pits, vegetable gardens, and an outdoor movie lawn where you can sit back and enjoy the latest films or timeless classics projected on an expansive wall under the stars.
An impressive club lounge features a marble-wrapped fireplace and backlit bar, and is furnished with rich wood paneling and stone flooring.
PRIVATE DINING ROOM
For an intimate or grand-scale gathering, the elevated Private Dining Room affords the most refined living and dining space for entertaining your guests. The Private Dining Room opens to a breezy outdoor terrace, features a chef-quality show kitchen for cooking demonstrations, fully equipped back-of-house prep kitchen, and stone-clad fireplace.
For a relaxed film viewing, the beautifully designed private screening room with sophisticated wall paneling and dimmed sconces features comfortable, upholstered tiered theatre seating for 30, a large projection screen, and surround sound.
For intimate social gatherings or a peaceful escape, the welcoming private lounge is conveniently outfitted with Wi-Fi access, and still welcomes hard and paper back books.
CHILDREN’S ROOM (Don’t worry, you won’t be alone.)
Ideal for children’s birthday parties or just playful afternoons, the colorful and engaging space, complete with a chalkboard and an interactive wall, is thoughtfully designed for hours of enriching entertainment.
PET GROOMING STATION
To conveniently care for your pets, the grooming station features a full wash basin and raised platform for easy accessibility.
FITNESS CENTER (Get your sweat on.)
The massive ±7,000-square-foot fitness center designed by renowned gym designer, Jay Wright, is fully equipped with both yoga and high impact aerobic studios, the only residential 20-foot rock climbing wall in San Francisco, and cardio and strength equipment to keep you in shape for the myriad of outdoor activities the Bay Area has to offer.
POOL ($100 to the first person to share their selfie canon-ball with us.)
Enjoy a refreshing dip in the 75-foot heated lap pool, beautifully sun-lit by a two-story skylight from above.
A transcendent experience awaits in the ±2,000-square-foot spa where a private treatment room, day lockers, steam room, dry sauna and men’s and women’s changing rooms are perfectly suited for a fully immersive experience.
MUSIC PRACTICE ROOM (So you don’t have to annoy your neighbors.)
For residents who have a true passion for music, the professional-quality practice room provides the perfect sound isolation and environment to spend hours honing your craft.
That ought to get you started, so take a minute to fill out the form below, or shoot me an email (firstname.lastname@example.org), phone call/text (415-254-5351), and don’t miss out on this one of a kind opportunity in this one of a kind city we all love to call home.
Remember: It’s hard as hell to get an appointment to the sales center, but my clients are guaranteed to get in, so register with me below, and we’ll make it happen. [You must be prepared to show pre-approval/proof of funds prior to meeting, and must not be represented by an agent.]
A Look At Some New Developments Popping Up Around Town
San Francisco median home sales prices have increased dramatically since 2012. Beginning from a low-$600k with an average price per sqft of mid-$500, and then accelerating in the first half of 2013 close to $800k with an average price of mid-$600 per sq ft, to almost $1M mediam home sales price and $800+ per sq ft currently. To say San Francisco and the Bay Area are in the midst of a very dramatic recovery would be considered a very large understatement.
Thankfully, new development is soaring once again, generally in the form of large new condo projects (many of which have already sold out), so if you’re deciding whether to buy a new condo, and paying $1000+ per sq ft for brand new everything, here is a list of the hot new developments that are changing various districts of San Francisco.
The highly anticipated Amero, in Cow Hollow, has 27 Units. Sadly, they’re all sold out before construction completes in Q4 of this year.
But there are other developments which still have available units:
In the Mission district, Vida has 114 Units, and opened earlier this year, with about 25% sold. Featuring 1 to 2-bedroom units, up to 1,138 sq ft.
Also in the Mission, Fifteen Fifteen is a 32-unit building that might have one or two units left. Features studio to 2-bedroom, up to 1,100 sq ft.
Toward Mission Dolores neighborhood, there is 35 Dolores, a 33-unit building with an estimated opening in Q3:
Located in the vibrant Hayes Valley, 8 Octavia features hi-tech ammenities including Nest for temperature control, building is wired with high speed internet, and remote doorman service. This is one of the few buildings that has multi-floor penthouses with trendy concrete ceilings. 1 to 3-bedroom penthouse, totaling 40 units. Estimated Opening: Q4
Last time I visited they had only a couple units left, so don’t delay.
In Pacific Heights, 39 Units (12 sold). With Estimated Opening in Q4 this year, this building offers junior 1 bedroom to 2 bedroom, up to 1,877 sq ft.
A few blocks south, we have 1450 Franklin, a 67-unit building with estimated opening in Q4:
The major developments are all in District 9, which includes Potrero Hill, SOMA, Mission Bay, and Dogpatch.
Located in the sunny Potrero Hill, Onyx is just steps from an array of cafes, restaurants, galleries, and nightlife. Opened in Spring this year, it is almost sold out. 1 to 2-bedroom, totaling 20 units.
Arden by BOSA
Built by the developer behind the Madrone and Radiance, Arden is a luxury Condominium by Mission Creek. Some of its perks are the stylish interior design, minutes from the Mission Creek Park, dog park, and downtown. 1 to 3-bedroom, up to 2,300 sq ft. Total units: 263, and already 100 sold
Lumina and Park 181
Built by the developer behind the highly successful and iconic Infinity, Lumina (656 units) is one of the new constructions that will be changing SOMA along with Park 181, which is designed by famed architect Heller Manus, the same architect behind Infinity.
Park 181 (67 units) is an ultra luxurious new development that offers great views, as well as many luxury amenities. They are both located right by the new Transbay Terminal and minutes from the Ferry building. 1 to 3-bedroom. Estimated Opening: Q3-Q4
Adjacent to the historic Condominium conversion at 88 Townsend, 72 Townsend is coming in 2015 and features 1 to 3-bedroom, up to 2,800 sq ft, totaling 74 units. 1:1 parking ratio.
Located in SOMA, Coming in Q4.
In the already up-and-came Dogpatch, Millwheel North is a two-building condominium project connected via a shared landscaped courtyard. Located across from Progress Park, its perks include proximity to Caltrain and everything that Dogpatch has to offer, including the Pier 70 redevelopment that is scheduled to kick off this summer. 1 to 3-bedrooms, up to 1,710 sq ft, totaling 39 Units. Estimated opening in Q3
That ought to get you started and help you zero in on some of the new developments popping up around town. But these things sell fast (so fast, that our numbers might already be off), so it’s best to have someone on your side. Give us a shout and we’ll get you dialed. If you, or anybody you know, has interest in any of these units, contact us for pricing, more details, and to get you in the door. (Developers and sales offices hold these details close to their chest.)
If you’re a Giants fan, it might be just the thing. If you’re in Kentucky and looking to buy a farm, you might be wondering WTF we’re thinking here in San Francisco.
I have just signed up a listing at 88 King Street (The Towers at Embarcadero South), unit 106 here in San Francisco, California. If you’re not familiar with the city, or you happen to be a San Francisco Giants fan, this location doesn’t get much better. It is smack dab in the heart of all the recent action happening in and near the Embarcadero, AT&T Park, SOMA, South Beach, and so much more. You can walk to tons of great restaurants and shops, job opportunities in the immediate vicinity have never been better, the sun shines more in this neighborhood than most other in San Francisco, and this building is one of a few in the city that has a pool to enjoy it!
The unit itself is loft style, 1293 square feet, updated (modern) kitchen, partial wood floors, two bedrooms, two baths (both updated), bonus room perfect for office or extra storage, street entrance with southeast facing patio, BBQ Area, Club Room, Exercise Course, Gym, Roof Deck, Sauna, Spa/Hot Tub, and so much more. It is truly a unique property in arguably one of the city’s best locations.
It is not yet “officially” listed on the market, it is currently a pocket listing, but can be shown by appointment, and is very much available for purchase right now. Price is set at $849,000. HOA dues are $812.14/month, and include: High Speed Wireless Internet, 24 Hour Doorman, Garbage, Grounds Maintenance, Homeowners Insurance, Outside Management, Security Service, Water, BBQ Area, Club Room, Exercise Course, Gym, Roof Deck, Sauna, Spa/Hot Tub use. Interior pictures coming soon.
It’s an awesome unit, in an A+ location, and definitely worth a look.