Our market is supposed to be tanking. (So we’re told.) 745 Marina is “pending”. Estimated close of escrow in November. [Update: Sold today (10/22/07) for $3,982,885. Market bashers…begin field day.]
[Update #2: And emailed to us seconds after publishing the first update (how’d you do that?): “Sale price $4,100,000. No commission taken by selling agent“.]
We’d be happy to test that “incredible backyard with sauna, large spa pool, outdoor entertainment system & lush landscaping.” You know where to send the invite.
–745 Marina [MLS]
I think it just closed for $1million under asking! Wow! Still not bad given it sold for $3.1 mil 2.5 yrs ago, and the owner didn’t change the interior at all, and just did some landscaping in the tune of $50-75,000. But, congrats to the buyer, cuz everybody loves getting under, and $1mil unde is huge!
25% in 2-2.5 yrs is just about right. It continues to baffle me why people think 2005 was the peak.
It’s petty tough to gauge the market off higher end stuff. When houses over 1000 ft. begin selling for in the 6’s again deep in the Sunset, and when stable properties (not falling over) south of Cortland in Bernal go for in the 7’s again, I’ll feel like maybe we’ve turned a page. Those are the types of more desirable neighborhoods that will be the first affected by this supposed sea change that’s coming, IMO.
That aint happening yet: http://sfarmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSLogin&ARGUMENT=Ok7KmNi58nbInAxeCH8GTRUW6KeYR1DoPiWsouMhzPE%3D&KeyRid=1
and
http://sfarmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSLogin&ARGUMENT=Ok7KmNi58nbInAxeCH8GTQBH1RzQYUWVgxZ472zsI0Y%3D&KeyRid=1
Very interesting. I wonder if the seller had a clause in the contract to protect commish if sold below market asking.
Makes the 755 coming on the market (agan?) today at 5.6 look a little high.
the extra square footage at 755 marina will probably be cited for the extra money but who knows if it’s livable space.
Closer to 35% increase than 25%.
I remember Angela Lam from Pac Union listed this property 2.5 years ago. It was priced around $2.9 mil, and went for $3.1 mil. It’s not that big at all. Maybe 2,600-2800sqft?
Posted this on another blog, when they highlighted 755 Marina, and it immediately got deleted.
Thnx for keeping this blog open to the truth.
Any employed person will tell you that they are going to be making much more money this year than last. Our Bay Area is rocking with Apple, Google, VMWare, etc. It’s a great time to be employed! :)
i’m confused about the actual selling price on 745. it says 3.9 in mls. who cares about the commission? doesn’t change the recorded sales price does it?
[Editor’s note: We’re confused to, which is exactly why we posted it. Makes no sense.]
At the end of the day, a $800,000 gain in 2.5 years (26%) is not bad at all. People saying it went for $900,000 under. Good. Keep thinking that the market is crashing. Just another trick to fool those waiting.
Either way, it is still a sign of the times…I agree with HQ
Definitely one of the great strategies is to price super high, and make buyers feel like they got a deal by getting under. This is exactly counter to pricing low to create a bidding war. Either way has its own merits.