It’s great to see when readers send us their reports of getting blown out of the water in multiple offer situations, so it doesn’t always sound like it’s coming from us. You can rest assured overbids are still happening all too often. So here’s another one for you: 2171 Sacramento #3, 1 bed, 1 bath, asking $599,000…and the reader report below the picture.
Verbatim:
Absolutely fantastic 1bedroom in Pacific Heights off Lafayette Park. $599,000 for 610sqft, view, parking, prime location.
On the market for 2 weeks, accepted 6 offers yesterday! I offered $610,000 or $1000/sqft, and was 2nd to last! One of the bidders was a 26 year old Google guy i hear with 50% down. First time a unit in this building has come up in 5 years.
Damn. I bet this goes for close to $650,000 or $1,050/sqft.-Larry Leisure
Damn those Google guys! Better luck next time. Thanks for the report, and you wouldn’t happen to know Captain Leisure would you?
–636 Steiner, an offer, and a UFC style beat down [theFrontSteps]
–Nothing Special, just $421,000 over asking…that’s all (1809 Diamond) [theFrontSteps]
–2171 Sacramento #3 [MLS]
FYI, this is 1.5 blocks from a google shuttle stop.
So, the best way to improve your property value is to lobby Google to have a bus stop within two blocks of your property.
I love this area. Close to Fillmore St. shops and restaurants, and you feel like you’re living in a different world. The absolute price point is low to get into this neighborhood and border of the park. PRoperty is clean with parking and view. Anything under $700,000 is pretty good.
Google, VMWare, Youtube, Apple. Amazing.
only half down??? pffffffffffffffffff. that’s kiddy play!
How do people know where the Google shuttle stops are? Is there a map of some kind?
VMWare shuttle is on Fillmore and Chestnut St. It’s easy to find out. These companies have young wealthy 20-30 year olds everywhere in District 7.
A few rich 20-30 somethings can’t save the neighbors who are foreclosing next to him. It’s only a matter of time until SF gets hammered like the surronding area. “It’s different here!! – Famous Last Words of a Realtor”
Mark, realtors sell houses in down markets too. Why does everybody keep dissing us like this? Ugh. Knock it off. Every single topic gets spun toward “Realtors are meanies” territory.
You know what? I’ll wager that every realtor you have ever seen, interacted with, heard of, know, whatever — every single realtor in this town has six or seven clients who are currently priced out and waiting for a chance to buy something once a correction happens. Why we are the sole bearers of the MARKET CHEERLEADER MANTLE I do not understand. Aren’t homeowners more vested than anybody? Don’t answer that. They are. Two point five percent of one million is 25K. Two percent of 800K is 20K. Do you get it? And please read what we’re saying. There is maybe one poster on here who is an out and out unabashed bull. One.
err two point five of eight is 20 …
Mark,
The point is not that google guy would buy when his neighbors are in foreclosure….you don’t get to work for google being stupid.
If the rest of the market is paying $400K for that unit, the Google guy may offer 420K, but not 600K+. This story shows that the market supports that price, and one of the potential buyers happened to be a google guy.
Don’t be so bitter. I bet you wish that you worked for Google, don’t you?
All I have to say is, MAD PROPS to ALEX for being mentioned in SF Gate! Finally, SF Gate is waking up to the fact that it’s a sellers market in SF, and that highlighting blogs from 39 year old and 45 year old renters who missed out every year for the past 10-15 years is pointless!
RentsUP & Enjoy :)
http://www.sfgate.com/columnists/lloyd/
[Editor’s note: Thanks, and try using a different email than [email protected] when you post a comment. That might be what’s sending you to spam purgatory. Feel free to even use my email.]
i bet he wished he didn’t rent for the last 10 years.
;)
Great location and very rare a property on Lafayette Park goes on sale. I agree, anything less than $700,000 is just fine, even with 6 offers.
VMWare shares have not come out of the lockup period yet so the VMWare kids will have to wait. The VMWare IPO was on August 13. The shareholders who got shares before the IPO would typically have to wait 6 months, or till Feb 13 2008… That’s when they can cash out, if they do.
Wow, Feb 13 2008 huh? GREAT! Just in time to compete against the thousands of other kids in finance who will be getting paid their bonuses in Jan and Feb!
Competition is going to be fierce next spring. I’d be trying to buy between now and Jan 1st.
All I know is that I am so happy I’m diversified, and not “saving and investing the difference in the stock market” and getting crushed.
That must be a little disheartening diligently saving and investing and losing or going nowwhere, while properties in places you actually want to live (District 7) keep going up.
As they say, owning a property, you are CEO of youself and know the cashflow, tax, scenario. You’re not at the mercy of some shady person from Enron.
The other thought that came to mind is, if nothing has sold in this building for 5 years, and this unit sells for $1,000/sqft ($610,000), which it sounds like it will, all 12 other units are going to be HIGH FIVING themselves! Can you imagine the percentage increase since the last sale? Wealthy affect in full force. Some may do some remodelling and upgrading, and things just get better and better.
Inflation is a beautiful thing, esp when you have a fixed mortgage. All prices eventually become common place.
Location, Location, Location. What a home run.
If the Dow falls to 12000, then even the “middling” SF properties will start flying off the shelves. Remember what happened to RE prices after the last stock market crash.
I’d put my money into a prime condo/sfh in SF than trust it with the various crooks, and world whims in the market ANYDAY.
Gotta live somewhere, so i might as well own what I live in. $3,000/month for rent is about $4,500-$5,500 in GROSS income one has to make, depending on your tax bracket.
is it me or is there one guy posting multiple times under DIFFERENT names? how old are you dude? get a fucking life!!!
[Editor’s note: It appears so, but to each their own. Right?]
i wonder if the multi-name poster is ‘prime’. he’s infamous on craiglist housing forum! actually i kinda like the guy…for all the oodles of people he annoys (mostly bitter renter types and stock-cock worshippers), i often end up agreeing with him;) oh, and he just loves the marina. rock on prime!
i dont care if he trys to convince us all that the marina is best thing since sliced bread. just be a man and use a real name and use it once. how small a [removed by editor] does he have?
jesus!
I owned this unit in 1979, loved it and wish it was still mine.