Being real estate professionals, it is our duty to look past the clutter and furniture and find the value in each property. We had a little trouble getting past the ottoman, sofa, chairs, and dining room wall coverings of 1700 Jones #4, but apparently the buyers saw something we didn’t.
This is a 2 bed, 2 bath condo in Russian Hill, which came to market at $1,395,000 on January 10th. By January 17th, it was already in contract, open houses and Broker Tours canceled, and recently closed escrow on January 29th for $1,500,000 ($105,000 or 7.5% over asking). Forget pricing, forget overbidding, forget the cooling market, forget all that. Think about how quickly this home came and went…seven days on the market, during the worst market San Francisco has seen in over five years.
Merely an anecdote indeed, but significant nonetheless.
Maybe it was the white kitchen with pink lights that sealed the deal.
–1700 Jones #4 [sfnewsletter listing detail]
congrats to all parties and to the realtor for manning up and putting it on mls.
;)
Would you say the realtor “hardened the fuck up” then?
[Editor’s note: Isn’t that video the best!? Puts a smile on my face every time I watch it.]
Wow, nice one in Russian Hill. Does it have a view? How big do you think it is?
Checked out this 2/2 in Cow Hollow on Sunday. Nice place, 1,400sqft, parking is outside, and both bedrooms have frosted glass windows whee you can’t see out. Already in contract after ONE WEEKEND of showing last weekend! $1.2 mil. Pretty good value. Shows people are buying, and also, that sellers aren’t that greedy and are taking clean good offers if presented.
http://sfarmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSPropertyDetail&ARGUMENTS=-N849342671,-N216964,-N,-A,-N12004239
that’s a great point rsc. i felt for some time that we were at a stalemate between buyers and sellers and that the gap was going to cause volume to drop off the map. maybe this recent fed activity will get folks to realize (buyers that is) that it’s time to harden the fuck up and make a realistic offer on a place you really like and to stop insulting the sellers.
Yeah, sellers are definitely more rational now, which is great for buyers. I noticed the cheapest SFH for sale in District 7 at $2.3 million just got into contract after FIVE DAYS on the market. 212 Avila St. They claim it’s 2400sqft, but the basement level area is about 800sqft, with low ceilings = low quality square feet. This place is really like 1600sqft with a bonus basement.
Cheapest SFH AVAILABLE is $2.9 million in District 7. Ouch.
what makes you say sellers are more rational? i’d argue that it’s buyers that needed to make the move to realism.
James – Just from what i’ve seen this year, sellers are accept clean offers at asking o slightly below asking, and they are moving quick.
I don’t believe 212 Avila will go over $2.4 mil. I think it could just go for $2.3 or $2.35mil, but with a very clean offer.
yes, you made my point. buyers are getting more realistic and stopped low balling when they are serious. that will always move properties.