Ahhh, we love our readers, especially when they come up with money quotes a lot of you are missing. So, we often take it upon ourselves to bring them front and center. This from “MichelleL” on “Getting Twisted in Cole Valley“:
WTF? Are people still paying 3-million to live in Cole Valley sans view? There is an interesting ‘compflip’ in Eureka Valley on 19th and Douglass for ‘gasp’ 4-million plus…what are your thoughts, are sellers still living in 2007?
We’re going to assume you’re talking about the property we found (we can’t tell you how often we get the question about “that house on the corner”) and linked to above. If not, please correct us.
To begin, let’s help some less than up-on-the-lingo readers with translating your question. WTF means “what the f*ck”. Sans is the french word for “without”. Now that we got that out of the way, on to answering your question.
Yes, some sellers are still living in 2007, which is exactly why many of the buyers we’re working with have been advised to not panic, be patient, and watch properties of interest very closely. Keep in mind many “flips” started a long time ago, and the developers may not have calculated a declining market in their build costs, so they’re hoping for that un-educated Realtor/buyer combo to walk through the door and say, “We’ll take it!”, and save their asses, pop the champagne and make their car payment. However, like everything in SF, it comes down to the property in question, and not necessarily the market as a whole. We don’t know the exact scoop on this property on 19th, so unfortunately can’t provide many more details, beyond a very vague answer of “yes”…some sellers are living in 2007.
We do know first hand of some other very awesome developments that the builder “just wants off their books”, should you be so inclined to get in touch.
Thanks for your comment! We hope to hear from you more, MichelleL.
–4552 19th Street, $4,299,000, 6 bed, 4.5 bath [listing details]
–Getting Twisted in Cole Valley (1342 Shrader) [theFrontSteps]
11 thoughts on “Comment du Jour: WTF! Sellers Living in 2007?”
You know Alex — you wrote something in the above post that really made a lot of sense to me about the SanFran market. It really does come down to a house by house situation. It’s the only thing that really explains the situation in this market. Every house/transaction is its own unique story. Which is why these SF RE blogs are so successful.
I think they’re looking squarely at this one. They’re 300 feet larger. Tack on those 300 at 1000 a foot, and voila.
And, sorry, but it’s got to be said. 2007 pricing? Oh the grief we r.e. bloggers caught last fall when we continually pointed out how prices hadn’t really fallen. Fall 2007 was post late August’s big scare.
Have prices fallen now? I think they have, to a degree. Not for flawless properties tho, it seems. Nor do I perceive any “great deals” on SFRs. I think the deals are on condos, multi-family, and commercial. We’ll see if that continues.
But back to 19th st. I haven’t seen this one yet. I hope to run through it quickly today.
I loved that house fluj mentioned above. I haven’t been through 19th yet, so I can’t say for sure – but it looks pretty undistinctive, generic for a 4mil + price tag.
not to mention if 4419 19th couldn’t sell for 2,348,000- then the homeboys and girls associated with this project are smoking a special kind of something that should be shared with the rest of us.
4419 remains a mystery to a lot of us. It’s a very good, very cool home. Yes it’s vertical. Yes the yard is small (albeit due south facing). Yes the view areas are off bedrooms. But still …
I tried to dash through 4552 today but it wasn’t open yet at 12:20 and I didn’t have time. Anybody see it?
Very nice with high end finishes but felt a little bit like Blackhawk, a little sterile and suburban. 4419 19th is a more interesting house.
4552 was just reduced by a whopping 500K. No sooner does that happen than along comes 4432 19th, with the same listing agent. Coincidence?
4432 19th, here:
Not such great timing for these ultra-expensive homes.
I liked 4419 for 2.4 as well. the ‘vertical’ aspect didn’t bother me in the least, any house that expands in SF usually has to go up due to lot size constraints…
Went in 4552 Today. Nice quality of construction and finishes. Not a great market for them, but very nice end product.