People assume every property in San Francisco sells for a million dollars over asking. You hear the rumors and see the outliers, and it is easy to think there are no opportunities left. But that isn’t accurate… you just need to know where to look.
The sale at 937 South Van Ness Avenue proves the point.
This preserved Classic Victorian, dating back to 1875, was previously part of The Inn San Francisco. It came out asking $1,995,000. While it is a significant building, the market didn’t respond to that initial number.
After 160 days on the market—an eternity compared to the standard two-week cycle—the price had to give. The final number came in at $1,530,000.
That represents a $465,000 drop from the original list price.
Pricing remains the single most important factor. When a property sits, the leverage shifts to the buyer. For someone wanting a historic building without fighting through a dozen other offers, this was a solid purchase.
For more Underbid sales, head to The Goods.
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