1959 Lombard

Marina / Cow Hollow Property Gets $1,200,000 More Than Asking

If you haven’t noticed, posts on this here site have been sporadic to say the least, and will remain so for the rest of the year. That said, I couldn’t help but share this Cow Hollow/Marina District property at 1959 Lombard that just closed for $1,200,000 over the list price!
lombard

For you Commercial geeks, the cap rate on this bad boy is a 2.69%! And “long-term” tenants mean 1 of 2 things…potential to increase rents, or potential to increase headaches. Regardless, somebody saw great value in this building (as they should), and IMHO should be thrilled.

Underpriced? Probably. But let’s consider the larger market logic that compels someone to not only list a property more than one million dollars below market value (when you just don’t know you gotta price it low), but the psychology as an agent that must convince a buyer to offer $1,200,000 MORE than what the seller is “asking”, and the buyer that has to come to grips with that reality.

I’ve been in this game for nearly 15 years now, been through two monstrous peaks and subsequent declines, and some things just haven’t changed…namely San Francisco has long been a premier destination to call home, start a business, raise a family, and invest in real estate. Surrounded by water on three sides, heavily restricted on vertical development, and historical preservation, it’s just that tough to get your hands on some choice San Francisco property.

Pray for snow! Dream of surf. Enjoy the day.

The Goods: Real-Time market data for my clients

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SOLD | 762 Great Highway

SOLD | 762 Great Highway #3 | Outer Richmond/Ocean Beach | $1,250,000

Congratulations to my clients (the sellers), as well as to the buyers on my most recent successful transaction. What an amazing property with drop dead views in an awesome location. Looking forward to seeing you in the water.

From the listing…

You can’t buy property in San Francisco any further West…this is it…where the land ends and the Pacific Ocean begins. Marvel in the ebb and flow of ocean life from your living room (spot dolphins, whales, sea lions, surfers, kite surfers, and ships going by), escape the City life, catch every sunset from your couch kitchen or dining table, walk the beach every morning, experience the surrounding parks and abundant nature right out your front door.

572 Funston

Real Estate Porn For The People…

Who came down with a heavy case of the Mondays…and Tuesdays, Wednesdays, Thursdays, and Fridays? I did. Right here.


I know you all want the great real estate porn that got you on this site in the first place, but I’ve been busy, so I figured I’d make your life, and my life, easier…here you go: Check out The Goods, it’s all new, super sleek, works great on your mobile device, and has all of the same great data you’ve come to love (minus my snarky comments).

Want Top 20 Overbids…all there, all the time. Start to notice things like 135 Webster, finally dethroned by 572 Funston.

Want Top 20 Underbids…got those too. Marvel at places like (239 Arletta in Visitacion Valley, which sold for 20% BELOW list…wait for it…at $480,000 to clinch top spot on the Underbids. That’s a $600,000 home selling for $480,000 and the address on the post card to mom will read “San Francisco, CA”.

Looking for Hot New Listings. Gotcha covered there too. No need to wait for me to tell you about what just hit the market in your ‘hood. Grab properties like 164 Belvedere (drooling) and immediately share with your friends to plan your dinner parties when they buy it!

The Holy Grail…Recent Sales…got those too. I was the first in San Francisco to provide this valuable data to my clients on a regular basis, so why should I stop. Such an easy way to track what’s going on in your ‘hood without my annoying phone calls, texts, and emails to remind you how much you love me.

My buyers’ favorite…Stalefish…had to tone this down for the masses and call em 30+, but this is my site, and dammit if I don’t like calling them Stalefish better. A Stalefish is a property 30 DOM* or More…and would you believe 149 29th St is BOM*. For the record just cuz it’s Stale, doesn’t mean it stinks!

So there you have it. Now you don’t need me to update you as often. You want the Goods, you get the Goods. Spread the word.

Fellow agents…we are now offering my service of The Goods to you…your branding, your look, your site…update your people with the same great data. Contact us at info@thegoods-sf.com or nate@thegoods-sf.com to get your pages set up and start sharing this wonderful real estate market information with your people.

*BOM = Back On Market
*DOM = Days On Market
*Duh!

rentcafe

In San Francisco More Households Making Over $150,000/year Choose To Rent Than To Own

Check out this report the kind folks over at RentCafe just sent me:

“With all the talk about renters being squeezed out of the housing market and new high-end construction pushing up rents, we’ve decided to take a close-up look at Census data and see who’s actually driving today’s rental marketplace. We’ve put all our findings in this report here, in case you might be interested in checking them out and perhaps sharing the story with your readers.
rentcafe
While affordability remains a major concern for many low-income renters, there’s a growing number of people that know nothing of – nor care about – the “30% of income on rent” rule of thumb. In fact, there’s a market for wealthy renters and it’s not lacking in demand!

The number of renter households that earn more than $150,000/year increased by 217% in 2015 compared to 2005, with a whopping 1.2 million affluent households joining the ever-growing rental pool in the last decade. Meanwhile, the number of homeowner households within the same income bracket has increased by a much lower 82%.

When broken down by city, things are even more surprising:
– Fort Worth leads the charts with a spectacular 77% increase in the number of high-income renters from 2014 to 2015.
San Francisco may be the second-most expensive rental market in the US – with a startling $3,472 in average monthly rent – but it’s also home to the second-largest number of renters that earn more than 150,000/year: 57K (who also outnumber wealthy homeowners in the city by 4%). That means that nearly 25% of all renter households in San Francisco are in the upper income bracket – the largest share of rich renters/city in the nation.
– Los Angeles has the third-highest number of wealthy renters in the country, approx. 51K, an 8% increase between 2014 and 2015. Still, the majority of LA renters (59.7%) earn less than 50,000/year.
– NYC is the mecca of people with big paychecks – not much of a surprise there. But did you know the Big Apple is home to approx. 212,000 renters that earn more than 150,000/year (approx. 10% of the total renter population)? That’s nearly four times more than the number of high-earning renters that call San Francisco home and 12 times the number of Boston’s affluent renters.”

The report – which you can find here: http://www.rentcafe.com/blog/rental-market/luxury-apartments/1-2-million-more-wealthy-renters-in-10-years/ – contains many more interesting facts and findings (plus some really cool visuals), that will certainly help you gauge local and national real estate economies.

Thanks for sending my way…makes you wonder why so many of those high income earners choose to rent as opposed to buy.

Michael Lecht, Anna Harrison, Jason Torres, Jay Shapiro Are ALL Fake Buyers

Apologies to anyone out there who might actually be named, Michael Lecht, Anna Harrison, Jason Torres, or Jay Shapiro and you are a solid, good person, but here in San Francisco, we have some fakes…

To my colleagues around San Francisco, it looks like Michael Lecht is still at it. He’s a fake. A phony. A nuisance. Not Real. Not a buyer. He’s a pain in your ass, and at this point, I’d think the police should somehow get involved.

Cases in point, we blogged about Jay Shapiro (possibly Michael Lecht) in 2008, then Michael Lecht in 2012, then Anna Harrison and Jason Torres (Michael Lecht’s next of kin?) in 2015, and here we are in 2016 and it’s clear this guy is still out there doing his thing. Beware…

The most recent email sent to theFrontSteps today:

I am an agent with Mcguire and Michael Lecht is back. He is trying to get me to work with him.

If you don’t have time to browse the the comments of this thread, which show the who’s who in San Francisco real estate reporting this guy, I’ll share their stories here.

Pass this along.

SF Realtor
October 7, 2013 at 4:28 pm
Oct. 7, 2013: A buyer named Michael Lecht just called me to make an appointment to see a listing that I have. His story sounded a bit sketchy so I Googled him – glad that I did, found these postings. I tried to call him to ask him to come to a public open house instead of a private showing and he has a number with no voice mail. When he called me back to ask why I was calling, I told him that I’d be more comfortable if he would be able to view my listing during a Broker’s Tour or a public Open House this weekend. He got irate and hung up on me.

Silvana Messing
April 6, 2014 at 2:54 pm
I received a call from Mi harl Lecht today 4/6/14. He instructed me to meet him at Starbucks on Pacific x Battery.
He game me his email to send 1 bdr condos up to $3Mil in dist 8 and South Beach. Thank you for this blog site as I thought he was too anxious with wanting to meet at a certain hour and place was too thought out without options. I will now not respond!

thefrontsteps
April 15, 2014 at 5:14 pm
Thanks for the heads up that this guy is still out there.

Yvonne Toracca
September 22, 2015 at 5:24 pm
BE ADVISED!!!
He called me last year looking for a unit up to $3M with specifically 1 bathroom, had to have only 1 bathroom! That was the first sign that he was not right. Also, wanted to meet at Starbucks on Battery St. and at that point I Googled him as well. I spoke with our in house Legal Counsel, reported it to the SFPD and told him NOT TO CONTACT ME AGAIN! Just this week he called again. I would appreciate it If anyone has a picture of him please post it so I can give it to the SFPD and we can all be aware of what he looks like should he show up at an Open House!

SFAgent
October 25, 2015 at 1:02 pm
Agents, heads up…. He is still out there. Has contacted me 4-5 times this year on two different listings. Claims he would like to see them by appointment. Once he also left multiple messages with detail descriptions of what he was looking for, with a request to meet at a coffee shop.

Laura Lanzone
July 25, 2016 at 6:34 pm
He has been calling me for the last two days and is all over the place with his requests. SO he is definitely a scammer then I take it?

thefrontsteps
July 26, 2016 at 8:17 am
He’s definitely a scam…

Donna R Aldrich
December 29, 2015 at 12:25 pm
Fortunately for me I have a clever processor who, when I told her about this strange guy who had called me for an appointment, said have you googled him. When I did I found this… Not only did he call me last week while I was at my Mom’s for the holiday wanting to schedule an appointment and referencing some ad he’d saved for a long time. I’ve NEVER taken an ad out in any publication. THEN, as I was at the airport returning home ON CHRISTMAS DAY, he called to ‘wish me a Merry Christmas’. He was supposed to come to my office today but called to cancel for which I am grateful. I will not be rescheduling with him. That really freaked me out and I’m so glad I googled him. He’s baaaaaaaaaaack!

Agent Z
January 31, 2016 at 7:13 pm
Yes, Michael is back in game. I saw him yesterday at the open house in lower pacific heights. This time he was looking for 1 bedroom for $2.5 mil.. I remember, I read that article couple of years ago, but didn’t expect to meet him in person. He is a small elder man, ~5 ft tall, with a beard and mustache. We was dressed in a really old and worn clothes. Then he gave me a ridiculous description of what he is looking for. I felt that something was wrong, so I googled him and came across this article ones again.

thefrontsteps
February 2, 2016 at 8:37 am
Thanks for letting us know. Agents keep a lookout!

thedaythetumordied
April 13, 2016 at 12:51 am
He’s back again!! Called me today saying he picked up my card from a table at an open house. Who does that? I knew something was weird when he quickly rattled off his email, emphasized the number he gave as his home phone number (which differed from the number he called from), rattled off specifically what he wanted (1/1/1, etc) $600k-$3 million. He’s only available M-W 1-4pm, and asked me to meet at Starbucks on Bush and Van Ness. It was creepy from the start, so I looked him up on Google. My boyfriend is glad I did too. Sent him an email cancelling the meeting. Not sure he’ll get the message; doesn’t sound like he ever does. Be safe everyone!

thedaythetumordied
April 13, 2016 at 12:53 am
He’s back, just in time for spring. Same story argh!!!

Lorrie
May 20, 2016 at 3:13 pm
He just contacted me – email miclecht2@gmail.com Thanks for heads up – I will cancel appointment with him.

Christine Doud
July 13, 2016 at 11:24 am
I just received a call from his as well! Watch out everyone!

Jill Gumina
August 12, 2016 at 10:07 am
Me, too!

Anthony Koutsos
July 13, 2016 at 11:54 am
from Jan this year some secondary website request:

Hello,
Homebidz.co has a lead inquiring about a property.

Info:
Michael Lecht
4159333449
miclecht2@gmail.com

Message:
I am interested in this property and would like to schedule a viewing. Please let me know when this would be possible. 716 2nd Avenue San Francisco, CA 94118 MLS# 436262

Faye Dibachi
July 18, 2016 at 2:19 pm
He contacted me over the weekend.

Jill Gumina
August 12, 2016 at 10:05 am
I just got a Homebidz.com request to see my listing on Berry St from a Michael Lecht…..

Karen
September 24, 2016 at 11:51 pm
He contacted me. Thanks everyone for the posts so now I know my instincts are correct!!

On a different note, in case you haven’t heard, there have been a few break-ins at vacant listings around town where young aspiring partiers are getting their groove on. Lock em up, close the windows, leave the lights on. Be safe.

Beware of Buyers [theFrontSteps]
San Francisco Real Estate Agents, Sellers, and Investors, Beware of Michael Lecht [theFrontSteps]
Agents/Sellers Beward of Fake Buyers In San Francisco [theFrontSteps]
The Way Every Agent Should Market To Their Sphere [the Goods]

2250 Vallejo Listed $25,000,000

The Rise Of the Underbid

It used to be this Top 10 Underbids list was made up largely of the “ugly ducklings”…the properties nobody wanted…the overpriced “shoot for the stars” sellers…or the homes that just had too much hair on them. Not anymore. Check ’em out. The market has shifted for sure. Buyers…wake up! There are deals to be had all around San Francisco, as we speak.

San Francisco’s Weekly Top 10 Underbids

Address BR BA Parking List Price Sold Price Underbid
327 Cumberland Street 2 1.00 0 $2,350,000 $2,030,000 -13.62 %
2250 Vallejo 7 7.00 2 $25,000,000 $21,800,000 -12.80 %
2028 McAllister Street 3 1.00 3 $1,695,000 $1,500,000 -11.50 %
62 Glover Street 64 N/A N/A 2 $2,500,000 $2,275,000 -9.00 %
3233-3235 Steiner Street N/A N/A 2 $1,899,000 $1,765,000 -7.06 %
5211 Mission Street N/A N/A 2 $1,385,000 $1,290,000 -6.86 %
1379-1383 25th Avenue N/A N/A 2 $2,359,000 $2,200,000 -6.74 %
13 Surrey Street N/A N/A 0 $899,000 $840,000 -6.56 %
955 Rockdale Drive 4 2.50 2 $1,999,000 $1,875,000 -6.20 %
362 28th Avenue 2 1.00 1 $1,270,000 $1,193,500 -6.02 %

In case you missed it, check out 2250 Vallejo (sold for $21,800,000)…holy sh*t that’s a sweet house!

More Overbids, Underbids, Stalefish, New Listings, and Recent Sales [theGoods-sf.com]

SOLD

SOLD! | 1957 11th Ave | Golden Gate Heights | $1,400,000

There is a story to this one…Nonetheless, I’m pleased to report the (finally!) successful sale of this amazing Golden Gate Heights Property.

Nestled in the hills of Golden Gate Heights with wonderful vistas to the North/North East, surrounded by beautiful trees and a lush garden, and tastefully remodeled for the minimalist in all of us, including a painstakingly thought out master suite on the lower level, which opens to the garden, 1957 11th Ave is the home you don’t want to miss.


Having found this wonderfully crafted home built in 1948, the architect/owner of this home set out on a journey to create an oasis of minimalist living and design aesthetic nestled into the hills of this vibrant and bustling city of San Francisco. The kitchen was remodeled in 2008 with a focus on clean lines and simple living while maintaining the charm of the original home. In 2014 the lower level was completely remodeled incorporating a designer master suite with walk-in closet and ultra modern master bathroom complete with radiant floor heat, Hans Grohe fixtures, Ariostea Italian High-Tech Wood tile, and Toto toilet.

Not wanting the upstairs bath to be outdone, it too underwent an extensive designer remodel in early 2016 also with radiant floor heat, Ariostea Italian High-Tech Wood floor tile, Honed Italian MaxFine Calacatta wall tile, Toto toilet, and a wonderfully situated window which make tub soaks and showers feel as if you’re in the garden.

In addition to the remodeled designer master suite, kitchen, and luxury baths, this home contains a total of three bedrooms, approximately 1595 square feet, parking for one car, a woodburning fireplace, hardwood floors with original detailing, high ceilings, views, hallway skylight, a “Romeo & Juliet” balcony from the second bedroom to the garden, a deck off of the kitchen perfect for outdoor dining/entertainment (and of course barbecuing), plantation shutters, new water main, new furnace, tankless water heater, stackable washer & dryer, recessed lighting, and a newly installed irrigation system to keep the amazingly lush garden alive and well.

This home…you must see.

Details:
List Price: $1,295,000
Sold Price: $1,400,000
3 bed
2 bath
1 car parking
Remodeled Kitchen, Baths, Master Suite
Radiant Floor Heating in Baths
Ariostea Italian High-Tech Wood tile
Hans Grohe Fixtures
Woodburning Fireplace
Hardwood Floors
Lush Landscaped Front and Rear Garden
Irrigation System
Stackable W&D
Tankless Water Heater
Recessed Lighting
Plantation Shutters
Views
New Furnace
Toto Toilets

Exclusively listed by:
Alexander Clark
Keller Williams Luxury Realty International
theFrontSteps.com
alexclark@gmail.com
415-254-5351

Contact me for details about this sale, or to talk about selling your home:

8 Buchanan #612

Sold | 8 Buchanan #612 | Hayes Valley | $1,295,000

I am pleased to announce another successful transaction completed where we had the pleasure of representing the sellers of this amazing view property. Congratulations to the buyer, as well as my wonderful clients who are now officially off to Oregon. Lots of rain coming…get good rain gear.

Designed and built by world renowned Architect Bernardo Fort-Brescia and Arquitectonica in 2014, Linea provides luxury living in the heart-center of San Francisco. Enjoy breathtaking panoramic views from your living room, sip coffee in the morning sun, and experience the vibrancy that is living on the edge of Hayes Valley, Mission Dolores, Castro, Lower Haight, Duboce Triangle, and Mid-Market districts.

With walls of glass framed by bold, geometric pillars, this building was designed to impress, and impress it does. Unit 612 features two bedrooms, one bath, 1107 square feet of open floor plan, natural hardwood floors, Bertazzoni gas range, Liebherr refrigerator, polished quartz countertops, high end Italian kitchen cabinets, under cabinet LED lighting, Kohler and Grohe fixtures, stackable washer & dryer, Nest thermostat, custom closets (walk-in), central heating and air conditioning, and the piece de resistance…parking.

The elegant, expansive, attended lobby is finished with porcelain tile floors, natural white-oak wood panels and Italian marble highlights. An interior courtyard with lush plantings and greenery creates a serene interior view, and the rooftop terrace has multiple areas for entertaining and enjoying the city lights (if you don’t get enough of them from the comfort of unit 612).

Linea was born from the imagination of world-renowned architect Bernardo Fort-Brescia as a way to bring a forward-thinking aesthetic to those who appreciate true modern design, so we invite you to come appreciate.

Property Details
$1,295,000
2 beds
1 bath
1 parking
1107 square feet
Hardwood Floors
Panoramic Views
Bertazzoni Range
Liebherr Refrigerator
Italian Cabinets
Stackable W&D
Quartz Countertops
Kohler and Grohe Fixtures
Nest Thermostat
Air Conditioning
HOA Dues: $654/mo
Building wired for 400Mbps+ Webpass Internet
A+ Central Location
1 Block to Whole Foods
97 Walk Score
100 Transit Score!
88 Bike Score

Exclusively listed by
Alexander Clark
Keller Williams Luxury Realty International
theFrontSteps.com
alexclark@gmail.com
415-254-5351

[This above video is from the original new construction marketing, as well as the three building renderings]