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Outer Parkside Gem Claims Top Spot On Weekly Overbids

Usually, I’m posting the top 10 Overbids on Fridays, and Underbids on Mondays, but sometimes the planets get out of orbit, tides rise too high, and I have my own listings and buyers to tend to. But when I come up for air, I always like to enlighten you all with a little bit of jaw-dropping real estate porn to take you through the week, and today is no exception. Have a look at 2063 41st Ave, in San Francisco’s Outer Parkside district:


It came blazing on the market just after Labor Day at a seemingly bargain price of $599,000 (for comparison, here are ALL recent sales under $600,000 in SF), one bidding frenzy later, and this buyer just landed an epic fixer for $820,000…time to bust out the Coleman camping gear (including stove), and enjoy your Ocean View.

As for the rest…here you go, the Top 10 Overbids closed in the past 7 days in San Francisco (take note…they’re getting more mellow as our market cools):

Address BR/BA/Units DOM List Price Sold Price Overbid
2063 41st Avenue 2/1.00/N/A 14 $599,000 $820,000 36.89%
771 41st Avenue 3/2.00/N/A 13 $1,150,000 $1,420,000 23.48%
21 Seal Rock Drive 3/2.00/N/A 11 $1,295,000 $1,575,000 21.62%
1830 Mason Street 2/2.50/ 10 $1,095,000 $1,305,000 19.18%
354 Maynard Street 2/1.00/N/A 43 $699,000 $830,000 18.74%
3011 20th Street 2/2.00/2 13 $1,095,000 $1,300,000 18.72%
3943 21st Street 3/2.50/N/A 12 $1,895,000 $2,200,000 16.09%
14 White Street 2/1.00/N/A 17 $1,388,800 $1,608,889 15.85%
342 Faxon Avenue 2/1.00/N/A 28 $838,000 $968,000 15.51%
1365 16th Avenue 2/1.00/ 17 $1,095,000 $1,250,000 14.16%
818douglaskit

In San Francisco $1,810,000 Buys You This

A little cottage all of 1150 square feet with many “period details”, and situated in the heart of Noe Valley, 818 Douglass takes this week’s Maximum Overbid cake, gets $1,574 per square foot, and puts fixers back on top.

As for the rest of the top 10 Overbids…here you go:

Address BR/BA/Units DOM List Price Sold Price Overbid
818 Douglass Street 2/1.00/N/A 11 $1,095,000 $1,810,000 65.30%
43 Everson Street 6/3.50/N/A 10 $1,585,000 $2,350,000 48.26%
926 Teresita Boulevard 3/1.00/N/A 12 $1,049,000 $1,550,803 47.84%
31 St Charles Avenue 3/1.00/N/A 20 $599,000 $788,000 31.55%
14 Hearst 2/1.00/N/A 12 $899,000 $1,175,000 30.70%
715 Amazon Avenue 3/2.50/N/A 18 $995,000 $1,300,000 30.65%
71 Sala Terrace 4/2.00/N/A 42 $599,000 $780,000 30.22%
154 Yerba Buena Avenue 2/1.50/N/A 34 $1,595,000 $2,050,000 28.53%
4142 Folsom Street 2/1.50/N/A 15 $1,049,000 $1,325,000 26.31%
1793 Sanchez Street 4/4.00/N/A 13 $1,795,000 $2,257,000 25.74%

Have a great weekend.

18prospect

Maximum Overbid Of The Week | Kitchen & Bathroom Cost Extra In Bernal Heights

With so many great pictures from which to choose, how do you pick just one? You don’t. You must see to believe… 18 Prospect, a 3 bed, 1 bath, single family in Bernal Heights takes this week’s Overbid cake giving new meaning to the term “development opportunity”.

Listed at $829,000 and SOLD for $1,250,000 (cash of course), it should come as no surprise it gets top Overbid honors. How do you price the ultimate fixer? You price it low, and let it go. Whether it comes with a kitchen and bath, or not, is up for debate. Looks like neighbor building is next.

Address BR/BA/Units DOM List Price Sold Price Overbid
18 Prospect Avenue 3/1.00/N/A 11 $829,000 $1,250,000 50.78%
185 Stonecrest Drive 3/2.00/N/A 13 $998,000 $1,388,000 39.08%
1771 39th Avenue 3/2.00/N/A 27 $849,000 $1,170,000 37.81%
627 46th Avenue 2/1.00/N/A 13 $799,000 $1,061,000 32.79%
1355 Holloway Avenue 2/2.00/N/A 14 $988,888 $1,308,500 32.32%
4130 21st Street 2/1.50/N/A 12 $1,298,000 $1,710,000 31.74%
2750 Harrison 3/2.00/top 8 $1,050,000 $1,380,000 31.43%
2829 California Street 2/2.00/4C 15 $1,899,000 $2,455,000 29.28%
336 Jules Avenue 2/2.00/N/A 16 $798,000 $1,030,000 29.07%
320 Alabama Street 2/2.00/15 11 $1,048,000 $1,350,000 28.82%

It’s important to note, these properties had largely gone into contract a few weeks (or more) ago…there is potentially a shift in the tide happening at the moment. We are seeing more properties set offer dates and not receive any. Price reductions are starting to happen, and the behind the scenes pleading from my colleagues to “bring your buyers, motivated sellers” are increasing. Could we have reached the peak? Time will tell. For now, there are still far too many buyers for the limited amount of property available, so any change ain’t happening overnight, but it might be happening.

Stay tuned…

San Francisco New Listings, Recent Sales, Overbids, Underbids and more [theGoods]

One Million Dollars Over Asking. Market “Crazier Now Than In ’05 And ’06”

Where on Earth!? Right here, 2821-2823 Broderick, San Francisco, CA 94123.

As if $1,000,000 over asking wasn’t enough, how about a two (yes 2) day close of escrow. Still shows Pending in MLS, so look for it to close on Tuesday.

How do I know?

A legit friend of mine offered $3.515 and didn’t get it. I don’t know exact price, heard from another friend the seller accepted $3.56 but not confirmed. Asking price was $2.495. I also tried to buy 2740 Lake St a few weeks ago, it went to an all cash buyer, 5 day close for $620k over asking. There was another house on El Camino in Sea Cliff that went like $1.2MM over asking recently. Market feels crazier now than it did in ’05 and ’06.“–A Trusted Developer Here in San Francisco

2821-2823 Broderick, Cow Hollow 2 Unit Asking $2,495,000 [MLS]
Google Earth Fun with 2821-2823 Broderick [Google]

West Portal Wreck, What’s It Gonna Take? (145 Madrone)

Just curious to see how up on your real estate all y’all are.

Take a look at 145 Madrone, a 3 bed, 1 bath, 1920’s home in prime West Portal, asking $849,000 (offer date next Monday). By all accounts, the one single photo doesn’t do this property justice. (Come on fellow Realtors! Even if it’s a wreck, you gotta put more photos up.) It needs a lot. We wouldn’t go so far as to say it “needs everything” like a certain Clipper wreck you may have heard about, but it needs a lot (new kitchen, new bathrooms, blow a wall out here and there, redo the floors, dry wall, ceilings…).

So what’s it gonna take to be the lucky owner of this diamond in the rough? We’re giving away a trip to Hawaii for the reader that nails the sales price in the comments below. (Not really, but we can dream, and we do appreciate all of your comments.)

145 Madrone, 3bed, 1 bath, $849,000 [listing details]

Reduction, Ad Nauseum

I’m not a Realtor, so I’ll tell something I’m more qualified to comment on: buyers’ perspectives. For instance, I can tell you how buyers looks at a property that’s been reduced more than twice. We feel sorry for them. They’re like awkward teenage boys at their first dance, pretending to be terribly busy with their shoe laces to avoid eye contact. We all know these boys can’t really be too picky; they have to take what they can get.

This analogy might not totally work for reduced priced properties. I’m just saying that as a buyer, we tend to feel a lot more powerful when we notice a home’s asking has come down not once, but twice– a feeling that multiplies with each subsequent reduction. That’s why, as a seller, I’d really hope my agent were savvy enough to price my home right. Of course, we can’t, unless we are Dione Warwick, know what the future holds, and some of the current meltdown has caught us by surprise. Still, the writing’s been on the wall awhile. Most literate people, I’d think, would have read it.

Case in point the next three properties, whose reduction history goes from bad to worse.

1. Studio TIC at 1059 Leavenworth St #5 San Francisco, CA 94109. Current price: $325,000. In over 120 days on the market, the list price has come down thrice:

Jul 02, 2008 $399,000
Jul 03, 2008 $329,000
Sep 09, 2008 $325,000 

2. 532 Clipper St #B San Francisco, CA 94114, currently at $539,000 is a 2 bed/1 bath TIC flat. In over 170 days on the market, it’s suffered 5 reductions, each one not very big, but the conglomeration of so many price cuts is pretty damning:

May 14, 2008 $679,000
Jun 11, 2008 $659,000
Aug 13, 2008 $639,000
Aug 28, 2008 $599,000
Sep 25, 2008 $570,000
Oct 28, 2008 $539,000

3. 3630 22nd St., San Francisco, CA.  A 2bed/1bath detached cottage TIC, this one I’ve saved for “worst” because though it has not been cut as often as the above property, the overall slash down is quite dramatic. In over 100 days on the market:

Jul 18, 2008 $749,000
Sep 05, 2008 $649,000
Oct 06, 2008 $589,000
Oct 29, 2008 $499,000

In this last case, the current price seems a lot more fair. I went to the open house yesterday and the listing agent informed me the place needed about $250K in repair and pest control. I have to wonder who would have ever, ever, ever paid the original list price.

I also wonder what other SF real estate agents or buyers or sellers think of these reductions overall, so I’m serving this blog up on the Front Steps for commentary. Take it easy on those awkward teen age boys though. Everyone, and everything, is fragile right now.

A long time coming: 235 Broderick hits the MLS, we tried to warn you

Had you been reading theFrontSteps a while ago, June 11th to be exact, you’d have had an opportunity to pick up this developer special at 235 Broderick long before the rest.

235 Broderick

Now the cat is out of the bag, the chatter has begun, it’s on MLS (listed for exactly the same price the seller’s paid in March of 2008, $2M…makes price per square foot a cool $500), and we’re left pondering the future of this (potentially) awesome house.

One thing is for certain, these sellers will likely take a huge hit and that can’t feel good. You know what they say, “One man’s loss, is another man’s gain.”

…and we almost forgot the before shots. Can’t wait to see the after!

Developer Special not on market in Haight Ashbury [theFrontSteps]

235 Broderick [listing detail]

235 Broderick (before) [listing detail]

Baja Noe bites back (141 27th St.)

From “Fluj”:

Have you been following 141 27th St? In the flats of Noe. Formerly known as Baja Noe Valley, between Guerrero and Dolores. Anyway it is a partition sale of a whole scale cosmetic fixer that needs just about everything. It was listed at $637,500 nominally before the offer date. The offers came in, right? $950K. The first court overbid is going to be $998,000.

141 27th St. [listing detail…not an sfnewsletter listing]

Developer Special (not on market) in Haight Ashbury

We hesitate to provide the address of this property (as always to preserve privacy), but at the same time we feel it our obligation to put out to a larger audience some potential deals that might be right up your alley. Should you, or your friends, be interested in taking this property off the hands of the current owner (around $1.8-2M) feel free to contact us.

facade
(We can see you MapJack O’holics cruising now.)

It’s got some potential for the right person, and “permits and plans for redoing the entire house and expanding the garage to a two car garage. [The owners] have gotten as far as completing a total demolition of the interior space. The house is about 4000 square feet, 6bd/4ba”, it’s located in a great area of the Haight Ashbury district, and we want you to have it.

If you recognize this kitchen, you know the home.

demokit

…and of course that facade will let you know if it’s something you desire. We also tend to think this better for an owner-occupier rather than developer, so if you’re looking to remodel a home, need this kind of space, and don’t plan on flipping, opportunity knocks.

Ask us: What’s up with 1409 Sanchez?

Where readers ask and we try to answer:

Can you help find out if 1409 Sanchez closed? This was a total tear down and it was listed for $1.1MM.

If this sold anywhere near ask, then Noe [Valley] is still hot…

The status of this property is “pending” and scheduled to close in March. Make no mistake, Noe is indeed still hot.

We’d post a picture, but it must be one of these, as the agents didn’t provide one.