Holy hell that was a long one! In the end, we got it done. Congratulations to all involved. And to those readers that are looking for more blogging than just our recent sales, my apologies. We’re working on that too. Gotta make hay while the sun is shining, and get back to blogging about all that good real estate p*rn when we come up for air. In the meantime, there is always The Goods, which updates daily so you can track everything on your own.
From your first look at the exterior of the historic Allied Box Factory, to the time you stroll through the lush courtyard to this one of a kind Live/Work loft, you will be in awe…
Originally built in 1907 as a timber factory, the Allied Box Factory was converted to a mixed-use development in 2001 with the intent of fostering a creative community. Of the Allied Box Factory’s 31 spaces, 15 of them are live/work condominiums, eight of the building’s non-residential units are used as creative studios, and six house commercial enterprises.
Situated on the second floor, unit M202 has recently been transformed from cool to ultra cool with the complete remodel of the kitchen/living/dining area that creates an ambiance second to none. Entertain guests in your modern, open kitchen complete with a 5 burner Thermador range, grey Caesarstone Countertops, Custom Walnut Cabinets, Carrera Marble Island (with seating), Thermador Dishwasher, GE Monogram Refrigerator, and original bar lighting from the previous owner, famous artist Rex Ray.
A combination of hardwood and concrete flooring with large exposed timber and open ceilings is certain to capture your attention. Extend your living area by opening the doors to your large outdoor PRIVATE patio with room for seating, dining, gardening, and of course barbecuing. Enjoy the warm weather the Inner Mission provides, soak in the city vibes and rooftop views, and live the San Francisco dream.
Not only does this amazing unit feature a completely remodeled kitchen, a designer bedroom with custom closets, hardwood floors throughout, a designer bathroom with custom mosaic tiling, washer & dryer, and deeded parking, but also a completely separate bedroom/office/studio across the hall. This room also contains gorgeous wood floors, original windows, tons of natural light from the courtyard, and is ideal for the live/work lifestyle so many of us strive to achieve.
1 car parking
Remodeled Designer Kitchen
Carrera Marble Island
Custom Walnut Cabinets
Hardwood & Concrete Floors
HOA Dues: $437.96/mo + approx $40/50/mo for common utilities
Prime Inner Mission Location
*Live/Work loft. Certain restrictions/stipulations may apply. Buyer is advised to investigate
Private Showings Upon Request
Exclusively listed by:
Keller Williams Luxury Realty International
Perhaps a little less baffling than last week’s, and also a case of clearly underpricing a property, this little gem at 2724 Ortega just fetched nearly 40% more than asking ($849,000 to $1,135,000). To be perfectly honest, it sold exactly at a reasonable price, so there is not much of a story on this one, buuuttt…
From $999,000 to $1,328,000…. our friends around the world are collectively shaking their heads in disbelief. As for us, it’s all too familiar.
Top 10 Maximum Overbids Of the Week | San Francisco
|2724 Ortega Street||3/2.00/N/A||14||$849,000||$1,135,000||33.69%|
|1315 Minna Street||2/1.00/N/A||21||$999,000||$1,328,000||32.93%|
|635 38th Avenue||3/3.00/N/A||13||$1,495,000||$1,915,000||28.09%|
|6 Berkeley Way||4/3.50/N/A||15||$1,298,000||$1,650,000||27.12%|
|3392 16th Street||2/1.25/||12||$995,000||$1,245,000||25.13%|
|73 Naples Street||3/2.00/N/A||12||$749,000||$927,000||23.77%|
|1045 Church Street||3/1.00/N/A||19||$1,799,000||$2,225,000||23.68%|
|1039 Treat Avenue||2/1.00/||4||$1,099,000||$1,350,000||22.84%|
|2679 43rd Avenue||3/1.00/N/A||9||$749,000||$920,000||22.83%|
|1056 Cole Street||3/1.00/||13||$1,095,000||$1,310,000||19.63%|
For information about any of the sales you see above, about San Francisco, or our market, have a look around the site..it’s loaded with great information. Better yet, give us a shout and we’ll get you sorted.
Have a great weekend!
Not to be outdone by any of the fixers clinching the top spot on a few of our previous top 10 Overbids — 1078-80 York, a two unit in San Francisco’s hot, hotter, hottest Inner Mission District, just closed for only $320,000 over ask.
(People around the world scratching their heads thinking, “Is this guy nuts? I could buy an entire house (maybe in Knoxville) for what this person just paid over asking on this piece o’ hooey property that doesn’t even have a kitchen!?”) Yessir, it’s what many would call a “dump”, but not us, and it actually has two kitchens…granted they don’t work, but this property right here is a diamond in the rough and we’d go so far as to say this buyer scored a great property at a very fair price, in a very hot location, location, location.
As for the rest of the top 10, here you go:
|1078 York Street 80||2-4 Units||7||$995,000||$1,315,000||32.16%|
|1751 La Salle Avenue||5/1.50/N/A||60||$625,000||$805,000||28.80%|
|361 Texas Street||3/2.00/N/A||15||$1,795,000||$2,300,000||28.13%|
|1015 Ashbury Street||2/2.00/2||8||$1,095,000||$1,350,000||23.29%|
|1444 17th Avenue||2/2.50/101||5||$1,299,000||$1,600,000||23.17%|
|149 Shipley Street||3/2.00/||9||$988,000||$1,180,000||19.43%|
|3919 17th Street||1/1.00/||0||$895,000||$1,065,000||18.99%|
|79 Seward Street||3/2.00/N/A||6||$1,995,000||$2,350,000||17.79%|
|2919 Pacific Avenue||2/2.00/6||8||$1,249,000||$1,457,000||16.65%|
|2932 26th Avenue||3/2.00/N/A||14||$1,425,000||$1,650,000||15.79%|
To wrap this week up, the market is shifting. All signs point to this being a fantastic time to sell your property, and we are experts at doing just that. Give us a shout and we’ll git ‘er done.
The information below is provided by Paragon Real Estate Group, enjoy:
In the last 5 years, San Francisco real estate market rebounded and went crazy hot, but how much did it really appreciate? Below is a great analysis from Paragon that shows you the data using median sales price. This post is specific to houses, the next post is specific to condominiums appreciation.
Median sales price is a very general statistic, often concealing an enormous variety of values in the underlying individual sales. It can be and often is affected by other factors besides changes in fair market value, such as changes in the inventory available to purchase, and major changes in the distressed property, luxury home, or new home construction segments. Sometimes median prices fluctuate without any great significance: substantially different groups of homes (larger, smaller, older, newer, etc.) simply sold in different periods. Assessing appreciation by changes in dollar per square foot values, instead of by median sales prices, can sometimes deliver significantly different appreciation rates.
Below the charts is a table with a more comprehensive list of San Francisco neighborhoods, and at the bottom of the page is a neighborhood map.
The neighborhoods on the table below are grouped by San Francisco Realtor District, some of which contain neighborhoods of relatively similar values and some with highly variable home values.
Generally speaking, the higher the number of sales, the more reliable the statistics: We’ve usually calculated appreciation rates for neighborhoods with at least 24 sales in 2015, but these should still be considered very approximate.
An asterisk signifies a very low a number of annual sales and/or our suspicion that the appreciation calculation would not reflect market reality due to the variety of issues pertaining in the area. In 2011, median sales prices in some areas, especially in the southern border neighborhoods of the city, were badly distorted by distressed property sales (bank and short sales) that didn’t represent fair market values. If this situation applies, the 4-year appreciation rate will jump higher in that neighborhood.
As is always the case, if you have any questions about the market don’t hesitate to ask.
Did you miss the Top 10 Overbids last week? Don’t worry, SFGate has em posted, but since it’s Monday (well it was yesterday), we like to bring you the weekly top 10 Underbids. Sounds like SFGate might recap them there too, so keep your eyes peeled.
The top dogs are a variety this time around. Locations are spread out – Western Addition, Bayview, Nob hill, Telegraph Hill, Marina, Pacific Heights, Inner Mission, Cow Hollow, and Noe Valley. Sizes range from a 232 square foot micro studio condo, which sold for $390,000 (don’t get too excited, that’s nearly $1700/sqft), to a 5590 square foot 5 bedroom mansion, which sold for only $1500/sqft (don’t get too excited here either, that’s $8.4M). There’s even a commercial unit in the mix, that fetched “only” $430/sqft (we ain’t talking apples to apples to the above.)
Just goes to show, in real estate, particularly in San Francisco it’s all about location, location, location…and pricing, marketing, presentation, and timing.
Regardless, have a great work week. Enjoy the top 10, stay dry, and pray for more rain/snow.
|Address||BR/BA/Units||List Price||Sold Price||Underbid|
|1406 Golden Gate Avenue||3/2/0||$1,399,000||$1,200,000||-14.22 %|
|1311-1313 Palou||2-4 Units||$995,000||$875,000||-12.06 %|
|1300 Pacific Avenue||0/2/0||$468,000||$425,000||-9.19 %|
|412 Green Street #A||0/1/0||$425,000||$390,000||-8.24 %|
|3315 Pierce Street||3/3.5/3||$2,699,000||$2,500,000||-7.37 %|
|2470 Broadway||5/4.5/2||$6,995,000||$6,500,000||-7.08 %|
|1326 Utah Street||2-4 Units||$1,289,000||$1,200,000||-6.90 %|
|33 Perine Place||2/2/1||$1,500,000||$1,400,000||-6.67 %|
|2828 Divisadero Street||5/5.5/2||$8,995,000||$8,400,000||-6.61 %|
|425 28th Street||3/2/1||$1,695,000||$1,588,888||-6.26 %|
–theFrontSteps Overbids on SFGate [SF Gate, San Francisco Chronicle Online]
Hope everyone had a great Thanksgiving! I know I did. Back to the grind…
With the grind comes daily ganders at all things San Francisco real estate, and today is no exception. Check out this this Nob Hill Co-op apartment at 1333 Jones topping our weekly list of underbids (because they do exist).
Listed just under $1.5M and sold for $1.3M… that’s gotta put a smile on your face. The $200,000 savings can put an Audi R8 in your garage (it is holiday season after all), or your kids through San Francisco pre-school (go with the R8). :-)
Hey look! Two other full service bachelor pads also sold under asking recently: one at the Four Seasons and the other at the Ritz Carlton. Underbid by about 8% after being on market for 339 and 227 days respectively. Wowza…
Anywho…the weekly top 10 list of Underbids for your Monday viewing pleasure:
|1333 Jones #801||1/1.5/1||$1,495,000||$1,300,000||-13.04 %|
|2955 Pacific Avenue||3/2/1||$4,100,000||$3,650,000||-10.98 %|
|2535 Vallejo Street||3/3.75/2||$6,275,000||$5,600,000||-10.76 %|
|956 South Van Ness||4/3.5/2||$2,995,000||$2,674,000||-10.72 %|
|3283 25th Street||2-4 Units||$1,788,000||$1,615,000||-9.68 %|
|765 Market Street #27B||1/1.5/0||$1,550,000||$1,415,000||-8.71 %|
|690 Market Street||1/2/1||$1,150,000||$1,050,000||-8.70 %|
|3236 Scott Street||5+ Units||$2,450,000||$2,250,000||-8.16 %|
|825 Rhode Island Street||4/3.5/1||$1,895,000||$1,750,000||-7.65 %|
|1069 Capp Street||5+ Units||$1,799,000||$1,675,000||-6.89 %|
The market is cooler…no doubt.. Is it seasonal, or longer term? Time will tell. As you saw last week, Overbids are still rampant, but more and more emails are coming to me, “Still Available”, “Offers as they come”, “Motivated Seller”, etc. Could we be approaching the year of the buyer?
Out of the 10 Underbids featured, 4 are multi-unit buildings, which made up the 1st, 2nd, and 3rd place on our list. The #1 underbid goes to a Bernal Heights duplex – a “Tremendous Bernal Heights Fixer” to be exact, 15 Prospect Avenue, which just closed 20% under asking or at $950,000 from its $1,199,000 list price. Looks like my buddy Eddie O’Sullivan got his clients a nice little project. Well done lad…
As for the rest, this is how it stacked up.
|15 Prospect Avenue||2-4 Units||$1,199,000||$950,000||-20.77 %|
|622-626 Buchanan Street||2-4 Units||$1,399,000||$1,250,000||-10.65 %|
|161-165 Cook Street||2-4 Units||$2,395,000||$2,150,000||-10.23 %|
|2287 16th Avenue||4/2/2||$1,388,000||$1,250,000||-9.94 %|
|301 Mission Street #49D||2/3/2||$4,588,000||$4,180,000||-8.89 %|
|2829-2831 Pierce Street||2-4 Units||$2,970,000||$2,750,000||-7.41 %|
|3260 Baker Street||3/2/2||$2,999,000||$2,800,000||-6.64 %|
|1308 Valencia Street||4/3.5/1||$2,499,000||$2,350,000||-5.96 %|
|265 Minerva Street||2/1/1||$699,999||$659,000||-5.86 %|
|2869 Broderick Street||4/3/2||$3,500,000||$3,300,000||-5.71 %|
For more Good Real Estate Stuff…check out The Goods.
Congratulations to my buyers (x4), and my off market seller! That was quite the whirlwind of activity, and I’m thrilled we were able to pull it all off.
As my client said on my LinkedIn profile, I pulled off a “hat trick that [he] thought was impossible in the crazy San Francisco real estate market…” by not only helping him win a 15 (or more) offer situation on 2169 Folsom (Rex Ray’s old pad), but also coordinating the off market sale of his condominium to New York buyers buying his home (2186A 15th St) sight unseen.
I should add we pulled this off with making the purchase of Folsom contingent upon the sale of 15th…almost unheard of in this market, but we did it! And a special thanks to the listing agent for sticking with us. Phew!
In addition to the above trifecta, I represented the buyers of a great “new” condominium at 323 A Church. Another multiple offer situation that was quite touch and go all the way until the very end, I used my connections at SFO to make sure my buyers’ flight from Germany was not delayed and arrived on time, so they could sign their loan/buyer documents that day or risk getting kicked out of contract:
I also represented buyers of 870 Chestnut, which turned out to be a walk in the park compared to the other deals, as it only contained the usual lender headaches and seller hardball tactics that are almost guaranteed to be a part of any transaction
Big hats off to all of my wonderful clients past, present, and future. Because of you, life is good. I hope you all enjoy your new homes, and remember I am here for you, always.
I appreciate all of you readers near and far, many of whom have become clients and friends, and look forward to connecting with all of you when it’s time for you, or anyone you know, to buy and sell San Francisco real estate.
If you’ve had it in your mind to buy or sell during the post Labor Day listing Bonanza and usual market spike, we should talk now to get your ducks in a row.
Carry on, and continue enjoying your Summer….
As if last week wasn’t painful enough for you buyers. The top spot this week comes in a meager 67% above the list price of $850,000 for a sales price of $1,425,000. Bernal Heights, FTW! But don’t overlook the Mission district single family home at 3336 23rd Street that fetched $811,000 over asking either:
|99 Ellsworth St||2/1.50/N/A||12||$850,000||$1,425,000||67.65%|
|1365 Union St 1367||2-4 Units||8||$1,999,000||$3,150,000||57.58%|
|3475 Jackson St||4/3.50/N/A||12||$3,995,000||$6,175,000||54.57%|
|3336 23rd St||3/2.00/N/A||16||$1,495,000||$2,306,000||54.25%|
|1644 Great Highway||4/2.00/N/A||19||$799,000||$1,210,000||51.44%|
|197 Lower Ter||2/2.00/N/A||13||$995,000||$1,500,000||50.75%|
|61 Germania St||2/1.50/||7||$899,000||$1,310,000||45.72%|
|88 Norton St||2/1.00/N/A||14||$659,000||$950,000||44.16%|
|2266 Jackson St||3/2.50/||7||$1,695,000||$2,410,000||42.18%|
|514 Elizabeth St||2/1.00/||15||$1,095,000||$1,555,000||42.01%|
[Editor’s Note: Overbids are calculated by way of percentage over, not dollar amount over.]
To see the Top 20 Overbids, as well as top 20 Underbids (they exist), check out The Goods that I provide.
Have a great weekend!