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Underbids All Over The Map | San Francisco

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]


SOLD | 1177 California #304, Gramercy Towers | Nob Hill

Congratulations to the buyer and seller of my most recent transaction! What a smooth one it was. If only all of them went this well. Minimum hassle, and sold at $790,000…just a touch over asking. What a wonderful building run by amazing individuals! I felt very lucky to interact with so many of the people (especially Nolly and Sonny) that make Gramercy Towers a pleasure to visit. If you live there, you’re lucky. Prime Nob Hill Location, full amenity building, and you even get a Steak House downstairs (surely there is a vegetarian option too…this is San Francisco after all.)

Listing Details:
1 bed
1 bath
1 car parking
Remodeled Kitchen and Bath
Liebherr Refrigerator
Miele Dishwasher
Fagor Range/Oven
Caesarstone Countertops
Designer Cabinets
Custom Closets
Bar seating
HOA Dues: $848.83 (Includes earthquake insurance, PG&E, heat, water, garbage, common area maintenance, 24/7 lobby, onsite management, and reserves.)

Congratulations all the way around.

If you live in Nob Hill, and are considering a sale, please don’t hesitate to contact me.

1177 California #304, Property Details [theFrontSteps]

1333 Jones St., Nob Hill San Francisco

13% Under Asking In Nob Hill | That’s An Audi R8

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:

Address BR/BA/Units List Price Sold Price Underbid
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 %
Grace Cathedral, Nob Hill

For Sale | 1177 California #304 | Gramercy Towers | Nob Hill, San Francisco

This exquisitely remodeled luxury Nob Hill condominium with views West/Southwest to Twin Peaks & outlooks onto Jones Street, located in the heart-center of San Francisco’s premiere postcard neighborhood is for sale, and you get the first look.

Featuring one bedroom, one bath, one car parking, 24/7 attended lobby, pool, spa, workout area, onsite management, a gracious lobby & courtyard entry, with world famous landmarks at your doorstep (Grace Cathedral, Huntington Park, Fairmont, Mark Hopkins & Huntington Hotels, cable cars), and a short walk to Union Square, Hyde & Polk Streets, this is the A+ Nob Hill lifestyle so many crave. Blending old world San Francisco charm with a new school WALKSCORE of 100 points, Liebherr refrigerator, Miele Dishwasher, and Fagor Range/Oven, does it get any better?!

To add to the wonderful appeal of this home and location, Gramercy Towers is expertly managed.

Listing Details:
1 bed
1 bath
1 car parking
Remodeled Kitchen and Bath
Liebherr Refrigerator
Miele Dishwasher
Fagor Range/Oven
Caesarstone Countertops
Designer Cabinets
Custom Closets
Bar seating
HOA Dues: $848.83 (Includes earthquake insurance, PG&E, heat, water, garbage, common area maintenance, 24/7 lobby, onsite management, and reserves.)

Showing Schedule:
Broker Tour: 10/20/15 from 9-10:30am
Private Showings Available upon request
Offer date (if any) TBD

MLS Listing Information

Representing buyers and sellers of amazing and unique property is what I do. This property is no exception. Please come take a look or contact me for further details.

Exclusively listed by:
Alexander Clark
Paragon Real Estate Group

You can also contact me with the form below:

1177 California, Gramercy Towers Pool

SOLD | 1177 California #1024, Nob Hill, San Francisco

I’m pleased to announce the successful off market purchase of an awesome unit at Gramercy Towers in San Francisco’s one and only Nob Hill district. My clients got word of this new listing, called me up, and we snagged it before it had a chance to go to MLS. They are thrilled, seller is happy, all is good.

Two bedrooms, two baths, remodeled, views, and great layout. Sales price $1,650,000.

Tired of getting beat out by multiple buyers…you gotta get somebody like me on your side. I have great relations with the majority of San Francisco realtors, I’m a member of the Top Agent Network, and I have my finger on the off market pulse, although my clients sniffed this one out…but that’s what it takes! Teamwork.

Representing buyers and sellers of amazing and unique property is what I do. This property is no exception.

Contact me, I’ll help you out.

Alexander Clark
Paragon Real Estate Group

Ditch Your Realtor, Get Ahead Of The Pack By Working With Me

Are you, or any of your friends, looking for a single family home in Noe or Cole Valleys (or anywhere in San Francisco for that matter)? Are you getting beat out by multiple offers in the over million dollar price range ($1.5M+), and showing up late to the party? Is your Realtor telling you they’re doing all they can (simply checking MLS everyday, which you can do too), but really not delivering? If so, you’re not alone, and I can help.

Within the past couple of months my buyers and readers have known about dozens of properties prior to them going to MLS. To think I share all of them online with everyone is simply silly. For example, my circle of clients knew about 707 Cole, 1027 Cole, 313 Parnassus, 785 Cole, 1340 Cole, 121 Beulah, 471 Duncan, 2975 Lake, and many more. There are also a dozen or so homes that never even made it to MLS and were shown without a hint of market activity, such as a mid-century home in Noe Valley, a grand, modern home on Sanchez, an AIA tour home in Golden Gate Heights, a penthouse stunner in SOMA, and a few others that I can’t recall the address off the top of my head.

Today, I present to you two more opportunities in Cole Valley, one in Nob Hill, and another on Lake Street not on MLS. Nowhere near MLS in fact. Not on, not in my pocket, and not even on anybody’s radar. They are all single family homes, and they are all at least 2 bedrooms, and close to or over $1,500,000. They are not fixers, they are done, done, done…or turnkey as we like to say.

If you are interested, or know somebody that might be, you gotta contact me directly (, you gotta be unrepresented, and I’m going to ask you to work with me going forward and sign a written agreement confirming exactly that. No co-agents, no “I’ll work with you if you find me the property”, no “let’s try it out on this deal”…none of that. You either marry me as your agent or you don’t. Not sure if you should? Have a look at some recent testimonials I’ve been gathering and come take the plunge.

Like I’ve said, working with and finding a Realtor you like is like dating. If it’s not working out with one, you are free to leave to find another.

I’m also beginning to dabble in Lake Tahoe real estate, so if you’re interested in a second home, ski pad, lake front property, my finger is finding the pulse of that market too (and I know where all the good powder is).

So feel free to give me a shout, and let’s work on getting you ahead of the pack and into the home of your dreams. I’m also happy to help any of you sellers out there sitting on the fence in these markets. It’s a good time to sell in certain areas and certain price-points. I am at your service and available for consultation.

Prior off market opportunities I presented [theFrontSteps]
Lake Tahoe Ski Cabin [theFrontSteps]

Hey San Francisco! Do You Know How Much Opportunity Is Not On MLS

We were asked a while ago to tone down our promoting of the newest, best, and fastest growing network for “off market” or more precisely termed “not on MLS” real estate opportunities, but we can only hold back so long. If you are a real estate professional, if you are a home owner on the fence about selling, if you are a buyer that can’t find what you’re looking for “on” the market, or if you simply like to see what else is out there, you should absolutely be a part of the growing site that is

We launched on July 4, 2010, quickly realized we were on to something, but also quickly realized we needed to completely overhaul the site, which is exactly what we’re doing. As a result, we stopped marketing and just let word spread, and spread it did. Here is a quick rundown of San Francisco properties and buyer needs that have recently showed up on

Russian Hill TIC for $1,275,000:

South Beach Condo at the Lansing for $575,000:

Sunnyside Multi-Unit for $1,475,000:

Liberty Hill Single Family for $2,285,000:

Should you decide on moving to Palo Alto, check out this Palo Alto Pocket Listing for $6,500,000…you could be neighbors with Zuckerberg:

…and all of those are just opportunities with photos (clarity of photos is a theFrontSteps issue)! There are so many more pocket listings than you can possibly imagine. Oh, and we forgot to mention the buyers out there looking for homes:
Buyer looking for Art Deco in Pacific Heights, Russian Hill, or Telegraph Hill (We’re working on the price bug).
1031 Exchange buyers looking for 3-4 units anywhere in San Francisco.
Buyer looking for Condo in Pacific Heights for $900,000…only criteria…large exclusive use patio.
Two Million Dollar buyer looking for doorman building in Nob Hill, Pacific Heights.

…and the list goes on and on.

What does this mean to you? If you’re a buyer, it means there is a now a place for your agent to post your buyer need, and there is a place for you to look for “not on MLS” property to purchase.

If you’re a seller, there is a place to “list” your home for sale without all the hoopla of MLS (no Days on Market, and no price history), but as much (or more) exposure. You can also browse buyers, and if you see one that might want your home…contact your agent to do the deal.

If you’re an agent, you can now market your pocket listings across brokerages without spamming email inboxes, your post is searchable on our site by a myriad of criteria, we put your post on our Twitter Page, we’ll happily spread the word about your post on our Facebook Profile, you control the transaction, information, showings, and price of that property, AND you can still list it on MLS if it doesn’t sell on our site first.

There are so many more benefits to using, we’ll spare you the details. Just note, our next version is already under construction, and if the success of our beta launch is any indication of how things will go in the future, you’ll definitely want to get in before we go live with our next version (think free account for life).

If San Francisco is not your thing, don’t worry, we’re steadily growing in markets like Los Angeles, Marin County, Albuquerque, Portola Valley, and so many more. Wherever it is you drink your cup of tee, we encourage you to be a part. It’s a good thing, and getting better. [Off Market (Not on MLS) Real Estate Network]

(Potential) America’s Cup Race Route For San Francisco Revealed: Realtors Frothing

Well…it’s official (sort of). There is a route sketched out for the 2013 America’s Cup planned for San Francisco and every Realtor in the city wants you to get front row seats (living rooms, balconies, and even bathrooms). While many agents have always been touting their listings as marvelous places to live and own a piece of San Francisco real estate, now they’re claiming views of the course, and One Rincon Hill is first out of the gate today Tweeting that, “Americas Cup draft route released! Many at One Rincon Hill to enjoy spectacular views of the race from home.” Let’s just hope they don’t decide to build Tower #2 all of a sudden.

Every agent in the city that has ever sold a home in or near SOMA, Nob Hill, Russian Hill, Telegraph Hill, Pacific Heights, and/or South Beach (to name a few) is already on the hunt, sales centers are ramping up their marketing, and the real estate community is buzzing. There are big bucks in sailing, and what agent wouldn’t want a piece of that action.

But the fact remains, watching a sailboat race is free, and if you can find a view of the water, you’ll likely have a good view of the race. We find it hilarious that the map above shows only one “Public Viewing Area”, as San Francisco is full of hills with amazing (FREE) water views. However, should you happen to desire protection from the elements (think howling San Francisco wind), we happen to know a good Realtor or two who’d be happy to help you find that room with a view. ;-)

2013 America’s Cup Race Route [SF Gate}

BFD Price Reductions

A post wherin I look at price reductions that seem to be pointless.

1. Courtesy of SF Schtuff, 1001 California St., #3 is a super lux condo in the old Hitchcockian San Francisco splendor. (MLS gallery offers house porn to die for, here.)

The original price here was $7,250,000. Now it’s $6,950,000. Indeed, one could argue a $300K price break is nothing to sneeze at. But really, the person who can afford the new price could also afford the old price, especially since this home includes an HOA of $5886 per month. So, $300,000? Big  ****ing deal. The monthly payments are still going to top the GNP of certain third world countries.

Here’s another reduction I don’t think makes any difference. 2421 Clement St. This is a 10 unit building, “fully rented,” originally priced at $1,435,888. More than 50 days later, it’s reduced to $1,398,000.

In this case,  it’s not so much the amount of the reduction. I just wonder who would ever want to buy a 10-unit building in SF when every other day a law here makes being a landlord a bigger headache than it already was. In fact, this Examiner article highlights the dubious joys of landlords who are currently suing the city to block such laws. Good luck.

So I wonder, in the world of real estate, if price reductions aren’t sometimes just not that much of an incentive after all.


Photo of 1001 California, #3 via listing agent Betty Brachman, Brachman Group.

Lembis Unloading Properties, Buyers Quickly Snatching Them Up

Had you been reading theFrontSteps for a while, you’d already have known the Lembis were hinting at unloading some property, but we don’t even scratch the surface of the kind of excellent real estate information that is available in the San Francisco Business Times. (As always, we HIGHLY suggest a subscription should you want to be plugged in to San Francisco new development and big time real estate news.) The latest issue is no exception.

We’d like to bring your attention to the recent article, “Lembi’s buying binge turns to selling spree”, “the latest indication that the city’s largest owner of apartment buildings is under pressure to unload properties to reduce short-term debt.”

As always, we tend to focus on the positive, rather than the negative (unlike some), and would like to point out a few things:

The Lembi Group, which controls 300 buildings and 8,000 units through subsidiaries Skyline Realty and CitiApartments, had put all but one of the 19 buildings up for sale early in the year. It recently sold 72-unit Nob Hill Tower to the Prado Group and Felson Cos. for $37.2 million. The company also sold 1850 Clay St. for $7.9 million and 1801 Pacific St. for $4.2 million.

Seth Siegel and Zach Siegel, senior directors at Cushman & Wakefield, have the listing.

Seth Siegel said 210 parties have completed confidentiality agreements, about twice the number expected. He said “nothing like this has ever sold before.”

This has been the strongest response we have ever had to any single offering,” he said. The time it takes to accumulate a portfolio of buildings like this is enormous. Here you have an opportunity to immediately make a foothold in one of the best residential markets in the world.”

Those interested include real estate investment trusts, large multi-family owners and institutions. Fifteen percent of prospective buyers are foreign, Siegel said.

“We’ve heard from people in Dubai, London, Switzerland, Germany and Amsterdam,” said Siegel.

Last year, San Francisco was the top metro area for apartment rental growth, according to Marcus & Millichap, and rental rates are projected to grow another 7 percent in 2008. Siegel said the weakness in the condo market has bolstered the demand for apartments.

Just goes to show, one man’s loss, is another man’s gain, and all of the focus on the downturn of one market, could mean the uptick of another. As we’ve said before, the savvy buyers are licking their chops in this “down” market looking for some solid long term investments in San Francisco residential real estate.

[Since we know it’s coming, here is your counterpoint: Bosa Development suspends Mission Bay condo Project. And here is a counter to that: Shorenstein to start Oakland office tower…and so you see, we could go back and forth, or we could bury our heads in the sand.]

Lembi’s buying binge turns to selling spree [San Francisco Business Times]