The $2,005,000 Fixer | Noe Valley

I was in the process of compiling this week’s list of top 10 Overbids, but couldn’t help to just share this one nutty overbid with you instead…350 Jersey, in the heart-center of Noe Valley, is a “Spacious fixer-upper single-family home, circa 1941

Only in San Francisco do those words get you damn near $1500 per square foot, and over $2,000,000 for a FIXER!

As you can see from the marketing remarks, not only did they get 17 offers (let that sink in), but this place went from a $1,295,000 list price to a $2,005,000 sales price. In case you need more numbers, that’s 54.83% over asking or $710,000 cherries on top. Cash, no less. I’m gonna say it again…for a fixer.

Well, it is San Francisco after all, and it’s pretty effing awesome living here, so get used to it.

Thinking the tide will turn? It will, at some point, but have a look at this “Maximum Overbid of the week” I shared on sfnewsletter (the precedent of theFrontSteps) September 24, 2004…yes I’ve been doing Overbids THAT long (let that sink in too).

64 Prentiss St. in Bernal Heights (Bud, pay attention!). 3 bed, 1 bath, 1 car parking fixer that apparently came with the adjacent lot. Probate sale as well. Asking $599,000, sold for $855,000. Here’s a link to the property description

So there you have it…a little bit of mind-boggling real estate porn to get you through the weekend. As always, if you need more, The Goods has your top 20 Overbids, and Underbids, as well as all of the hot new listings, recent sales, and properties still on the market after 30 days. It’s a tremendous source of information.

Enjoy the weekend!

May 2016 Central San Francisco Market Conditions

District 5

District 5’s (See SF Districts Map Here) April numbers continue their strong upwards trend with their highest ever median sales price of $2,287,500. Year-over-year, the median price is up 8.9%.

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Resale Condo/Loft Median Prices

Resale condo-loft median prices have resumed the downward trend that started last September with a brief uptick in January and February. hey dropped 2.3% from March to April, landing at $1,245,000, which is the lowest median sales price since April 2015. They are down 0.4% year-to-date and 9.6% since their peak at $1,377,000 September 2015.

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While Single Family Homes Days on Market inched up to 17 in April, they are still at historically low numbers.

Days on Market for Resale Condo/Lofts dropped from 19 to 16.

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Single Family Homes Months Supply of Inventory dropped slightly to 2.4 from March’s 2.5 and up from April, 2015’s 1.7.

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This April there were the same number of single family home listings as in April, 2015. Over all, there have been 136 new listings in District 5 this year, one fewer than last year.

There have been 43 fewer condo/loft listings brought on the market year-to-date in 2016 than 2015. This is a 26% drop. And this is the first time in four years that the number of new condo/loft listings was lower in April than March.

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William Wurster Mid-Century Masterpiece Sells for $11,300,000 | Pacific Heights

It’s not everyday a home sells for $3,800,000 above asking…actually in San Francisco we hardly bat an eye at this anymore, especially when paired with buzzwords #PacificHeights and #MidCentury. It also helps to be an extremely rare property in a one of a kind location:

William Wurster Masterpiece with timeless mid-century contemporary design. The unique home with wonderful public rooms boasts sweeping Bay & Golden Gate Views and a Sheltered South facing Tommy Church Garden. 4 Bedrooms + library. 4 Baths. 2 Half Baths. 4 Fireplaces.Garage.Carport.Entry reveals a beautiful private garden & covered breezeway leading to the front door. The Reception Foyer looks to the Bay & features Wurster signature staircase. Elevator, Coat Closet, Powder Room. Grand LR is well-integrated with garden. Large formal DR looks out to GG Bridge. Kitchen flows to breakfast room. Guest suite & family room. Upstairs Central Hall opens to South Deck. Master suite & Library have Expansive Bay Views. 2 more beds with en-suite baths

Listed at $7,500,000
Sold for $11,300,000
$2,000 per square foot

March Madness Starts Early In San Francisco | Overbids That Will Make You Freak

On this rainy March Friday as you sit and wonder about the world outside, what better than some jaw-dropping Overbids to rattle your mental cage.
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Top of the list this week is 4027 Clement Street, a very awesome little house in the Outer Richmond with a certain “je ne sais quoi” that took it next level overbidding madness (when someone loves it, they love it), and as a result it sold for 63% over asking at $1,625,000 from a $998,000 list price…that’s $627,000 above for all of you math challenged individuals or non-residents of San Francisco that find that kind of math simply absurd (it is, really). Rumor has it 17 offers came in (that leaves 16 buyers still looking for something like this if you have something to sell), but it was that one person that just had to have it, and that’s often the case.

Speaking of buyers that “had to have it”, I thought the recent listing I just closed in Cole Valley at 179 Carl that sold for $505,000 over would at least make the top 10…alas, it didn’t even make the top 20. Chew on that for a little while…

Top 10 Overbids of the Week, San Francisco:

Address BR/BA/Units DOM List Price Sold Price Overbid
4027 Clement Street 3/2.00/N/A 8 $998,000 $1,625,000 62.83%
2055 20th Avenue 2/1.00/N/A 16 $598,888 $952,000 58.96%
3373 22nd Street 4/3.50/N/A 8 $2,450,000 $3,475,000 41.84%
1115 Rivera Street 4/2.00/N/A 7 $995,000 $1,380,000 38.69%
2234 38th Avenue 3/1.00/N/A 35 $849,000 $1,150,000 35.45%
479 Texas Street 2/2.00/1 9 $1,049,000 $1,385,000 32.03%
832 Page Street 2/1.00/ 12 $1,050,000 $1,377,500 31.19%
115 Dalewood Way 3/2.00/N/A 7 $1,195,000 $1,550,000 29.71%
2075 Sutter Street 2/2.00/215 14 $995,000 $1,275,000 28.14%
271 27th Street 2/1.00/ 7 $1,050,000 $1,300,000 23.81%

There you have it, March Madness and overbids that will make you freak. The market is cooling, for sure ;-)

Have a great weekend, we’re here to help you buy or sell when the time is right.

[Editor’s Note: Overbids are calculated on a percentage basis, not dollars over.]

San Francisco Single Family Real Estate Appreciation since 2011

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.

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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.

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As is always the case, if you have any questions about the market don’t hesitate to ask.

If you, or anyone you know, are looking to buy or sell San Francisco real estate, take a look at my track record, happy clients, and generally awesome listings and let’s get you sorted.

Before & After On A Noe Valley/Glen Park Victorian

There is always a lot of talk around town about how “easy” it is to sell a property in San Francisco, and that all we (Realtors) have to do is sign up a listing, put a sign out front, and the hordes of buyers will come marching through the door, offer oodles over asking, beg to buy the property, offer up their children as security deposit, and seller sells it for a mint.

Not so, and to prove you need us (particularly theFrontSteps) to market your property for sale in San Francisco, I’d like to share some “before & after” shots of recent property transformations.

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]

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.

SOLD | $2,257,000 | 1793 Sanchez, Noe Valley / Glen Park Victorian

I’m pleased to say, I have successfully represented the sellers in the sale of their wonderful property at 1793 Sanchez. In the end the road was a little longer than we expected, but we got there. Congratulations to my clients, and the buyers who are incredibly thrilled they were able to beat out seven others to get the keys.

My clients were also kind enough to share a testimonial:

We had an outstanding experience with Alex Clark listing and selling our Noe Valley / Glen Park Victorian. He is highly knowledgable, extremely patient and most importantly endowed with great instincts about how to handle the complex and challenging real estate market of San Francisco. I would recommend him without hesitation.

You can find the property detail page for the home right here. Listed for $1,795,000, sold for $2,257,000, 1793 Sanchez is a large Single Family with Garden Apartment.

Onward!

A little bit more About Me
Some of my Recent Transactions
Some Testimonials

1447-1449 Guerrero Sells $705,000 Over, But There Is More…

I’m going to make you cry…and then I’m going to make you cry more. Here’s how:

Last sold in 2007 for $995,000, 1477-1479 Guerrero just clinched this week’s top spot on the list of insane overbids coming in a meager $705,000 above the $995,000 asking price (note…same asking price as selling price in 2007) and closing for a cool $1,700,000. It might even come with this guy:

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If that doesn’t make you cry, or at least make your head spin, this will. According to MLS, this property was marketed only two years ago in June of 2013 at $1,295,000 with the EXACT same marketing spiel (including proximity to tech shuttles), same great photos, same great tenants, but it didn’t sell and was pulled off the market a short time later. Fast forward two years, add $500,000 and it’s sold! The Maximum Overbid of The Week.

As for the top 10, here you go:

Address BR/BA/Units DOM List Price Sold Price Overbid
1477 Guerrero Street 1479 2-4 Units 8 $995,000 $1,700,000 70.85%
734 39th Avenue 4/2.00/N/A 12 $1,049,000 $1,550,000 47.76%
139 San Leandro Way 4/2.50/N/A 9 $1,895,000 $2,635,000 39.05%
4301 Cesar Chavez Street 3/2.00/N/A 2 $1,795,000 $2,380,000 32.59%
1919 Jennings Street 2/1.00/N/A 22 $495,000 $655,000 32.32%
935 Avalon Avenue 2/1.00/N/A 26 $669,000 $870,000 30.04%
3519 Lawton Street 3/2.00/N/A 14 $925,000 $1,200,000 29.73%
1726 48th Avenue 4/3.00/N/A 12 $829,000 $1,050,000 26.66%
4010 San Bruno Avenue 3/1.50/N/A 15 $699,000 $880,000 25.89%
1001 Portola Drive 3/2.00/N/A 27 $995,000 $1,250,000 25.63%

Keep in mind these properties got into contract on average 30 days ago. There might be a little shift in the market happening, but we’ll have to wait a bit to see. A note to you buyers…if a property is on the market, has an offer date, doesn’t get offers, then reduces their price, and your agent advises you to come in OVER asking (often times over the original list price), find out what they’re smoking, because I want some.

Have a great weekend!