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]

The San Francisco Real Estate Market in 2015

Architecture, views, probates, penthouses, lofts, TICs, luxury homes, mortgage rates, sales prices, market cycles, and everything else we could think of in a look back on 2015.

A neighborhood map of San Francisco is included at the bottom of this report for your convenience.


010601

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:
$779,000
1 bed
1 bath
1 car parking
Remodeled Kitchen and Bath
Views
Liebherr Refrigerator
Miele Dishwasher
Fagor Range/Oven
Caesarstone Countertops
Designer Cabinets
Custom Closets
Bar seating
Views
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]

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).
1333jones

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 %

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:
$779,000
1 bed
1 bath
1 car parking
Remodeled Kitchen and Bath
Views
Liebherr Refrigerator
Miele Dishwasher
Fagor Range/Oven
Caesarstone Countertops
Designer Cabinets
Custom Closets
Bar seating
Views
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
theFrontSteps.com
alexclark@gmail.com
415-254-5351

You can also contact me with the form below:

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
theFrontsteps.com
alexclark@gmail.com
415-254-5351

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]

Penthouse views at Pre-Foreclosure pricing! (1254 Washington)

Perhaps the marketing remarks say it all:

“Amazing opportunity. Pre-foreclosure sale of a European style Nob Hill penthouse with spectacular views of the city & bay. This is a 6 room Edwardian flat in need of some serious TLC, but is a one of a kind unit and must be sold now!

Is that pre-foreclosure pricing or not? And how ’bout that “needs serious TLC, but is one of a kind…”?

1254Washington.com [Woodruff-Miller]

“Pending” on Nob Hill at $7,500,000

The upper tier, well they just don’t care about national housing trends do they? Twelve thirty (1230) Sacramento goes pending (means it’s almost a done deal) at $7,500,000 asking.

Yes, that is 3 bedrooms, 3.5 baths, 4600 square feet of “palatial residence reminiscent of the grandeur associated with European elegance”.

Twelve thirty (1230) Sacramento [details, details, details]