Top 10 Overbids | San Francisco Week Ending 3/10/17

This week’s top 10 list of mind-bending overbids looks like a tour around the world – Cambridge, Greenwich, Jersey, Munich. Alas we’re still in San Francisco, Dorothy.

San Francisco’s Top 10 Overbids

Address BR/BA/Units DOM List Price Sold Price Overbid
657 Cambridge Street 3/2.00/N/A 20 $950,000 $1,300,000 36.84%
2643 Greenwich Street 2645 2-4 Units 7 $1,595,000 $2,100,000 31.66%
1494 42nd Avenue 3/1.00/N/A 12 $788,000 $1,036,000 31.47%
431 Jersey 3/1.50/N/A 10 $1,795,000 $2,225,000 23.96%
829 Cole Street 2/2.00/ 9 $1,299,000 $1,610,000 23.94%
563 Munich Street 2/1.00/N/A 13 $799,000 $985,000 23.28%
945 Capp Street 2/1.00/4 13 $898,000 $1,100,000 22.49%
4106 20th Street 3/2.00/N/A 0 $1,750,000 $2,137,500 22.14%
218 Grafton Avenue 2/1.00/N/A 34 $625,000 $762,000 21.92%
26 Caine Avenue 4/3.00/N/A 12 $799,000 $970,000 21.40%

I say “mind-bending” mostly because it is still alarming our market works so incredibly efficiently by generally under-pricing properties to let buyers take it to market value, and it’s worked this way for the better part of a decade. By all accounts 99% of every overbid appraises at value when it comes time to get a loan. So don’t think every buyer is paying more than what a property is worth, just to win. They aren’t. They’re paying market value…in most cases. There are outliers, for sure, but for the most part, just because it’s an overbid, doesn’t mean it is overvalued.

As always, for a list of the top 20 Overbids, Top 20 Underbids, Recent Sales, New Listings, and Stalefish, check out my Market Tracker at www.thegoods-sf.com/theFrontSteps. Important to note, the Goods runs a 14 day tally, my tally here is on a 7 day cycle, so there will be some slight variations.

Thinking about selling your property to cash in and get out on top? I’d be happy to help. Just give me a shout.

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!

State Of The Real Estate Union

If you had to guess, what would be the most common question you think a Realtor is asked?

“What’s my home worth?” No.

“Should I stage my home when I sell it?” No.

“Do you think interest rates are going to rise?” No.

All very close, and all very common questions we certainly answer more than we should (which is precisely why for the better part of a decade I’ve helped you answer those questions on your own), but by far the most common question asked by countless people (friends, clients, strangers at parties, on the ski lift, or out surfing) is….

“How’s the Market?”

SOLD | 844 Haight St. | Hayes Valley / Lower Haight | $1,320,000

Finally got this one sold (over asking no less)! After getting in contract and falling out on two different occasions with two different buyers, the perfect pair came along in a deal put together by way of my Top Agent Network prior to coming BOM (Back On Market) again. Third time is a charm. For more details about this wonderfully complex set of transactions, how the market impacted this sale, how this property spent nearly 3 months on the market, and lessons I learned (yes, after 15 years every transaction still teaches me something new), give me a shout.

From the marketing…

So you wanna live in the action, do you? Well, I have just the place for you – 844 Haight sits on the dividing line between Haight Ashbury (considered Lower Haight), Hayes Valley, Buena Vista Park, NOPA, Alamo Square, the Divisadero Corridor, is one block away from the Duboce Triangle area…and you’re in luck, because it hits the market today.


Huge full floor 2 bedroom, 1.5 bath Victorian flat with soaring 12′ ceilings and original details in a vibrant central San Francisco location. Formal Dining Room, Living Room, sitting area, eat-in kitchen w/ Italian Bertazzoni stove, hood and microwave, Bosch refrigerator and Dishwasher, Cherry cabinets w/pull out shelves/inserts, Granite counter tops, pot filler above stove, and Bosch Washer & Dryer in pantry. Travertine marble floors in kitchen and baths. Refinished Hardwood floors throughout. Private deck off kitchen leads to beautiful landscaped garden. Tankless water heater. One car parking. Built-in shelving and huge storage space in garage. Walkscore 93, Transit Score 97 (tech shuttle stop around corner), Bike Score 85 (you’re practically ON the Wiggle). Some would say it doesn’t get any better.

Property Details
$1,295,000 SOLD $1,320,000
Victorian Flat
2 bed
1.5 bath
1 parking
Storage
Formal Dining Room
2 Fireplaces
12′ Ceilings
Bertazzoni Range
Bosch Refrigerator
Bosch Dishwasher
Hardwood Floors
Private Deck
Shared Garden
Washer & Dryer
HOA Dues $300/month

More Recent Sales [theFrontSteps]
Testimonials [theFrontSteps]

Exclusively listed by
Alexander Clark
Keller Williams Luxury Realty International
theFrontSteps.com
alexclark@gmail.com
415-254-5351

Happy Holidays From Me To You!

I hope you all have a great Holiday and Happy New Year. I’m checking out of the blog for the remainder of 2016. Enjoy your time with family. Eat a bunch. Ski. Surf. Sit on the beach. Laugh. Be chill. Pray for Snow.

I leave you with a picture of my bad ass 75 year old dad cutting and hauling (make-shift straps mind you) a Christmas tree last week by way of Cross Country Skis and handsaws.

Happy Holidays

Is Facebook watching me! Look what just showed up on my feed…my very own boys cutting and hauling teamwork style back in 2012.

gromsgrabtree2012

Merry Christmas! Happy Hanukkah! Happy New Year!

Get after it! No Excuses.

Track the market while I’m on radio silence right here [the Goods]

Let’s be Friends [Facebook]

SOLD | 666 Post #1201 | Downtown / Union Square | $732,500

Congratulations to my clients, the sellers, and hats off to the buyer. This quintessential San Francisco residence has just changed hands, and I’m totally jealous.

Tastefully, and eco-consciously remodeled 12th Floor one bedroom, one bathroom unit with amazing views of San Francisco in The Crown Towers – an exquisitely maintained & managed elegant Art Deco CO-OP Building built in 1926, and located just two blocks from Union Square.

Marina / Cow Hollow Property Gets $1,200,000 More Than Asking

If you haven’t noticed, posts on this here site have been sporadic to say the least, and will remain so for the rest of the year. That said, I couldn’t help but share this Cow Hollow/Marina District property at 1959 Lombard that just closed for $1,200,000 over the list price!
lombard

For you Commercial geeks, the cap rate on this bad boy is a 2.69%! And “long-term” tenants mean 1 of 2 things…potential to increase rents, or potential to increase headaches. Regardless, somebody saw great value in this building (as they should), and IMHO should be thrilled.

Underpriced? Probably. But let’s consider the larger market logic that compels someone to not only list a property more than one million dollars below market value (when you just don’t know you gotta price it low), but the psychology as an agent that must convince a buyer to offer $1,200,000 MORE than what the seller is “asking”, and the buyer that has to come to grips with that reality.

I’ve been in this game for nearly 15 years now, been through two monstrous peaks and subsequent declines, and some things just haven’t changed…namely San Francisco has long been a premier destination to call home, start a business, raise a family, and invest in real estate. Surrounded by water on three sides, heavily restricted on vertical development, and historical preservation, it’s just that tough to get your hands on some choice San Francisco property.

Pray for snow! Dream of surf. Enjoy the day.

The Goods: Real-Time market data for my clients

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SOLD | 762 Great Highway #3 | Outer Richmond/Ocean Beach | $1,250,000

Congratulations to my clients (the sellers), as well as to the buyers on my most recent successful transaction. What an amazing property with drop dead views in an awesome location. Looking forward to seeing you in the water.

From the listing…

You can’t buy property in San Francisco any further West…this is it…where the land ends and the Pacific Ocean begins. Marvel in the ebb and flow of ocean life from your living room (spot dolphins, whales, sea lions, surfers, kite surfers, and ships going by), escape the City life, catch every sunset from your couch kitchen or dining table, walk the beach every morning, experience the surrounding parks and abundant nature right out your front door.

Real Estate Porn For The People…

Who came down with a heavy case of the Mondays…and Tuesdays, Wednesdays, Thursdays, and Fridays? I did. Right here.


I know you all want the great real estate porn that got you on this site in the first place, but I’ve been busy, so I figured I’d make your life, and my life, easier…here you go: Check out The Goods, it’s all new, super sleek, works great on your mobile device, and has all of the same great data you’ve come to love (minus my snarky comments).

Want Top 20 Overbids…all there, all the time. Start to notice things like 135 Webster, finally dethroned by 572 Funston.

Want Top 20 Underbids…got those too. Marvel at places like (239 Arletta in Visitacion Valley, which sold for 20% BELOW list…wait for it…at $480,000 to clinch top spot on the Underbids. That’s a $600,000 home selling for $480,000 and the address on the post card to mom will read “San Francisco, CA”.

Looking for Hot New Listings. Gotcha covered there too. No need to wait for me to tell you about what just hit the market in your ‘hood. Grab properties like 164 Belvedere (drooling) and immediately share with your friends to plan your dinner parties when they buy it!

The Holy Grail…Recent Sales…got those too. I was the first in San Francisco to provide this valuable data to my clients on a regular basis, so why should I stop. Such an easy way to track what’s going on in your ‘hood without my annoying phone calls, texts, and emails to remind you how much you love me.

My buyers’ favorite…Stalefish…had to tone this down for the masses and call em 30+, but this is my site, and dammit if I don’t like calling them Stalefish better. A Stalefish is a property 30 DOM* or More…and would you believe 149 29th St is BOM*. For the record just cuz it’s Stale, doesn’t mean it stinks!

So there you have it. Now you don’t need me to update you as often. You want the Goods, you get the Goods. Spread the word.

Fellow agents…we are now offering my service of The Goods to you…your branding, your look, your site…update your people with the same great data. Contact us at info@thegoods-sf.com or nate@thegoods-sf.com to get your pages set up and start sharing this wonderful real estate market information with your people.

*BOM = Back On Market
*DOM = Days On Market
*Duh!