July 31, 2006
Save $1,600,000 At 1750 Taylor
Four months ago we highlighted 1750 Taylor #1301, a stunning six million dollar condo that left us salivating (and no, we still haven’t had a chance to wake up in that bed). At the time, the unit directly below (#1201) was being offered for half a million less, but really wasn’t remodeled to our tastes (marble floors just aren’t our thing).
Today, #1301 might have sold, but #1201 is still available and its price has been reduced three times for a total savings of $1,600,000 (“Great price!! Motivated seller” and now listed at $3,950,000). The way we figure it, you can buy #1201, spend a million dollars on a stunning remodel, fill the three parking spaces with a brand-new Bentley, Aston Martin, and Range Rover, and still come out ahead…
Subterfuge at 301 Bryant?
Four days ago the original listing for 301 Bryant #101 (and its history of price reductions) was withdrawn from the MLS and replaced with a new listing at an even lower price (reduced another $39,000 and now “priced to sell!!”). Not to be outdone, #704 (which has been reduced four times) followed suit and was re-listed yesterday under a reduction free MLS number.
A friendly reminder that if either of these condos sell for even a dollar over their current listing prices they’ll be recorded as “Sold for Over Asking!” and not “Sold for 10% under (original) Asking!”
Eichler Gets Sucker Punched
July 28, 2006
Watermark Update: 78% Sold (And Discounting)
Okay, while these aren’t official sales office sanctioned statistics, they’re also not just some wild ass guesses. (We like to think of it as deductive reasoning.) That being said, here’s our take on the current state of affairs at the Watermark:
Prices and Discounting: At the low end, $695K will now get you a 15th floor one bedroom “F” floor plan, while three months ago it would only buy a 4th floor unit. At the high end, both three bedroom “K” floor plan penthouses remain priced at $3.2M and $3.3M. In the middle it’s a bit more convoluted.
It appears that two bedroom units on the lower floors have been reduced by up to $140K (11.5%). For example, the only remaining “A” floor plan unit on the 4th floor is now advertised at $1.06M (was $1.2M) and the 4th floor “G” floor plan unit is now $1.04M (was $1.15M). Not as much discounting (or inventory) on the higher floors. That being said, $1.7M will now get you a three bedroom “M” floor plan on the 19th floor, while in April they were asking $1.73M for units on the 17th floor.
Inventory and Sales: We estimate that roughly 30 of the 136 condos are still available (78% sold). That would suggest an average of about six sales a month over the past three months.
No word on whatever happened to unit #6C (which is no longer active in the MLS), and as far as we know, no new resales have hit the market.
Ogrydziak/Prillinger Architects: The T House
The T House is located at the “end of a cul-de-sac in the 500 block of Duncan Street near Newburg Street” in Noe Valley and “sits on the precipice of an oversized lot that provides panoramic, 270-degree views from Twin Peaks to downtown San Francisco to across the Bay.”
Designed by Luke Ogrydziak and Zoe Prillinger, the three-story home offers 5,689 square feet of living space, five-bedrooms, three terraces, and a three-car garage. And late last year the T House sold for $5.3M ($50K below asking) to a former Google engineer (he paid cash). That's a lot of Google Ads.
Handy Hint Of The Day: Wash The Windows
SocketSite’s handy hint of the day: if you’re showcasing your home, condo, or building to potential buyers, agents or brokers, go ahead and invest the extra cash to wash the windows. It’ll make a huge difference. Especially if it’s $3.3M penthouse sporting floor-to-ceiling windows with gorgeous Bay/city views, and your audience is the movers and shakers in the real estate industry (and SocketSite).
∙ Watermark floor plan: Unit “K” (3/2.5) - $3.2M/$3.3M [sfwatermark.com]
July 27, 2006
That’s Sir Arthur Ignatius Conan Doyle To You
Don’t get us wrong, we love this plaque (and the building). As to the plaque’s validity, however, Mister SF isn’t buying it:
A plaque on this 1881 house at 2151 Sacramento Street boasts that Sir Arthur Conan Doyle once occupied the Lafayette Heights residence. Actually, Conan Doyle only visited for a few hours when this was the home of an associate, Dr. Abrams. Conan Doyle, the creator of Sherlock Holmes and Dr. Watson, visited San Francisco once in his lifetime, in late May and early June of 1923. The author and his wife stayed at the Clift Hotel during Conan Doyle's second and final lecture tour in the U.S. . . . One wonders what influence, if any, the exaggerated Sacramento Street plaque, which was placed by an owner of the house in the 1970s, has on the property's value.
Sherlock would be proud. We’re not so sure about the owners (or the listing agent).
We're Doing Our Part
∙ A Very Special Offer [SF Cityscape]
July 26, 2006
ZMobile: Zestimates By Email
SocketSite has the inside scoop on getting "Zestimates" via email (Zillow Mobile).
Email (or text message) firstname.lastname@example.org and include a property’s address, city, state (or zip code) in either the subject line or body of the email/text. Within seconds you’ll get a return email that includes a Zestimate, the number of beds/baths, total square feet, and date of construction for the property. (We’re guessing
SMS access is right around the corner Arjun knows better.)
That’s right, you’ll no longer have to wait until you get home to Zillow your dinner party host (or date). And if you haven’t already heard, Zillow is also alpha testing an open API that will allow third-party websites to offer Zillow’s functionality seamlessly on their site.
Congratulations to UrbanDigs!
Congratulations to UrbanDigs (as well as Noah and his team), the winners of the 2006 Inman News Innovator Award for 'Most Innovative Real Estate Blog.' We'll be ready to rumble the next time we're in New York. (Or at least grab drinks.)
∙ UrbanDigs: Tips on Profiting on New York City Real Estate [UrbanDigs.com]
∙ SocketSite’s New Badge Of Honor [SocketSite]
The Real 595 Buena Vista Avenue
595 Buena Vista Avenue is a modern Bauhaus style condominium. Yet as far as we can tell, nary a Barcelona (Mies van der Rohe) or Wassily (Breuer) Chair, nor a Le Corbusier Chaise Longue, in sight.
And since we prefer the exterior shot that recently appeared on le blog exuberance, we’re really hoping that Matt won’t mind that we’re
stealing borrowing it. And yes, we briefly misidentified 21 Buena Vista Avenue East as 595 Buena Vista West yesterday [thanks Steven].
∙ Listing: 595 Buena Vista Avenue (2/1) - $769,000 [Zephyr] [MLS]
∙ Modern Architecture around Buena Vista Park, San Francisco [exuberance.com]
∙ 21 Buena Vista Avenue By The Numbers [SocketSite]
Back On The Market: 2127 29th Avenue
If you missed it in April, you’ve got another chance as 2127 29th Avenue is “BACK ON MARKET!” And although it’s “No fault of property!” we’re not so sure that’s such a good thing anymore. Regardless, we still dig the house.
July 25, 2006
21 Buena Vista Avenue By The Numbers
21 Buena Vista Avenue by the numbers: 4 floors; 22 rooms; 64 sqft theater screen; 270 degree views; 1700 sqft of gallery space; 3000 bottle wine room; 8229 sqft total; 4950000 dollars. One absolutely amazing home.
∙ Listing: 21 Buena Vista Avenue (6/6) - $4,950,000 [21buenavista.com]
Just Quotes: The Times They Are A-Changin’
“The chief economist of the California Assn. of Realtors has stopped using the term "soft landing" to describe the state's real estate market, saying she no longer feels comfortable with that mild label.” (Housing Expert: 'Soft Landing' Off Mark)
“It's official - even the nation's leading group of real estate agents now says it's a buyers' market in housing, as a soaring supply of homes for sale means nearly flat prices and longer waits for sellers.” (Realtors: Home sales now a 'buyer's market')
"It shifted from being a counterculture land-reform movement to being a housing strategy." (Reaching for the American Dream)
Staging Gone Wrong
Done right, staging can show off a homes potential, help reduce a listing’s time on the market, and maximize the selling price. Done wrong. . .
July 24, 2006
A Quick Flip At One Rincon Hill?
I have a 1 bedroom 1 bath unit above the 40th floor, with a balcony, aproximately [sic] 750sqft(not including balcony) reserved in the highly sought after 08 stack(which is the a corner facing Downtown and the Waterfront). My reserve price is $870k, but 1)developer has raised them $60k 2)you probably could not even get this stack because they are all reserved 3)if you go through sales office, you must owner occupy for at least 1yr, but this one is grandfathered because reserved early.
I am asking $920k, or best offer for my unit. We would sign purchase agreement together and close escrow, from which I'd quit claim off title.
Loophole? Anomaly? Trend? This is going to get interesting. And we can hear the lawyers scrambling from here...
UPDATE: The craigslist post has been updated [thanks John]. Don't worry, the unit in the 08 stack is still available, but apparently 04 and 05 stack units have been added to the flippers inventory as well.
∙ Comments: The Infinity: A Study In Contrast [SocketSite]
∙ $920000 - 1BR w/Water Views and Balcony at One Rincon Hill [craigslist]
Honey, What Happened To Those Views We Paid For?
A quick reminder that it’s not only future residents of Rincon Hill/SOMA that need to stay ‘plugged in’ to what’s happening with regard to new construction (or renovations) when house/condo hunting.
On Friday, a tipster (thank you!) pointed out the brand-new listing for 2736 Broderick, a beautiful home offering fantastic views. Our tipster also noted, however, that the property next door (2740 Broderick) is a single-story cottage that’s situated on the back of its lot, and contributes to those fantastic views (at least for now). From our tipster:
. . . I used your handy link to the building permits posted a few days ago to look up permits for 2740, the cottage. 3 permits were approved two days ago: one to tear down the cottage, one to tear down the one story garage, and one (surprise, surprise) to erect a three story residence . . . Two days later, [2736 Broderick is] for sale.
And while it sounds like the listing agent for 2736 Broderick is doing a great job of keeping prospective buyers in the loop (“I was at the open house and the agent was very up front about the construction next door. They even had the plans for the new residence right next to the best view window that was being blocked…”), keep in mind that you might not always be so lucky.
∙ Competition, Rates, And Plugging In [SocketSite]
∙ Listing: 2736 Broderick (4/3.5) - $2,995,000 [Hill & Co.] [MLS] [Map]
∙ Fun With Building Permits (And Complaints) [SocketSite]
∙ Online Permit and Complaint Tracking [SFGov]
SocketSite’s San Francisco Inventory Update: 7/24/06
Home sales have been matched by new inventory over the past two weeks as the housing inventory in San Francisco remains relatively unchanged since our last report (7/7/06). In addition, the percentage of active listings that have been re-priced (i.e., reduced) remains at 22% (according to ZipRealty).
∙ A Rapid Inventory Rebound In San Francisco [SocketSite]
July 21, 2006
SocketSite’s New Badge Of Honor
You probably didn’t believe us when we wrote that we had no idea that SocketSite had been nominated, much less chosen as a finalist, for the 2006 Inman Innovator Awards. But really, we didn't. In fact, not until yesterday did we receive our official notification along with the swanky new logo above.
And we hate to read into it, but considering they also offered to sell us discounted tickets so that we could attend the awards ceremony, it’s not looking so good…
∙ SocketSite: 2006 Inman News Innovator Awards Finalist [SocketSite]
∙ 2006 Inman News Innovator Awards [Inman]
But Isn't The Median Sales Price Up?
Last November, 2760 Sacramento #3 (a 1,220 sqft. first floor, one bedroom, one bath condo without parking) sold for $827,000. Three days ago, the asking price for 2760 Sacramento #11 (a 1,220 sqft. top floor, one bedroom, one bath condo with parking) was reduced $40,000 after failing to sell at $795,000.
If you assume parking is worth $50K (which is probably conservative), a selling price of $755,000 is effectively $575/sqft., or about 15% less than the buyers of #3 paid ten months ago ($677/sqft.). Either we're missing something (so let's hear it), or once again, this might be evidence of a potentially troublesome trend.
Regardless, if you’re planning on hitting the open house this weekend, bring your trunks/bikini and a towel. The building has a sweet little pool…