868 Arkansas: Exterior/Interior
An eagle-eyed (and elephant-minded) tipster notices that 868 Arkansas is back on the market. As you might recall (as did our tipster), 868 Arkansas was the focus of a somewhat controversial Chronicle article last October.

“[The Seller] was considering taking a job in Seattle last year and put the house on the market last fall. After just two weeks, she received two offers, including one for $975,000. She decided against the new job and turned down the bidder. Now, she’s decided to move to Europe and is asking $949,000 for her house [which was originally listed for $989,000].”
“If she hasn’t received any offers by month’s end, Nakajima said she’ll stop trying to sell the house, which she bought 2 1/2 years ago.” They aren’t building single-family homes up on the hill in San Francisco any more,” said Nakajima. “If I absolutely had to sell, that would be one thing. But…just breaking even is not really what I had in mind.” (Home prices slip after 4 hot years)

With regard to the new listing, we can’t help but notice some great new photos (we’re particularly drawn to the leaded glass windows, hardwood floors, and French doors). And yes, a great new price ($899,000). “Twilight Showing” (with wine and cheese) this Friday (1/26/07) from 5:30-7:30pm.
∙ Listing: 868 Arkansas (3/2.5) – $899,000 [Paragon]
The Article (And The House) [SocketSite]
Home prices slip after 4 hot years [SFGate]

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Comments from “Plugged-In” Readers

  1. Posted by tipster

    From the listing: “Seller reserves the right to accept or reject any offers”
    Translation: we’re hoping this price sparks a bunch of people to bid, and all those bids cause someone to bid too high. The price actually serves no other purpose and we won’t be selling at the list price.
    But please bid so that the buyers’ agents can exclaim “My! There are an awful lot of inspection packets out. You’d better bid it up because there will be a lot of bids.”
    Um. No thanks. I won’t waste my time.

  2. Posted by Dude

    While were on the topic of interpretation/translation…
    “If I absolutely had to sell, that would be one thing. But I’m not desperate, and just breaking even is not really what I had in mind.”
    Translation: “I bought in July of ’04, so my ARM doesn’t adjust until 2009 (assuming a 5/1). So I won’t get desperate until spring of ’09.”

  3. Posted by Tom

    Piling on to say that for me this is just too close to the prisons, er, I mean projects, that are the shame of SF, to bear the seller’s hoped for over-asking price. If it were on the north slope I have not a doubt it could go to the high $900′s. Seems to me she paid too much in ’04, and it will be another good lesson for anyone tempted to go over in a bidding war if it is no sale this time.

  4. What a huge improvement those photos are… the set shown when the home was listed earlier hardly hinted at the home’s respectable decor.
    The lowering/relisting reminds me of what 569 Pennsylvania went through:
    http://leblog.exuberance.com/2006/09/price_drop_on_5.html

  5. Posted by left to mid

    Pity that the location’s less than prime, but it does show that you can do some fine things with the interior of a not fabulous looking (exterior) house.

  6. Posted by Lori

    I was never happy with her flippant attitude when this piece ran in the Chronicle. So I can’t say I’m feeling sorry for her now either.

  7. Posted by Samuel

    I have to agree, the location isn’t the best. For what it is, I believe the price is fair. After all, it’s a “house”, not a condo. For this reason alone, I think it will go over asking.
    For all those people that are looking for a “diamond-in-the-rough”, I saw some places down off third street for reasonable prices. Although you’re going to need body armor and bullet proof glass to drive to and from your house.

  8. Posted by Michael

    I saw the house last night – main (top) floor is beautiful with lots of character, great layout, and nice finish (other than the master bath). Bottom floor is just so-so and apparently “unwarranted” as the work was done without permits (but by a licensed contractor).
    Neighborhood felt fine – nice park and recreational center across the street, but also a not so nice of a convenience/liquor store at the end of the block, and it’s a bit of a hike to the main Potrero drag.
    Biggest surprise – the “offers due 1/31/07 @3pm” on the statement.

  9. Posted by Satisfied Customer

    I love all the nasty, sarcastic comments above. I think I got the last laugh, kids, because I got exactly what I wanted for the house. With all the overpriced crap that has been raking in big price tags in this town for ages, I didn’t have a flippant attitude, I wanted what the house is worth.

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