July 17, 2007
What’s Moving (Or Not) And For How Much (Or Little): Those That Sold
It looks like Jen and Victoria underbid 118 Joost by $20,000 (it sold for $830,000 or 19.4% over asking). And as another reader was quick to note, 339 Cumberland closed escrow on 7/12 for $2,335,000 (2.1% under asking).
1310 Minnesota #206 sold for “market value” at $609,000 (but $30,000 or 4.7% below original asking), as did 464 Tehama at $3,200,000 (1.5% under list), 119 Hancock at $965,000 (7.3% over list), 1703 Octavia at $1,870,000 (14.8% under original asking), and 130 Santa Ana Avenue at $2,000,000 (11.4% over asking).
Both 3512 Clay Street and 1771 North Point closed for what appear to be “undisclosed amounts” (tipsters?), and once again, 442 Anderson closed escrow on 6/29 for $1,230,000 (27% over asking) while 20 Villa Terrace closed on 7/13 for $1,523,660 (39% under original asking).
Editor’s Note: These listings are not intended to be (and are not) representative of the market as a whole (although there are a few interesting data points) and simply represent an update on properties that we happen to have written about in the past (in case you'd like to know how the story, or at least chapter, ends).
UPDATE (7/18): The reported contract price for 339 Cumberland has been changed from $2,235,000 to $2,335,000 (2.1% below asking). We're guessing nothing nefarious and simply a data entry error.
∙ There’s Something To Be Said For Pride Of Ownership (When There Is) [SocketSite]
∙ Windows, Views, And A Big Orange Garage Door [SocketSite]
∙ Not Quite “Instant Equity” (But Close) [SocketSite]
∙ No Words (Just Drool) [SocketSite]
∙ A Plugged-In Reader Recommends: 119 Hancock Street [SocketSite]
∙ Real Estate Numerology: The Numbers Seven And Two [SocketSite]
∙ A SocketSite Reader Reports: 130 Santa Ana Avenue [SocketSite]
∙ Then Again, You Can Probably Afford A Driver (Or Two) [SocketSite]
∙ The “Marina Green Showcase” Hits The Market (1771 North Point) [SocketSite]
∙ Pick Your Proof: "See, I Told You The Market Is Up/Down!" [SocketSite]
First Published: July 17, 2007 12:19 PM
Comments from "Plugged In" Readers
Waht's happening with 745 Detroit? It's not on the public MLS any longer.
[Editor's Note: Withdrawn from the market.]
Posted by: 94114 at July 17, 2007 1:40 PM
Living in this neigborhood, I am pleasantly surprised to see how much 118 Joost ended up selling for considering how small the place was. (821 SF.) There was no way this place was going to sell under 700K given the comps, so this was certainly a situation where the selling agent decided to list under by about 20-30K which worked very much to the advantage of their client. I wonder what would have happened if it was listed for lets say $725,000 versus $695,000? Also, dare I say the mere appearance on Socketsite added to the property's buzz. Hang in there Jen and Victoria!
Posted by: Willow at July 17, 2007 3:36 PM
I viewed 442 Anderson twice, and while it is definitely an attractive property, I feel that the 27% over asking sales price was largely the product of the owner's stylish taste in interior decoration combined with first-class staging.
Posted by: Chris at July 17, 2007 5:00 PM
1.2 million dollars for a place in bernal heights???
are you friggin kidding me???
the bubble has not even close to popped
Posted by: james at July 17, 2007 5:31 PM
1.2M is not unusual for Bernhal Heights anymore, particularly the northern section.
Posted by: anono at July 17, 2007 6:07 PM
Bubble hasn't popped. Oh, that will take a long time. Want to see a bubble pop, look at Cisco Systems stock during the dot com bubble.
There is a peak in March of 2000, then it dropped. The insiders knew it was over, but look, it rose back up as people on the sidelines who had been priced out forever decided it looked cheap and jumped back in. Prices actually went back up. Then, only at the beginning of 2001, did prices really start to fall in earnest, 9 full months after the insiders knew it was all over. That was the stock market, where emotional attachments and significant motivational factors (like packing, picking a new neighborhood, etc.) don't apply.
It's laughable how people think that the bubble has popped. It took 9 months for the stock market bubble to pop. It's going to be longer than that before this thing gets going.
And look: Sun Microsystems (in red) kept going UP even as Cisco (in blue) was struggling to stay up and even after it started tanking. That was because Sun was "different", until it wasn't.
Bubbles pop from oversupply, when market distortions cause a rush of supply that would not in normal times be supported by fundamentals. Think 60 stories of pets.com-like companies, with as much in the way of profit potential as a building by the freeway has location, location location, all hitting the market at the same time. On that day, the market turns, but it's a slow process down.
Posted by: Tipster at July 17, 2007 8:37 PM
Bubbles don't only pop from oversupply. They also pop from lack of demand. That is what is deflating (if not "popping") the real estate bubble in SF and elsewhere right now. You simply have far fewer buyers interested in each property than in recent years because of the consensus that values are likely to decrease, and you have fewer buyers qualified to buy because of tightened lending standards.
Posted by: Anon at July 19, 2007 12:10 PM