SocketSite™

I'm very curious to see how this flip pans out in the marketplace. Certainly anything over $3M would probably spell profit for the investors in this place, but I would be surprised if this place sells for over $4M in this part of town. It's desirable, but obviously lacks a view and the past year has seen Clay get encroached with the likes of Sacramento. It's still a prime area and a nice flat street so it will get a lot of interest. I just don't think they are going to get $4.2. Feels more $3.85 to me considering some of the comps out there.

I'd rather have newly listed 2400 Green:
http://sfarmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSPropertyDetail&ARGUMENTS=-N691164862,-N214076,-N,-A,-N10794994

or Francisco
http://sfarmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSPropertyDetail&ARGUMENTS=-N691164862,-N213525,-N,-A,-N10794994

or Baker, which could probablly be had with a $4.2 offer.
http://sfarmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSPropertyDetail&ARGUMENTS=-N691164862,-N211670,-N,-A,-N10794994

Still not sure what the $5M Marina Green sold for, but it probaly wasn't $5M and that was an incredible house that probably sold in the mid 4s.

So in summary, I like this place I just question the pricing.

E.

I was surprised at the list price.. I mean, the contractors sped through that remodel. It should have come on at around 3.5. But who knows... There's no way to know what buyers will and won't pay for right now. I'm not surprised to see 2400 Green show up. I was just thinking yesterday that it would come on the market because of its new (and completely awful) paint job. It looks like it was painted with a yellow highlighter. I'm sure it'll sell in a week.

Eddy -

I'm curious: when is the last time you bought a place in the neighborhood of $4 million?

I never have. I assume from your authoritative take on pricing that you must do it all the time.

Hi Amused,

Maybe I'm a realtor in the area with vested interest in the market, or maybe I speculate on multi-MM homes. Perhaps I represent a buyer who is looking at homes in this price range or maybe I've been looking to buy a place in this price range for the past 24 months. Maybe I own a home in the neighborhood and make it my interest to walk every $2.5M+ SFH in #7 so I know my own house value. Or maybe all of the above.

Anyway, you don't have to buy or sell a home to understand pricing in this market, but I'm glad you find my take on pricing as authoritative. It's really only my opinion. I'm sure with a little work and research you can form one too. Thanks.

E.

Eddy -

Some quick snippets from your post:

"I'd be surprised..."
"I just don't think..."
"Still not sure..."
"But it probaly..." (sic)
"probably sold in the mid 4s"

... hardly convincing.

Only a few things certain in life: 1) death, 2) taxes, 3) everyone on SS believes every listing is overpriced. Boooooorrrrrring.

Well, I've owned multiple houses in that neighborhood, so I'm well aware of what homes(on the MLS)sell at what price. Look at 2511 Steiner and 2430 Scott. Both came on this spring at 3.8 and sold at 4.2. Both superior locations initially listed at lower prices. Likewise, another home on Jackson and Steiner likely sold under its 3.5 listing price at the end of last year. And didn't the house across the street sell in the high twos earlier this year?

Hi Amused,

I'm just trying to provide some data points on the market that I think are pretty relevant, along with some opinion. Not sure why you seem so amused or dis-interested with my data points. I actually agree with Sleepiguy on his two data points. Those properties were very well priced and they moved accordingly. I also though the Pencil building lux penthouse was fairly priced for what you were getting there. So not everything is overpriced.

And yes, the black house did sell in the high 2's and is currently in the final stages of a renovation. New garage and interior renovation. I hope it comes back on the market so I can take a look and give my opinion on price! This is a place that could go for around $4 if it was finished really high end.

Oh, here's another data point on Clay, 3400 just hit the market at $7.1M. Overpriced IMO unless there is a view hidden somewhere that they felt compelled to hide in the MLS pictures:

http://sfarmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Sanfrancisco&PRGNAME=MLSPropertyDetail&ARGUMENTS=-N267182401,-N214170,-N,-A,-N10805839

Have a good weekend!

E.

I forgot about 2510 Steiner... I agree that it could sell in the 4s. I was actually referring to I think 2524 Clay directly across from 2503. It sold around 2.8... I think it's being remodeled a bit as well.

Eddy - the Francisco hous 3.4 mil is in contract already.

900 psf (the pricing for this house) is priced right for this neighborhood and that location and the finishes it appears to have. All the bedrooms are on the same floor and there's no real flaws with the layout.

Minor issues are that the 3 front bedrooms might be a little small and the house has a long and narrow shape that may not appeal to all buyers. And 4.2 is not a real popular price point. But it's a good location.

Great location. The point is, if you're willing to do the work, you will profit.

Build at $300-350/sqft (high quality), sell at $800+/sqft is always a good proposition.

Hence, when looking for properties, focus on the comps price/sqft and the expandability of the property.

I am jealous of the garage and driveway parking. You could have a dinner party and allow all of your guests to park in the driveway.

I thought this place actually traded at 2.2mm. I looked at it when it was on the market before. Thought about it. It had a renter who had been in the back loft unit for a long time.

It actually sold for $2,275m. I saw it today and it's pretty nice. Obviously a great location, despite proximity to commercial Fillmore. Floor plan is broken, it doesn't feel as big as it's claimed and it's a lot of builder grade finishes. Still, it seems priced about right. My only thought is that the builder stands to make $500-800k in less than a year. Buyers are smart, and in this market they might consider it too wide a profit margin. This place was a serious dump in Jan.