March 28, 2008
A SocketSite Reader Reports: 65 Caselli Returns With Just One DOM
As we wrote a little over two weeks ago:
The listing for 65 Caselli expired without generating a sale (as far as we know). If the seller is in fact "motivated" to sell, we wouldn't be surprised to see the properties return under a new broker. (And perhaps another new price...)
As a plugged-in Trip writes today:
I see that 65 Caselli, oft-featured here for the, um, interesting, bathroom, and significant price reductions is newly listed again. I believe it's now at an even further reduced price, and, of course, "officially" now on the market for 1 day.
∙ Listing: 65 Caselli Avenue (3/4) - $1,649,000 [MLS]
∙ And Sometimes It’s Simply The Sinks (65 Caselli Avenue) [SocketSite]
∙ We Have A Motivated Seller! (But Still Seeking A Motivated Buyer!) [SocketSite]
First Published: March 28, 2008 8:57 AM
Comments from "Plugged In" Readers
i gotta say this is a textbook example of how to put yourself in a bad situation. pricing this place lower to start with would have brought more people in the door and if it still did not generate the overbids that the owner's had hoped for (or even any bids) then you would have heard the market talking.
hope they don't NEED to sell.
Posted by: paco at March 28, 2008 9:29 AM
Nice place, surprised it's still sitting...
Love the "First Open" note on MLS. LOL...
Posted by: Foolio at March 28, 2008 9:35 AM
Caselli is a fabulous street. This is easily worth half what they are asking.
Posted by: Mole Man at March 28, 2008 10:13 AM
This is a two unit building-the upstairs unit, 67 Caselli is also being offered as a TIC.
Posted by: anon at March 28, 2008 10:27 AM
I love all of the mean 'anon' posts on here - keeps things very trivial. It's a shame they all gang up on Fluj because he's actually a working realtor and knows what's going on out on the streets.
As for Caselli - love the location - as I have said before - finally a listing agent comes clean with the fact this is really a 2 unit TIC - the upper unit looks pretty nice for that price as well. Sometimes a fresh start like this is all it takes. We'll see.
Posted by: movingback at March 28, 2008 11:26 AM
as movingback also said before:
"This is a great house - should sell now that the price has been adjusted."
that was when this place was listed at $1,999,000.
No dig on fluj, but can't help but notice that the realtor who "knows what's going on out on the streets" gets real quiet when it's time to provide any foresight rather than hindsight.
Posted by: Michael at March 28, 2008 11:40 AM
Nice dig, Michael. Enjoyed it! Nice to know that you can go that far back in the posts and dig out what I have said. You are one of the clever ones!
Well, we did check the place out again - given the location and all, $1.9 did seem reasonable for this place at the time. The one thing we could not get our heads around was the upper unit TIC. Did not take that into account as much until we gave it a closer inspection. Even though it's been relisted with a new broker, perhaps a more aggressive price reduction will renew interest in the place. As well, sometimes all it takes is a fresh start.
Posted by: movingback at March 28, 2008 12:12 PM
What's the deal? The two units together are $2.3+. That is not a reduction.
Whither the vitriol? And by the way, I never called myself anything special, Michael.
[Editor's Note: We could be wrong, but we have a feeling that the listing for 65 Caselli represents the whole, while the listing for 67 Caselli represents a "half" (a common approach to providing some liquidity).]
Posted by: fluj at March 28, 2008 12:34 PM
Forgive me for the dumb question, but both 65 and 67 feature the same master bath in the photos.
Does this mean 65 includes the TIC listed in 67? Or are they $2.3+ as fluj points out?
Posted by: exuberant at March 28, 2008 12:42 PM
Yeah, I don't get this one either. Hey. If I'm wrong it won't be the first time.
Posted by: fluj at March 28, 2008 12:48 PM
We could be wrong, but we have a feeling that the listing for 65 Caselli represents the whole, while the listing for 67 Caselli represents a "half." Simply another approach to providing some liquidity to a "motivated!" seller.
Posted by: SocketSite at March 28, 2008 12:52 PM
"Forgive me for the dumb question, but both 65 and 67 feature the same master bath in the photos."
Perhaps they share that master bath?
I mean, really. If you want your own master bath in SF, you need to pay +$5 million and live near Fisherman's Wharf....
Posted by: Debtpocalypse at March 28, 2008 1:32 PM
I've seen this place. It is a single house, but cludged together (rather clumsily) from two units. I don't know why they list the separate TIC as it is not really a separate unit (e.g. no kitchen). Perhaps there is some legal issue regarding the recognition of two separate units? Or maybe to make it appear like you're getting a "free" second unit if you buy 65? I'm betting that if you only offered to but 67 Caselli without 65, you'd be turned down.
Posted by: Trip at March 28, 2008 1:41 PM
Let me add (so I'm not accused of being a naysayer) that the place is very nice and I love the neighborhood (indeed it is right by mine). It is just odd. And for this kind of money in this market, with no yard, odd apparently doesn't move so quickly these days.
Posted by: Trip at March 28, 2008 1:51 PM
I saw this open house today. It is a huge stretch to try to bill this as a two-unit building, although no doubt the seller/realtor hopes to drum up more interest this way. 67 Caselli (the top floor) has no kitchen, and barely enough room for a tiny "living room" and "dining room" (that's how it is currently staged). Buying 67 Caselli as a TIC would require the buyer to put in their own kitchen, at the expense of already cramped living space. And then if you used the bottom two floors as a second unit, you'd be left with only 1 bedroom (and no, it doesn't come with the fancy master bath). This place has a lot more flaws than I expected--the layout doesn't work at all as a two-unit building, and is very awkward even for a single-family home. No wonder it's taking so long to sell.
Posted by: open house lurker at March 30, 2008 6:56 PM
Posted by: schtee at April 15, 2008 3:47 PM