2542 Fillmore (www.SocketSite.com)
Two months ago the reconstructed 2542 Fillmore hit the market with a $4,995,000 price tag, a well received cocktail party and buzz, and an offer date. Shortly after said party, but before the official offer date, a pre-emptive offer arrives: $5,500,000 cash with a five day close. It’s refused (and not on principle, but rather something about wanting to see a six).
The list price is increased to $5,250,000 and the offer date comes and goes (possibly in the reverse order). No offers. Not even from the party that originally offered $5,500,000. Whoops.
The good news, word on the street is that it might be in contract. No word on at what price (or to whom).
UPDATE: And two hours after we published, it’s officially “In Escrow – Firm” on the MLS.
Built In 1904 (But “Reconstructed” A Century Later): 2542 Fillmore [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by majr

    I am all for getting what the market will give you, but it would be fitting if they now got less than asking after refusing a sweet offer. It’s a little greedy to dump an offer that is 10% over original asking price.

  2. Posted by resp

    maybe it was the seller’s Mom that made the “offer”.
    [Editor’s Note: It wasn’t (and it was legit).]

  3. Posted by resp

    Of course I’m kidding but it’s been done. How does one know when an offer is legit unless you’re really an insider on the deal? thx

  4. Posted by sleepiguy

    Hmmm… A few days after this hit the market, it was listed on the MLS as being in contract. It then fell out of contract a couple of days later and the price was raised. I’m not sure the agent could list the house as being Active Contingent if the sellers flat out rejected an offer.

  5. Posted by garrett

    those greedy little devils. i understand that it’s not my house or my money, so i shouldn’t judge, but really, i just don’t get why so many sellers are so darn greedy.

  6. Posted by tipster

    I knew of a property in the Marina several years back that received a full price offer within hours of being listed. The owner, shocked at the speed of the offer, countered with an even higher price, and the buyer walked.
    Realizing that he had initially offered too much in the excitement of the moment, the buyer never came back.
    The place sold 8 months later for about 8% less than the original asking price.

  7. Posted by PaulG

    I did the same thing last year: made an offer at the asking price that was refused because the owners wanted more. I believe they turned down at least one other offer as well. After it sat for a while, they they took it off the market for a couple of months, relisted it and ended up accepting $75K less than we’d offered 4 months before.

  8. Posted by Willow

    Tipster, during the recent run-up in residential real estate prices, for every story like the one you mention, there were about one hundred others where the buyer gladly ponied up the extra cash to have their offer accepted.
    Without knowing the facts, it seems the seller overplayed their hand in this case but having been a seller during those frenzied times back in 04/05 I know firsthand that it can be extremely intoxicating and exhilarating when you have multiple offers for your property. It really can be a gray area when it comes to counter offering. You have to trust yourself and rely on your realtor to make sure s(he) is correctly reading the mood of the buyer(s).

  9. Posted by tipster

    Tipster, during the recent run-up in residential real estate prices, for every story like the one you mention, there were about one hundred others where the buyer gladly ponied up the extra cash to have their offer accepted.
    Oh, absolutely. I know several couples in Stockton and Sacramento, Los Angeles, and Miami who did that. Wow, were they ever happy!
    Of course, they aren’t too happy now, and they realize they got caught up in the heat of the moment, but wow, was “gladly” an understatement when they overbid — against themselves!
    What a country!

  10. Posted by gordon

    I think it might be a little presumptive to call the sellers “greedy”. simply wanting the best price for a home does not make you greedy. If that is the case we are all greedy…
    5,5 mil sounds like a lot, but had the house originally been listed at 6 mil it sounds like peanuts. it is all about perspective.

  11. Posted by SocketSite

    And as of two hours ago, it’s officially “In Escrow – Firm” on the MLS.

  12. Posted by majr

    I still think it is a little greedy to expect more than 10% over asking price, unless it was way underpriced as a selling strategy. In that case, how would anyone know that 10% over is not enough? Of course people want the best price for their place. Who wouldn’t? Let’s see what it ends up going for to see whether the $5.5 million offer was a low one after taking into consideration that they had to hold on to the property 2 months longer because of it. As a side note, I really have no idea what makes a home like this worth that much money in the first place. I agree it is lovely, but that is a lot of dough. Happy weekend to all.

  13. Posted by SFBlueCollar

    Fell out of escrow again and although not listed on the MLS is still listed as “active” on Malin Gidding’s site. May have something to do with that horrible, cold dark staging. How about a little warmth and cheer?

  14. Posted by DZINERSF

    I’m with you…. too slick and cold.

  15. Posted by yoyoma

    hahahah

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