70 Williams (Image Source: MapJack.com
As we wrote about 70 Williams last month under the headline of “A Single-Family In The Threes (But Expect At Least As Many Offers)“:

So Williams isn’t the most scenic of residential avenues in San Francisco. But it is near the 3rd Street Muni line. There is development in the area. And 70 Williams is a single-family home that’s asking $349,000 and looks to be in good, albeit a bit dated, shape.

Today, the sale of 70 Williams closed escrow with a reported sales price of $450,000 ($360 per square foot). Yes, that’s 29% over asking but closer to 3% above the median price per square foot for surrounding single-family homes in 2008 (based on 208 sales). And it’s still 24% below said median in 2005 (based on 182 sales).
The year-to-date median price per square foot in zip code 94124 is, however, currently running at $276 (based on 55 sales so far).
A Single-Family In The Threes (But Expect At Least As Many Offers) [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by ex SF-er

    Will We See 70 Williams Touted On The News Tonight?
    sorry, the headline news for today is MJ. He was one messed up dude but he was the best.
    also, this won’t make the news because this didn’t close in the “threes”. not even close!

  2. Posted by Ryan

    BREAKING NEWS! San Francisco single family home sells for 29% over asking! (Then some unknown SF REA says:) “SF Real Estate is still ON FIRE! Get in while you can!!” I can just see the special segment now…

  3. Posted by il_guru

    .. actually this property did not do too bad .. prices in line with last year … good strategy in creating a bidding war

  4. Posted by Jimmy C

    I’m just surprised tipster didn’t get in a comment on how prices are going down and throw in some bizarre statistic.

  5. Posted by anon

    Talked to listing agent after in escrow and he said it actually went over $500,000 but could not get an appraisal in this market. The new appraisal law is limiting some of the swing back in prices. It may or may not be good for the stability of real estate values in SF. But now there are some comps for non reo non short sale sales of average houses in the area.

  6. Posted by diemos

    “and he said it actually went over $500,000 but could not get an appraisal in this market.”
    If you have cash you’re perfectly free to pay anything you want regardless of the appraisal. If you’re getting an appraisal it’s because you’re getting a loan. If you’re getting a loan then it’s the bank that’s buying the house, not you and all that matters is what the bank thinks it’s worth.

  7. Posted by anon

    true true. actually it is what the appraiser thinks. The new law clearly separates lenders from appraisers and appraisers are under considerable scrutiny. The appraisal industry was very loosie goosie (a technical term) with appraisals during the bubble. But now over correcting and being unreasonably tight. Lenders cannot work with specific appraisers and they are randomly assigned on availablity basis. You may get stuck with a brand new appraiser from Hayward for an art deco view condo in Pacific Heights or the opposite. I read an article about this problem the other day in either the WSJ or NYT online.

  8. Posted by San FronziScheme

    Talked to listing agent after in escrow and he said it actually went over $500,000 but could not get an appraisal in this market.
    In other words, a guy overbid wildly with the bank’s money and the appraisal said “no way”? Professionals doing their jobs after all! Go figure.

  9. Posted by Chad

    Astonishing ! That’s neighborhood is a dump ain’t it ?
    I bet we haven’t heard the last of this one. I can see the Editor with a post in 2010 that reads “Fool who bought 70 Williams lists it for 100K” LOL.

  10. Posted by joerealtor

    Supply and demand 101. According to the mls there were 35 offers. There are relatively few structurally solid, functional floor plan single family homes available for this price range. Especially ones that are not short sales or REO.
    Demand in the south of 280 part of San Francisco is the strongest in the city. Nearly all properties are being overbid.

  11. Posted by EBGuy

    Pent up supply in this area (Bayview & Silver Terrace combined) increased from 163 to 185 homes in foreclosure (NODs, NOTS, bank owned) over the past month and a half. Should be plenty to go around…

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