August 11, 2009

From Reduced To Closed In Fourteen Days For 1001 California #8

1001 California #8: Living

Eighteen days ago we wrote, "non-sardonically, we wouldn't be shocked to see multiple offers at this point" with regard to the newly reduced asking price of $1,195,000 for 1001 California Street #8. Fourteen days later it closed escrow.

Unfortunately the actual sales price appears to be "confidential" on the MLS, but the speed at which it closed would at the very least suggest an all cash, if not over asking, closing for the one-bedroom condo atop that lovely Beaux Arts building.

Once again, purchased for $1,460,000 in June 2000. Now about that third floor...

Obviously Only Because It's On The Wrong Side Of Those Tracks [SocketSite]
One Expensive One-Bedroom In A Beaux Arts Building We Love [SocketSite]
A Full 1001 California Floor Which Would Have Made Vincent Friia Flip [SocketSite]

First Published: August 11, 2009 8:15 AM

Comments from "Plugged In" Readers

Non-sardonically? Isn't that the same as sincerely?

Posted by: Mediated at August 11, 2009 8:31 AM

It's a nice living room, but what I find stunning is the terrace outside. How about a picture of it?

Posted by: flaneur at August 11, 2009 9:18 AM

Hint to all delusional sellers: lower your price and buyers will come. Otherwise it will sit there for years.

A nice piece of property indeed.

Posted by: San FronziScheme at August 11, 2009 9:29 AM

"lower your price and buyers will come."

well apparently you need to lower the price to below 2000 levels and the buyers come. Even if this went for 'over asking' the big question remains, did it go for over the 2000 price?

Posted by: badlydrawnbear at August 11, 2009 9:59 AM

2000 prices were already factoring a lot of bubble. Dot-com bubble money chasing trophy property pushed prices higher than anywhere else in the country. LA was still lingering while SF was taking off pretty fast.

There is a lot of bubble-over-bubble to pop.

That we're seeing 2000 prices is not that surprises from this prospective.

On the other hand, some properties are selling at or close to 2006-2007 prices, some at 2003-2004 prices. It's pretty mixed but overall very much on the down side.

These discrepancies can mean 2 things:

1 - Either the cheaper prices are the anomaly and therefore the opportunity for savvy buyers.
2 - Either the 2007 prices ARE the anomaly due to the milking of the last-of-breed BA cash cows.

I'd vote for option 2. The milking of the last delusional buyers out there means we're coming close to bottom...

Posted by: San FronziScheme at August 11, 2009 10:15 AM

I wouldn't rule out the possibility that a lower offer was submitted, price dropped to create competition, no competition appeared, original offer accepted. In Escrow. Happens all the time.

Posted by: eddy at August 11, 2009 10:52 AM

eddy, really?

hypothetically, you list your place at $1.5M. I see the clouds your smoking and offer $1.1M. You say no, but thanks for trying, and then list your house at $1.1M or $1.15M to show me you were right to turn me down.

When the bidding war doesn't materialize, you say, "Please Mr All Cash Buyer, I'll take your $1.1M now - and, btw, can we close in week?" And, I play along?

Sorry, but my offer has just dropped. (perhaps I am unusual, though, and it really does happen all the time)

Posted by: steve at August 11, 2009 1:45 PM

I have seen this sequence play out enough times on here... maybe they don't do it to attract a higher bid, but some Realtors(TM) seem to have some incentive to go through this sequence.

Posted by: chuckie at August 11, 2009 3:36 PM

@ Steve-

Yes, just had a similar experience with a realtor who is both puffing and rude...

I am looking forward to the price cuts to her listing that will bring it in line with the neighborhood comps.

When it comes, I will gladly tell this agent and her brokerage to go sit on their hookah.

Posted by: jd at August 11, 2009 4:34 PM

I'd love more stories like this. A nice counterpoint to the lore from a few years ago of being 1 of 15 bidders, have to present, ...

Posted by: steve at August 11, 2009 5:22 PM

Steve, yes. It's not an uncommon ploy. It can be risky but it can also be done with grace. This is all a negotiation game and the stakes are pretty high. But in the end it's about finding a place where buyer/seller are comfortable.

Any buyer agent tells their client to walk away from a property because the selling agent makes an attempt to extract more value for their client is foolish. If your client is willing to pay X and the seller is ultimately willing to accept X than who cares what transpires.

I'm aware of just such a situation that occurred and the "buyer" was totally unaware that the property was being shopped while the seller dragged their feet on executing the contract. As it turned out, no higher offer emerged and the original "buyer" contract was signed. True story, but confidential details that I cannot disclose.

Posted by: eddy at August 11, 2009 5:59 PM

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