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CATEGORY ARCHIVE: Apples To Apples

May 17, 2012

From The Dotcom Days To Today As Viewed From A Penthouse

Purchased as new for $3,980,000 as the dotcom days were in decline in December 2000, the Brannan’s tower one penthouse #18D resold for $2,810,000 in August 2005 at which point its HOA dues were $780 per month.

The HOA dues for 219 Brannan #18D are now $999 per month and the 2,005 square foot condo is back on the market and listed for $3,310,000. Call it 17 percent ($670,000) under 2000, but 18 percent ($500,000) over 2005 at asking for the penthouse.

∙ Listing: 219 Brannan #18D (3/3) 2,005 sqft - $3,310,000 [Redfin]

Posted by socketadmin at 9:00 AM | Permalink | Comments (23) | (email story)

May 10, 2012

Forget 50 Offers, How About Under Asking But 50 Percent Over 2010?

While the penultimate penthouse a floor below was listed for $2,000,000 in early 2010, the Infinity Tower Two unit #42D which wasn't listed sold for $1,500,000 that February. Three months later, 338 Spear Street #41D sold for $1,425,000.

This past March, 338 Spear Street #42D was listed for sale, it closed escrow two weeks later. While the recorded sale price was $250,000 under asking, at $2,250,000, it was also $750,000 (50 percent) over its 2010 sale price on an apples-to-apples basis.

∙ Happenings High Atop The Infinity’s Tower Two [SocketSite]
∙ Infinity Sales Update And A Few Additional Details For Tower Two [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (11) | (email story)

May 9, 2012

Up 15 Percent Year-Over-Year For A Polished South Beach Apple

As we reported with respect to a polished South Beach apple back in February:

Listed for $1,288,000 in January 2011, the 2,097 square foot #320 at 200 Brannan sold for $1,260,000 last April. Back on the market ten months later and listed for $1,450,000.

With new hardwood floors in place, it’s not perfectly apples-to-apples, but we’ll call it close enough. And if you think you know South Beach, now’s the time to tell.

In the words of a plugged-in LegacyDude on the record at the time:

I think I know South Beach. And I know this building, although I've not seen this particular unit. If it's the floor plan I'm thinking of, it's really more suitable for a couple, as the layout would not work well for roommates despite being a 2/2. So not a great rental.

That said, dumb tech money is back in Soma, so I don't think the ask is outside the realm of possibility. I don't follow 200 Brannan that closely, but looks like recent sales have averaged ~$700 psf. Assuming this unit has no critical flaws that are hidden in the pictures, and the square footage is accurate, it could go for/close to asking. I'll guess $1.35 to hedge myself.

No need to hedge, Dude, the sale of 200 Brannan Street #320 closed escrow today with a reported contract price of $1,450,000, up 15 percent ($190,000) year-over-year.

∙ South Beach Apples-To-Apples And Year-Over-Year [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (4) | (email story)

May 7, 2012

No Hill Street Blues For This Maniscalco Designed Home

The sale of 350 Hill Street closed escrow on Friday with a reported contract price of $3,250,000 ($956 per square foot). While that’s 4 percent under its list price of $3,395,000, it’s 12 percent over its sale price of $2,900,000 in 2009.

To repeat a sentiment we've stated before: Design matters, damn it (as do views).

Once again, the Maniscalco designed Dolores Heights property was featured on the 2011 AIA Home Tour and offers four bedrooms across three levels with big windows, an open floor plan, and some rather nice and recognizable indoor-outdoor living off the kitchen.

∙ A Maniscalco Designed Modern Apple Atop Dolores Heights [SocketSite]
∙ Design Matters, Damn It (As Do Views): 3975 19th Street Sells [SocketSite]
∙ 2011 San Francisco Living: AIA Home Tours Lineup (And Challenge) [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (13) | (email story)

Apples-To-Apples After The Fact In The Marina Year-Over-Year

While we typically won’t feature an "apples-to-apples" sale if the outcome is already known, we are partial to year-over-year data points, especially with respect to units that are typical of a neighborhood.

Purchased for $1,100,000 in April 2011, the renovated two-bedroom and one-bath Marina condo at 3446 Scott Street returned to the market this past March listed for $1,169,000, the price at which it closed escrow last month, up 6 percent on year-over-year basis.

Posted by socketadmin at 8:45 AM | Permalink | Comments (2) | (email story)

May 3, 2012

Apples-To-Apples (And The Cost Of Not Paying By Cashier's Check)

As we wrote with respect to 865 Duncan this past August:

Purchased for $1,329,000 in March 2008 with $140,800 (11%) down and currently listed as "Active" on the MLS with a list price of $1,385,000, last week the Noe Valley home at 865 Duncan was taken back by the bank with no bidders willing to pay $1,152,387 in cash on the courthouse steps. Someone might want to alert the Realtors.

And as we added this past November:

Two weeks later the listing for 865 Duncan was finally withdrawn from the San Francisco Multiple Listing Service (MLS). And yesterday, the "lovely and large home" at 865 Duncan returned to the MLS as bank-owned and listed for $1,295,000.

Having been reduced to $1,275,000 in January, the sale of 865 Duncan has closed escrow with a reported contract price of $1,280,000. Call it 4 percent under early 2008 on an apples-to-apples basis (and officially "over asking") for the single-family Noe home.

∙ Psst! It’s Now Bank-Owned (And The Other Is In Default) [SocketSite]
∙ Psst! 865 Duncan Is Active Once Again (And Actually Available) [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (8) | (email story)

May 1, 2012

The Heights Takes Another Hit

Having traded for $4,911,000 in March of 2008, the full floor Pacific Heights co-op Unit #6 at 1940 Broadway ("The Heights") resold for $4,200,000 in March of last year.

Listed for $4,350,000 this past September, the sale of 1940 Broadway #6 closed escrow today with a reported contract price of $4,000,000, down 5 percent ($200,000) on a year-over-year basis, down 19 percent ($911,000) versus March of 2008.

And while we still can’t confirm, if a plugged-in reader is correct, the unit quietly traded for $4,100,000 in February of 2010 as well (and it hasn't been occupied since 2008).

∙ A Heights Of The Heights Apple Returns (1940 Broadway #6) [SocketSite]
∙ A Quick Sale At (And From) The Heights [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (15) | (email story)

April 30, 2012

17 Costa Sales Away Having Hit A 2005/2006 Bernal Reef

As we reported with respect to 17 Costa six months ago:

Listed for $599,000 in July 2005, and having been purchased for $319,000 four years before, the 900 square foot cottage with an unwarranted bedroom in the garage of 17 Costa sold for $645,000 that August.

A year later the property appears to have traded for $641,000 in 2006. And in July of 2010 the Bernal Heights home returned to the market priced at $699,000.

Withdrawn from the market after four months and two price reductions (last listed for $649,000), 17 Costa has now returned to the market as a "short sale" for $399,000 but missing any reference to being pre-approved, a sale at which would represent a 38 percent ($242,000) haircut from both 2005 and 2006.

With permits for expansion approved in 2003 then cancelled in 2004, but not before the foundation was poured, the sale of 17 Costa closed escrow on Friday with a reported contract price of $439,000, roughly 30 percent below its sale price in both 2005 and 2006.

∙ A Few Steps Back For 17 Costa Over In Bernal [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (0) | (email story)

Apples-To-Apples And Two Years Later At The Artani

As we wrote last month:

While the Artani sales office still has around ten unsold units left to sell over at 818 Van Ness Avenue, #203 has returned to the market as a resale and two-year apple to be.

Purchased for $549,000 in June of 2010, the 781 square foot one-bedroom has been on the market for a week seeking the same.

The sale of 818 Van Ness Avenue #203 closed escrow on Friday with a reported contract price of $579,000 ($741 per square foot), up 5.5 percent over the past two years on an apples-to-apples basis.

∙ A Two-Year Artani (818 Van Ness Avenue) Apple To Be [SocketSite]
∙ The Artani (818 Van Ness) Opens And A Plugged-In Reader Reports [SocketSite]
∙ Artani (818 Van Ness) Inventory Starts To Return As Expected [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (11) | (email story)

April 23, 2012

Apples-To-Apples, And 2008 To Today, On Russian Hill

As we wrote three months ago:

Back in March of 2008 we first featured the before and after floor plans for 1080 Chestnut #7D which had just hit the market listed for $1,350,000 at the time.

Having sold for $1,295,000 that July, the remodeled one-bedroom "located on one of Russian Hill's most distinguished flat blocks" returned to the market in early 2011 asking $1,149,000 but failed to find a buyer.

Yesterday, 1080 Chestnut #7D officially returned to the market listed for $999,000, 23 percent under its 2008 sale price on an apples-to-apples basis.

On Friday, the sale of 1080 Chestnut #7D closed escrow with a reported contract price of $975,000. Call it twenty-five percent ($320,000) under its July 2008 sale price on an apples-to-apples basis for the remodeled Russian Hill one-bedroom with views.

∙ This Time It’s...Apples-To-Apples On Russian Hill [SocketSite]
∙ A New Floor Plan And Major Remodel Turns An Apple Into An Orange [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (35) | (email story)

April 17, 2012

While 2243 Greenwich Isn’t "On Fire," It's Still Well Located If It Were

Having been purchased for $1,800,000 at the end of 2005 and then returned to the market listed for $2,200,000 in 2008, 2243 Greenwich was handed back to the bank in 2009 with $2,405,000 then owed.

Yesterday, the six-bedroom bank-owned home resold with a reported contract price of $1,293,000, roughly 28 percent ($507,000) under its 2005 sale price on an apples-to-apples basis, a little more than half of what had been owed.

∙ A Little Extra Perspective On The Listing: 2243 Greenwich [SocketSite]
∙ Déjà Vu This (More Tightly Cropped) Cow Hollow View Before [SocketSite]
∙ A Little Extra Perspective On The Listing Market? (2243 Greenwich) [SocketSite] 

Posted by socketadmin at 10:30 AM | Permalink | Comments (5) | (email story)

The Over/Under For 568 29th Street

As we wrote in January:

Repainted since purchased for $1,105,000 in August 2007 with an attic loft that remains unwarranted, 568 29th Street has returned to the market listed for $995,000 in 2012.

Call it $881 per square foot at asking for the two-bedroom Noe home, well over the neighborhood median of $670 per square in 2011, but 10 percent under its apples-to-apples sale price of $978 per square foot in 2007 (in which the median was $757).

The sale of 568 29th Street has closed escrow with a reported contract price of $1,014,000. Call it 2 percent over asking but 8 percent ($91,000) under it 2007 sale on an apples-to-apples basis.

∙ Size Matters (At Least With Respect To Dollars Per Square Foot) [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (18) | (email story)

April 16, 2012

Up 11 Percent On An Annualized Basis In The Heart Of Noe Valley

As we wrote last month:

Purchased for $1,560,000 eight months ago, the single-family Noe Valley home at 152 Clipper Street has just returned to the market listed for $1,549,000.

While short-term holds make it difficult to recoup hefty transaction costs, they do provide a nice measure of the market, apples-to-apples style (albeit in this case, with $17,000 of permitted pest work completed in-between sales).

If you think you know Noe, now’s the time to tell. And with respect to the reason for selling, word on the street is that it’s related to work.

The sale of 152 Clipper closed escrow on Friday with a reported contract price of $1,680,000, up 7.7 percent versus its August 2011 sale, up 11 percent on an annualized basis for the remodeled three-bedroom (and bath) home "in the heart of Noe Valley."

∙ Think You Know Noe? Now’s The Time To Tell [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (37) | (email story)

High Ceilings, Lower Expectations, And Over Asking (But Under 2005)

Listed as a short sale for "$375,000" having been purchased for $599,000 in 2005, the sale of the 917 square foot two-bedroom and top floor Basilica Loft (1826 Eddy Street) condo #203 closed escrow on Friday with a reported contract price of $450,000.

Call it 20 percent "over asking" but 25 percent under 2005 on an apples-to-apples basis.

∙ Basilica Loft: High Ceilings And Lower Expectations On Eddy [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (8) | (email story)

April 12, 2012

Cash Is King But Loans Can Be Leveraged

Having sold as new for $459,000 in the year 2000 and refinanced in 2007 with a $525,000 first, 2030 3rd Street #9 returned to the market in November 2010 listed for $649,000 with the seller in default and over $30,000 past due on that new note.

Failing to find a buyer despite being reduced to $589,000, the two-bedroom condo was foreclosed upon and sold on the courthouse steps for $440,001 in cash that December.

Flipped with conventional financing in place for $535,000 three months later (March 2011), today the Central Waterfront condo returned to the market listed for $599,900 ($566 per square foot) having been spruced up a bit but otherwise looking rather apples-to-apples.

∙ Listing: 2030 3rd Street #9 (2/2.5) 1,059 sqft - $599,900 [obeo.com]
∙ 15-Year Mortgage Rates Hit All-Time Low As Purchase Activity Drops [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (17) | (email story)

April 6, 2012

A Maniscalco Designed Modern Apple Atop Dolores Heights

Another 2011 AIA Home Tour property, the modern John Maniscalco redesigned "Hill Street Residence" at 350 Hill Street sold for $2,900,000 ($853 per square foot) in 2009.

Featuring four bedrooms across three levels with big windows, an open floor plan, and some rather nice and recognizable indoor-outdoor living off the kitchen, the 3,400 square foot home is back on the market in 2012 listed for $3,395,000 ($999 per square).

And yes, by the book, it's actually Dolores Heights.

∙ Listing: 350 Hill Street (4/3.5) 3,400 sqft - $3,395,000 [teedhaze.com]
∙ 2011 San Francisco Living: AIA Home Tours Lineup (And Challenge) [SocketSite]
∙ A Week Of Atonement [SocketSite]
∙ San Francisco Association Of Realtors New Neighborhood Map [SocketSite]

Posted by socketadmin at 2:15 PM | Permalink | Comments (15) | (email story)

April 4, 2012

On Again, Off Again, And Back Again For The Apple At 946 Elizabeth

As we reported last month:

Having been reduced to $2,495,000 two weeks ago, the listing for 946 Elizabeth was withdrawn from the MLS yesterday without a reported sale.

Once again, the single-family Noe Valley home was purchased for $2,375,000 in November 2010 having previously traded for $2,675,000 in April 2007, apples-to-apples style.

Relisted "under contract" two weeks later, 946 Elizabeth is back to being active and available for $2,495,000 on the MLS.

Once again, if you think you know the Noe market, now's the time to tell.

∙ Listing: 946 Elizabeth (3/3.5) 3,120 sqft - $2,495,000 [946elizabethstreet.com]
∙ No Noe Apple For You As 946 Elizabeth Is Withdrawn Without A Sale [SocketSite]
∙ Can You Correctly Re-Pick This Noe Valley Apple To Be? [SocketSite]
∙ 946 Elizabeth Is Picked Up Down At 11 Percent Under Its 2007 Sale [SocketSite]
∙ Think You Know Noe? Now’s The Time To Tell [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (3) | (email story)

April 3, 2012

From Voyeurlicious To Shortalicious At The St. Regis (188 Minna)

In 2008, the voyeurlicious (trademark pending) two-bedroom St. Regis condo #23F hit the market listed for $2,595,000. In 2009, the price was cut to $2,350,000, furniture included.

Relisted as a short sale for $1,940,000 this past July, the sale of 188 Minna Street #23F closed escrow today with a reported contract price of $1,588,000, twenty-nine (29) percent or $662,000 below its pre-remodeled purchase price of $2,250,000 in 2007.

The 1,527 square foot luxury condo also sold for $2,080,000 in 2006, back when short-term holds somehow (i.e., the market was actually appreciating) made sense.

Oh, and with a list price that was changed to $1,209,200 this past February, it’s officially "30 percent over asking!" for today’s sale according to industry stats. And yes, it’s still expensive at over a thousand a square foot, but a rather luxurious 29 percent less expensive than in 2007.

∙ Voyeurlicious Design (TM) In More Ways Than One: 188 Minna #23F [SocketSite]
∙ Why Stop With Voyeurlicious, Let's Add Instastyle-istic (TM) As Well [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (5) | (email story)

April 2, 2012

Two Years Late(r) And $245,000 Short

Purchased for $640,000 in early 2007, the one-bedroom 310 Townsend #309 returned to the market a little over two years ago listed for $465,000.

In and out of contract having been reduced to $425,000; relisted for $500,000; reduced to $475,000; relisted at $450,000; reduced to $435,000 and then relisted as a short sale for $399,000 in December 2010, the resale of the 789 square foot condo has finally closed escrow with a reported contract price of $395,000, 38 percent under its 2007 sale price.

∙ 310 Townsend: Available And Selling [SocketSite]
∙ Shorter Still For 310 Townsend From The Beginning To End Of 2010? [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (1) | (email story)

The Shoreline In San Francisco Circa 2006

Purchased for $1,150,000 in October of 2006, the two-bedroom 41 Federal #21 returned to the market last month listed for $1,149,000.

The sale of the 1,365 square foot Shoreline condo #21 closed escrow on Friday with a reported contract price of $1,135,000, one percent below its sale price in 2006.

∙ Up, Down, And Back Again In South Beach [SocketSite]
∙ The Scoop On The Shoreline (41 Federal) [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (1) | (email story)

March 30, 2012

Think You Know Noe? Now’s The Time To Tell

Purchased for $1,560,000 eight months ago, the single-family Noe Valley home at 152 Clipper Street has just returned to the market listed for $1,549,000.

While short-term holds make it difficult to recoup hefty transaction costs, they do provide a nice measure of the market, apples-to-apples style (albeit in this case, with $17,000 of permitted pest work completed in-between sales).

If you think you know Noe, now’s the time to tell. And with respect to the reason for selling, word on the street is that it’s related to work.

∙ Listing: 152 Clipper Street (3/3) 1,723 sqft - $1,560,000 [MLS]

Posted by socketadmin at 7:00 AM | Permalink | Comments (74) | (email story)

March 27, 2012

Think Apples-To-Apples-To-Apples

Having been purchased for $2,650,000 in October 2010, 2739 Larkin Street resold for $2,725,000 five months later.

Returned to the market this past September listed for $2,895,000 touting "sweeping views of the GG Bridge & bay - think America's cup!," the music for the make whole game of musical chairs appears to have stopped for the three-bedroom Russian Hill home as its sale closed escrow today with a reported contract price of $2,600,000.

Call it 5 percent ($125,000) less today than ten months ago, 2 percent ($50,000) below its late 2010 sale, all on an apples-to-apples-to-apples basis.

∙ If You Weren’t The Winning Bidder For 2739 Larkin Six Months Ago... [SocketSite]
∙ The Force Remains Strong For 2739 Larkin [SocketSite]
∙ Can You Feel A Ripple In The Force? [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (5) | (email story)

March 21, 2012

A Beacon Of Hope

In April of 2006, the 1,476 square foot Beacon two-bedroom known as 250 King Street #802 was purchased for $906,666 ($614 per square foot) with not only no money down, but five percent back.

In November of 2009, the eighth floor unit was purchased off the courthouse steps for $527,077 cash. And in May of 2010, the Beacon condo resold for $670,000.

Listed for $850,000 last month, yesterday the sale of 250 King Street #802 closed escrow with a reported contract price of $811,000 ($549 per square foot), up 21 percent versus 2010 but still 10 percent below 2006.

∙ A Beacon Of Distress (250 King #802) [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (19) | (email story)

March 20, 2012

The Race Is On Down In The Marina

Purchased for $2,500,000 in 2006, the renovated "Mediterranean Revival jewel" at 3737 Broderick Street, "just steps from the Marina Green and the St. Francis and Golden Gate Yacht Clubs," returned to the market four months ago listed for $2,649,500, a list price which was dropped to $2,292,000 as a "bank approved" short-sale in January.

With a sale pending per the MLS, the four-bedroom Marina property is currently scheduled to hit the courthouse steps tomorrow being $279,777 past due on the $2,000,000 first mortgage employed in 2006 when 3737 Broderick was purchased with 10 percent ($250,500) down.

Once again, the race to the courthouse steps is on.

∙ Listing: 3737 Broderick (4/2.5) 2,652 sqft - $2,292,000 (short sale) [Redfin]
∙ A Savvy Buyer Loses The Race To The Courthouse Steps [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (5) | (email story)

March 16, 2012

It Was Indeed

As we wrote this past January:

Having been "thoroughly remodeled," the single-family home at 1893 San Jose Avenue sold for $1,100,000 in March of 2007 financed with a first mortgage for $880,000. From the listing at the time: "This is more house than you ever imagined you could afford."

Taken back by the bank three months ago with no bidders at $560,000 in cash on the courthouse steps, the four-bedroom Mission Terrace home is back on the MLS and listed for $699,900 (36 percent below 2007) with possession at close of escrow.

The sale of 1893 San Jose Avenue closed escrow today with a reported contract price of $723,800. That’s right, it’s yet another "over asking" sale, this time by $23,980 (3 percent). At the same time, that's still $376,120 (34 percent) under its 2007 comp setting sale price, a tidbit that's less likley to be touted in an industry newsletter or press release.

∙ A Bit Of Listing Irony And Circa 2007 Foreshadowing [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (32) | (email story)

March 15, 2012

Over Asking And 2008! (Not Including A Million In Upgrades)

With a reported contract price of $2,656,000 versus a relisted price of $2,650,000, it’s yet another "over asking" sale for 845 Montgomery Penthouse #1.

While that's $23,000 more than the seller paid for the condo in early 2008, which industry stats will reflect, a self-reported $900,000 worth of upgrades were invested after the purchase not including the just-completed roof deck, which industry stats will neglect.

∙ 845 Montgomery Penthouse Triptych And Listing Take Three [SocketSite]
∙ A Bit Of Vertigo As An 845 Montgomery Penthouse Is Withdrawn [SocketSite]
∙ The 845 Montgomery Penthouse Pineapple Returns [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (1) | (email story)

Cain Records A Pre-Season Loss Over In Noe

As we first reported last month with respect to Matt Cain’s former home:

Having not been remodeled since the 60’s, the 2,628 square foot home at 1901 Diamond was purchased for $1,450,000 in 2007, underwent an "eco-friendly" and "no expenses spared" renovation, and sold for $2,050,000 with 2,819 square feet in October 2008.

Listed for $1,950,000 this past September, reduced to $1,850,000 "by Motivated Sellers!" in October, and then withdrawn from the market in December, yesterday the hill-top home with a Noe Valley address returned to the MLS listed anew and asking $1,795,000.

The sale of 1901 Diamond Street closed escrow on Tuesday with a reported contract price of $1,800,000. While officially "over asking" (by $5,000) according to industry stats and newsletters to be, it’s also 12.2 percent ($250,000) under what Cain paid in late 2008.

∙ Origins Of The Man Cave [SocketSite]
∙ A Motivated Matt Cain [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (6) | (email story)

Boulders, Condos, And Values, Oh My!

Purchased for $2,668,000 in June 2007, the sale of 611 Washington Street #2202 closed escrow yesterday with a reported contract price of $2,090,000.

Call it $1,172 per square for the 1,784 square foot Barbary Coast condo with Russian Hill to Bay Bridge views. Once again it's still expensive, just 21.6 percent ($578,000) less so on an apples-to-apples basis.

∙ A Perch From Which To Watch Boulders (Or Condos) Roll [SocketSite]
∙ New York Basis In Nob Hill [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (16) | (email story)

March 14, 2012

Over Asking But Under 2010 Atop Bernal Heights

As we wrote last month:

Built in 2009 and originally priced at $1,360,000 that year, the Bernal home atop the Heights at 64 Prentiss sold for $1,199,000 in March of 2010. The contemporary three-bedroom is now back on the market and listed for $1,099,000, apples-to-apples style.

The sale of 64 Prentiss closed escrow yesterday with a reported contract price of $1,170,000, call it 6.4 percent “over asking” but 2.4 percent under its apples-to-apples sale price of two years ago.

∙ Sweet Apple Jam For Your Morning Toast Atop Bernal's Heights [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (3) | (email story)

March 13, 2012

New York Basis In Nob Hill

Purchased for $1,625,000 in 2006 and returned to the market in 2009 asking $1,395,000, this past October 1022 Powell Street #3 was taken back by the bank.

Listed for $1,185,000 this past January, the sale of the two-bedroom Nob Hill condo closed escrow last week with a reported contract price of $1,189,000. Yes, that’s officially "over asking." Or as those who would rather you didn’t focus on the financials would say, "it’s still expensive" at $862 per square foot, just 27 percent ($436,000) less so.

∙ New York In Nob Hill [SocketSite]
∙ New York In Nob Hill Returns After Three Years: 1022 Powell Street #3 [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (9) | (email story)

March 9, 2012

A Two-Year Artani (818 Van Ness Avenue) Apple To Be

While the Artani sales office still has around ten unsold units left to sell over at 818 Van Ness Avenue, #203 has returned to the market as a resale and two-year apple to be.

Purchased for $549,000 in June of 2010, the 781 square foot one-bedroom has been on the market for a week seeking the same. Ole!

∙ Listing: 818 Van Ness #203 (1/1) 781 sqft - $549,000 [818vanness203.com]
∙ The Artani (818 Van Ness) Opens And A Plugged-In Reader Reports [SocketSite]
∙ Artani (818 Van Ness) Inventory Starts To Return As Expected [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (3) | (email story)

March 7, 2012

A Savvy Buyer’s Short Sale And Race Against The Courthouse Steps

In 2006, the 1,286 square foot Opera Plaza two-bedroom sold for $612,000. A year later, the "Best in City Living for the Savvy Buyer" marketed condo sold for $665,000.

The 2007 purchase was financed by way of a $531,750 first mortgage, a $100,000 second and $33,250 (5%) down. By the beginning of 2011, the savvy buyer was already $34,945 past due on the first alone.

Having been listed as a short sale this past January, and with a list price that was changed to $465,000 last month, 601 Van Ness #75 is currently in contract but contingent according to the MLS. At the same time, 601 Van Ness #75 is also scheduled to hit the courthouse steps this afternoon.

We’ll let you know who (fore)closes first.

∙ Listing: 601 Van Ness #75 (2/2) 1,286 sqft – "$465,000" (short sale) [Redfin]

Posted by socketadmin at 10:00 AM | Permalink | Comments (15) | (email story)

March 5, 2012

A Modern Marina Apple On Magnolia Is Picked

As we first reported with respect to 145 Magnolia this past September:

The site was purchased for $466,000 in 1998 and by 2000 a four-story and light-filled 3,400 square foot property had risen at 145 Magnolia. It sold for $2,800,000 that July.

It's now eleven years later and the Marina property is back on the market listed for $3,250,000. And it's still looking rather contemporary both within and without.

Delisted, relisted and reduced to $2,995,000 in January, the sale of the "Stunning, light-filled contemporary" house at 145 Magnolia has closed escrow with a reported contract price of $2,850,000, 1.8 percent over its year 2000 sale on an apples-to-apples basis.

∙ Modern Living At 145 Magnolia In The Marina [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (7) | (email story)

Over Asking For 728 Duncan! (But $579,000 Under Its 2007 Sale)

As we reported in June 2010:

Listed for $2,550,000 in March, the list price for the self described "Noe Valley modern cool" home at 728 Duncan was reduced to $2,385,000 in April, and just a few minutes ago it was further reduced to $2,295,000.

Once again, the single-family Noe home was purchased for $2,475,000 in August 2007 according to the MLS (although tax records suggest a contract price closer to $2,448,000).

Withdrawn from the market in 2010, the Noe home returned to the market listed for $2,150,000 in July 2011 with a Notice of Default having been filed the month before.

Never having hit the courthouse steps, the short sale of 728 Duncan closed escrow last week with a reported contract price of $1,821,000, 24.1 percent ($579,000) under 2007*.

With a list price that was reduced to $1,799,000 this past September, however, it is officially "over asking!" according to industry stats and charts.

*UPDATE: As we noted in 2010, while the MLS reflects an August 2007 sale price of "$2,475,000," and tax records had suggested a contract price closer to $2,448,000, the recorded sale price was actually $2,400,000, financed by way of a $1,680,000 first, a $350,000 second, and with $370,000 down.

∙ A Cool $165,000 $255,000 Off At 728 Duncan [SocketSite]
∙ Apples To Apples For A Hip "Cool" Noe Home: 728 Duncan [SocketSite]
∙ Psst! It’s Now Bank-Owned (And The Other Is In Default) [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (44) | (email story)

March 2, 2012

No Noe Apple For You As 946 Elizabeth Is Withdrawn Without A Sale

Having been reduced to $2,495,000 two weeks ago, the listing for 946 Elizabeth was withdrawn from the MLS yesterday without a reported sale.

Once again, the single-family Noe Valley home was purchased for $2,375,000 in November 2010 having previously traded for $2,675,000 in April 2007, apples-to-apples style.

∙ Can You Correctly Re-Pick This Noe Valley Apple To Be? [SocketSite]
∙ 946 Elizabeth Is Picked Up Down At 11 Percent Under Its 2007 Sale [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (25) | (email story)

February 29, 2012

Up, Down, And Back Again In South Beach

Back in January 2008 when covering the bank-owned (REO) auction of 41 Federal #42, we noted what we perceived as a change in the market, a perception not everyone shared:

…this whole thread is about REO as indicator. Is it not? Socketsite said it "just might speak" to that. Baloney. It is an REO. REO as trend? LOL.

Having been purchased from the developer for $880,000 in December 2006, 41 Federal #42 had become bank-owned in September 2007 and sold for $700,000 the following May.

Purchased for $1,150,000 in October 2006, two months before the first sale of #42, 41 Federal #21 has just returned to the market as pictured above and listed for $1,149,000.

∙ Listing: 41 Federal #21 (2/2) 1,365 sqft - $1,149,000 [Redfin]
∙ Going Once, Going Twice…Going Five Times At Shore|Line: 41 Federal [SocketSite]
∙ San Francisco Bucks CA Foreclosure Trends, But Not In A Good Way [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (5) | (email story)

An Apple For The Contractor That Has Everything

As we wrote last month:

First listed for sale in 2008 asking $738,000, the list price for 469 Valley was reduced four times over the following two years. The dilapidated home finally sold for $500,000 in 2010.

Today, the Noe Valley view property which is currently uninhabitable returned to the market as a "cozy cabin that needs everything" asking $579,500.

The sale of 469 Valley closed escrow on Monday with a reported contract price of $590,000, 18 percent over 2010 for the teardown. We'll let you know when the permits are filed.

Inside An Uninhabitable "Cozy Cabin" [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (48) | (email story)

February 28, 2012

Ooh And Ahh (And Ouch)

As we first reported with respect to 1422 Douglass this past September:

Purchased for $925,000 in 2007, the single-family Noe Valley home at 1422 Douglass returned to the market two weeks ago listed for $875,000 while noting: "Be prepared to ooh and aah (sic) over this charming Victorian home that packs a big impression."

On Friday, the list price for 1422 Douglass was reduced to $849,000. We’re not sure if that’s an "ooh" or an "ahh," but we do know that's 8 percent ($76,000) below its 2007 sale price on an apples-to-apples basis.

The sale of 1422 Douglass closed escrow on Friday with a reported contract price of $775,000, 16.2 percent ($150,000) below its 2007 sale on an apples-to-apples basis.

Once again, based on PropertyShark’s stats, the median price per square foot for neighborhood single-family homes dropped 19 percent from 2008 to 2011, down 8 percent from 2010 to 2011. The drop from 2007 through 2011 was 16.4 percent.

∙ Ooh, Ahh...And Now Reduced For The Noe Apple At 1422 Douglass [SocketSite]
∙ A Quintessential Noe Valley Apple Falls Into Our Cart [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (19) | (email story)

February 27, 2012

A Quintessential Noe Valley Apple Falls Into Our Cart

As we originally reported, the "quintessential renovated and expanded Noe Valley home" at 4245 23rd Street was purchased for $1,700,000 in September 2004 and returned to the market listed for $1,795,000 last month.

As we also noted at the time, based on PropertyShark’s stats, the median neighborhood price per square foot for single-family homes is up 11 percent since 2004 having increased 37 percent from 2004 to 2008 but then dropping 19 percent from 2008 to 2011, and having dropped 8 percent from 2010 to 2011.

This past Friday, the sale of 4245 23rd Street closed escrow with a reported contract price of $1,820,000, up 7 percent since 2004 on an apples-to-apples basis.

∙ Quintessential Noe Valley (And Price Per Square Foot Trend) [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (19) | (email story)

February 24, 2012

A Remodeled 444-446 Roosevelt Returns As A Single-Family Home

Apples to apples, 444-446 Roosevelt Way was purchased for $2,100,000 in early 2008, relisted for $1,750,000 in early 2011 with permits to excavate, expand, and remodel in place, and sold for $1,300,000 this past July.

Now an orange, it’s a plugged-in reader that notices the since remodeled Corona heights home has just returned to the market as 446 Roosevelt and listed for $2,650,000 as a single-family home.

As the building, and the house next door, looked before:

∙ Listing: 446 Roosevelt Way (4/4) - $2,650,000 [Redfin]
∙ A Gut Check For 444 Roosevelt Way [SocketSite]
∙ The Green Is Gone At 438 Roosevelt [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (28) | (email story)

Millennium Tower Apples-To-Apples Take Two

With Millennium Tower 70 percent sold and sales volume picking up, we turn our attention to a one-bedroom apple to be in the building.

Purchased for $884,000 in March of 2010, 301 Mission Street #17C hit the market this past October listed for $849,000 before being withdrawn from the MLS in December.

Today, the 833 square foot corner condo was listed anew for $849,000 and with an official one day on the market once again.

∙ Listing: 301 Mission Street #17C (1/1) 833 sqft - $849,000 [Redfin]
∙ Millennium And One Hawthorne 70% Sold, Madrone Closings In July [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (14) | (email story)

Apples-To-Apples And A Quick Foreclosure Flip At 855 Folsom

As we first reported in December:

Purchased for $649,000 six years ago, returned to the market in December 2008 asking the same but withdrawn from the market in February 2009, by January of 2010 the then owner of 855 Folsom #102 was $22,813 pas due on a $519,200 first mortgage alone.

Last month, the Yerba Buena Lofts one-bedroom sold on the courthouse steps to a third party at the opening offer of $433,500 cash. Today, 855 Folsom #102 returned to the open market listed for $519,000, twenty (20) percent below its sale price in 2005.

The sale of 855 Folsom #102 closed escrow yesterday with a reported contract price of $519,000, a nice foreclosure flip, but 20 percent below 2005 on an apples-to-apples basis.

∙ Apples To Oranges And Back To Apples At 855 Folsom [SocketSite]
∙ 855 Folsom Apple On The Tree: Will It Be Déjà Vu All Over Again? [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (5) | (email story)

February 16, 2012

230 Ritch Is

In 1998, the tri-level loft at 230 Ritch was created when Santos Prescott & Associates led the conversion of a 1930’s South Beach warehouse to live/work condominiums.

In 2004, the 2,640 square foot unit with two outdoor patios and twenty-two foot ceilings in the master suite was purchased by a local architect for $1,420,000.

A few weeks ago 230 Ritch returned to the market and yesterday it was officially listed for $2,499,000 with a bit more style and built-ins in the living room versus its listing in 2004.

∙ Listing: 230 Ritch Street (4/3) 2,640 sqft - $2,499,000 [230ritchstreet.com]

Posted by socketadmin at 8:00 AM | Permalink | Comments (7) | (email story)

February 15, 2012

An Apple A Day: Dolores Heights 2008 To 2012

As we wrote last month:

Speaking of around the corner from a Bi-Rite, having been redecorated and remodeled a bit since purchased for $1,695,000 in August of 2008, the 2,350 square foot Dolores Heights home at 3769 20th Street has returned to the market listed for $1,849,000.

While not perfectly apples-to-apples, we’ll call it close enough for horseshoes, at least with respect to the property as the neighborhood has remodeled a bit since 2008 as well.

The sale of 3769 20th Street has closed escrow with a reported contract price of $1,750,000. Call it 5.4 percent under asking but 3.2 percent over 2008.

∙ Let’s See What’s Changed Since 2008 Up In Dolores Heights [SocketSite]
∙ Mission Bay Block 7 West Rendered With A Bi-Rite In Mind [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (5) | (email story)

February 13, 2012

The Year Of The Black Water Dragon Brings 255 Berry #708 Back

Back in 2008, it was the wood paneled ceiling and wide plank floors within 255 Berry #708 that first caught our attention, and the multiple balconies, southwest exposure, and completely overhauled kitchen (and baths) that kept it.

On the market for $2,495,000 at the time, the 2,293 square foot designer remodeled two-bedroom penthouse ended up closing escrow for $2,350,000 a month later.

It’s now the year of the Black Water Dragon and 255 Berry #708 has returned to the market listed for a rather auspicious $2,688,800. Gong Xi Fa Cai?

∙ A Designer Remodel Of A Relatively New Penthouse: 255 Berry #708 [SocketSite]
∙ Listing: 255 Berry #708 (2/2.5) - $2,688,800 [Redfin]

Posted by socketadmin at 8:00 AM | Permalink | Comments (8) | (email story)

February 9, 2012

Can You Correctly Re-Pick This Noe Valley Apple To Be?

As we reported in November 2010:

From October 2004 to April 2007 the value of the single-family home at 946 Elizabeth increased from $2,100,000 to $2,675,000 for total appreciation of 21 percent and effective annual appreciation of 10 percent per year.

Yesterday the sale of 946 Elizabeth closed escrow with a reported contract price of $2,375,000, an 11 percent ($300,000) drop in value over the past three years.

The winner of our "think you know Noe" closest to the closing price challenge? A plugged-in "tipster" on the record at $2,365,000.

Back on the market and listed for $2,575,000 today, if you think you know Noe and the market for 946 Elizabeth now's the time to tell or forfeit your right to say "I told you so."

∙ Listing: 946 Elizabeth Street (3/3.5) 3,120 sqft - $2,575,000 [946elizabethstreet]
∙ Can You Correctly Pick This Noe Valley Apple To Be? [SocketSite]
∙ 946 Elizabeth Is Picked Up Down At 11 Percent Under Its 2007 Sale [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (16) | (email story)

South Beach Apples-To-Apples And Year-Over-Year

Listed for $1,288,000 in January 2011, the 2,097 square foot #320 at 200 Brannan sold for $1,260,000 last April. Back on the market ten months later and listed for $1,450,000.

With new hardwood floors in place, it’s not perfectly apples-to-apples, but we’ll call it close enough. And if you think you know South Beach, now’s the time to tell.

∙ Listing: 200 Brannan Street #320 (2/2) 2,097 sqft - $1,450,000 [Redfin]

Posted by socketadmin at 8:00 AM | Permalink | Comments (5) | (email story)

February 3, 2012

Buy A One, But Get A Two (With Views) At The Flick Of A Wrist

While the big city and bay views from 1333 Jones #1402 haven't changed since the Comstock one-bedroom was purchased for $970,000 in 2004 (and having traded for $800,000 in 2003, back when short-term holds somehow worked out), the interior has been updated along with the sliding doors that allow the den to act as a second bedroom.

∙ Listing: 1333 Jones #1402 (1/2) 1,278 sqft - $1,199,000 [thecomstocklifestyle.com]

Posted by socketadmin at 10:30 AM | Permalink | Comments (9) | (email story)

Origins Of The Man Cave

Having not been remodeled since the 60’s, the 2,628 square foot home at 1901 Diamond was purchased for $1,450,000 in 2007, underwent an "eco-friendly" and "no expenses spared" renovation, and sold for $2,050,000 with 2,819 square feet in October 2008.

Listed for $1,950,000 this past September, reduced to $1,850,000 “by Motivated Sellers!” in October, and then withdrawn from the market in December, yesterday the hill-top home with a Noe Valley address returned to the MLS listed anew and asking $1,795,000.

Fom the before files and origins of the modern day man cave:

∙ Listing: 1901 Diamond Street (4/3) 2,815 sqft - $1,795,000 [Redfin]

Posted by socketadmin at 6:00 AM | Permalink | Comments (44) | (email story)

February 2, 2012

A Gut Check On Monterey

As we first reported this past August:

The Henry Gutterson designed home at 1495 Monterey Boulevard was purchased for $1,200,000 in 2001 at which point its original kitchen was demolished and rebuilt.

Soon thereafter, the English Tudor home sold for $1,528,000 in June of 2002. In 2006 a permit to expand up and out was approved but then cancelled in 2009.

And now after a nine year apples-to-apples hold, the St. Francis Wood three-bedroom home is back on the market and listed for $1,395,000 (9% below its 2002 purchase price).

The sale of 1495 Monterey Boulevard closed escrow this week with a reported contract price $1,350,000, 11.6 percent below 2002. The sellers had also listed the home for sale priced at $1,850,000 in 2007 (which we noted at the time).

All that being said, having reduced its most recent list price to $1,345,000 in October, it is another "over asking" sale for the property and agent according to industry stats.

∙ The Gutterson Designed Kitchen Was Gutted A Decade Ago [SocketSite]
∙ It’s On Monterey (But It’s Feeling A Bit More Like Carmel) [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (13) | (email story)

Sweet Apple Jam For Your Morning Toast Atop Bernal's Heights

Built in 2009 and originally priced at $1,360,000 that year, the Bernal home atop the Heights at 64 Prentiss sold for $1,199,000 in March of 2010. The contemporary three-bedroom is now back on the market and listed for $1,099,000, apples-to-apples style.

Crank the volume and enjoy the sweet apple jam this morning, we’re swaying in our seats and wondering who they think they're targeting with the tune, or any tune, for that matter.

∙ Listing: 64 Prentiss Street (3/2.5) - $1,099,000 [vrguild.net]

Posted by socketadmin at 9:45 AM | Permalink | Comments (34) | (email story)

February 1, 2012

A Rather Suite Comstock Apple Is Picked

As we wrote about 1333 Jones #705 this past September:

The master suite within #705 at the Comstock (1333 Jones) sports a big San Francisco view, a designer bath (or at least shower), and a rather master worthy closet.

Unfortunately the guest bath didn’t get the same designer makeover as the rest of the unit. But if you were our guest, we'd say help yourself to a few of the 300 bottles in the built-in cooler and spend your time soaking up... the views.

Purchased for $2,400,000 in September 2007, the Comstock two-bedroom is back on the market listed for $2,349,000 four years later. As plugged-in people know, the unit two floors below sold for $2,000,000 in 2010 but wasn’t nearly as well "designed."

The sale of 1333 Jones #705 closed escrow yesterday with a reported contract price of $2,269,000, down 5.5 percent ($131,000) on an apples-to-apples basis versus 2007.

∙ The Master’s Sweet Suite Within 1333 Jones #705 [SocketSite]
∙ A Comstock (1333 Jones) View Comp Closes A Little Bit Down [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (5) | (email story)

January 30, 2012

A Colorful Take On Life Inside The Hamiliton (631 O’Farrell)

While not measuring much more than 500 square feet, 631 O’Farrell #412 is one of those studios in The Hamilton that live much larger. Purchased for $210,000 in 2002, the colorfully decorated unit is now back on the market and listed for $239,000.

∙ Listing: 631 O’Farrell #412 (0/1) 520 sqft - $239,000 [vanguardsf.com]
∙ Pay For 520, But Live Like 800 (With Bonus Points For "Trendyloin") [SocketSite]
∙ Life At The Hamilton (631 O'Farrell): A Plugged-In Reader's Report [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (13) | (email story)

A Penultimate Drop From The Penultimate Floor Atop The Ritz-Carlton

As we reported this past November:

Purchased for $2,201,500 in March 2008 on the penultimate floor atop the Ritz-Carlton Residences in San Francisco, 690 Market Street #2301 returned to the market listed for $2,299,000 eight months later.

Reduced to $2,099,000 in February 2009 and then to $1,999,999 that April, the 1,660 square foot two-bedroom was withdrawn from the market that June.

It’s now two years later and 690 Market Street #2301 has returned to the market listed for $1,350,000. Recently rented asking $6,800 per month in rent, but delivered empty at close of escrow according to the MLS, it’s not a foreclosure, nor a short-sale. And if a reader is correct, the buyer in 2008 paid cash.

The resale of 690 Market Street #2301 closed escrow on Friday with a reported contract price of $1,340,000. Call it 39 percent ($861,500) below its 2008 purchase price which isn’t too bad considering the foreclosed upon two-bedroom the floor below sold for $1,050,000 this past March having been purchased for $2,173,000 in 2007 (a drop of 52 percent).

∙ Following In The Footsteps Of A 52 Percent Drop At The Ritz-Carlton [SocketSite]
∙ Reductions And Returns At The Ritz-Carlton Residences (690 Market) [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (8) | (email story)

January 27, 2012

Quintessential Noe Valley (And Price Per Square Foot Trend)

Having undergone a major remodel in 1999 following its purchase for $410,000 in 1998, the "quintessential renovated and expanded Noe Valley home" at 4245 23rd Street sold for $1,700,000 in September of 2004.

The 2,302 square foot four-bedroom, which is much larger and scarcer than the median neighborhood home, is now back on the market and listed for $1,795,000.

Although their records appear to be incomplete for 2011, if PropertyShark is to correct, the median sale price per square foot for 94114 single-family homes was $697 in 2004, peaked at $953 in 2008, dropped to $840 in 2010, and was $773 last year on median sized home sales of 1,360, 1,530, 1,512, and 1,650 square feet respectively.

Based on PropertyShark’s stats, the median neighborhood price per square foot is up 11 percent since 2004 having increased 37 percent from 2004 to 2008, dropping 19 percent from 2008 to 2011, and having dropped 8 percent from 2010.

Keep in mind that with a 21 percent increase in the size of the median home sold from 2004 to 2011, even if the price per square foot had dropped 20 percent the median price paid would have shown "appreciation," one of the reasons simply quoting changes in median or average sale price often misleads.

And yes, size matters when it comes to comparing price per square foot for homes.

∙ Listing: 4245 23rd Street (4/3) 2,302 sqft - $1,795,000 [4245-23rdst.com]
∙ Size Matters (At Least With Respect To Dollars Per Square Foot) [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (21) | (email story)

Over Asking (But 24 Percent Below 2006) At The Watermark

As we reported last month:

Already $87,355 past due on a $652,000 loan by the time a notice of default was filed [in December of 2010], a past due amount which had grown to $115,828 this past July, last month 501 Beale #14E was finally taken back by the bank with no bidders at $477,000 in cash.

Purchased for $711,500 in April 2006, the Watermark one-bedroom has just returned to the market listed for $499,900, priced 30 percent below its comp setting sale in 2006.

The bank-owned but apples-to-apples sale of 501 Beale #14E closed escrow yesterday with a reported contract price of $542,000. Yes, that’s officially 8 percent "over asking" but still 24 percent ($169,500) below its value in 2006.

∙ Apples To Oranges To Apples (And Three "Free" Years) At 501 Beale [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (1) | (email story)

January 24, 2012

A Perch From Which To Watch Boulders (Or Condos) Roll

Featuring big Coit Tower views and both indoor and outdoor perches from which to watch boulders (or condos) roll down Telegraph Hill, the 1,784 square foot condo #2202 at 611 Washington Street was purchased for $2,668,000 in June of 2007.

Built as a one, the now two-bedroom is back on the market and listed for $2,200,000, eighteen (18) percent below its 2007 sale.

And yes, we know the most recent boulders rolled down the other side of the Hill.

∙ Listing: 611 Washington (2/2) 1,784 sqft - $2,200,000 [611washington2202.com]
∙ Just Quotes: This Is (Going To Be) A Mess On Telegraph Hill [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (16) | (email story)

January 23, 2012

Size Matters (At Least With Respect To Dollars Per Square Foot)

Repainted since purchased for $1,105,000 in August 2007 with an attic loft that remains unwarranted, 568 29th Street has returned to the market listed for $995,000 in 2012.

Call it $881 per square foot at asking for the two-bedroom Noe home, well over the neighborhood median of $670 per square in 2011, but 10 percent under its apples-to-apples sale price of $978 per square foot in 2007 (in which the median was $757).

∙ Listing: 568 29th Street (2/1) 1,129 sqft - $995,000 [droubiteam.com]

Posted by socketadmin at 11:15 AM | Permalink | Comments (15) | (email story)

Ba-Zynga!

As we first reported this past September:

Following a few run-ins with a Russian stripper stalker at their Shrader Street home, Mark Pincus and family recently moved to a more secure building within San Francisco. Today, the Pincus owned 1572 Shrader Street officially hit the market listed for $2,189,000.

According to public records, Mark Pincus paid $2,850,000 for the contemporarily remodeled home hidden behind a modest facade in the heights of Cole Valley back in 2005.

While the 2005 sale doesn’t appear to have been completely arms-length with Pincus acquiring the property from a partner, the 2012 sale of 1572 Shrader was and closed escrow on Friday with a reported contract price of $1,890,000 ($657 per square foot).

The house at 3855 Washington Street which is also Pincus owned, but was never Pincus occupied, remains on the market and listed for $8,900,000 having been purchased by the Pincus family for $8,100,000 in 2009 and then remodeled (including an all new master suite, seismic work and security).

∙ The Shrader Street Home From Which Mark Pincus Was Driven [SocketSite]
∙ A Pincus House (But Never A Pincus Home) [ScocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (98) | (email story)

January 20, 2012

Still Not Cheap (But Half A Million Cheaper Than In 2008)

Just listed for $2,350,000 or $1,207 per square foot, the list price for 425 1st Street #5204 isn't exactly cheap. But having been purchased for $2,916,000, it is 19.4 percent ($566,000) cheaper for the One Rincon Hill three-bedroom today than in August of 2008.

∙ Listing: 425 1st Street #5204 (3/3) 1,947 - $2,350,000 [waterfront-sfviews.com]

Posted by socketadmin at 10:45 AM | Permalink | Comments (18) | (email story)

January 19, 2012

This Time It’s...Apples-To-Apples On Russian Hill

Back in March of 2008 we first featured the before and after floor plans for 1080 Chestnut #7D which had just hit the market listed for $1,350,000 at the time.

Having sold for $1,295,000 that July, the remodeled one-bedroom "located on one of Russian Hill's most distinguished flat blocks" returned to the market in early 2011 asking $1,149,000 but failed to find a buyer.

Yesterday, 1080 Chestnut #7D officially returned to the market listed for $999,000, 23 percent under its 2008 sale price on an apples-to-apples basis.

∙ Listing: 1080 Chestnut #7D (1/1.5) - $999,000 [Redfin]
∙ A New Floor Plan And Major Remodel Turns An Apple Into An Orange [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (13) | (email story)

January 12, 2012

Apples-To-Apples On The Pacific Heights Side Of California

Listed for $1,200,000 last February but subsequently reduced, the sale of 3110 California #2A closed escrow last week with a reported contract price of $855,000. The sellers had purchased the 1,270 square foot Pacific Heights condo for $1,000,000 in September 2004.

∙ While One Is Ready To Sell A Neighbor Seems A Little Less So [SocketSite]
∙ A Little More Ready To Sell (And Compete) On California [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (18) | (email story)

January 11, 2012

With Tenants Relocated To Palm Springs, 1532 Church Street Resells

As we reported this past November:

While some expected it to fly off the market when listed for $895,000 sans tenants two weeks ago, the list price for 1532 Church Street has been reduced a nominal $6,000, now asking $889,000.

And speaking of said ex-tenants, if a plugged-in reader seeking to set the record straight is correct, they were driven out of the house on August 31 and now reside in Palm Springs.

The sale of 1532 Church Street closed escrow today with a reported contract price of $850,000 having been purchased for $730,000 this past September with tenants in place.

And as we wrote when the property first hit the market listed for $699,000 in August: "the single-family Noe home is sure to generate a fair amount of interest and most likely an eviction notice soon after its sale."

∙ After Two Weeks, 1532 Church Street Is…Reduced [SocketSite]
∙ A Quick Tenant-ectomy And Attempted Flip [SocketSite]
∙ Sure To Generate Interest (And Likely An Eviction Notice) [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (22) | (email story)

From A $7 Million View Home To A $4 Million View?

Purchased for $7,000,000 in 2004, the 4,836 square foot home at 333 Belvedere Avenue across the bridge in Belvedere returned to the market in early 2009 listed for $12,900,000. The property had been been refinanced in 2008 with a first mortgage for $4,650,000 and a second for $2,100,000 to which a third for $1,725,000 was added in July 2009.

Reduced to $9,950,000 in December 2009, to $8,950,000 in 2010, and then withdrawn from the market five months ago last asking $7,500,000, the one-time Blanding Estate Carriage House which was "beautifully transformed into one of Belvedere's most prominent view-oriented residences" (according to its Sotheby's listing) sold on the courthouse steps for $4,175,000 last week. But wait, there’s more.

While we can't currently confirm, and perhaps a bit of bravado is in play, if a plugged-in reader's source is correct, the multi-million dollar property "was bought by a neighbor with the intent of demolishing it to clear the view."

Posted by socketadmin at 7:30 AM | Permalink | Comments (22) | (email story)

January 10, 2012

Let’s See What’s Changed Since 2008 Up In Dolores Heights

Speaking of around the corner from a Bi-Rite, having been redecorated and remodeled a bit since purchased for $1,695,000 in August of 2008, the 2,350 square foot Dolores Heights home at 3769 20th Street has returned to the market listed for $1,849,000.

While not perfectly apples-to-apples, we’ll call it close enough for horseshoes, at least with respect to the property as the neighborhood has remodeled a bit since 2008 as well.

∙ Listing: 3769 20th Street (3/2.5) - $1,849,000 [20thvictorian.com]
∙ Mission Bay Block 7 West Rendered With A Bi-Rite In Mind [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (32) | (email story)

January 6, 2012

Seeing Red At The St. Regis

Purchased for $2,700,000 in 2008; on the market for $2,550,000 in 2009; and listed for $2,100,000 last year, the 1,670 square foot St. Regis two-bedroom known as 188 Minna Street #33C has just returned to the market anew, now asking $1,995,000.

∙ Listing: 188 Minna #33C (2/2.5) 1,670 sqft - $1,995,000 [paragon-re.com]

Posted by socketadmin at 8:30 AM | Permalink | Comments (13) | (email story)

January 3, 2012

Inside An Uninhabitable "Cozy Cabin"

First listed for sale in 2008 asking $738,000, the list price for 469 Valley was reduced four times over the following two years. The dilapidated home finally sold for $500,000 in 2010.

Today, the Noe Valley view property which is currently uninhabitable returned to the market as a "cozy cabin that needs everything" asking $579,500.

Posted by socketadmin at 1:00 PM | Permalink | Comments (63) | (email story)

A Bit Of Listing Irony And Circa 2007 Foreshadowing

Having been "thoroughly remodeled," the single-family home at 1893 San Jose Avenue sold for $1,100,000 in March of 2007 financed with a first mortgage for $880,000. From the listing at the time: "This is more house than you ever imagined you could afford."

Taken back by the bank three months ago with no bidders at $560,000 in cash on the courthouse steps, the four-bedroom Mission Terrace home is back on the MLS and listed for $699,900 (36 percent below 2007) with possession at close of escrow.

∙ Listing: 1893 San Jose Avenue (4/3) 2.275 sqft - $699,900 [Redfin]

Posted by socketadmin at 9:30 AM | Permalink | Comments (16) | (email story)

December 30, 2011

The Great Courthouse Race And End Of Year Hail Mary Listing

Remodeled in 2003 per the permits and purchased for $630,000 in 2004, the Outer Parkside single-family home at 2542 39th Avenue has just returned to the market listed as a "short sale" for $490,000.

In default on a $504,000 first mortgage with $41,332 past due as of three months ago when a notice of default was finally filed, and while not noted in the listing as far as we can tell, the home is also currently scheduled to hit the courthouse steps in San Francisco on January 3, 2012 at 2 pm.

And yes, while perfectly functional, we do find ourselves biting our tongues a bit with respect to the kitchen which was remodeled under the touted purview of "the previous owner who was an architect."

∙ Listing: 2542 39th Avenue (2/1) – "$490,000" (short sale) [Redfin]

Posted by socketadmin at 9:30 AM | Permalink | Comments (26) | (email story)

December 23, 2011

Apples To Oranges To Apples (And Three "Free" Years) At 501 Beale

Already $87,355 past due on a $652,000 loan by the time a notice of default was filed last December, a past due amount which had grown to $115,828 this past July, last month 501 Beale #14E was finally taken back by the bank with no bidders at $477,000 in cash.

Purchased for $711,500 in April 2006, the Watermark one-bedroom has just returned to the market listed for $499,900, priced 30 percent below its comp setting sale in 2006.

∙ Listing: 501 Beale #14E (1/1) 759 sqft - $499,900 [Redfin]

Posted by socketadmin at 9:00 AM | Permalink | Comments (11) | (email story)

December 19, 2011

No Apples (Or Appreciation) At 844 Bay

Purchased for $4,600,000 in August 2008 following a complete rebuilding and remodel, in 2009 the 4,500 square foot home at 844 Bay Street was remodeled again including a new Arclinea kitchen and the addition of a 1,300 bottle climate controlled wine cellar. And this past May, the contemporary home returned to the market listed for $4,800,000.

Withdrawn from the market in June and then listed anew in August, last month the resale of 844 Bay Street closed escrow with a recorded contract price of $4,400,000.

∙ That Same House In Address Only Sells (And Gooses The $/SQFT) [SocketSite]
∙ The Same House In Address Only: A Contemporary 844 Bay Street [SocketSite]
∙ 844 Bay Returns As An Apple Remodeled (And If Only It Were 888…) [SocketSite]
∙ Listing: 844 Bay Street [844baystreet.com]

Posted by socketadmin at 8:00 AM | Permalink | Comments (0) | (email story)

Still Nearly 30 Percent Short At 310 Townsend Versus 2007

As the apples-to-apples "Regular Sale!" of 310 Townsend #108 closed escrow earlier this month selling for 26 percent ($136,000) under its 2007 purchase price, the "short sale" of 310 Townsend #411 closed escrow this past Friday with a reported contract price of $575,000. Call it 29 percent ($235,000) less than the $810,000 which was paid for the 835 square foot one-bedroom back in 2007 when the condo hit the market priced at $865,000.

∙ A "Regular" Apple At 310 Townsend Drops Into Our Cart [SocketSite]
∙ 310 Townsend: Available And Selling [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (0) | (email story)

December 16, 2011

Apples To Oranges And Back To Apples At 855 Folsom

Purchased for $649,000 six years ago, returned to the market in December 2008 asking the same but withdrawn from the market in February 2009, by January of 2010 the then owner of 855 Folsom #102 was $22,813 pas due on a $519,200 first mortgage alone.

Last month, the Yerba Buena Lofts one-bedroom sold on the courthouse steps to a third party at the opening offer of $433,500 cash. Today, 855 Folsom #102 returned to the open market listed for $519,000, twenty (20) percent below its sale price in 2005.

∙ Listing: 855 Folsom #102 (1/1.5) 838 sqft - $519,000 [Redfin]
∙ 855 Folsom Apple On The Tree: Will It Be Déjà Vu All Over Again? [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (15) | (email story)

December 9, 2011

A "Pop" Sale On Sutter

As we wrote last month with respect to the remodeled single-family home at 1948 Sutter:

Having been renovated and expanded in 2004, the now 2,980 square foot Victorian "on the vibrant Fillmore Corridor" at 1948 Sutter Street sold for $2,405,000 in 2006.

Despite the closing of Café Kati, we’d argue the aforementioned corridor has improved over the past five years, but we’ll still call it apples-to-apples to be for the big white house which is back on the market and asking $2,195,000, nine percent below its 2006 sale.

Today, the sale of 1948 Sutter Street closed escrow with a reported contract price of $2,245,000. Call it another "over asking" sale according to industry stats, but 6.6 percent ($160,000) below the price at which it sold in 2006.

As a couple of plugged-in readers referenced, the sellers of 1948 Sutter Street have moved from one "sweet" house to another up the hill. And yes, the space which Café Kati vacated has since reopened as Roostertail.

∙ While No Two Snowflakes Are Exactly The Same... [SocketSite]
∙ Catering To the 21st Century Family (And Pocketbook) [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (17) | (email story)

Coming Up Short At The Marina Chateau

As we noted in August, 2701 Van Ness Avenue #711 was purchased for $671,000 in 2006, hit the market listed for $599,000 this past February, and was eventually reduced to $449,000 as an approved short sale.

This past Wednesday, the sale of the 768 square foot top floor condo closed escrow with a reported contract price of $455,000. Yes, that's officially "over asking" according to industry stats, but 32 percent ($216,000) below the comp setting price paid in 2006.

∙ No Shortage Of Short Sales At The Chateau [SocketSite]

Posted by socketadmin at 7:15 AM | Permalink | Comments (4) | (email story)

December 7, 2011

A One Rincon Hill "04" High Floor Resale, Oh My!

Referenced by a reader on our rundown of One Rincon Hill 04 stack condos headed for foreclosure, the resale of 425 1st Street #3604 closed escrow last month with a contract price of $455,000 but was just reported today.

The 605 square foot one bedroom had been purchased from the One Rincon Hill sales office for $707,254 in September 2008 before being lost to the bank this past May.

The 2011 sale represents a 36 percent drop below its 2008 value for the vacant view condo with "Italian cabinetry" and "State-of-the-art appliances" all intact.

∙ Four More One Rincon Hill ‘04’s Headed For Foreclosure [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (47) | (email story)

Plans For More Actually Return Less Year-Over-Year On Eureka

As we wrote in September:

We typically won’t feature a property as an "apple" once it’s in contract or has already closed escrow as it promotes a selection bias, but we do like year-over-year data. And two weeks ago a tipster did suggest we keep an eye on this one.

Purchased for $1,403,500 in August 2010, a permit to convert the attic at 350 Eureka into a master suite, renovate the kitchen, add a new garage out front and expand out back has since been filed and plans have been drawn up, but the property returned to the market two weeks ago prior to any of the proposed work.

Listed for $1,495,000 on September 8, the Eureka Valley home went into contract on September 23 but contingencies have yet to be waived. We'll keep you plugged in.

Reduced a few times after having fallen out of contract ("the potential buyers could not afford the renovations and secure financing"), the sale of 350 Eureka closed escrow yesterday with a reported contract price of $1,350,000, down 3.8 percent on a year-over-year and apples-to-apples basis for the single-family home.

∙ A Year Later, 350 Eureka Returns With Plans For Much More [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (37) | (email story)

A "Regular" Apple At 310 Townsend Drops Into Our Cart

As we noted when we first reported the relisting of 310 Townsend #408 which had been purchased for $665,000 in 2007 and ended up selling short for $435,000 (36 percent below 2007) last month:

At the same time, the list price for the "regular sale" of 310 Townsend #108 has been reduced to $389,000 ($569 per square foot). The one bedroom was purchased for $525,000 ($768 per square) in 2007 as well, an effective drop of 26 percent at asking.

Yesterday, the apples-to-apples "Regular Sale!" of 310 Townsend #108 closed escrow with a reported contract price of $389,000, down $136,000 (26 percent) below 2007.

∙ Apples-To-Apples (And Short To "Regular") At 310 Townsend [SocketSite]
∙ A Short Apple Drops A Long Way At 310 Townsend [SocketSite]
∙ 310 Townsend: Available And Selling [SocketSite]

Posted by socketadmin at 7:15 AM | Permalink | Comments (0) | (email story)

December 6, 2011

A Modern Apple 2B At 1234 Howard

As we wrote in early 2010 when the resale of 1234 Howard #2C defied the commodity condo price trend: "Yes, design matters (whether you like it or not)."

And while #2C isn't a signature louvered unit at 1234 Howard, #2B is and has returned to the market listed for $869,000 having been purchased for $785,000 in March of 2008.

∙ Listing: 1234 Howard #2B (2/2) 1,295 sqft - $869,000 [Paragon]
∙ A Modern Apple At 1234 Howard Defies The Commodity Condo Trend [SocketSite]
∙ Those Amazing Automated Aluminum Louvers On 1234 Howard [SocketSite]
∙ 1234 Howard: The Budget To Build (Around $200 A Square Foot) [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (7) | (email story)

December 5, 2011

Looking Out Over San Francisco And 2011 From 123 Laidley

As we wrote about 123 Laidley in September:

Listed for $1,700,000 in late 2008 before being withdrawn from the market and offered for rent at $5,550 per month in 2009, the Jeremy Kotas re-designed home at 123 Laidley has just returned to the market listed for $1,499,000 with possession at close of escrow.

The Glen Park property was purchased from Kotas for $1,042,500 in 2003.

The sale of 123 Laidley closed escrow last week with a reported contract price of $1,450,000.

∙ The Jeremy Kotas Re-Designed 123 Laidley Is Listed Anew [SocketSite]
∙ 123 Laidley (To Which Jeremy Kotas Added A Bit Of Height And Flair) [SocketSite]
∙ 123 Laidley: Same Sales Flair Now Available For Rent (And Analysis) [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (3) | (email story)

December 1, 2011

A Little Daylight(er)

As we first reported about 111 Day Street back in July:

Purchased for $900,000 in 2003 but refinanced with a $990,000 first in February 2006 and a second for $200,000 four months later, 111 Day Street was taken back by JP Morgan Chase Bank this past March with no bidders at $931,980 cash on the courthouse steps.

The single-family Victorian "in [an] unbeatable Noe Valley location" is now back on the market and listed for $915,000 with the ability to finance (and refinance) once again.

As a plugged-in reader added the next day: "795K is my bet."

The sale of 111 Day Street closed escrow yesterday with a reported contract price of $790,000. Call it 12 percent below its sale in 2003 or 0.6 percent below our reader's on the record bet from four months ago.

∙ From $900K In 2003 To $915K Today (And $1,190K In Debt Between) [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (31) | (email story)

November 30, 2011

Basilica Loft: High Ceilings And Lower Expectations On Eddy

Purchased for $599,000 in July 2005 having been "REDUCED TO SELL!" at the time, 1826 Eddy Street #203 has just returned to the market listed for "$375,000" as a short sale but without any mention of being pre-approved at that price.

The 917 square foot two-bedroom and top floor Basilica Loft condo #203 features a lot of light and a seventeen foot ceiling in the living room.

This past April, the 920 square foot two-bedroom Basilica Loft #101 sold for $418,000 having been purchased for $635,000 in July 2005 and then taken back by the bank a year ago. While on a lower floor, 1826 Eddy Street #101 features high ceilings as well.

∙ Listing: 1826 Eddy Street #203 (2/2) 917 sqft – $375,000 (short sale) [Coldwell Banker]

Posted by socketadmin at 11:30 AM | Permalink | Comments (16) | (email story)

November 28, 2011

Another Bank-Owned Sale To Believe At The Brannan

Referenced by a reader at the time we noted the listing of 229 Brannan Street #9J for $919,000 (the price at which it closed escrow this past October having sold for $1,230,000 in 2006 and $980,000 in 2004), the sale of 229 Brannan Street #3A closed escrow last week with a reported contract price of $863,000.

Taken back by the bank in May with no bidders at $933,620 in cash versus $954,000 in debt having been purchased for $1,065,000 in 2004 (19 percent more than its sale price last week), the 1,486 square foot corner unit #3A at the Brannan had been remodeled prior to being listed by the bank.

∙ Is It Time To Believe At The Brannan? [SocketSite]
∙ Believe It (At The Brannan) [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (2) | (email story)

November 23, 2011

Psst! 865 Duncan Is Active Once Again (And Actually Available)

As we wrote at the beginning of August:

Purchased for $1,329,000 in March 2008 with $140,800 (11%) down and currently listed as "Active" on the MLS with a list price of $1,385,000, last week the Noe Valley home at 865 Duncan was taken back by the bank with no bidders willing to pay $1,152,387 in cash on the courthouse steps. Someone might want to alert the Realtors.

Two weeks later the listing for 865 Duncan was finally withdrawn from the San Francisco Multiple Listing Service (MLS). And yesterday, the "lovely and large home" at 865 Duncan returned to the MLS as bank-owned and listed for $1,295,000.

∙ Listing: 865 Duncan (4/3) 2,159 sqft - $1,295,000 [Redfin]
∙ Psst! It’s Now Bank-Owned (And The Other Is In Default) [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (8) | (email story)

November 22, 2011

Following In The Footsteps Of A 52 Percent Drop At The Ritz-Carlton

Purchased for $2,201,500 in March 2008 on the penultimate floor atop the Ritz-Carlton Residences in San Francisco, 690 Market Street #2301 returned to the market listed for $2,299,000 eight months later.

Reduced to $2,099,000 in February 2009 and then to $1,999,999 that April, the 1,660 square foot two-bedroom was withdrawn from the market that June.

It’s now two years later and 690 Market Street #2301 has returned to the market listed for $1,350,000. Recently rented asking $6,800 per month in rent, but delivered empty at close of escrow according to the MLS, it’s not a foreclosure, nor a short-sale. And if a reader is correct, the buyer in 2008 paid cash.

We’ll note 690 Market Street #2201, the same two-bedroom a floor below, was foreclosed upon in 2010 having been purchased for $2,173,000 in 2007 by way of a $1,500,000 loan.

And having been listed for $1,326,000 last November, the resale of #2201 closed escrow this past March with a reported contract price of $1,050,000 (52 percent below 2007).

∙ Listing: 690 Market Street #2301 (2/2) 1,660 sqft - $1,350,000 [Redfin]
∙ Reductions And Returns At The Ritz-Carlton Residences (690 Market) [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (23) | (email story)

An Inner Mission Apple To Be Atop 3236 17th Street

Living like a two-bedroom but technically a one, the top floor condo atop 3236 17th Street was purchased for $830,000 in June 2008 according to the MLS, or $820,000 according to public records. Back on the market today and touting "high-end…in the heart of the Inner Mission" and "meticulously designed," it’s apples-to-apples to be and asking $799,000.

∙ Listing: 3236 17th Street #3 (1/2) 1,273 sqft - $799,000 [Climb]

Posted by socketadmin at 11:15 AM | Permalink | Comments (23) | (email story)

November 17, 2011

A Short Apple Drops A Long Way At 310 Townsend

As we first reported in August with respect to a couple of resales down at 310 Townsend:

At the same time, 310 Townsend #408 has just hit the market listed as a short sale for $425,000 having been purchased for $665,000 in 2007 as well. From the listing: "Currently tenant occupied, the condo commands $3100 per month in rent, making it an excellent investment vehicle for cash flow." Of course, there's also capital preservation to consider.

And as we added last month:

Having been purchased for $665,000 ($828 per square foot) in 2007, and having fallen out of contract last week when listed for $425,000, the "approved" short sale of 310 Townsend Street #408 is once again active and available and listed for $435,000 ($542 per square), a 36 percent drop in value at asking.

At the same time, the list price for the "regular sale" of 310 Townsend #108 has been reduced to $389,000 ($569 per square foot). The one bedroom was purchased for $525,000 ($768 per square) in 2007 as well, an effective drop of 26 percent at asking.

The short sale of 310 Townsend #308 closed escrow today with a reported contract price of $435,000, thirty-six (36) percent below its sale price in 2007. 310 Townsend #108 is now in contract, but the sale is still contingent.

∙ Apples-To-Apples (And Short To "Regular") At 310 Townsend [SocketSite]
∙ Capital Preservation Versus Cash Flow At 310 Townsend [SocketSite]

Posted by socketadmin at 2:15 PM | Permalink | Comments (17) | (email story)

November 10, 2011

An Appealing Single-Family Apple Falls Into Our Cart

As we first wrote with respect to 769 Cayuga in August:

Purchased for $759,000 in 2006, the rather well kept Mission Terrace home at 769 Cayuga Avenue has returned to the market listed for $649,000 ($545 per square foot) in 2011.

Yes, only one bath, but with what would appear to be room for potential expansion down.

Listed for $649,000 at the time, it was reduced to $629,000 in September. And this past Friday, the sale of 769 Cayuga closed escrow with a reported contract price of $630,000.

Yes, it's officially an "over asking" sale according to those industry reports and newsletters, but 17 percent ($129,000) below its sale in 2006.

∙ Curb Appeal On Cayuga (And An Apple To Boot) [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (8) | (email story)

The Montgomery Produces A Pair Of Potential Apples

The Montgomery first hit the market in 2007 and sold out in 2009 with a round of reductions in between. In July 2008, the 832 square foot 74 New Montgomery #612 sold for $730,000. Today, the one-bedroom has returned to the market listed for $689,000.

At the same time, 74 New Montgomery #503, a 714 square foot one-bedroom, is currently in contract, listed for $525,000 having been purchased for $469,000 in October 2008.

∙ Listing: 74 New Montgomery #612 (1/1) 832 sqft - $689,000 [liveatthemontgomery.com]
∙ The Montgomery (74 New Montgomery): Pricing And Reservations [SocketSite]
∙ 74 New Montgomery: Soon To Be Sold Out Assuming Contracts Close [SocketSite]
∙ A Plugged-In Reader’s Perspective On The Montgomery And Its Cuts [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (0) | (email story)

November 9, 2011

Déjà Vu This (More Tightly Cropped) Cow Hollow View Before

With a kitchen accent wall appropriately painted fire engine(ish) red, 2243 Greenwich has returned to the market "lender owned" and listed for $1,818,000. As we reported in 2008 when the asking price for the Cow Hollow house had been reduced to $1,695,000:

As any truly plugged-in person should know, the location of 2243 Greenwich is a bit more problematic than any of the tightly cropped listing photos might suggest.

And as such, that’s most likely why this six-bedroom Cow Hollow home sold for only $1,800,000 at the end of 2005 (and became an asterisked neighborhood comp).

And while it was briefly in escrow when it was listed for $1,745,000, it is no longer. And the price has once again been reduced. Asking $2,195,000 five months ago. Asking $1,695,000 today (5.8% below its selling price in 2005).

Despite what Redfin reports, as best we can tell the property was never actually foreclosed upon in 2009 but rather deeded back to the lender in lieu of foreclosure that October with $2,405,000 owed at the time.

∙ Listing: 2243 Greenwich Street (6/5) 2,750 sqft - $1,818,000 [Redfin]
∙ A Little Extra Perspective On The Listing Market? (2243 Greenwich) [SocketSite]
∙ A Little Extra Perspective On The Listing: 2243 Greenwich [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (19) | (email story)

November 7, 2011

While No Two Snowflakes Are Exactly The Same...

Having been renovated and expanded in 2004, the now 2,980 square foot Victorian “on the vibrant Fillmore Corridor” at 1948 Sutter Street sold for $2,405,000 in 2006.

Despite the closing of Café Kati, we’d argue the aforementioned corridor has improved over the past five years, but we’ll still call it apples-to-apples to be for the big white house which is back on the market and asking $2,195,000, nine percent below its 2006 sale.

∙ Listing: 1948 Sutter Street (4/3.5) 2,980 sqft - $2,195,000 [1948sutter.com]

Posted by socketadmin at 4:00 PM | Permalink | Comments (18) | (email story)

A Few Steps Back For 17 Costa Over In Bernal

Listed for $599,000 in July 2005, and having been purchased for $319,000 four years before, the 900 square foot cottage with an unwarranted bedroom in the garage of 17 Costa sold for $645,000 that August.

A year later the property appears to have traded for $641,000 in 2006. And in July of 2010 the Bernal Heights home returned to the market priced at $699,000.

Withdrawn from the market after four months and two price reductions (last listed for $649,000), 17 Costa has now returned to the market as a "short sale" for $399,000 but missing any reference to being pre-approved, a sale at which would represent a 38 percent ($242,000) haircut from both 2005 and 2006.

And yes, in the backyard lies "the original foundation of a previous expansion," the permits for which were approved in 2003 but then cancelled in 2004.

∙ Listing: 17 Costa (1/2) 900 sqft – “$399,000” (short sale) [Redfin]

Posted by socketadmin at 6:30 AM | Permalink | Comments (6) | (email story)

Up (And Down) In The Sunset Since 2003

As we reported last month:

Remodeled prior to being purchased for $530,000 in 2003, the nicely kept single-family two-bedroom home at 3501 Moraga is back on the market and listed for $579,000.

On a price per square foot basis, single-family home values in the area peaked in 2007 (up 39 percent from 2003) and have slipped roughly 20 percent since.

The sale of 3501 Moraga closed escrow on Friday with a reported contract price of $630,000, up 19 percent from it 2003 sale.

∙ Up And Down In The Sunset Yields A Single-Family Home Under Six [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (0) | (email story)

November 4, 2011

Forty Percent Below 2004's Below Market Rate At 333 Grant

As we first reported this past July:

One of 39 post-conversion condos [at 333 Grant Avenue] and a Below Market Rate (BMR) unit as designated by the Mayor's Office of housing, 333 Grant Avenue #405 was purchased for $234,000 in November 2004 with $263,218 in loans to which a note for $25,000 was added in 2008.

In 2009, the 441 square foot studio was taken back by the bank. Unsuccessfully listed in 2009 and 2010, 333 Grant Avenue #405 has just returned to the market asking $140,000.

The resale of 333 Grant Avenue #405 closed escrow on Wednesday with a reported contract price of $140,000, forty (40) percent below its 2004 "Below Market Rate" sale, fifty (50) percent below what was borrowed.

∙ From Foreclosure To Foreclosures At 333 Grant Avenue [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (5) | (email story)

November 1, 2011

Apples-To-Apples (And A Reduction) For 2373 Filbert

Having been purchased for $1,400,000 in 2001 and then renovated and expanded in 2002, the 2,919 square foot single-family at 2373 Filbert sold for $2,704,000 in 2006.

Listed for $2,725,000 a month ago but recently been reduced to $2,595,000, a sale at asking would represent a 4 percent drop below its 2006 value for the Cow Hollow home.

∙ Listing: 2373 Filbert Street (3/3.5) 2,919 sqft - $2,595,000 [2373filbert.com]

Posted by socketadmin at 8:15 AM | Permalink | Comments (9) | (email story)

October 27, 2011

Marked To Market (And Back Below 2001) For 12 Minerva

As we wrote this past December:

We’re not sure how a home that last sold for $669,000 in 2004 becomes a “million dollar home” other than in Realtor speak, but in terms of understanding trends we are digging the marked to market story the sale of 12 Minerva will tell (apples-to-apples-to-apples-to-apples-to-apples if you will).

Purchased for $365,000 in 1999, the four-bedroom home sold for $450,000 in 2000, then again for $550,000 in 2001 and $669,000 in August 2004. Back on the market today and asking $499,000 as a short sale.

The sale of 12 Minerva has since closed escrow with a reported contract price of $510,000, officially "over asking" according to industry stats but midway between its year 2000 and 2001 sale, 24 percent below 2004.

That being said, there was a tenant in place for the "perfect...investment property."

∙ Marking 12 Minerva To Market For The Fifth Time In Eleven Years [SocketSite]

Posted by socketadmin at 7:15 AM | Permalink | Comments (5) | (email story)

October 26, 2011

The Well Designed Ten Foot Home On Shrader Sells

The sale of the well designed ten foot wide home at 1415 Shrader Street closed escrow yesterday with a reported contract price of $849,000 ($824 per square foot) having been purchased for $749,000 in 2004 following its construction.

∙ Inside The Ten Foot Wide Home At 1415 Shrader Street [SocketSite]

Posted by socketadmin at 12:30 AM | Permalink | Comments (36) | (email story)

October 25, 2011

Over Asking (But A Lost Decade) For 65 Zircon Place

The sale of 65 Zircon Place has closed escrow just eleven days after we first featured it, selling for a reported $1,800,000. Call it a quick sale and $21,000 "over asking," but $500 under its year 2000 purchase price for the renovated four-bedroom home with big views.

∙ Zircon (Not Zirconium) Views [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (4) | (email story)

October 24, 2011

Apples-To-Apples (And Short To "Regular") At 310 Townsend

Having been purchased for $665,000 ($828 per square foot) in 2007, and having fallen out of contract last week when listed for $425,000, the "approved" short sale of 310 Townsend Street #408 is once again active and available and listed for $435,000 ($542 per square), a 36 percent drop in value at asking.

At the same time, the list price for the "regular sale" of 310 Townsend #108 has been reduced to $389,000 ($569 per square foot). The one bedroom was purchased for $525,000 ($768 per square) in 2007 as well, an effective drop of 26 percent at asking.

∙ Listing: 310 Townsend #108 (1/1) 684 sqft - $389,000 [MLS]
∙ Listing: 310 Townsend #408 (1/1) 803 sqft - $435,000 [MLS]
∙ 310 Townsend: Available And Selling [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (2) | (email story)

A Seventeen Month Uptick For 246 2nd Street #802

As we wrote in March of 2010:

Purchased new for $665,000 in the year 2000, 246 2nd Street #806 is back on the market in 2010 asking $658,000. See silly rabbits (or perhaps "bears"), prices really haven’t fallen that much at all. And bank-owned sales are obviously irrelevant when it comes to comps.

As we added this past August:

The sale of 246 2nd Street #806 closed escrow in May 2010 with a reported contract price of $650,000 (2 percent below its year 2000 sale). And as a plugged-in reader notes, the 1,101 square foot condo is now back on the market and listed for $738,000 in 2011.

And this past Friday, the resale of 246 2nd Street #806 closed escrow with a reported contract price of $718,000 ($670 per square foot).

∙ Year-Over-Year On Second [SocketSite.com]
∙ A Nine Year "Push" To Be For A Two-Bedroom At 246 2nd Street? [SocketSite]
∙ Another Non-Comp Comp Closes At 246 2nd Street (#1003) [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (4) | (email story)

October 21, 2011

A Homeowner’s Counterintuitive Wish Comes True

As we first reported back in July of 2007:

A tipster directs our attention to the listing for 741 Noe, a two bedroom "Tales-of-the-Cityesque" condo "on Eureka Valley's famed Liberty Street Stairs" that could "make Armistead Maupin green w/ envy!" It’s part of a two bedroom condo association along with 494 Liberty (which according to our tipster "recently sold for $1,315,000 after being listed at $1,085,000"). Oh, and apparently the two units "were bought as TIC's on 7/15/2004 for $1,141,500 total."

And then there's the last paragraph of the tip: “I'm a homeowner who has owned for quite a while and although I like to see properties appreciate, I would prefer it to be less crazy. I can never never afford to move unless I move out of the city.” Oh, the irony (and only in San Francisco).

Having sold for $1,057,000 that August, it’s another tipster that notes 741 Noe has been back on the market for three months, originally asking $1,029,000 but listed at $959,000 for the past four weeks, nine percent more affordable than four years ago and not accounting for a 240 basis point (37 percent) drop in 30 year mortgage rates as well.

∙ Listing: 741 Noe (2/1) - $959,000 [MLS]
∙ Tales Of San Francisco (On So Many Different Levels) [SocketSite]
∙ 30-Year Mortgage Rates Fall Below 4 Percent And...Activity Drops [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (9) | (email story)

October 17, 2011

Seven Months Later And The Streamline Moderne On Sanchez Returns

Having sold for $3,200,000 ($1,032 per square foot) this past March having been purchased for $3,400,000 ($1,096 per square) in 2008, the Streamline Moderne 3,100 square foot property at 849 Sanchez has returned to the market listed for $3,300,000.

And if a plugged-in reader is correct, the poster child Moderne home has returned to the market without any new wear or tear.

∙ Listing: 849 Sanchez (4/3.5) - $3,300,000 [849sanchezstreet.com] [MLS]
∙ The Streamline Moderne 849 Sanchez Takes A Little Hit [SocketSite]
∙ Mo’ Moderne Atop Liberty Hill (Or Not) [SocketSite]
∙ San Francisco’s Modern Era Of Design And Development [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (20) | (email story)

Believe It (At The Brannan)

As we reported in August:

From the listing when 229 Brannan Street #9J sold for $1,230,000 in September 2006: “Wrapped in luxury, this 2bed, 2 bath unit is a sanctuary in the sky...This is San Francisco living at its finest!”

As plugged-in people know, the 1,412 square foot unit at The Brannan was taken back by the bank a year ago with $1,113,492 owed.

This weekend the two-bedroom returned to the market listed for $919,000. In 2004 the "Unbelievable" unit (per its listing at the time) sold for $980,000. Believe it.

The resale of 229 Brannan Street #9J has closed escrow with a reported contract price of $919,000 ($651 per square foot). Call it 25 percent ($311,000) under its 2006 sale or 6 percent ($61,000) under 2004.

At the same time, 229 Brannan #7J ("Best of the Best 2 Bedrooms at The Brannan") has closed escrow with a reported contract price of $1,050,000 ($661 per square foot). Keep in mind #7J is 177 square feet and a half-bath larger than #9J.

And no, The Brannan isn’t located on Lombard.

∙ Is It Time To Believe At The Brannan? [SocketSite]
∙ Up (And Down) Atop The Brannan: 229 Brannan #17J [SocketSite]
∙ An Apple Falls At 3208 Pierce While A Foreclose Is Postponed [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (57) | (email story)

October 13, 2011

Don’t Blame A "Short Term" Hold For This Apple's Fall

As we first reported in August with respect to 900 Bush Street Penthouse Number 5:

In August of 1997 it sold for $449,000. In April of 2000 for $728,000. In July of 2003 for $779,000. And in May of 2007 it sold for $950,000.

Yes, up, up, up despite the series of short term holds.

Unsuccessfully listed and relisted six times since, penthouse number five atop 900 Bush Street has returned to the market as a short sale listed for "$700,000" with floor to ceiling living room windows, big views, and 1,077 square feet according to an old listing or two.

Last week the sale of the penthouse closed escrow with a reported contract price of $650,000, thirty-two percent ($300,000) under its 2007 value and back below 2000.

∙ Up, Up, Up (And Down) Atop 900 Bush [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (31) | (email story)

An Unwarranted Drop In Value?

Purchased for $1,053,000 in 2005, the West Portal Craftsman at 260 Claremont returned to the market this past April listed for $1,130,000.

Reduced to $990,000 in May (after which it was in contract for a month) and then $889,000 in September (after which it was in contract for two days), the list price for the property has just been reduced to "$799,000" as a short sale (24 percent below its 2005 price).

Keep in mind the main floor master suite remains unwarranted, as does the lower level bonus room, which leaves a reader to wonder how unwarranted work is affecting the ability to obtain financing and buyers these days.

∙ Listing: 260 Claremont (4/2) - $799,000 (short sale) [MLS]

Posted by socketadmin at 10:00 AM | Permalink | Comments (28) | (email story)

October 12, 2011

Out Of Contract For The Fifth Time At 235 Berry But Now "Approved"

As we first reported this January past with respect to 235 Berry #304:

Asking $750,900 when the building was 89 percent sold in January 2007, 235 Berry #304 sold for a reported $751,000 that March ($702 per square foot).

Returned to the market (mis)priced at $849,000 this past May, perhaps based on market (mis)expectations, the asking price for the two-bedroom was reduced to $829,000 in June and then to $675,000 as a short sale in August.

In contract and then relisted twice since last September, on Tuesday the list price for the 1,070 square foot "spacious corner residence" was reduced to $599,000, 20 percent under its 2007 sale and $560 per square, a value which shouldn't catch any plugged-in buyers or sellers by surprise.

Having fallen out of contract twice since, most recently after being relisted for $699,000, the list price for the two-bedroom condo in the "landmark building" (according to the listing, don’t ask us) is once again $675,000 but now noting: "Approved Short Sale - Buyer walked last minute - cold feet."

And as a plugged-in reader reported back in January: "I…looked at this unit and the listing agent made it clear that the buyer will need an additional approximately $50k in cash at closing to clear liens by the HOA and PMI company."

∙ Listing: 235 Berry #304 (2/2) 1,070 sqft – $675,000 (short sale) [MLS]
∙ Shorter Still For 235 Berry Street #304 At $560 Per Square Foot [SocketSite]
∙ 235 Berry Street Update: At Most 89% Sold (And Moving On In) [SocketSite]
∙ An Under $600 Per Square Foot Two-Bedroom Comp At 235 Berry [SocketSite]

Posted by socketadmin at 3:15 PM | Permalink | Comments (6) | (email story)

An Apple Falls At 3208 Pierce While A Foreclose Is Postponed

Purchased for $1,200,000 in June 2007, the 1,277 square foot Marina condo known as 3208 Pierce #102 hit the market listed for $1,085,000 this past July.

Reduced to $995,000 in August, this past Friday the sale of the "light filled townhouse [with] direct courtyard access and a private entrance" closed escrow with a reported contract price of $990,000, eighteen (18) percent ($210,000) under its 2007 sale.

At the same time, the foreclosure sale of 3208 Pierce #407 has once again been postponed, it's now scheduled for the 25th of this month.

∙ Apples To Apples (And Foreclosure) At 3208 Pierce In The Marina [SocketSite]
∙ 3208 Pierce: Foreclosure Redux And Apples To Apples Reduction [SocketSite]
∙ 3208 Pierce: New Website And Photo Gallery [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (16) | (email story)

October 6, 2011

Up And Down In The Sunset Yields A Single-Family Home Under Six

Remodeled prior to being purchased for $530,000 in 2003, the nicely kept single-family two-bedroom home at 3501 Moraga is back on the market and listed for $579,000.

On a price per square foot basis, single-family home values in the area peaked in 2007 (up 39 percent from 2003) and have slipped roughly 20 percent since.

∙ Listing: 3501 Moraga Street (2/1) 1,038 sqft - $579,000 [3501moraga.com] [MLS]

Posted by socketadmin at 11:00 AM | Permalink | Comments (14) | (email story)

The Scam Free Resale Price For #4802 At One Rincon Hill

The resale of 425 1st Street #4802 has closed escrow with a reported contract price of $1,355,000 ($1,035 per square foot). The One Rincon Hill two-bedroom was purchased from the sales office for $1,401,500 ($1,071 per square) in August 2008.

The upgraded two-bedroom one floor below (425 1st Street #4702) re-sold for $1,350,000 this past March having been purchased from the sales office for $1,605,500 in August 2008 while the two-bedroom one floor above (425 1st Street #4902) re-sold for $1,370,000 last October having been purchased for $1,355,500 in August 2008 as well.

The re-seller of #4802 was also the re-seller of #4902 and had listed both units for $1,499,000 in 2010. And if you’re trying to figure out why some sites misreport a 50 percent off sale for both units in 2009, as a plugged-in reader notes, this would be the reason why: Santa Cruz lawyer...arrested in San Francisco luxury-condo scam.

∙ "The Last" Of The Last One Rincon Hill 02’s [SocketSite]
∙ The "America’s Cup Effect" In Action? [SocketSite]
∙ Santa Cruz lawyer...arrested in San Francisco luxury-condo scam [santacruzsentinel.com]

Posted by socketadmin at 9:00 AM | Permalink | Comments (3) | (email story)

October 3, 2011

Look Out Below

As we wrote about the remodeled single-family home at 44 Rockaway Avenue in August:

Purchased for $1,272,000 in 2007, and having sold three years before for $1,088,000, the rather well kept and updated Forest Hill Extension home at 44 Rockaway Avenue returned to the market this past February listed as a short sale for $989,000.

As a plugged-in tipster notes, the three-bedroom Spanish Mediterranean home has been in and out of contract twice since, and the listing now notes a previously approved short sale price of $995,000, twenty-two (22) percent ($277,000) below its 2007 sale price.

And yes, there’s a bidet (along with Cararra marble) in the lower (unwarranted) bath.

The sale of 44 Rockaway closed escrow on Friday with a reported contract price of $860,000, twenty-one (21) percent or $228,000 under its 2004 sale price, thirty-two (32) percent or $412,000 under its 2007 sale.

That being said, and although hearsay, a reader reports: "Heard that there is $100k+ in water damage to lower structure / foundation from faulty plumbing. Don't know if it's related to the work without permit (or inspection)."

∙ On The Rocks At 44 Rockaway [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (7) | (email story)

September 27, 2011

A Year Later, 350 Eureka Returns With Plans For Much More

We typically won’t feature a property as an "apple" once it’s in contract or has already closed escrow as it promotes a selection bias, but we do like year-over-year data. And two weeks ago a tipster did suggest we keep an eye on this one.

Purchased for $1,403,500 in August 2010, a permit to convert the attic at 350 Eureka into a master suite, renovate the kitchen, add a new garage out front and expand out back has since been filed and plans have been drawn up, but the property returned to the market two weeks ago prior to any of the proposed work.

Listed for $1,495,000 on September 8, the Eureka Valley home went into contract on September 23 but contingencies have yet to be waived. We'll keep you plugged in.

UPDATE (9/28): A plugged-in tipster reports: "This property is now out of contract. Apparently, the potential buyers could not afford the renovations and secure financing."

∙ Listing: 350 Eureka (4/2) 1,720 - $1,495,000 [MLS]

Posted by socketadmin at 12:00 PM | Permalink | Comments (19) | (email story)

September 26, 2011

Inside The Ten Foot Wide Home At 1415 Shrader Street

Speaking of interesting homes on Shrader Street (but not of Russian stripper stalkers), a plugged-in tipster reports having walked through 1415 Shrader which was designed by Ira Kurlander and built on a ten foot wide lot over in Cole Valley:

It feels like a very well designed cruise ship suite. This is one that you really have to see in the "flesh" as the pictures make it look very cramped. It's actually very spacious inside considering...

On the market listed for $849,000 in 2011 with 1,030 square feet and having been purchased for $749,000 in 2004 following its construction.

∙ Listing: 1415 Shrader Street (1/1) 1,030 sqft - $849,000 [1415shrader.com] [MLS]
∙ The Shrader Street Home From Which Mark Pincus Was Driven [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (12) | (email story)

Modern Living At 145 Magnolia In The Marina

The site was purchased for $466,000 in 1998 and by 2000 a four-story and light-filled 3,400 square foot property had risen at 145 Magnolia. It sold for $2,800,000 that July.

It's now eleven years later and the Marina property is back on the market listed for $3,250,000. And it's still looking rather contemporary both within and without.

∙ Listing: 145-147 Magnolia (5/4.5) 3,400 sqft - $3,250,000 [145magnolia] [ninahatvany]

Posted by socketadmin at 9:45 AM | Permalink | Comments (11) | (email story)

September 23, 2011

The Shrader Street Home From Which Mark Pincus Was Driven

Following a few run-ins with a Russian stripper stalker at their Shrader Street home, Mark Pincus and family recently moved to a more secure building within San Francisco. Today, the Pincus owned 1572 Shrader Street officially hit the market listed for $2,189,000.

According to public records, Mark Pincus paid $2,850,000 for the contemporarily remodeled home hidden behind a modest facade in the heights of Cole Valley back in 2005.

∙ Listing: 1572 Shrader Street (3/3) 2,875 sqft - $2,189,000 [1572shrader.com] [MLS]
∙ Billionaire Mark Pincus's Alleged Stripper Stalker [businessinsider.com]
∙ Mark Pincus [wikipedia.org]

Posted by socketadmin at 4:15 PM | Permalink | Comments (17) | (email story)

The Master’s Sweet Suite Within 1333 Jones #705

The master suite within #705 at the Comstock (1333 Jones) sports a big San Francisco view, a designer bath (or at least shower), and a rather master worthy closet.

Unfortunately the guest bath didn’t get the same designer makeover as the rest of the unit. But if you were our guest, we'd say help yourself to a few of the 300 bottles in the built-in cooler and spend your time soaking up...

...the views.

Purchased for $2,400,000 in September 2007, the Comstock two-bedroom is back on the market listed for $2,349,000 four years later. As plugged-in people know, the unit two floors below sold for $2,000,000 in 2010 but wasn’t nearly as well "designed."

∙ Listing: 1333 Jones #705 (2/2) - $2,349,000 [MLS]
∙ A Comstock (1333 Jones) View Comp Closes A Little Bit Down [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (10) | (email story)

September 22, 2011

3340 Market Returns As A Contemporary Apple To Be

Constructed in 1938 but then completely rebuilt in 2009, the 3,096 square foot home at 3340 Market sold for $2,275,000 that August having originally been listed for $2,575,000.

It’s now two years later and the contemporary home with Miele in the kitchen, big views, and three decks (including one on the roof plumbed for an outdoor kitchen) is back on the market and listed for $2,485,000, apples-to-apples style.

∙ Listing: 3340 Market (3/3.5) 3,096 sqft - $2,485,000 [MLS]

Posted by socketadmin at 3:30 PM | Permalink | Comments (12) | (email story)

Can You Feel A Ripple In The Force?

As we wrote in April:

Listed for $1,995,000 last October, 13 days later the sale of 2739 Larkin closed escrow with a reported contract price of $2,650,000. Yes, 33 percent over asking.

It’s now six months later, and while it’s been making the rounds quietly for at least a few weeks, yesterday 2739 Larkin was officially listed for $2,695,000.

While not noted on the MLS once again, tax records report it's 2,596 square feet. We’ll let you set the odds on a repeat performance with respect to price.

As we then added this past June:

Yesterday, the sale of 2739 Larkin closed escrow with a reported contract price of $2,725,000, up 3 percent over the past seven months on an apples-to-apples basis.

And yes, the seller last year was a Lucas.

It’s now just three months later and 2739 Larkin has been listed once again as a "2nd chance" (or more accurately third), this time asking $2,895,000.

∙ Listing: 2739 Larkin (3/2.75) - $2,895,000 [MLS]
∙ If You Weren’t The Winning Bidder For 2739 Larkin Six Months Ago... [SocketSite]
∙ The Force Remains Strong For 2739 Larkin [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (13) | (email story)

The Miraloma Apple At 99 Marietta Finally Falls Into Our Cart

As we wrote in February:

Speaking of single-family homes for sale up in Miraloma Park, when we last checked in on 99 Marietta the four-bedroom home had returned to the MLS as short sale listed for $685,500 having fallen out of contract when previously listed for $612,500.

Once again, the 1,966 square foot home was purchased for $850,000 in September 2005 with a rather reasonable 20 percent down and a $680,000 variable rate loan. Not previously mentioned, in February 2007 the property was refinanced with a first for $750,000 and a second for $149,000 (for which the property would have had to appraise).

A few minutes ago the list price for 99 Marietta was reduced to $675,000. At the same time, the property is currently scheduled to hit the courthouse steps on March 18 with $41,355 past due on Washington Mutual’s first (as previously noted by a reader).

The courthouse sale was cancelled. And yesterday, the non-foreclosure sale of 99 Marietta Drive closed escrow with a reported contract price of $650,000, twenty-four (24) percent or $200,000 below its sale price in 2005.

∙ The Courthouse Clock Is Ticking For 99 Marietta Up In Miraloma [SocketSite]
∙ A Modern Miraloma Apple Returns At 801 Teresita Boulevard [SocketSite]
∙ 99 Marietta Comes Up Short (For The Sellers) In Miraloma [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (3) | (email story)

September 20, 2011

755 Marina Boulevard Sails Back On To The Market

Listed for sale at $5,597,000 in 2007 having been purchased for $1,580,000 in 1999, as plugged-in people know, the single-family home at 755 Marina Boulevard ended up in foreclosure instead (it had been refinanced six times) and finally sold on the courthouse steps for $1,997,500 cash in April 2010.

Public records would suggest the property was flipped to an LLC for $2,600,000 three months later in a private sale or transfer.

Today, the five-bedroom home is back on the market and publicly listed for $3,795,000 without any permits for recent renovations.

∙ Listing: 755 Marina Boulevard (5/5) 4,992 sqft - $3,795,000 [MLS]
∙ The $1,500,000 Half Bath On Marina Boulevard [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (5) | (email story)

September 16, 2011

The Hellman Mansion Officially Hits The Market Listed For $20 Million

Plugged-in people knew it was coming and even got a brief peek inside, and now 2020 Jackson (a.k.a. The Hellman Mansion) has officially hit the market listed for $20,000,000 having been purchased for $22,500,000 in 2004 according to Propertyshark.

UPDATE: While Propertyshark states $22,500,000, tax records and a plugged-in source involved with the sale say the 2004 sale price was actually $15,000,000.

∙ Listing: 2020 Jackson Street (7/7.5) 11,500 sqft - $20,000,000 [MLS]
∙ 2020 Jackson’s Storied Past (And Currently Staging) [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (23) | (email story)

September 15, 2011

'08 Apples To Apples And On The Courthouse Steps At One Rincon Hill

Purchased for $717,000 in February 2008 with a first mortgage for $417,000, a second for $264,150, and $35,850 (5 percent) down, this past April a Notice of Default (NOD) was filed on 425 1st Street #1308 with $14,809 past due.

Postponed last month, in an hour the 755 square foot One Rincon Hill one-bedroom is scheduled to hit the courthouse steps with a published opening bid of $437,793, call it $161,207 (27 percent) less than the current list price of $599,000 for 425 1st Street #808 which was purchased for $616,264 in February 2008 as well.

Three months ago, the Realtor owned 425 1st Street #1408 resold for $605,000 having been purchased for $655,319 in March 2008. Having not been officially listed since October of last year, however, the most recent sale price for #1408 wasn't required to have been reported on the MLS and it wasn't.

∙ Listing: 425 1st Street #808 (1/1) 755 sqft - $599,000 [MLS]
∙ Four More One Rincon Hill ‘04’s Headed For Foreclosure [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (17) | (email story)

September 13, 2011

A Seller’s Pricing (Versus The Market’s Comp) At 410 Jessie

The 2,018 square foot Hales Warehouse (410 Jessie Street) loft #602 has just returned to the market listed for $1,550,000. Purchased for $1,600,000 in July 2007, three months later the 2,018 square foot unit a floor below (410 Jessie #502) sold for $1,400,000.

As plugged-in readers know, 410 Jessie #502 recently resold for $1,300,000. And if a plugged-in tipster is correct, there’s roughly $1,450,000 owed on #602 which might help explain the seller’s pricing versus the market’s recent comp.

∙ Listing: 410 Jessie #602 (2/2) 2,018 sqft - $1,550,000 [MLS]
∙ From Warehouse To Gallery To Upscale Comp At 410 Jessie [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (31) | (email story)

September 12, 2011

Ooh, Ahh...And Now Reduced For The Noe Apple At 1422 Douglass

Purchased for $925,000 in 2007, the single-family Noe Valley home at 1422 Douglass returned to the market two weeks ago listed for $875,000 while noting: "Be prepared to ooh and aah (sic) over this charming Victorian home that packs a big impression."

On Friday, the list price for 1422 Douglass was reduced to $849,000. We’re not sure if that’s an "ooh" or an "ahh," but we do know that's 8 percent ($76,000) below its 2007 sale price on an apples-to-apples basis.

∙ Listing: 1422 Douglass (2/1) 1,050 sqft - $849,000 [1422douglass.com] [MLS]

Posted by socketadmin at 12:00 PM | Permalink | Comments (30) | (email story)

September 9, 2011

2020 Jackson’s Storied Past (And Currently Staging)

Designed by Julius Kraft and built in 1902 by Wells Fargo Bank President Isaias Hellman as a wedding gift for his daughter, 2020 Jackson Street served as the makeshift headquarters of Wells Fargo following San Francisco's great quake and fire in 1906.

A 1991 Decorator Showcase home, details from which remain in the formal dining room and throughout, in 2004 the 10,900 square foot property was purchased for $22,500,000 by the Catherine Schwab Revocable Trust.

Recently emptied, it’s a plugged-in tipster that catches the Arthur McLaughlin trucks coming and going as the property quietly prepares to publicly hit the market with a splash, most likely in a week or two.

UPDATE: It's a plugged-in reader that gets the credit for discovering a treasure trove of photos from when the property was last on the market. Get 'em while you can.

∙ Isaias W. Hellman [wikipedia.org]

Posted by socketadmin at 11:00 AM | Permalink | Comments (15) | (email story)

September 7, 2011

A Half-Million Dollar Drop For The "Cropped" Victorian On Masonic

As we reported in June with respect to 1499 Masonic:

Purchased for $2,275,000 in 2005, on the market for $2,095,000 in 2010, and asking $1,999,000 for the past two months, the list price for the tightly cropped remodeled Ashbury Heights Victorian at 1499 Masonic has been reduced to $1,895,000.

As a plugged-in reader noted yesterday, the sale of 1499 Masonic has closed escrow with a reported contract price of $1,750,000, twenty-three percent ($525,000) below its 2005 purchase price on an apples-to-apples basis.

And once again, as the house appears from the street in a little less cropped state:

∙ Another Cut For The Apple Crop At 1499 Masonic [SocketSite]
∙ (A) 1499 Masonic Set Back [SocketSite]
∙ Take Two For An Orange On Oak And Bumper Apple Crop On Masonic [SocketSite]

Posted by socketadmin at 7:15 AM | Permalink | Comments (18) | (email story)

September 1, 2011

Four More One Rincon Hill ‘04’s Headed For Foreclosure

Purchased in March 2008 for $566,500 with $509,537 in debt and just $56,963 down, four weeks ago a notice of default was filed on the $417,000 first mortgage behind the purchase of 425 1st Street #2004, a 605 square foot one-bedroom at One Rincon Hill.

Yesterday, in a Hail Mary move that shouldn’t catch any plugged-in readers by surprise, 425 1st Street #2004 hit the MLS listed as a short sale for "$399,000."

Keep in mind that 425 1st Street #1204 is also in pre-foreclosure having been purchased for $575,000 with $517,500 in debt while 425 1st Street #1104 (purchased for $567,244 with $509,950 in debt) and 425 1st Street #2104 (purchased for $587,000 with $557,650 in debt) are both scheduled to hit the courthouse steps this month.

∙ Listing: 425 1st Street #2004 (1/1) 605 sqft – “$399,000” (short sale) [MLS]
∙ 2008 Versus 2011 At ORH With Some Courthouse Steps In Between [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (28) | (email story)

August 31, 2011

The Rather Short Sale On Sotelo (That Took A Rather Long Time)

As we wrote about 56 Sotelo this past March:

It’s been ten months since 56 Sotelo Avenue first hit the market asking $1,995,000 having been purchased for $1,900,000 in 2007 and then remodeled incorporating new wrought iron gates imported from South America amongst other updates.

Relisted, reduced a few times and eventually listed as a short sale for "$1,599,000," the listing for 56 Sotelo was withdrawn from the MLS on Monday despite having been in contract since mid-February according to the MLS.

Don’t fret if your "fussiest clients" never had a chance to see it, however, for the next day 56 Sotelo was listed anew with a new brokerage at $1,835,000 and an official "Days on the Market" count of one.

Yesterday, the sale of 56 Sotelo closed escrow with a reported contract price of $1,470,000, twenty-three percent ($430,000) below its pre-remodeled sale price recorded in 2007.

∙ 56 Sotelo Shortly Returns A Little Less Short [SocketSite]
∙ There Were Bids For The Before Will There Be Bids For The After? [SocketSite]
∙ No Bids So A New Listing And (Another) Reduction Up On Sotelo [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (14) | (email story)

August 30, 2011

The Sale Price For Smitty Number Three

As we reported in June:

Converted in the year 2000 by Bay Area architects Abrams & Milliken, the largest of three units within the former Smitty Knitting Factory building at 75 Lansing Street hit the market in 2006 listed with 4,000 square feet for $2,995,000 and sold for $2,800,000.

With Venetian plaster, windows galore, and 20 foot ceilings atop; mahogany bookshelves in the library; and a kitchen designed by Pacassa Studios, the unit returned to the market in 2008 listed with 3,298 square feet for $3,850,000 and sold for $3,500,000.

75 Lansing #3 is back on the market today listed for $3,250,000 without any square footage. The agent's notes for other agents does, however, note 3,100 square feet. And tax records suggest it's 3,132.

The sale of 75 Lansing #3 has closed escrow with a reported contract price of $3,250,000, at asking but 7 percent under its 2008 value on an apples-to-apples basis.

∙ Smitten For The Smitty (And Its Incredible Shrinking Square Feet) [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (4) | (email story)

August 29, 2011

Apples-To-Apples (And Wood) In The Inner Sunset: 1383 11th Avenue

The new kitchen and half bath at the bottom of the stairs were slotted in to the well kept old Edwardian in the year 2000, shortly after being purchased for $550,000.

Six years later, the three-bedroom home traded for $1,000,000 in late 2006. And as a tipster notes, 1383 11th Avenue is now back on the market and listed for $1,099,000.

∙ Listing: 1383 11th Avenue (3/2.5) 1,848 sqft - $1,099,000 [MLS]

Posted by socketadmin at 8:30 AM | Permalink | Comments (15) | (email story)

August 26, 2011

The Gutterson Designed Kitchen Was Gutted A Decade Ago

The Henry Gutterson designed home at 1495 Monterey Boulevard was purchased for $1,200,000 in 2001 at which point its original kitchen was demolished and rebuilt.

Soon thereafter, the English Tudor home sold for $1,528,000 in June of 2002. In 2006 a permit to expand up and out was approved but then cancelled in 2009.

And now after a nine year apples-to-apples hold, the St. Francis Wood three-bedroom home is back on the market and listed for $1,395,000 (9% below its 2002 purchase price).

∙ Listing: 1495 Monterey Boulevard (3/2) - $1,395,000 [MLS]

Posted by socketadmin at 10:30 AM | Permalink | Comments (25) | (email story)

A Forty-Four Percent Hit For 1825 Webster

As we wrote this past May:

Purchased for $1,500,000 in June 2006 with two loans and $225,000 down, a year later a third mortgage for $200,000 was added to the property at 1825 Webster.

Taken back by the bank with no bidders at $1,242,890 this past March, the "prime" Lower Pacific Heights single-family home is now back on the market and listed for $999,900.

Yesterday, the sale of 1825 Webster closed escrow with a reported contract price of $835,000. That's $665,000 (44 percent) below its 2006 sale price which hopefully was never used as a comp (but would have been included in average and median price reports).

∙ From $225,000 To $25,000 "Down" And Bank-Owned At 1825 Webster [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (18) | (email story)

August 24, 2011

The Penthouse Atop 540 Delancey Completes Its Two Year Trip

As we wrote about the Cape Horn Lofts building at 540 Delancey last year:

It was sixteen condos before units #402 and #403 were combined to form a 2,900 square foot unit with over 1,000 square feet of outdoor space. In contract (and so noted) at the time we profiled #401, 540 Delancey #402/3 sold for $3,100,000 in October 2008.

As we added this past June:

Listed for $3,295,000 at the end of 2009, and then for $2,995,000 last June, the Cape Horn penthouse unit known as #402/403 is back on the market and asking $2,899,000.

And as a plugged-in tipster notes today, the sale of 540 Delancey #402/403 closed escrow yesterday with a reported contract price of $3,000,000, an official $101,000 (3.5 percent) over asking but $100,000 (3.2 percent) below October 2008.

∙ 540 Delancey #402/403 Comes Back Around (At) The Cape Horn [SocketSite]
∙ Cape Horn Lofts (540 Delancey) In General, And #401 In Specific [SocketSite]
∙ Back Around The Cape (Horn Lofts Penthouse) [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (2) | (email story)

Capital Preservation Versus Cash Flow At 310 Townsend

Last listed as a short sale for $410,000 following twelve price changes and relistings since March of last year, and having been purchased for $640,000 in 2007, 310 Townsend #309 is back in contract for the fifth time. The unit remains scheduled to hit the courthouse steps in two weeks with $516,043 owed on a first mortgage and $69,240 in other debt.

At the same time, 310 Townsend #408 has just hit the market listed as a short sale for $425,000 having been purchased for $665,000 in 2007 as well. From the listing: "Currently tenant occupied, the condo commands $3100 per month in rent, making it an excellent investment vehicle for cash flow." Of course, there's also capital preservation to consider.

∙ Listing: 310 Townsend #408 (1/1) 803 sqft - $425,000 (short sale) [MLS]
∙ Shorter Still For 310 Townsend From The Beginning To End Of 2010? [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (8) | (email story)

August 23, 2011

3208 Pierce: Foreclosure Redux And Apples To Apples Reduction

While the courthouse sale of 3208 Pierce Street #407 has once again been postponed (now scheduled for September 23), today the list price for 3208 Pierce #102 was reduced to $995,000. The 1,277 square foot #102 had been listed at $1,085,000 for the past 39 days having been purchased for $1,200,000 in June 2007.

∙ Listing: 3208 Pierce #102 (2/2.5) 1,277 sqft - $995,000 [3208pierce102.com] [MLS]
∙ Apples To Apples (And Foreclosure) At 3208 Pierce In The Marina [SocketSite]

Posted by socketadmin at 5:15 PM | Permalink | Comments (13) | (email story)

August 22, 2011

Is It Time To Believe At The Brannan?

From the listing when 229 Brannan Street #9J sold for $1,230,000 in September 2006:

Wrapped in luxury, this 2bed, 2 bath unit is a sanctuary in the sky...This is San Francisco living at its finest!

As plugged-in people know, the 1,412 square foot unit at The Brannan was taken back by the bank a year ago with $1,113,492 owed.

This weekend the two-bedroom returned to the market listed for $919,000. In 2004 the "Unbelievable" unit (per its listing at the time) sold for $980,000. Believe it.

∙ Listing: 229 Brannan #9J (2/2) 1,412 sqft - $919,000 [MLS]
∙ Up (And Down) Atop The Brannan: 229 Brannan #17J [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (12) | (email story)

August 18, 2011

A Double Apple Closes On Caselli, What Does This Mean?

Purchased for $1,515,000 in August 2005, it was a plugged-in tipster that noted the sale of 226 Caselli for $1,420,500 back in November 2007.

Having been slightly updated since, 226 Caselli Avenue returned to the market this past June listed for $1,399,000 at which point our plugged-in tipster weighed back in:

We are still real estate bears. In fact, we do not think the market has hit the bottom yet...which makes me happy that we still have jobs which will keep us in San Francisco for at least the next ten years.

In spite of being real estate bears, we still love being homeowners and are (embarrassingly so) completely in love with our house. [And] we are still huge fans of SocketSite.

Thanks for keeping it real...even back in 2007, when it wasn't fashionable to do so!

Yesterday, the resale of 226 Caselli closed escrow with a reported contract price of $1,350,000, down 5% ($70,500) from its 2007 sale, 11% ($165,000) below 2005.

∙ Single-Family Apples To Apples (And A Reader’s Perspective) [SocketSite]
∙ Apples To Apples To Apples (And Tipster To Tipster) On Caselli [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (8) | (email story)

August 16, 2011

The Force Was Strong With This One

As we first wrote last month:

Built in 1921 but smartly updated since, and having last traded for $3,950,000 in 2002 when the Hearsts sold the property to the Marcia Lucas Living Trust, 2440 Vallejo has returned to the market asking $4,750,000 for the five bedroom home.

The sale of 2440 Vallejo closed escrow today with a reported contract price of $5,250,000.

∙ In A San Francisco Neighborhood Not So Far Away… [SocketSite]

Posted by socketadmin at 7:00 PM | Permalink | Comments (8) | (email story)

Extensively Upgraded And...Then Discounted 29 Percent

Having been "extensively upgraded" with hand milled woodwork, built-ins and flooring since purchased for $841,500 six years ago, the corner Beacon two-bedroom known as 250 King Street #430 is back on the market listed for "$599,000" as a short sale today.

No mention of being pre-approved, but a successful purchase at asking would represent a savings $242,500 versus 2005 (not accounting for the value of the upgrades) and a comp at $448 per square foot.

And yes, the seller is currently in default on a first mortgage for $630,918 being $29,721 past due as of last month. A second for $52,500 also exists.

∙ Listing: 250 King Street #430 (2/2) 1,338 sqft - $599,000 (short sale) [MLS]

Posted by socketadmin at 10:45 AM | Permalink | Comments (65) | (email story)

No Shortage Of Short Sales At The Chateau

As the 785 Square foot number 409 at 2701 Van Ness hits the market listed as a short sale for "$525,000," the 768 square foot number 711 just went into escrow as a short sale having been purchased for $671,000 in 2006, listed for $599,000 this past February, and then reduced from $499,000 to $449,000 in July before securing a contract.

From the listing: "Huge closet off the living room large enough to be used as an office or to store all kinds of sports equipment and boxes." Or perhaps, even a baby.

∙ Listing: 2701 Van Ness Avenue (1/1) 768 sqft - $449,000 [MLS]
∙ A Two Year Show And Tell (And Short Sale) At The Marina Chateau [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (1) | (email story)

August 15, 2011

Hot Or Not: Two Three-Year Apples A Block Apart On Twentieth

While the asking price for 2405 Folsom #1 has been reduced to $1,210,000 (roughly 105 percent of its April 2008 purchase price), a reader notes that a block away the penthouse atop 3354 20th Street has hit the market listed for $1,499,000, twenty (20) percent over its purchase price of $1,245,000 in March 2008.

Keep in mind that while the median recorded sales price for condos in the area increased 10 percent from 2008 to 2010 (from $685,000 to $755,000), the median price per square foot actually fell 5 percent (from $640 to $610). Unfortunately we don't have the "apples-to-apples" numbers for 2011 to date.

∙ Listing: 3354 20th Street #302 (3/3) 2,600 sqft - $1,499,000 [MLS]
∙ From "Luxe" To "Luxury" For A Mission Apple On The Tree [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (5) | (email story)

A Two Year Show And Tell (And Short Sale) At The Marina Chateau

Purchased for $639,000 in early 2009 after which the kitchen was completely remodeled and an electrical subpanel moved, the 785 square foot number 409 in the Marina Chateau at 2701 Van Ness Avenue returned to the market in late 2010 asking $649,999.

Withdrawn from the market a month later having failed to find a buyer, the one-bedroom has now returned to the market listed for "$525,000" as a short sale but without any mention of being pre-approved at that price (and "no longer staged").

And no, that's not the official bedroom above.

∙ Listing: 2701 Van Ness Avenue #409 (1/1) 785 sqft – “$525,000” (short sale) [MLS]

Posted by socketadmin at 8:30 AM | Permalink | Comments (4) | (email story)

August 12, 2011

350 Valley Redux: Renting Selling The Whole Remodeled Noe Home

Following a "ground up" remodel in 2002, the single-family home at 350 Valley sold for $1,135,000 and then again for $1,230,000 just fifteen months later in December 2003.

In late 2009 the three-bedroom returned to the market asking $1,620,000 before being reduced to $1,499,000 and then withdrawn from the MLS at the end of that year.

In early 2010 the property was first offered for rent at $5,800 a month before being listed anew, last asking $1,429,000 before being withdrawn from the market that April.

Today, the Noe Valley home was listed for $1,395,000 with transfer of possession at close of escrow (i.e., no tenants in place).

∙ Listing: 350 Valley (3/2.5) 1,819 sqft - $1,395,000 [MLS]
∙ Renting The Whole Remodeled Noe Home For Under Six (Asking) [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (19) | (email story)

Wow Indeed As 21 Villa Terrace Tries Again

As we wrote about 21 Villa Terrace in April 2010:

Eighteen foot ceilings over the living room, dining "room," kitchen and entry; big views from the windows and decks; and four bedrooms and four and one-half baths over four thousand plus square feet.

Listed for $3,350,000 in February 2009 before being withdrawn at $2,950,000 in June, five days ago 21 Villa Terrace re-joined the contemporary Clarendon Heights listed fray of five active and available homes asking over two million with a new new list price of $2,795,000.

The home was purchased for $1,900,000 in July 2003 having sold as new for $2,125,000 in March 2001.

Today, 21 Villa Terrace is back on the market and listed for $2,195,000.

∙ Listing: 21 Villa Terrace (4/4.5) 4,174 sqft - $2,195,000 [MLS]
∙ 21 Villa Terrace (Re)Joins The Clarendon Heights Contemporary Fray [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (28) | (email story)

August 10, 2011

Up, Up, Up (And Down) Atop 900 Bush

In August of 1997 it sold for $449,000. In April of 2000 for $728,000. In July of 2003 for $779,000. And in May of 2007 it sold for $950,000.

Yes, up, up, up despite the series of short term holds.

Unsuccessfully listed and relisted six times since, penthouse number five atop 900 Bush Street has returned to the market as a short sale listed for "$700,000" with floor to ceiling living room windows, big views, and 1,077 square feet according to an old listing or two.

∙ Listing: 900 Bush Street PH5 (2/2) 1,077 sqft – "$700,000" (short sale) [MLS]

Posted by socketadmin at 8:45 AM | Permalink | Comments (20) | (email story)

August 8, 2011

Year-Over-Year On Second

As we wrote in March of 2010:

Purchased new for $665,000 in the year 2000, 246 2nd Street #806 is back on the market in 2010 asking $658,000. See silly rabbits (or perhaps "bears"), prices really haven’t fallen that much at all. And bank-owned sales are obviously irrelevant when it comes to comps.

The sale of 246 2nd Street #806 closed escrow in May 2010 with a reported contract price of $650,000 (2 percent below its year 2000 sale). And as a plugged-in reader notes, the 1,101 square foot condo is now back on the market and listed for $738,000 in 2011.

∙ Listing: 246 2nd Street #806 (2/2) 1,101 sqft - $738,000 [MLS]
∙ A Nine Year "Push" To Be For A Two-Bedroom At 246 2nd Street? [SocketSite]
∙ Another Non-Comp Comp Closes At 246 2nd Street (#1003) [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (15) | (email story)

They’re Still Recording Hits Up On Nob Hill

As we first reported with respect to Gramercy Towers this past November:

We doubt it will sell at asking, but if it does it might as well be a plugged-in person who picks it up. Purchased for $698,000 in June 2007, taken back by the bank "mid-remodel" last month, and now listed for $389,900, 1177 California #512 is a 1,056 square foot Gramercy Towers one-bedroom atop Nob Hill.

Keep in mind the 411 square foot Gramercy Towers studio #203 is currently in contract as a "short sale" having most recently been listed for "$299,000" and purchased for $362,000 in January 2008.

As plugged-in people know, the sale of 1177 #512 California Closed escrow with a reported contract price of $408,000 in December, down 42 percent ($290,000) versus 2007.

And on Friday, the sale of 1177 California #203 closed escrow with a reported contract price $265,000, down 27 percent ($97,000) versus 2008.

UPDATE: As a plugged-in reader notes, there appears to be more distress on the way at 1177 California as at least six other units are currently scheduled to be sold on the courthouse steps and at least two others on their way.

∙ Sure, SoMa Condos Have Taken A Hit, But This Is Nob Hill [SocketSite]
∙ A Hit And Run Reduction On Nob Hill [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (5) | (email story)

August 5, 2011

Curb Appeal On Cayuga (And An Apple To Boot)

Purchased for $759,000 in 2006, the rather well kept Mission Terrace home at 769 Cayuga Avenue has returned to the market listed for $649,000 ($545 per square foot) in 2011.

Yes, only one bath, but with what would appear to be room for potential expansion down.

∙ Listing: 769 Cayuga Avenue (2/1) 1,190 sqft - $649,000 [769cayuga.com] [MLS]

Posted by socketadmin at 8:00 PM | Permalink | Comments (11) | (email story)

111 Hoffman Returns For The Third (Or Fourth) Time In Six Years

As we reported in February 2010:

Purchased for $2,100,000 at the end of August 2005, 111 Hoffman ended up being taken back by the bank in September 2009 without an opening bid of $1,533,000 on the courthouse steps. It then returned to the market in December asking $1,469,250.

This past Friday, the sale of the Noe Valley single-family home closed escrow for a reported $1,500,000 ($566 per square foot), 3% over asking but 29% under its sale price in 2005.

Back on the market listed for $1,800,000 and touting "[a] rare opportunity to own a fabulous view home in one of the most desirable neighborhoods in San Francisco."

As a plugged-in reader notes, that would be the third rare opportunity in six years, the fourth if you count the foreclosure of which plugged-in people were well aware.

∙ Listing: 111 Hoffman (5/3) 2,650 sqft - $1,800,000 [MLS]
∙ 111 Hoffman Closes Over Asking But 29 Percent Under Its 2005 Price [SocketSite]
∙ Another Bank-Owned Multi-Million Dollar (In 2005) Noe Valley House [SocketSite]
∙ Bank Owned In Noe: Is There (Another) Doctor In the House? [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (2) | (email story)

August 4, 2011

Being The Heublein Building In General, And #323 In Specific

As we wrote about the Heublein Building in 2007:

In 1991, Holliday Development brought 88 live/work lofts in the converted Heublein Building (601 4th Street) to market. The conversion of the former wine distributorship marked San Francisco’s first commercial-turned-residential development (predating two other Holliday developments: ClockTower Lofts and 355 Bryant).

According to Holliday, "[d]espite the pending recession…we took reservations on all 88 units in one day." (At an average price of $285,000 per loft; and with an average size per loft of 1,360 square feet.) Ah, the good old days.

Purchased for $1,525,000 in May 2006, the 1,930 square foot top floor corner condo known as 601 4th Street #323 has returned to the market in 2011 listed for $1,499,000.

And with a "hidden media room" perfect for a screening of Being John Malkovich.

Now speaking of a pending recession...

∙ Listing: 601 4th Street #323 (2/2) 1,930 sqft - $1,499,000 [MLS]
∙ The Heublein Building Lofts (601 4th Street) [SocketSite]
∙ The ClockTower Lofts (461 2nd Street) [SocketSite]
∙ The Live/Work Lofts Of 355 Bryant [SocketSite]
∙ Make That 75 Percent [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (12) | (email story)

A Quintessential Return To The Year 2007?

As we wrote last month:

The "quintessential peaked roof Victorian home" at 4027 Cesar Chavez over in Noe Valley was remodeled, "expanded & opened to a fabulous garden" in 1999 having been purchased for $415,000 in 1994.

Listed for $1,749,000 in May 2007, it sold for $1,650,000 that June.

It’s now four years later and the quintessential Noe Valley home is back on the market and listed for $1,595,000.

On Monday, the sale of 4027 Cesar Chavez closed escrow with a reported contract price of $1,650,000 ($776 per square foot).

∙ A Quintessential Noe Valley Victorian On Our Apple Tree [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (69) | (email story)

August 3, 2011

Psst! It’s Now Bank-Owned (And The Other Is In Default)

Purchased for $1,329,000 in March 2008 with $140,800 (11%) down and currently listed as "Active" on the MLS with a list price of $1,385,000, last week the Noe Valley home at 865 Duncan was taken back by the bank with no bidders willing to pay $1,152,387 in cash on the courthouse steps. Someone might want to alert the Realtors.

Speaking of bank activity on Duncan, as a plugged-in reader noted last month, a notice of default (NOD) has been filed on 728 Duncan with $39,816.09 past due as of the end of June. An auction, however, has yet to be scheduled.

As always, we’ll keep you plugged-in.

∙ Listing: 865 Duncan (4/3) 2,159 sqft - $1,385,000 [MLS]
∙ 728 Duncan Returns Less Its "Cool" Tag (And Another $145,000) [SocketSite]

Posted by socketadmin at 3:15 PM | Permalink | Comments (3) | (email story)

August 2, 2011

On The Rocks At 44 Rockaway

Purchased for $1,272,000 in 2007, and having sold three years before for $1,088,000, the rather well kept and updated Forest Hill Extension home at 44 Rockaway Avenue returned to the market this past February listed as a short sale for $989,000.

As a plugged-in tipster notes, the three-bedroom Spanish Mediterranean home has been in and out of contract twice since, and the listing now notes a previously approved short sale price of $995,000, twenty-two (22) percent ($277,000) below its 2007 sale price.

And yes, there’s a bidet (along with Cararra marble) in the lower (unwarranted) bath.

∙ Listing: 44 Rockaway Avenue (3/2) - $965,000 (short sale) [MLS]

Posted by socketadmin at 8:30 AM | Permalink | Comments (23) | (email story)

August 1, 2011

The Confirmed Confidential Sale Price For 526 Duncan

As we first reported two weeks ago:

While you won’t find any record of the sale on the MLS, we’ve been told the agents involved were required to sign non-disclosure agreements (NDAs), and a blind entity (the "526 Duncan, LLC") was employed to quietly make the purchase, we’re pegging the new owner of 526 Duncan as a former Facebook engineer turned angel investor.

While we can’t yet confirm the sale price, we can report the purchase was financed with a first mortgage for $3,240,000 and line of credit for up to $1,000,000 more.

As plugged-in readers might recall, the seller was a former Google engineer who paid $5,300,000 in cash for the property known as the "the T House" in 2005 and was quietly asking $6,400,000 for the property today.

And as a plugged-in reader correctly notes, we can now confirm the sale price at $6,100,000, a bit below asking but 15 percent over its 2005 all cash sale.

∙ The House Google Facebook Bought: 526 Duncan [SocketSite] 
∙ 526 Duncan (The Noe Valley "T House") Quietly Hits The Market [SocketSite]
∙ Ogrydziak/Prillinger Architects: The T House [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (11) | (email story)

July 28, 2011

Off The Courthouse Steps But Back To 2003 For 170 Guerrero #F

As we reported in May:

One of ten Donald MacDonald designed petit townhomes that comprise the Clinton Mews urban infill development off Guerrero, 170 Guerrero Street #F was purchased for $507,000 in November 2003.

Refinanced in June of 2007 with a first for $517,500 and a second for $130,000, as of this past November the first mortgage was $43,976 past due and the home is currently scheduled to hit the courthouse steps in a month.

In the meantime, 170 Guerrero #F has been listed for $568,000 as a short sale.

Avoiding a courthouse steps sale rescheduled for tomorrow, it would appear as though the short sale of 170 Guerrero #F closed escrow yesterday with a reported contract price of $503,000 versus $507,000 in 2003 (or $647,500 in debt for which the property would have had to appraise in 2007).

∙ On This Farm He Had A Short Sale (And Foreclosure In The Works) [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (7) | (email story)

A Sour Sale For The Stunning Pacific Heights Apple At 2679 California

The sale of the "beautifully remodeled" and "stunning Pacific Heights Victorian home" at 2679 California closed escrow yesterday with a reported contract price of $2,335,000.

As previously reported, the property was purchased for $3,005,000 in April 2008 having sold for $2,850,000 in 2005. Call it a 22 percent ($670,000) apple-to-apples drop in value since 2008 and 18 percent ($515,000) below 2005.

∙ Apples To Apples To Apples At 2679 California [SocketSite]
∙ Apples to Apples: Pacific Heights Single-Family (2679 California) [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (30) | (email story)

July 27, 2011

Take Two (Or Three) In The Marina And Call Us In Another Five Years

Purchased for $1,575,000 in March of 2006, the Marina District duplex at 3561-3563 Pierce returned to the Market this past February listed for $1,650,000, it also includes a "permits unknown" garden (or garage) one-bedroom that’s rented for $1,274 per month.

Reduced seven (7) times since, and having been refinanced in 2007 with $1,456,000 in debt (versus $1,256,250 at the time of purchase), the property has been listed as a "short sale" at $1,485,000 for the past three weeks.

Keep in mind that three months ago, two months after being listed, a notice of default was filed on the property with $87,042 then past due on its $1,274,000 first (mortgage).

∙ Listing: 3561-3563 Pierce (2 x 2/1 + 1/1) - $1,485,000 (short sale) [MLS]

Posted by socketadmin at 9:00 AM | Permalink | Comments (14) | (email story)

July 26, 2011

Remodeled Apples-To-Apples On 16th Avenue (2321)

Listed as a "pristine, fully detached, beautifully and tastefully remodeled Spanish / Mediteranean (sic) style home in a Great Location" for $749,000 in February 2003, the Inner Parkside home at 2321 16th Avenue sold for $800,000 that April and refinanced with $860,000 in debt three years later (November 2006).

Taken back by the bank with no bidders at $675,750 cash on the courthouse steps last August, the home is back on the market and listed for $720,000 with "special financing & incentives available," ten (10) percent under 2003 on an apples-to-apples basis.

According to the selling agent-owner in 2003 when listed with 2,100 square feet, the "rooms down [are] unwarranted." According to the listing today at 1,575 square feet, there’s an "InLaw (w/ some [unwarranted] work)."

∙ Listing: 2321 16th Avenue (4/2) 1,575 sqft - $720,000 [MLS]

Posted by socketadmin at 1:00 PM | Permalink | Comments (2) | (email story)

July 25, 2011

Apples-To-Apples-To-Apples-To-Apples 1470 Noe Closes Down

As we first wrote in June:

As plugged-in people know, Moises Alou paid $1,875,000 for the rebuilt house at 1470 Noe in March 2005 and sold it for $1,865,000 in January 2007. Two years after that the contemporary Noe home traded for $1,850,000 in March 2009.

And yes, 1470 Noe is now back on the market two years later and listed for $1,849,000.

Assuming a sale at asking, approximately $370,000 worth of brokerage commissions will have been generated from buying and selling 1470 Noe over the past six years (while the value of 1470 Noe itself would be $26,000 less).

The sale of 1470 Noe closed escrow on Friday with a reported contract price of $1,800,000. Make that $369,500 in commissions paid over the past six years while the value of the Noe home has fallen $75,000 (4 percent), down $50,000 (3 percent) since 2009.

∙ Apples To Apples To Apples To Apples At 1470 Noe [SocketSite]
∙ Another On Noe (1470 Noe Street) [SocketSite]
∙ 1470 Noe Closes For 100% Of Asking (But $25,000 Less Than In 2005) [SocketSite]
∙ 1470 Noe Steps Back Up To The Plate (And A Plugged-In Peek Inside) [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (23) | (email story)

July 22, 2011

Apples To Apples (And Foreclosure) At 3208 Pierce In The Marina

As we first reported in January:

As plugged-in people might recall, while the Marina development at 3208 Pierce hit the market in 2007 with printed marketing materials touting "SOLD" for unit #407, the unit quietly hit the MLS listed for $1,279,000 once the rest of the building was in contract.

The two-bedroom condo ended up selling for $1,249,000 that October by way of a first mortgage for $999,200. A month later a second for $80,000 was added and a third for $124,000 the month after that. Call it a 96 percent Loan to Value ratio for the property within two months of purchase and at the end of 2007.

So why do we mention it now? Well, while the original notice of default was filed in November 2009, and the notice of trustee sale was finally filed a year later, the December 2010 auction being postponed due to the million dollar condo buyer's bankruptcy but the property is currently scheduled to hit the courthouse steps again in a week.

Postponed a few times since, 3208 Pierce Street #407 is once again scheduled to hit the courthouse steps this afternoon. At the same time, 3208 Pierce #102 has hit the market listed for $1,085,000 having been purchased for $1,200,000 in June of 2007.

∙ Listing: 3208 Pierce #102 (2/2.5) 1,277 sqft - $1,085,000 [3208pierce102.com] [MLS]
∙ From "Sold" To Actually Sold To Facing Foreclosure At 3208 Pierce [SocketSite]
∙ 3208 Pierce: New Website And Photo Gallery [SocketSite]
∙ Another Chance To Buy In The "Sold Out" 3208 Pierce [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (10) | (email story)

July 19, 2011

From $900K In 2003 To $915K Today (And $1,190K In Debt Between)

Purchased for $900,000 in 2003 but refinanced with a $990,000 first in February 2006 and a second for $200,000 four months later, 111 Day Street was taken back by JP Morgan Chase Bank this past March with no bidders at $931,980 cash on the courthouse steps.

The single-family Victorian "in [an] unbeatable Noe Valley location" is now back on the market and listed for $915,000 with the ability to finance (and refinance) once again.

∙ Listing: 111 Day Street (3/2.5) 1,585 sqft - $915,000 [MLS]

Posted by socketadmin at 10:00 AM | Permalink | Comments (18) | (email story)

July 18, 2011

728 Duncan Returns Less Its "Cool" Tag (And Another $145,000)

As we wrote a year ago last month:

Listed for $2,550,000 in March, the list price for the self described "Noe Valley modern cool" home at 728 Duncan was reduced to $2,385,000 in April, and just a few minutes ago it was further reduced to $2,295,000.

Once again, the single-family Noe home was purchased for $2,475,000 in August 2007 according to the MLS (although tax records suggest a contract price closer to $2,448,000).

Withdrawn from the market without a sale in 2010, the Noe Valley home has returned to the market in 2011 listed for $2,150,000, twelve percent below its 2007 purchase price.

∙ Listing: 728 Duncan (4/3.5) - $2,150,000 [MLS]
∙ A Cool $165,000 $255,000 Off At 728 Duncan [SocketSite]
∙ Apples To Apples For A Hip "Cool" Noe Home: 728 Duncan [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (25) | (email story)

July 15, 2011

Green Apples-To-Apples At 520 Clipper

We liked it in 2006 when the John Maniscalco designed Noe property at 520 Clipper sold for $2,150,000. And now, five years later, what was then billed as the "Greenest Home in San Francisco" is back on the market and listed for $2,075,000.

∙ Listing: 520 Clipper (4/4) 2,580 sqft - $2,075,000 [clipperviews.com] [MLS]
∙ The Greenest Home In San Francisco [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (0) | (email story)

Six Percent Over Two Thousand And Six For 112 Mallorca Way

The sale of 112 Mallorca Way closed escrow yesterday with a reported contract price of $3,479,000 ($745 per square foot), 6 percent ($204,000) over its August 2006 purchase price of $3,275,000 for the Marina District two-unit property.

∙ 112 Mallorca Way Count Down (And Possibly Up) [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (21) | (email story)

July 14, 2011

From Foreclosure To Foreclosures At 333 Grant Avenue

Designed by Coxhead and Coxhead and built in 1908, the former headquarters of the Home Telephone Company at 333 Grant Avenue was converted to condos in 2004 having been foreclosed upon in 2002.

One of 39 post-conversion condos and a Below Market Rate (BMR) unit as designated by the Mayor's Office of housing, 333 Grant Avenue #405 was purchased for $234,000 in November 2004 with $263,218 in loans to which a note for $25,000 was added in 2008.

In 2009, the 441 square foot studio was taken back by the bank. Unsuccessfully listed in 2009 and 2010, 333 Grant Avenue #405 has just returned to the market asking $140,000.

Another of the 39 units and not a BMR, 333 Grant Avenue #303 sold for $405,000 in 2004 and then for $550,000 in 2005, purchased by way of a $439,999 first mortgage to which a second for $166,380 was added in 2006.

Last month #303 was taken back by the bank with no bidders at $377,550 in cash on the courthouse steps.

∙ Listing: 333 Grant Avenue #405 (0/1) 441 sqft - $140,000 (BMR) [Redfin]
∙ A Bank-Owned BMR (No, Not BMW) In Pacific Heights [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (35) | (email story)

July 13, 2011

1581 Masonic Moves Even Faster Than Our Ex-Mayor

As a plugged-in reader notes, the sale of the ex-Mayor’s ex-home at 1581 Masonic closed escrow today with a reported contract price $2,750,000. As plugged-in people know, the Newsoms purchased the property $2,738,000 in 2009.

That's an official six days between being listed and having sold "at asking" according to industry stats. No official word on whether or not the buyer had already been lined up prior to being listed, however, as the property had been quietly marketed off the MLS.

∙ The Newsoms' Home At 1581 Masonic Hits The Market [SocketSite]
∙ The Mayor’s "Confidential" Contract Price: 8% Under Reduced Asking [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (8) | (email story)

July 8, 2011

Park Terrace: From New Condo Smell To Litigation Discount For #301

Listed for $899,000 this past May having been purchased for $1,181,000 in August 2007, the sale of 325 Berry #301 has closed escrow with a reported contract price of $845,000 ($671 per square foot), 28 percent below its year 2007 price with a bit of new building litigation hanging over its head.

As we wrote in January 2008 when the sales office at Park Terrace launched a "step-up commission program" targeting buyers’ agents: "It’s no longer only the townhomes at Park Terrace which will garner brokers an increased sales commission...And it’s a good reminder to ask, is your agent working for you or selling for the developer?"

∙ Hopefully You Didn’t Step In It At Park Terrace (325 Berry) Before [SocketSite]
∙ Your Agent Might See Value, But Be Sure To Ask For Whom [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (0) | (email story)

The Newsoms' Home At 1581 Masonic Hits The Market

As we first reported in 2009, while the sales price of the then Mayor’s new abode at 1581 Masonic was reported on the MLS as "confidential," it was a plugged-in tipster that tipped us off to the $2,738,000 contract price of the District 5 home which had been listed for $2,980,000 (the number which would have been used for MLS based stats).

As a prescient plugged-in reader wrote at the time:

I bet if he loses the governor's primary or the actual race, within six months he will be back in his natural habitat, well north of California Street, or perhaps in Marin. This neighborhood is purely a political decision.

With the Newsoms now moving to Marin, their 3,051 square foot home on Masonic has hit the market listed for $2,750,000.

∙ Listing: 1581 Masonic (4/3.5) 3,051 sqft - $2,750,000 [obeo.com] [MLS]
∙ The Mayor’s "Confidential" Contract Price: 8% Under Reduced Asking [SocketSite]
∙ The Mayor Moves To (Real Estate) District Five [SocketSite]
∙ A Political Move [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (12) | (email story)

July 7, 2011

Apples To Apples With "Easy Freeway Access" On Oak

As we first reported in January:

It's definitely on a busy street (or "easy freeway access" as would have been sold as a pro rather than a con), but it’s no busier and arguably more gentrified (hello alpha) than in August 2007 when purchased for $1,150,000.

Taken back by the bank this past September, the Haight Ashbury home at 1419 Oak with wood detailing (and granite) inside is back on the market and asking $919,900.

A sale at asking would represent a 20 percent ($230,100) drop below the 2007 value of the home, a bigger swing if you account for any appreciation in between.

The sale of 1419 Oak Street has since closed escrow with a reported contract price of $825,000, twenty-eight (28) percent ($325,000) below its year 2007 sale price.

∙ Busy Street (But Even Slower Market) [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (15) | (email story)

July 6, 2011

Odeon Penthouse Avoids Foreclosure (But Not A Big Loss)

As we wrote in November 2009 with respect to the Odeon at 181 O’Farrell:

And then there’s the penthouse (#513) which was purchased for $2,000,000 in March 2007. An attempt to sell it off as a fractional over the past two years failed and it’s been the market as a whole for the past 172 days. Originally asking $2,349,000, it’s been three months at $2,099,000 with an owner that "says make an offer!!"

Relisted anew in February 2010 asking $1,899,000 and then this past September asking $1,725,000, the sale of the 2,516 square foot Odeon penthouse known as 181 O’Farrell Street #513 has closed escrow with a reported contract price of $1,450,000, 27.5 percent ($550,000) below its 2007 sale.

As a plugged-in reader had noted, a notice of default was filed on the property in November with $38,567 past due on a $1,400,000 first mortgage (there was a seond for $200,000 as well) and the property was scheduled to hit the courthouse steps this Friday.

And yes, while it’s "apples-to-apples" in terms of the property and its past two sales, as plugged-in people know, the streetscape in front of the building is being improved.

∙ Oh My (And Bank Owned) At The Odeon On O’Farrell [SocketSite]
∙ On Tour As New Déjà Vu: Odeon Penthouse (181 O’Farrell #513) [SocketSite]
∙ Top Floor Sir, Going Down (181 O’Farrell #513) [SocketSite]
∙ Powell Street Promenade Making Progress [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (3) | (email story)

A Magnificent Mediterranean Marina Home Falls Into Our Apple Cart

As we first wrote about 110 Avila when listed for $2,795,000 this past May:

Last remodeled in 2007 and recently re-roofed, a year ago 110 Avila hit the market in the Marina listed for $2,795,000. It sold for $2,550,000 ($877 per square foot) last June.

Three bedrooms, three and one-half baths, a high-end kitchen and "outdoor spaces galore" with Golden Gate Bridge tower views from its roof deck.

The sale of the "magnificent Mediterranean" single-family Marina District home closed escrow yesterday with a reported contract price of $2,475,000, down 3 percent ($75,000) on a year-over-year and apples-to-apples basis.

∙ Apples-To-Apples And Year-Over-Year At 110 Avila [SocketSite]

Posted by socketadmin at 5:00 AM | Permalink | Comments (13) | (email story)

July 1, 2011

A Quintessential Noe Valley Victorian On Our Apple Tree

The "quintessential peaked roof Victorian home" at 4027 Cesar Chavez over in Noe Valley was remodeled, "expanded & opened to a fabulous garden" in 1999 having been purchased for $415,000 in 1994.

Listed for $1,749,000 in May 2007, it sold for $1,650,000 that June.

It’s now four years later and the quintessential Noe Valley home is back on the market and listed for $1,595,000.

∙ Listing: 4027 Cesar Chavez (4/2.5) - $1,595,000 [MLS]

Posted by socketadmin at 8:00 AM | Permalink | Comments (19) | (email story)

June 30, 2011

Apples To Apples To Apples (And Tipster To Tipster) On Caselli

Purchased for $1,515,000 in August 2005, it was a plugged-in tipster that noted the sale of 226 Caselli for $1,420,500 back in November 2007. As our tipster wrote at the time:

Ironically, as new homeowners on the block (yes, we bought within the past year), you would think that we would be dismayed, or at the very least experiencing extreme denial, about these listings...But before we were homeowners, we were well aware that the SF market might be headed for trouble, and gaining a mortgage and a property tax bill did not suddenly make us grow blinders as well!

We bought a house this year...not because we were trying to 'time the market,' and not because we believed our house's appreciation would beat out our stock market investments, but because it was the right time for *us* (recent job promotion, new baby on the way...all the reasons that normal pre-bubble citizens used to buy houses). We didn't buy our house as an investment...and if the market declines by 10-20% (and I think this is a possibility)...well, we bought for the long-term and intend to stay here at least 5, if not 15, years.

So I do believe that one can be a homeowner AND a rational observer as well, and I bet there are many like-minded readers of [SocketSite].

Having been slightly updated (the floor in the kitchen for example), 226 Caselli is now back on the market in 2011 listed for $1,399,000. And our 2007 tipster weighs back in:

We are still real estate bears. In fact, we do not think the market has hit the bottom yet...which makes me happy that we still have jobs which will keep us in San Francisco for at least the next ten years.

In spite of being real estate bears, we still love being homeowners and are (embarrassingly so) completely in love with our house. [And] we are still huge fans of SocketSite.

Thanks for keeping it real...even back in 2007, when it wasn't fashionable to do so!

Cheers!

∙ Listing: 226 Caselli Avenue (3/2) 1,712 sqft - $1,399,000 [MLS]
∙ Single-Family Apples To Apples (And A Reader’s Perspective) [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (5) | (email story)

June 29, 2011

Smitten For The Smitty (And Its Incredible Shrinking Square Feet)

Converted in the year 2000 by Bay Area architects Abrams & Milliken, the largest of three units within the former Smitty Knitting Factory building at 75 Lansing Street hit the market in 2006 listed with 4,000 square feet for $2,995,000 and sold for $2,800,000.

With Venetian plaster, windows galore, and 20 foot ceilings atop; mahogany bookshelves in the library; and a kitchen designed by Pacassa Studios, the unit returned to the market in 2008 listed with 3,298 square feet for $3,850,000 and sold for $3,500,000.

75 Lansing #3 is back on the market today listed for $3,250,000 without any square footage. The agent's notes for other agents does, however, note 3,100 square feet. And tax records suggest it's 3,132.

∙ Listing: 75 Lansing #3 (3/2.5) – $3,250,000 [MLS]

Posted by socketadmin at 12:30 PM | Permalink | Comments (9) | (email story)

June 27, 2011

The 85 Buena Vista Terrace Over (2000)/Under (2008)

As we wrote in January:

In April 2000 the restored single-family Edwardian at 85 Buena Vista Terrace sold for $1,820,000. In September 2008 it sold for $2,200,000. And in August 2010 it returned to the market with (mis)expectations of $2,595,000, was listed for $2,295,000 in September, and then withdrawn from the market two months later unsold.

Back on the market today with an official "one day" on the market and asking $2,095,000, to which year might a 2011 closing come closest for the Buena Vista home with an "estimated total interior space" (including the garage) of 2,827 square feet?

While the listing was briefly withdrawn from the MLS, the sale 85 Buena Vista Terrace closed escrow this past Thursday with a reported contract price of $1,950,000. Call it 7 percent ($130,000) over its year 2000 sale but 11 percent ($250,000) under 2008.

UPDATE: Unfortunately we can’t even claim a fat finger error, but as a plugged-in reader correctly notes, the most recent sale was $250,000 (11%) under its 2008 price, not $150,000 (7%). But hey, what’s another $100,000 between friends...

∙ 85 Buena Vista Terrace Returns Back Between 2000 And 2008 [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (25) | (email story)

June 24, 2011

A Pair Of Noe Valley Apples (And One Quick Price Change)

Purchased for $1,050,000 in May 2008, the single family home at 1502 Noe hit the market this morning listed for $1,195,000. Shortly thereafter, 16 28th Street hit the market four blocks away listed for $1,095,000 having been purchased for $1,003,000 in May of 2009.

The list price for 1502 Noe was quickly reduced to $1,095,000 as well.

∙ Listing: 1502 Noe (3/1) - $1,095,000 [MLS]
∙ Listing: 16 28th Street (3/2) 1,187 sqft - $1,095,000 [MLS]

Posted by socketadmin at 1:15 PM | Permalink | Comments (9) | (email story)

Alpha, Beta, And The America's Cup

Twenty years ago, 611 Marina Boulevard sold for $1,250,000. Eight years later, the property sold for $1,620,000. And eight years after that, the property returned to the market listed for $3,995,000 and sold for $3,835,500 in 2007.

Unfortunately the next sale will no longer be perfectly apples-to-apples as the first floor was reconfigured and remodeled in 2008, but 611 Marina Boulevard is back on the market as of today listed for $4,800,000.

The listing now touts "front row seating [for] America's Cup events," of course. And the dining room has been painted green.

∙ Listing: 611 Marina Boulevard (4/3) 4,178 sqft - $4,800,000 [MLS]
∙ The $1,500,000 Half Bath On Marina Boulevard [SocketSite]
∙ The Scope Of Development For San Francisco’s First America’s Cup [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (10) | (email story)

Back Around The Cape (Horn Lofts Penthouse)

As we wrote about the Cape Horn Lofts building at 540 Delancey last year:

It was sixteen condos before units #402 and #403 were combined to form a 2,900 square foot unit with over 1,000 square feet of outdoor space. In contract (and so noted) at the time we profiled #401, 540 Delancey #402/3 sold for $3,100,000 in October 2008.

Listed for $3,295,000 at the end of 2009, and then for $2,995,000 last June, the Cape Horn penthouse unit known as #402/403 is back on the market and asking $2,899,000.

∙ Listing: 540 Delancey #402/403 (2/4) - $2,899,000 [MLS] [540delanceypenthouse.com]
∙ 540 Delancey #402/403 Comes Back Around (At) The Cape Horn [SocketSite]
∙ Cape Horn Lofts (540 Delancey) In General, And #401 In Specific [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (6) | (email story)

June 23, 2011

Nice And Naughty On Santa Ana Avenue

The short sale of 355 Santa Ana Avenue closed escrow on Tuesday with a reported contract price of $1,285,000. While the sale was officially "over asking" by 1 percent ($10,000), keep in mind it was also 30 percent ($565,000) below the July 2007 purchase price of $1,850,000 for the Balboa Terrace single-family home.

∙ Another Nice Home On Santa’s Short List (355 Santa Ana) [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (4) | (email story)

June 22, 2011

A Little More Ready To Sell (And Compete) On California

As we wrote in February:

It’s a plugged-in tipster that notes a pair adjacent condos for sale at 3110 California. Purchased in November 2005 for $967,000, this past September 3110 California #2B returned to the market seeking $979,000.

Reduced and relisted a few times since, they’re now asking $849,900 (12 percent below 2005) for the Pacific Heights two-bedroom as the agent notes "seller ready to sell" and offers the "buyer’s agent" a $2,000 bonus for making the sale.

At the same time, 3110 California #2A which was purchased for $1,000,000 in September 2004 hit the market ten days ago listed for $1,200,000 (20 percent over 2004) and seemingly a little less ready to sell the three-bedroom.

The list price for 3110 California #2A has since been reduced four times, now asking $948,000 (5 percent under 2004). 3110 California #2B remains available for $849,900.

∙ Comments: While One Is Ready To Sell A Neighbor Seems A Little Less So [SocketSite]
∙ Listing: 3110 California #2A (3/2) 1,270 sqft - $948,000 [Redfin]
∙ Listing: 3110 California #2B (2/2) 1,059 sqft - $849,900 [MLS]

Posted by socketadmin at 9:30 AM | Permalink | Comments (5) | (email story)

June 20, 2011

Apples-To-Apples And "Over Asking" (But Under 2004) On Lake

As we wrote in February:

Purchased for $1,615,000 in early 2004 having already been renovated, the single-family home at 1738 Lake Street returned to the market last March listed for $2,100,000.

Reduced to $1,950,000 last April, to $1,890,000 last May, and then $1,780,000 last July, the four-bedroom Lake Street home was withdrawn from the market last August.

Back on the market today and listed for "$1,499,000" as a short sale.

The sale of 1738 Lake Street closed escrow on Friday with a reported contract price of $1,500,000 ($504 per square foot), officially "over asking" (by $1,000) but 8 percent under its year 2004 sale price.

∙ Selling Short In 2011 Having Gone Long On Lake In 2004 [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (2) | (email story)

June 17, 2011

Worth The Wait?

As we wrote this past September:

The post-Labor Day parade of previously withdrawn listings has begun. And in a blast from the past, 4545 25th Street has just been listed for $2,595,000.

Purchased for $2,725,000 in November 2007, the Noe Valley home was listed for $2,895,000 in September 2008 before being relisted, reduced to $2,625,000, and then withdrawn from the market in 2009.

It’s currently tenant occupied at $7,800 per month. We'll let you do the math(s).

And as we originally noted in 2008:

Classic exterior, good location, and floor plans online (if you like those kinds of things). And while once touted as a sign of Noe Valley strength (based on its original asking price) and then as a sign of weakness (following its cut), we’ll wait for an actual sale to see.

The sale of 4545 25th Street closed today with possession at close of escrow (i.e., no tenants) and a reported contract price of $2,490,000, roughly 9% ($235,000) below its 2007 value on an apples-to-apples basis.

∙ A Blast From The Past (And Noe Valley Apple) Returns [SocketSite]
∙ An Elegant Noe Valley Apple Still On The Tree: 4545 25th Street [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (5) | (email story)

$430,000 Up In Smoke At 890 De Haro

As we wrote about 890 De Haro this past February:

In 2007 the Potrero Hill home at 890 De Haro sold for $1,350,000. The sale is yet another example of a "winning" offer in San Francisco that was financed with 100 percent debt, a first for $1,080,000 and a second for $270,000. And here you couldn’t understand how you kept getting outbid or what was driving appreciation (less than two years before the property had traded for $1,185,000).

A year later the owner posted a "make me move" price of $1,650,000 which was withdrawn in March 2010, three months after a notice of default was filed with $50,289 past due.

The property was subsequently listed as a short sale for $1,150,000 this past November, was in and out of contract, and has now returned to the MLS listed for $1,013,000. And while its courthouse sale has been postponed in the past, the home is once again scheduled to hit the steps in San Francisco next week.

For some reason the current listing for the property doesn’t tout the "sophisticated indoor marijuana cultivation/processing room" which last occupied the back half of the garage. Oh, did we not mention the seller was arrested for cultivating marijuana here and at another home back in 2009?

We’d sure love to see Merrill Lynch’s loan documentation for the purchase in 2007.

On Wednesday the sale of 890 De Haro closed escrow with a reported contract price of $920,000, 32 percent ($430,000) below its year 2007, and pre-processing room, sale.

And of course, a reader’s Six Most Excellent Alternate Head-lines for our original post.

∙ Working All The Angles And Coming Up Short In The Marina [SocketSite]
∙ Groveland Marijuana Investigation Moves To San Francisco [SocketSite]
∙ 100 Percent Doobie Debt Financed On Potrero Hill [SocketSite]
∙ A Reader’s Six Most Excellent Alternate Head-lines For 890 De Haro [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (10) | (email story)

June 16, 2011

An '06 Stack Uptick At ORH As Early Adopters Remain Behind

Having been in default for well over a year, and with a forced sale that’s been pushed down the road for nearly as along, 425 1st Street #3306 is once again scheduled to hit the courthouse steps tomorrow afternoon.

The 1,238 square foot One Rincon Hill two-bedroom was purchased for $1,302,000 in May of 2008 with 20 percent down ($260,426) and a note for $1,041,574. The unit above (#3406) sold for $1,307,500 eight days later.

As plugged-in people know, the sale office sold 425 1st Street #3906 for $960,000 in early 2010 having had it listed for $1,295,000. Five months ago, the sales office sold #4306 for $985,000 having had it listed for $1,383,000 early last year. And this past April, the sales office moved #4906 for $1,125,000 having had it listed for $1,295,000.

∙ The Latest (By Two Weeks) One Rincon Hill "06" Comp [SocketSite]
∙ 2008 Versus 2011 At ORH With Some Courthouse Steps In Between [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (14) | (email story)

June 13, 2011

While A Big One Sells, Another Is Scheduled For The Steps

As we wrote about 818 Steiner this past February:

Built for Louis Hartter, his wife Emily Geisel and their five children in 1899, the 5,693 finished square feet of 818 Steiner were completely refinished between 2004 when purchased for $1,620,000 and 2007 when sold for $3,400,000.

It's now four years later and the Martens & Coffey designed Alamo Square Victorian is back on the market and asking $3,200,000. The sale in 2007 was $550,000 under original ask.

On Friday, the sale of 818 Steiner closed escrow with a reported contract price of $3,050,000, five (5) percent under asking and ten (10) percent under its year 2007 price.

Down the street, 722 Steiner is no longer listed for sale despite its "Seller MUST sell, will consider all offers" listing at $2,950,000 last year. That being said, the Postcard Row developer's onetime home is current scheduled to hit the courthouse steps next month with over $100,000 past due on a $1,740,000 first (and a second for $290,000).

∙ Hartter’s Party Of Five Seven House Returns At 818 Steiner [SocketSite]
∙ "Seller MUST Sell" 722 Steiner [SocketSite]
∙ Postcard Row's Postman's Home Hits The Market (722 Steiner) [SocketSite]

Posted by socketadmin at 5:30 PM | Permalink | Comments (6) | (email story)

No Longer "Distressed," 1390 McAllister Closes Down 16% Under '06

While the listing was changed from "REO" (bank-owned) to a regular sale following our featuring it, the change doesn’t seem to have affected the outcome for 1390 McAllister.

Purchased for $710,000 in June 2006, the resale of the three-bedroom, two-bath Alamo Square Tenancy In Common (TIC) closed escrow on Friday with a reported contract price of $595,000, 16 percent ($115,000) below its 2006 price.

∙ First! (Individual TIC Unit In San Francisco To Return Bank-Owned) [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (5) | (email story)

Starting Over At 449 Myra Way

Sporting a Viking range and Sub-Zero fridge in the kitchen, the short sale of the "delightful [starter] home with fabulous views in a terrific location" up in Miraloma Park at 449 Myra Way closed escrow on Friday with a reported contract price of $590,000.

Yes, that’s a bullish 1 percent ($5,000) "over asking" but a rather bearish 25 percent ($200,000) under its April 2007 sale price of $790,000 which we can only hope wasn’t a false start for the sellers (or a false comp for anyone else at the time).

∙ A False Starter Home And Shadow Inventory On The Myra Way? [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (1) | (email story)

June 10, 2011

From "Luxe" To "Luxury" For A Mission Apple On The Tree

Listed for $1,199,000 in April 2008, the newly constructed three-bedroom “Luxe Mission” townhome #1 at 2405 Folsom Street sold for $1,149,000 ($617 per square foot) that June.

Back on the market three years later as "luxury" versus "luxe," they’re asking $1,238,000 for 2405 Folsom #1. If you think you know the Mission market, now’s the time to tell.

∙ Listing: 2405 Folsom Street #1 (3/3.5) 1,863 sqft - $1,238,000 [MLS]
∙ Coming Soon Here: 2405 Folsom (Website And Listing) [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (12) | (email story)

Another Cut For The Apple Crop At 1499 Masonic

Purchased for $2,275,000 in 2005, on the market for $2,095,000 in 2010, and asking $1,999,000 for the past two months, the list price for the tightly cropped remodeled Ashbury Heights Victorian at 1499 Masonic has been reduced to $1,895,000.

∙ Listing: 1499 Masonic (3/2+1/1) - $1,895,000 [MLS]
∙ (A) 1499 Masonic Set Back [SocketSite]
∙ Take Two For An Orange On Oak And Bumper Apple Crop On Masonic [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (14) | (email story)

June 9, 2011

A Late 2009 Esprit Park Apple Is Picked (Up)

As we wrote in March:

In November 2009 the sale of 863 Indiana #109 closed escrow with a reported contract price of $550,000, the Esprit Park one-bedroom with one and one-half baths had been listed for $615,000. The 861 square foot condo has just been listed for $575,000.

The sale of 863 Indiana #109 closed escrow yesterday with a reported contract price of $570,000. That’s 1 percent under asking but 4 percent over late 2009.

∙ Esprit Park Sprouts A Late 2009 One-Bedroom Apple To Be [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (11) | (email story)

June 7, 2011

4142 Folsom: Throwback Design (And Price)

Built in 1996 and designed by Tobin Kendrick with a bit of throwback modern flair, 4142 Folsom last changed hands in August 2008 for $860,000 having been listed for $799,000.

The kitchen has since been remodeled with new counters and appliances. And the Bernal Heights home is now back on the market and listed for $799,000 once again.

As the kitchen looked in 2008:

∙ Listing: 4142 Folsom (2/1.5) 1,156 sqft - $799,000 [MLS]
∙ San Francisco’s Modern Era Of Design And Development [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (27) | (email story)

June 6, 2011

364 Fair Oaks Closes At $595 $647 Per Square

As we wrote in April about 364 Fair Oaks ("Sensational Arts and Crafts architectural masterpiece renovated to perfection!") over in Noe:

Picked up for $2,105,000 in 2002, it’s probably not going too far out on a limb to say the list price of $2,275,000 for 364 Fair Oaks today is rather fair and priced to attract attention at $595 per square.

Mahogany paneled walls, beamed ceilings and a renovated kitchen on the main floor, a mix of period and contemporary above.

The sale of 364 Fair Oaks has closes escrow with a reported contract price of $2,280,000, officially "over asking" (by 0.2 percent) and 8 percent over its year 2002 sale. In terms of price per square foot, as best we can tell the listed square footage was changed mid-listing from 3,826 to 3,522, so it closed at $647 per square foot.

∙ 364 Fair Oaks "Fairly" Priced At $595 Per Square [SocketSite]

Posted by socketadmin at 5:30 AM | Permalink | Comments (0) | (email story)

June 3, 2011

112 Mallorca Way Count Down (And Possibly Up)

Purchased for $3,275,000 in August 2006, the steel framed house at 112 Mallorca Way has returned to the market asking $3,479,000.

Listed at 4,669 square feet, the Marina home boasts six decks, five bedrooms, four (and one-half) baths, a three-car garage, two fireplaces (that "have been sheet rocked over but can be brought back to working order"), and a legal "one-bedroom apartment" below.

∙ Listing: 112 Mallorca Way (5/4.5) - $3,479,000 [obeo.com] [MLS]

Posted by socketadmin at 9:45 AM | Permalink | Comments (35) | (email story)

June 2, 2011

2008 Versus 2011 At ORH With Some Courthouse Steps In Between

As we first reported in January:

Closing escrow with a recorded contract price of $628,000 in February 2008, within two months 425 1st Street #1805 was listed for sale with an asking price of $719,000.

Following a series of price cuts, and at one point seeking a short sale for "$499,000," this past August the One Rincon Hill one-bedroom was purchased on the courthouse steps for $441,886 cash.

Back on the market at $599,000 this past October, in November the list price was reduced to $579,000 and yesterday it was reduced to $559,000.

While just updated on the MLS, the sale of 425 1st Street #1805 appears to have closed escrow on 3/15/11 with a reported contract price of $535,000, effectively splitting the difference between its 2008 closing price and 2010 all cash sale on the courthouse steps.

There are currently five other condos at One Rincon Hill scheduled to hit the courthouse steps within the next five weeks and at least two other units in default.

∙ From Failed To Foreclosure Flip (And Five Others) At One Rincon Hill [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (6) | (email story)

June 1, 2011

Apples To Apples To Apples To Apples At 1470 Noe

As plugged-in people know, Moises Alou paid $1,875,000 for the rebuilt house at 1470 Noe in March 2005 and sold it for $1,865,000 in January 2007. Two years after that the contemporary Noe home traded for $1,850,000 in March 2009.

And yes, 1470 Noe is now back on the market two years later and listed for $1,849,000.

Assuming a sale at asking, approximately $370,000 worth of brokerage commissions will have been generated from buying and selling 1470 Noe over the past six years (while the value of 1470 Noe itself would be $26,000 less).

∙ Listing: 1470 Noe (3/2) 2,300 sqft - $1,849,000 [1470noe.com]
∙ Another On Noe (1470 Noe Street) [SocketSite]
∙ 1470 Noe Closes For 100% Of Asking (But $25,000 Less Than In 2005) [SocketSite]
∙ 1470 Noe Steps Back Up To The Plate (And A Plugged-In Peek Inside) [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (14) | (email story)

Hopefully No One Banked On This Bernal Comp Back In 2005

As we wrote about 330 Banks up in Bernal back in January 2008:

On the market without finding a buyer at $649,000 last fall, 330 Banks is back on the market (but not the MLS) with a list price of $599,000.

Included in the sale are approved plans to add an additional "art studio" and half-bath on first floor. And while it’s usually "showings by appointment only," it will be open this Sunday (1/27) for just one half-hour (from 2:00 to 2:30) if you want to take a peek.

Keep in mind that this single-family Bernal Heights home was purchased two and one-half years ago for $700,000 (on 6/8/2005). And yes, the sale at $700,000 was likely used as a local comp a couple of years ago. And so on. And so forth.

And as we added this past February:

This past June the bank foreclosed with $558,053 owned on its first (the 2005 sale was financed with a first for $544,000 and a second for $57,500) and the little Bernal home returned to the market asking $534,900 in September before being withdrawn from the market in December...

Re- listed for $499,900, the re-sale of 330 Banks has now closed escrow with a reported contract price of $450,000, 35 percent ($250,000) below its year 2005 price.

∙ Back On The Market (But Not The MLS) In Bernal Heights: 330 Banks [SocketSite]
∙ Six Of Sixty-Five Bank-Owned In Bernal Including Two On Banks [SocketSite]
∙ The Bank's 330 Banks Returns 29 Percent Below Its 2005 Price [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (9) | (email story)

The Force Remains Strong For 2739 Larkin

As we wrote 33 days ago:

Listed for $1,995,000 last October, 13 days later the sale of 2739 Larkin closed escrow with a reported contract price of $2,650,000. Yes, 33 percent over asking.

It’s now six months later, and while it’s been making the rounds quietly for at least a few weeks, yesterday 2739 Larkin was officially listed for $2,695,000.

While not noted on the MLS once again, tax records report it's 2,596 square feet. We’ll let you set the odds on a repeat performance with respect to price.

Yesterday, the sale of 2739 Larkin closed escrow with a reported contract price of $2,725,000, up 3 percent over the past seven months on an apples-to-apples basis.

And yes, the seller last year was a Lucas.

∙ If You Weren’t The Winning Bidder For 2739 Larkin Six Months Ago... [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (14) | (email story)

May 25, 2011

2655 Scott Street Is Quickly Picked

As we wrote about 2655 Scott Street just last month:

Classic Deco curb appeal, a modern interior with easy access to the outdoors from the marble countered kitchen, and a 2009 era apple, they’re a few of our favorite things.

Purchased for $3,100,000 in August 2009, the single-family Pacific Heights home at 2655 Scott Street is back on the market and listed for $3,300,000 touting "approved" plans for a vertical addition and new master suite to boot.

The sale of 2655 Scott Street closed yesterday with a reported contract price of $3,244,769. That's 2 percent under asking but 5 percent ($144,769) over 2009.

∙ A Few Of Our Favorite Things [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (4) | (email story)

May 23, 2011

On This Farm He Had A Short Sale (And Foreclosure In The Works)

One of ten Donald MacDonald designed petit townhomes that comprise the Clinton Mews urban infill development off Guerrero, 170 Guerrero Street #F was purchased for $507,000 in November 2003.

Refinanced in June of 2007 with a first for $517,500 and a second for $130,000, as of this past November the first mortgage was $43,976 past due and the home is currently scheduled to hit the courthouse steps in a month.

In the meantime, 170 Guerrero #F has been listed for $568,000 as a short sale.

∙ Listing: 170 Guerrero #F (2/1) 800 sqft – “$568,000” (short sale) [MLS]

Posted by socketadmin at 2:30 PM | Permalink | Comments (45) | (email story)

Apples-To-Apples And Year-Over-Year At 110 Avila

Last remodeled in 2007 and recently re-roofed, a year ago 110 Avila hit the market in the Marina listed for $2,795,000. It sold for $2,550,000 ($877 per square foot) last June.

Three bedrooms, three and one-half baths, a high-end kitchen and "outdoor spaces galore" with Golden Gate Bridge tower views from its roof deck.

Back on the market and once again listed for $2,795,000 today.

∙ Listing: 110 Avila (3/3.5) 2,906 sqft - $2,795,000 [paytonbinnings.com] [MLS]

Posted by socketadmin at 9:30 AM | Permalink | Comments (15) | (email story)

May 20, 2011

If You Missed It When New Take Two For 1438 Jackson

Purchased as new construction in 2008 for $1,500,000 ($1,222 per square foot per 2008 sales materials), listed for $1,629,000 nine months later but then withdrawn without a sale, 1438 Jackson is back on the market and listed for $1,585,000 ($1,292 per square).

Once again, high-end fixtures and finishes (Bulthaup, Miele, Subzero, Dornbracht, Lefroy Brooks, WET, Bonelli) throughout.

∙ Listing: 1438 Jackson (3/2.5) - $1,629,000 [via ziprealty.com]
∙ 1438 Jackson: If You Missed It When New (And Now That You Know) [SocketSite]
∙ From Rendering To Reality (And The MLS): 1446 Jackson Street [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (8) | (email story)

May 18, 2011

A Decade Later (And A Few Thousand Less) For 165 Hazelwood

Having been remodeled and flipped for $712,000 in March 2001, the Westwood Park home at 165 Hazelwood Avenue returned to the market this past October in District 4 listed as a short sale for "$699,000," and then reduced to $680,000 in March.

Yesterday, the sale of 165 Hazelwood closed escrow with a reported contract price of $709,000, officially "over asking" yet $3,000 under its year 2001 price.

∙ A Lost Decade Listing For 165 Hazelwood Over In Westwood Park [SocketSite]
∙ A Decade Over Decade Drop In District 4 For 165 Hazelwood Avenue [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (29) | (email story)

May 16, 2011

$1,610,000 Of Debt Versus A $928,000 Sale For 1688 Dolores

As we wrote about 1688 Dolores this past October:

Purchased in April 2005 for $1,227,000 with 95 percent leverage and 5 percent ($61,400) down, the single-family home at 1688 Dolores was briefly listed this past March for $1,050,000 before being withdrawn.

Yesterday the Noe Valley home returned to the MLS listed for "$1,050,000" as a short sale and with one day on the market once again.

As we added in January:

As a plugged-in tipster captures in a scene more commonly associated with Detroit than Noe, the short sale doesn’t appear to be going too well despite a reduction to "$975,000," confirmed by the notice of default filed by the first mortgage holder four weeks ago.

And while we previously noted the 95 percent leverage at purchase, we just noticed what appears to be a third for an additional $500,000 two years after in July 2007.

On Friday the sale of 1688 Dolores closed escrow with a reported contract price of $928,000, 25 percent ($299,000) below its 2005 sale price for the 1,450 square foot home on the Noe/Bernal border.

1688 Dolores was scheduled to hit the courthouse steps in two weeks.

∙ Highly Leveraged In '05 And Now Selling Short? Certainly Not In Noe… [SocketSite]
∙ Highly Leveraged In 2005 And Now An LPS Flag Flies In Noe [SocketSite]
∙ San Francisco Bucks CA Foreclosure Trends, But Not In A Good Way [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (11) | (email story)

May 13, 2011

From $225,000 To $25,000 "Down" And Bank-Owned At 1825 Webster

Purchased for $1,500,000 in June 2006 with two loans and $225,000 down, a year later a third mortgage for $200,000 was added to the property at 1825 Webster.

Taken back by the bank with no bidders at $1,242,890 this past March, the "prime" Lower Pacific Heights single-family home is now back on the market and listed for $999,900.

∙ Listing: 1825 Webster (3/2) 1,026 sqft - $999,900 [MLS]

Posted by socketadmin at 7:30 AM | Permalink | Comments (12) | (email story)

May 11, 2011

Apples To Apples (And Sour Statistics) For 333 Oak Park Drive

As we wrote in March:

Purchased for $775,000 a year ago (April 2010), the single-family Forest Knolls home at 333 Oak Park Drive has returned to the market listed for $875,000.

In the words of a couple of readers wondering about its return, "from what we can gather, there is little more than a lick of paint (internally) and an amazing collection of contemporary art which is, sadly, not included in the sale."

As best we can tell, no permits for major work have been issued since its April purchase, nor have the street level third bedroom and bath which were built without permits according to its listing last year been legalized.

And while we might debate the amazing call with respect to the collection of art, unless we missed a permit, we are calling this an apple to be.

The resale of 333 Oak Park Drive closed escrow on Friday with a reported contract price of $800,000, up 3 percent year-over-year. On the same day the $800,000 sale was recorded the list price for the property was reduced to $800,000 on the MLS as well.

So in terms of MLS based market statistics and industry reports, it’s another "at asking" sale versus 3 percent under the price at which it was listed when the property went into escrow ($829,000) or 9 percent under the price at which it was originally listed in March.

∙ Apples To Apples (And A Little Art Later) 333 Oak Park Drive Returns [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (34) | (email story)

May 6, 2011

Well, It Really Wasn’t The Seller Who Came Up Short On 12 Auburn...

As we wrote in January:

So there's no deeded parking and Nob Hill, but it is a rather cute little two-bedroom at 12 Auburn that’s just returned to the market after a one-month hiatus, only it's now listed as a short sale for "$699,000" having been purchased for $700,000 in May 2005.

The property had been listed for as much as $898,000 just four months ago prior to three prices reductions and then being withdrawn from the MLS at the end of December.

The sale of 12 Auburn closed escrow today with a reported contract price of $678,400, three percent ($21,600) under its 2005 price. Don’t feel too sorry for the seller, however, as the property was refinanced in 2007 with a first mortgage for $712,500 and a second for $142,000, a total of $854,500 in debt for which the property would have had to appraise.

And yes, the short-seller, who was also the agent, was in default with JPMorgan Chase at the time of the sale.

∙ 12 Auburn Comes Up Short On Nob Hill [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (9) | (email story)

Another Bite Out Of The Apple At 2679 California

Having fallen out of contract last month when listed for $2,595,000, late last night the list price for 2679 California Street was reduced to $2,495,000.

As plugged-in people know, the "Stunning Pacific Heights Victorian home" last sold for $3,005,000 in April 2008 and for $2,850,000 three years before that in October 2005.

∙ Comments: Apples To Apples To Apples At 2679 California [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | (email story)

May 4, 2011

Over Asking But Under Pre-Renovated 2006 Price For 725 Hampshire

As we wrote in March:

Unfortunately it’s not an "apple" to be as the kitchen (and at least one bath) has been remodeled with a permitted estimate of at least $40,000 worth of new cabinets, counters and appliances since its purchase for $975,000 in 2006.

But the sale of 725 Hampshire will be another interesting data point on Hampshire having been priced at $959,000 and a little closer to market than was number 953.

The sale of 725 Hampshire closed escrow yesterday with a reported contact price of $967,000, officially "over asking" by $8,000 but also $8,000 under the price for which the Inner Mission home sold in 2006 prior to being remodeled.

∙ Hot Or Not On Hampshire Continues With Number 725 [SocketSite]
∙ Well "Over Asking" At $478 Per Square Foot For 953 Hampshire [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (8) | (email story)

May 3, 2011

Chloe's Noe Pad Closes Up 6 Percent From 2006 BC (Before Chloe)

As we wrote in March:

Who’s the unnamed designer behind the fig tree festooned "magical, designer-owned" Noe Valley condo at 1178 Dolores? That would be Chloe Warner who purchased the pad for $900,000 in January 2006. Perhaps you took a tour a couple years after in late 2007.

With the books still arranged by color, and without any outside staging one would hope, the two-bedroom and two-bath condo has just hit the market listed for $899,000 in 2011.

The sale of 1178 Dolores closed escrow today with a reported contract price of $956,000 ($626 per square), up 6 percent from 2006 BC (Before Chloe) for the Noe two-bedroom.

∙ Chloe’s Magical Condo Hits The Market At 1178 Dolores [SocketSite]
∙ Domino House Tour: Chloe Warner [YouTube]

Posted by socketadmin at 6:30 PM | Permalink | Comments (2) | (email story)

An Apple Today Keeps The Foreclosure Man Away

As we reported in January:

Purchased for $2,660,000 in April 2006 with 25 percent ($532,000) down but a second added for $182,000 two months later, the fully remodeled Victorian home at 1855 Laguna with a big Viking and Sub-Zero in the kitchen returned to the market a week ago.

Now listed as a short sale for "$2,195,000," three weeks ago a notice of default was filed on the Lower Pacific Heights property with $57,667 past due.

On Friday the sale of the renovated Victorian in Lower Pacific Heights closed escrow with a reported contract price of $2,100,000, 21 percent ($550,000) below its sale price in 2006.

And yes, the property also changed hands in 2002 for $1,550,000, but that was prior to a major remodel, expansion and seismic reinforcement.

∙ 1855 Laguna: Nudged To Market In Lower Pacific Heights [SocketSite]
∙ San Francisco Bucks CA Foreclosure Trends, But Not In A Good Way [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (12) | (email story)

May 2, 2011

See 845 Montgomery #C Return To 2009 (And Back Below 2008)

As we wrote at the end of March:

In 2009 a list price of $1,095,000 didn’t attract a buyer, nor did its reduced price of $995,000, and a year ago it was withdrawn from the MLS. Today, 845 Montgomery #C is back on the market and listed for $1,029,000, the two-bedroom Jackson Square condo was purchased for $1,000,000 ($958 per square foot) in 2008.

And while the listing photos might not be quite so polished this time around, at least those for the neighborhood establishments are actually in the 'hood versus a mile or so away.

No word on whether or not the "show to most select clients" line from the listing is code.

The list price for 845 Montgomery #C has just been reduced to $995,000, back below its $1,000,000 purchase price in April 2008 and on par with the list price at which it was withdrawn from the market without a sale in 2009.

∙ Listing: 845 Montgomery Street #C (2/2) 1,044 sqft - $995,000 [MLS]
∙ Closer To Home For 845 Montgomery #C [SocketSite]
∙ See Inside But Not Around Jackson Square (845 Montgomery) #C [SocketSite]
∙ The Jackson Square Condominiums (847 Montgomery) [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (6) | (email story)

April 29, 2011

The United (236) States Of Easy Money And Forgiveness

As we wrote about 236 States in July 2008:

While 236 States #1 doesn’t look to be particularly large, it does look to make decent use of the space (although it’s tough to tell about storage).

And to be honest, it was simply the operable windows in the kitchen that caught our eye.

Listed for $769,700 at the time having been purchased for $558,000 with no money down in 2003, the 923 square foot condo was withdrawn from the market after three months without a sale (and a "make me move" price of $849,000 on Zillow).

Today, 236 States is back on the market listed as a short sale for $619,000 having been refinanced in 2005 with $641,000 in debt.

∙ Listing: 236 States Street #1 (2/1) - "$619,000" (short sale) [MLS]
∙ Sometimes It’s The Small Things (In More Ways Than One) [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (9) | (email story)

Two Years And A Cosmetic Upgrade Later For $31,000 $47,000 Less

Having been cosmetically renovated since purchased for $530,000 in February 2009, it’s not perfectly apples-to-apples. But the resale of 201 Harrison #210 closed escrow on 4/21 with a reported contract price of $483,000, down 10 percent ($47,000) for the two-bedroom Baycrest Towers condo over the past two years, not accounting for the renovation.

∙ Two Years And A Cosmetic Upgrade Later For $31,000 Less [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (7) | (email story)

If You Weren’t The Winning Bidder For 2739 Larkin Six Months Ago...

Listed for $1,995,000 last October, 13 days later the sale of 2739 Larkin closed escrow with a reported contract price of $2,650,000. Yes, 33 percent over asking.

It’s now six months later, and while it’s been making the rounds quietly for at least a few weeks, yesterday 2739 Larkin was officially listed for $2,695,000.

While not noted on the MLS once again, tax records report it's 2,596 square feet. We’ll let you set the odds on a repeat performance with respect to price.

∙ Listing: 2739 Larkin (3/2.75) - $2,695,000 [MLS]
∙ A Look Inside 2739 Larkin And The Russian Hill Contemporary Market [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (10) | (email story)

April 28, 2011

No, This Wasn't In Florida But Rather On...

As we wrote in January:

In April 2007 the Inner Mission fixer at 1376 Florida sold for $700,000. Since then "fully approved plans" have been secured and "permits are ready to be issued" for rebuilding the property as two "low energy condominiums" totaling 3,000 square feet.

Returned to the market professionally priced at $850,000 early last year, reduced to $799,000, then to $749,000, and then to $649,000 before being withdrawn last October, the property has just returned to the market as a short-sale listed for "$300,000."

The sale of 1376 Florida closed escrow today with a reported contract price of $320,000. Yes, another "hot" over asking sale at a cool 54 percent ($380,000) under its 2007 price.

∙ Plans For The Inner Mission Fixer At 1376 Florida Come Up Short [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (38) | (email story)

The Score Card For 2207 Scott

The sale of 2207 Scott Street closed escrow yesterday with a reported contract price of $3,310,000. As we first wrote about the property last October:

Purchased for $3,425,000 in May 2006 with what would appear to have been "Google money," in 2008 the rear foundation at 2207 Scott Street was replaced, a three-quarter bath added, and a bit of garage space reclaimed for living.

At a permit estimated cost of $200,000, let's call it $3,625,000+ invested in the property.

Back on the market today and listed for $3,600,000, a sale at asking would appear as "appreciation" of 5% over the past four years in MLS based reports, newsletters and statistics but wouldn’t exactly be so.

Closing the day at $543.30, shares of Google are up 47% over the same timeframe.

Relisted for $3,450,000 in January, the property was in and out of contract in February and then reduced to $3,300,000 in March for an "over asking" sale according to industry stats.

Google is currently trading at $536.58 per share.

∙ 2207 Scott Versus The Underlying Shares [SocketSite]
∙ Google Salaries And Shares Up While 2207 Scott Street Returns Down [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (35) | (email story)

April 27, 2011

A Violation Of Trust

As we wrote last month:

The rather ironic line from the listing for 690 Market Street #1505, a one-bedroom at San Francisco’s Ritz-Carlton Residences: "The world's most trusted luxury brand has brought a new measure of service to one of the world's most fascinating and engaging cities."

While we’ll naturally agree with the "one of the world's most fascinating and engaging cities" bit, how has this condo in the "world's most trusted luxury brand[ed]" building performed over the past four years in San Francisco?

Purchased for $1,193,000 in 2008 by way of a $894,440 loan (25 percent down), last year 690 Market #1505 was taken back by the bank with $937,377 owed.

Today, they’re asking $699,900 for the Ritz-Carlton condo, 41 percent ($493,100) less than its purchase price in 2008 and down from a list price of $729,900 last month.

Yesterday, the resale of 690 Market Street #1505 closed escrow with a reported contract price of $665,000, a 44 percent ($528,000) drop in value for the Ritz-Carlton condo since 2008. Let's just call that a violation of trust.

∙ Trust Issues (Formerly Known As "Trust Us, It's Different Here") [SocketSite]
∙ A Concerning Comp (And Empty Shell) At The Ritz-Carlton Residences [SocketSite]

Posted by socketadmin at 4:30 PM | Permalink | Comments (4) | (email story)

Cohen’s The Bank’s Candlestick Point Condo Closes Escrow

The bank-owned resale of the Candlestick Point two-bedroom condo that newly elected San Francisco Supervisor Malia Cohen purchased for $581,500 in December 2006 before letting the bank foreclose ("It was underwater, so I let it go...") has closed escrow with a reported contract price of $320,000, a 45 percent ($261,500) drop in value since 2006.

As previously noted, while the Chronicle reported Cohen’s January move from the condo, we reported the bank had actually foreclosed on the condo this past August, a few months before her election.

∙ San Francisco Supervisor Cohen Walks Away From Underwater Condo [SocketSite]

Posted by socketadmin at 5:30 AM | Permalink | Comments (46) | (email story)

April 26, 2011

Luckily You Didn’t Buy The "Bullish" Instant Equity Claim (Or In 2007)

It’s been a wild ride for the single-family home at 104 Funston over the past four years having been purchased for $2,750,000 in May 2007, improved to the tune of $400,000, and then relisted a year ago asking $3,150,000.

Reduced to $2,750,000 last May, the listing then touted "move in with equity” with the property having been "appraised at $2,850,000." But as we wrote at the time versus simply after the fact: "Who are we to suggest that its three weeks on the market at $2,875,000 without a sale would suggest otherwise."

Reduced and relisted a few more times over the past eleven months, most recently for $2,395,000 in March, on Friday the sale of 104 Funston closed escrow with a reported contract price of $2,200,000 and after just "53" days on the market according to industry statistics and reports, a number that would appear to be "hot," at least on the surface.

Not including the reported $400,000 worth of improvements, call it a 20 percent ($550,000) drop in value for the single-family Lake District home since 2007, a 30 percent ($950,000) drop if you account for the improvements which median price reports will not.

And yes, that’s $650,000 under that agent touted "move in with equity" value in 2010.

∙ Instant (Appraiser's) Equity At 104 Funston [SocketSite]
∙ Will 104 Funston Return With Even More "Move In Equity?" [SocketSite]
∙ No More Mention Of (Even More) "Move In Equity" For 104 Funston [SocketSite]
∙ A Quick Reminder Not To Bank On An "Appraisal" (Or Instant Equity) [SocketSite]
∙ A "Fresh Perspective" On A Rather Familiar 104 Funston [SocketSite]
∙ Medians Are Up, But Don’t Confuse That With Increasing "Prices" [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (24) | (email story)

Royally Short On The 18th Floor At 1750 Taylor

As we wrote in February:

Purchased for $2,550,000 in December 2007 and unsuccessfully listed for sale five times since with prices ranging from $2,700,000 to $1,900,000, the Royal Towers (1750 Taylor) #1803 is now back on the market MLS and listed for $1,995,000 as a short sale.

The new listing at 22 percent below its 2007 price touts "Quintessential Russian Hill Co-Op." And yes, the listing now includes an obligatory reference to the America’s Cup.

The sale of 1750 Taylor #1803 has now closed escrow with a reported contract price of $1,775,000, down 30 percent ($775,000) from its sale price at the end of 2007.

∙ The Quintessence Of Russian Hill Living Or The Market As A Whole? [SocketSite]
∙ Royal Towers (1750 Taylor): Columns, Views, And Comps [SocketSite]
∙ Overused Listing Descriptor Of The New Year: "Stunning" [SocketSite]

Posted by socketadmin at 6:45 AM | Permalink | Comments (6) | (email story)

April 25, 2011

Up (And Down) Atop The Brannan Redux

Touting "best [South Beach] location and building," higher penthouse ceilings and two car parking, the sale of 229 Brannan #17J closed escrow on Friday with a reported contract price of $1,100,000, $779 per square for the 1,412 square foot Brannan two-bedroom.

As we noted this past October, tax records would suggest the sellers purchased the unit for around $950,000 in March 2002. In the same stack but seven floors below and without the higher ceilings or second parking spot, 229 Brannan #10J sold for $1,290,000 in 2006 and then again for $1,070,000 in June 2009 (a drop of 17% over those three years).

As we also noted, 229 Brannan #14J which had been purchased for $1,027,000 in August 2001 resold for $1,080,000 in August 2010. But again, that's with lower ceilings, one less parking space, and three floors below number seventeen.

∙ Up (And Down) Atop The Brannan: 229 Brannan #17J [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (2) | (email story)

Down A Decade (But Officially "Over Asking") For 655 5th Street #9

As we wrote in January:

Eleven years ago the two bedroom and three bath townhouse known as 655 5th Street #9 sold for $781,000 down in SoMa. Seven years and a thousand or two new neighborhood condos later, the 1,774 square foot unit sold for $1,018,000 in 2007 by way of an $814,400 first and a second for $152,700.

Yes, this was yet another case of only 5 percent down in the "it's different here" San Francisco and with "only" $50,900 in equity at risk. Lo and behold, this past November Wells Fargo foreclosed on the first with no bidders at $746,547.

Yesterday the property was listed for sale on the open market for $777,900, a sale at which would be just below its year 2000 price, "only" 24 percent ($240,100) below 2007.

As we added in March:

The list price for 655 9th Street #9 has been reduced to $674,900. The bank is now asking 34 percent ($343,100) under its 2007 sale price, 14 percent ($106,100) under its year 2000 sale. And according to the listing, "offers anytime."

And as a plugged-in reader noted last week, the sale of 655 9th Street #9 closed escrow this past Thursday with a reported contract price of $701,000. Call it $395 per square foot, 10 percent ($80,000) under its year 2000 sale, and 34 percent ($317,000) under its sale for $1,018,000 in 2007.

The sale was, however, officially "over asking" according to industry stats.

∙ Unfortunately Wells Wasn’t Requiring 30 Percent Down At The Time [SocketSite]
∙ 30 Percent Down Or Interest Rates Up As Proposed By Wells Fargo [SocketSite]
∙ 14 Percent Below Its Year 2000 Price And Offers Anytime [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (1) | (email story)

April 22, 2011

A Few Of Our Favorite Things

Classic Deco curb appeal, a modern interior with easy access to the outdoors from the marble countered kitchen, and a 2009 era apple, they’re a few of our favorite things.

Purchased for $3,100,000 in August 2009, the single-family Pacific Heights home at 2655 Scott Street is back on the market and listed for $3,300,000 touting "approved" plans for a vertical addition and new master suite to boot.

∙ Listing: 2655 Scott Street (3/2.5) - $3,300,000 [MLS]

Posted by socketadmin at 11:15 AM | Permalink | Comments (19) | (email story)

Apples To Renovated Apples (And Building Comp) On Coleridge

As we wrote about 22 Coleridge in September 2008:

After three weeks on the market the list price for 22 Coleridge on the edge of Bernal has been dropped from $599,000 to $587,000. Purchased in April of 2005 for $607,000.

Unfortunately it's not a perfectly clean "apple" as the kitchen was completely renovated in 2006 (new cabinets, appliances, flooring, etc.), but you'll get the gist. And as a plugged-in reader notes, "seller is a licensed real estate agent." You know, in the trenches and all.

Withdrawn from the market without a sale in March of 2009, 22 Coleridge has just returned to the MLS with a list price of $549,000 and noting "tenants moving out 5/7."

As a plugged-in reader noted early this week, 24 Coleridge, a smaller unit (538 square feet) in the same three-unit building but without parking just sold for $329,000. It had been purchased for $490,000 in August 2005 before being taken back by the bank this past September.

∙ Listing: 22 Coleridge (1/1) 750 sqft - $549,000 [MLS]
∙ Not A Perfectly Clean Apple In Bernal, But You'll Get The Gist [SocketSite]
∙ The Bernal Cottage At 48 Cortland Before, After And Recently Reduced [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (24) | (email story)

April 21, 2011

One Rincon Hill Year-Over-Year (And Roughly 95 Percent Sold)

As a reader wrote this past November: "Anyone see that [425 1st Street] #4107 sold on April 30th of this year for $830,000 and now is listed again at $865,000?"

Said resale of One Rincon Hill #4107 closed escrow on 3/31/11 with a reported contract price of $798,000, down 3.6 percent year-over-year. At the same time, One Rincon Hill is self-reportedly down to "less than 25" new units to sell, or roughly 95 percent sold.

∙ One Rincon (Back) Up To 87 Percent Sold [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (13) | (email story)

From Flippy To Floppy To Five Hundred Grand More

As we wrote in October 2009:

The sale of 2011 Golden Gate Avenue closed escrow on 10/15/09 with a reported contract price of $1,800,000 ($413 per square foot). Purchased for $1,350,000 in July of 2007 but then remodeled and expanded (adding legal bathrooms and square feet), 2011 Golden Gate returned to the market in October of 2008 asking $2,395,000.

It was subsequently reduced and relisted a number of times, most recently for $1,799,000 this past September. And while not exactly apples to apples on account of the remodeling, call it a likely six-figure loss on the investment when all is said and done.

In terms of industry statistics, however, the sale will be officially recorded and reported as "over asking" with less than 40 days on the market.

And while we don’t see any permits for additional work since its last sale, as a tipster notes, 2011 Golden Gate Avenue is back on the market and listed for $2,300,000 in 2011, a sale at which would represent a 28 percent ($500,000) bump in value from 2009.

∙ Listing: 2011 Golden Gate Avenue (5/4.5) - $2,300,000 [MLS]
∙ From Flippy To Floppy And A Cliché For 2011 Golden Gate Avenue [SocketSite]
∙ Not To Be Flip, But If It Wasn’t A "Flip" It Looks Like One Now [SocketSite]
∙ Tis’ The Season (September) To Return: 2011 Golden Gate Ave Edition [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (10) | (email story)

April 15, 2011

Over Asking (But 34 Percent Under 2006) At 4019 Mission

The short sale of the single-family home at 4019 Mission has closed escrow with a reported contact price of $569,000. With a list price which was reduced to $549,000 in January (down from $650,000 in December), it’s officially "over asking" according to industry stats and good news to those who consider that synonymous with market hotness.

At the same time, the over asking sale of 4019 Mission in 2011 is 34 percent ($296,000) under its $865,000 sale in 2006 and 5 percent ($30,000) under its $599,000 sale in 2002.

In terms of 4019 Mission's excellent location (per its listings), it’s still technically Bernal and hasn’t changed too much over the past ten years.

∙ 4019 Mission Comes Up Short Versus Its 2006 Sale [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (5) | (email story)

April 14, 2011

First! (Individual TIC Unit In San Francisco To Return Bank-Owned)

It’s a three-bedroom and two-bath Alamo Square Tenancy In Common (TIC) unit which was purchased for $710,000 in June 2006. Back on the market and listed for $598,000, and assuming the listing is correct, as far as we know 1390 McAllister is the first individual TIC unit in San Francisco to return to the market bank-owned.

And yes, that would make it an eventuality that some thought to be inconceivable on account of stricter lending and down payment standards for TIC loans.

∙ Listing: 1390 McAllister (3/2) - $589,000 [MLS]

Posted by socketadmin at 9:30 AM | Permalink | Comments (33) | (email story)

April 13, 2011

A Hit And Run Reduction On Nob Hill

While we caught yesterday’s price reduction for 1177 California #203 (now listed for $283,662 versus its purchase price for $362,000 in January 2008), we completely missed the sale of 1177 California #512 which closed escrow on 12/8/2010 with a reported contract price of $408,000.

And as a plugged-in reader notes, while the sale of the Soma Nob Hill one-bedroom condo was in fact 4.6 percent ($18,100) "over asking," at the same time it was 41 percent ($290,000) under its sale price of $698,000 in June 2007.

∙ Sure, SoMa Condos Have Taken A Hit, But This Is Nob Hill [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (4) | (email story)

April 12, 2011

Oh La La! As 135 Rue Locust Closes Up 14 Percent

With an outcome that shouldn't come as too much of a surprise to the plugged-in, the sale of 135 Locust closed escrow today with a reported contract price of $3,430,000.

Call it $1,225 per square foot for the Presidio Heights home, not including the third floor square footage for which permits were filed four months ago with a vision to legalize along with remodeling the baths on the second floor and seismically updating throughout at a projected cost of one million dollars.

And excluding the value of the permits, or vision for the remodeling, we’ll also call it an "apples to apples" increase in value of 14 percent ($430,000) for the Presidio Heights home at 135 Rue Locust over the past two years.

∙ An Apple (For Now) At 135 Rue Locust [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (18) | (email story)

April 11, 2011

Hot Or Not: Over Asking (But 15 Percent Below 2004) For 2312 Gough

The sale of 2312 Gough closed escrow on 3/31/11 with a reported contract price of $2,210,000, as plugged-in people know, the property failed to generate an all cash bid of $2,100,000 on the courthouse steps in January.

With just "36" days on the market and 3 percent "over asking" according to industry stats, is the sale yet another sign of a "hot" San Francisco market, or with the added context of the Pacific Heights property having sold for $2,600,000 in 2004 and $3,000,000 in the year 2000, is it more a sign of something else?

As plugged-in people also know, down the street 2416 Gough sold for $2,075,000 last month, 31.4 percent ($950,000) below it purchase price of $3,025,000 in July 2008.

∙ Apples To Apples To Apples Again As 2312 Gough Returns [SocketSite]
∙ From 100% Financing To 100% Bank-Owned For 2312 Gough [SocketSite]
∙ Apples To Apples To Apples (And 100% Financing) For 2312 Gough [SocketSite]
∙ What Might Sir Isaac Newton Infer From These Apples? [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (6) | (email story)

April 7, 2011

A Spinning Sign Of The Times

Listed and sold for $699,000 back in 2006 when the Lansing’s sign spinner was holding court on the corner of first (and perhaps could have qualified for the loan), this past September 50 Lansing #305 was taken back by the bank having been financed with 100 percent debt.

Listed for $647,700 the month after its foreclosure but reduced down to $584,549 in November, a week ago the two-bedroom condo closed escrow with a reported contract price of $550,000, 21 percent ($149,000) under its 2006 value not including any credits at closing ("Seller will Credit buyer up to...3% of sales price towards closing costs").

∙ A Spinning Sign Of The Times (And The Lansing) [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (0) | (email story)

April 4, 2011

A 2007 Vintage Green Mission Apple Closes Down Five Percent

As we wrote seven months ago:

New construction in 2007 featuring siding from reclaimed olive oil barrels, hardwood floors from reclaimed mine timbers, and bathrooms with Zuma tubs and Duravit sinks, 3280 Mission Street #D was listed for $1,399,000 that July and sold for $1,450,000.

It’s now three years later, the Valencia Streetscape Improvement Project has been completed, and the three-bedroom atop 3280 22nd Street has returned to the market asking $1,550,000.

As we added in January:

Withdrawn from the MLS in December, yesterday the green apple to be returned to the market listed for $1,395,000 and with just "one" day on the market and no reductions in the eyes of those friendly neighborhood trends reports.

And as a couple of plugged-in readers note today, the resale of 3280 22nd Street #D closed escrow this past Thursday with a reported contract price of $1,380,000, five percent under its 2007 sale price and just "one" percent under asking and two months on the market according to MLS based neighborhood trend reports.

∙ A Green Apple To Be Atop 3280 22nd Street (#D) [SocketSite]
∙ Going Green In The Mission (3280 22nd St.): Prices/Additional Details [SocketSite]
∙ Now Asking 10 Percent Less Green For A Green Mission Apple [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (4) | (email story)

April 1, 2011

Did 4381 26th Street Weather The Storm?

Purchased for $2,600,000 in 2006 by the former CEO of the now-defunct PlanetOut, and having failed to sell in 2010 when listed for $2,479,000, yesterday the Mark Brand designed contemporary Noe Valley home at 4381 26th Street sold for $2,300,000, two (2) percent under asking and eleven (11) percent below its year 2006 sale.

And yes, 4381 26th Street’s wood and value have weathered the storm a bit better than 2523 Steiner.

∙ The Wood, The Stone, The Windows...Oh My! [SocketSite]
∙ 4381 26th Street Listed At 2006 Price And Looking For A Repeat? [SocketSite]
∙ No 2006 Repeat For 4381 26th Street In 2010 And Now Back In 2011 [SocketSite]
∙ Pacific Heights For 50 Percent Below 2006 Expectations And Debt [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (3) | (email story)

The Streamline Moderne 849 Sanchez Takes A Little Hit

The sale of the Streamline Moderne 3,100 square foot (per its previous listing) property at 849 Sanchez closed escrow yesterday with a reported contract price of $3,200,000.

Call it $1,032 per square foot versus the $1,096 per square foot ($3,400,000) it was purchased for in June 2008, a three year drop of six (6) percent for the poster child Moderne home over the past three years.

∙ Mo’ Moderne Atop Liberty Hill (Or Not) [SocketSite]
∙ San Francisco’s Modern Era Of Design And Development [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (15) | (email story)

March 30, 2011

Closer To Home For 845 Montgomery #C

In 2009 a list price of $1,095,000 didn’t attract a buyer, nor did its reduced price of $995,000, and a year ago it was withdrawn from the MLS. Today, 845 Montgomery #C is back on the market and listed for $1,029,000, the two-bedroom Jackson Square condo was purchased for $1,000,000 ($958 per square foot) in 2008.

And while the listing photos might not be quite so polished this time around, at least those for the neighborhood establishments are actually in the 'hood versus a mile or so away.

No word on whether or not the "show to most select clients" line from the listing is code.

∙ Listing: 845 Montgomery Street #C (2/2) 1,044 sqft - $1,029,000 [MLS]
∙ See Inside But Not Around Jackson Square (845 Montgomery) #C [SocketSite]
∙ The Jackson Square Condominiums (847 Montgomery) [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (13) | (email story)

March 28, 2011

A Decade Over Decade Drop In District 4 For 165 Hazelwood Avenue

As we wrote five months ago, having been remodeled and flipped for $712,000 in March 2001, the Westwood Park home at 165 Hazelwood Avenue returned to the market this past October in District 4 listed as a short sale for "$699,000."

Today, the list price for three-bedroom home was reduced to $680,000 and the all important word "approved" has been added to the listing.

∙ Listing: 165 Hazelwood Avenue (3/1) 1,080 sqft - "$680,000" (short sale) [MLS]
∙ A Lost Decade Listing For 165 Hazelwood Over In Westwood Park [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (17) | (email story)

March 25, 2011

Chloe’s Magical Condo Hits The Market At 1178 Dolores

Who’s the unnamed designer behind the fig tree festooned "magical, designer-owned" Noe Valley condo at 1178 Dolores? That would be Chloe Warner who purchased the pad for $900,000 in January 2006. Perhaps you took a tour a couple years after in late 2007:

With the books still arranged by color, and without any outside staging one would hope, the two-bedroom and two-bath condo has just hit the market listed for $899,000 in 2011.

∙ Listing: 1178 Dolores (2/2) 1,528 sqft - $899,000 [1178dolores.com] [MLS]
∙ Domino House Tour: Chloe Warner [YouTube]

Posted by socketadmin at 2:45 PM | Permalink | Comments (5) | (email story)

March 22, 2011

Trust Issues (Formerly Known As "Trust Us, It's Different Here")

The rather ironic line from the listing for 690 Market Street #1505, a one-bedroom at San Francisco’s Ritz-Carlton Residences: "The world's most trusted luxury brand has brought a new measure of service to one of the world's most fascinating and engaging cities."

While we’ll naturally agree with the "one of the world's most fascinating and engaging cities" bit, how has this condo in the "world's most trusted luxury brand[ed]" building performed over the past four years in San Francisco?

Purchased for $1,193,000 in 2008 by way of a $894,440 loan (25 percent down), last year 690 Market #1505 was taken back by the bank with $937,377 owed.

Today, they’re asking $699,900 for the Ritz-Carlton condo, 41 percent ($493,100) less than its purchase price in 2008 and down from a list price of $729,900 last month.

∙ Listing: 690 Market #1505 (1/1.5) 952 sqft - $699,900 [MLS]
∙ A Concerning Comp (And Empty Shell) At The Ritz-Carlton Residences [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (12) | (email story)

A Modern 801 Teresita Takes Modern Miraloma Hit

Purchased fully remodeled for $950,000 in August 2007, the modern single-family home at 801 Teresita Boulevard first returned to the market in 2010 asking $899,000 before being relisted this past February for $815,000.

On Friday, the resale of 801 Teresita Boulevard closed escrow with a reported contract price of $790,000, 16.8 percent ($160,000) under its 2007 sale price.

∙ You Had Us At Heated Granite Floors (And We're Not Granite People) [SocketSite]
∙ A Modern Miraloma Apple Returns At 801 Teresita Boulevard [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (3) | (email story)

March 21, 2011

An Uptick In Price And Foreclosure Activity On Valley Year-Over-Year

The sale of 113 Valley closed escrow on Friday with a reported contract price of $1,175,000. And while that’s two percent under asking, it’s also two percent ($20,000) over its October 2009 sale price of $1,155,000. We’re not expecting too many members of the "apples are cherry picked" chorus to chime in this time around.

Down the block, 374 Valley is currently scheduled to hit the courthouse steps next month having been purchased for $960,000 in 2005 but with closer to $1,387,197 currently owed while notices of default have been filed for 235 Valley and 254 Valley as well.

∙ If You Think You Know Noe Now’s The Time To Tell [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (4) | (email story)

The Bernal Cottage At 48 Cortland Before, After And Recently Reduced

In 2003 the 360 square foot earthquake cottage at 48 Cortland was purchased for $400,000 by way of a $320,000 first and $80,000 second. Three years later the cottage appears to have been refinanced with a $412,500 first and $47,000 second.

This past August, 48 Cortland sold for $348,000 (13 percent below 2003) having been listed for as much as $499,000 in 2009. Since remodeled, reapplianced, and repainted, the Bernal cottage returned to the market listed for $669,000 three weeks ago.

Today, they’re asking $619,000.

∙ Listing: 48 Cortland (2/1) - $619,000 [MLS]

Posted by socketadmin at 10:45 AM | Permalink | Comments (42) | (email story)

Apples To Apples (And A Little Art Later) 333 Oak Park Drive Returns

Purchased for $775,000 a year ago (April 2010), the single-family Forest Knolls home at 333 Oak Park Drive has returned to the market listed for $875,000.

In the words of a couple of readers wondering about its return, "from what we can gather, there is little more than a lick of paint (internally) and an amazing collection of contemporary art which is, sadly, not included in the sale."

As best we can tell, no permits for major work have been issued since its April purchase, nor have the street level third bedroom and bath which were built without permits according to its listing last year been legalized.

And while we might debate the amazing call with respect to the collection of art, unless we missed a permit, we are calling this an apple to be.

∙ Listing: 333 Oak Park Drive (3/3) - $875,000 [MLS]

Posted by socketadmin at 9:00 AM | Permalink | Comments (8) | (email story)

March 18, 2011

A Quick Sale At (And From) The Heights

Purchased for $4,911,000 in March of 2008, one reader believes 1940 Broadway #6 quietly sold for $4,100,000 in February 2010, but that's a sale we can’t confirm. That being said, we can now confirm its sale for $4,000,000 $4,200,000 a week ago, 14 percent under its 2008 price.

In the words of another plugged-in reader two weeks ago: "not only under contract…but co-op approved, and de-staged...all in 5 days!"

∙ A Heights Of The Heights Apple Returns (1940 Broadway #6) [SocketSite]

Posted by socketadmin at 3:15 PM | Permalink | Comments (29) | (email story)

Esprit Park Sprouts A Late 2009 One-Bedroom Apple To Be

In November 2009 the sale of 863 Indiana #109 closed escrow with a reported contract price of $550,000, the Esprit Park one-bedroom with one and one-half baths had been listed for $615,000. The 861 square foot condo has just been listed for $575,000.

With respect to other Esprit Park "apples" on the tree, 875 Indiana #515 has been listed for 27 days at $950,000 having been purchased for $1,250,000 in November 2008.

And with respect to other Esprit Park news, the sales office is down to two fifth floor two-bedrooms which are now listed from $899,000, not including the 67 units formerly known as Esprit Park North which are now being leased as The Parc Esprit.

∙ Listing: 863 Indiana #109 (1/1.5) 861 sqft - $575,000 [MLS]
∙ Listing: 851 Indiana #503 (2/2) 1,517 sqft - $899,000 [MLS]
∙ Esprit Park Two Years Later, Apples-To-Apples Style [SocketSite]
∙ The Parc Esprit (840 Minnesota): 30 Percent Sold Leased [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (11) | (email story)

March 16, 2011

14 Percent Below Its Year 2000 Price And Offers Anytime

As we wrote in January:

Eleven years ago the two bedroom and three bath townhouse known as 655 5th Street #9 sold for $781,000 down in SoMa. Seven years and a thousand or two new neighborhood condos later, the 1,774 square foot unit sold for $1,018,000 in 2007 by way of an $814,400 first and a second for $152,700.

Yes, this was yet another case of only 5 percent down in the "it's different here" San Francisco and with "only" $50,900 in equity at risk. Lo and behold, this past November Wells Fargo foreclosed on the first with no bidders at $746,547.

Yesterday the property was listed for sale on the open market for $777,900, a sale at which would be just below its year 2000 price, "only" 24 percent ($240,100) below 2007.

The list price for 655 9th Street #9 has been reduced to $674,900. The bank is now asking 34 percent ($343,100) under its 2007 sale price, 14 percent ($106,100) under its year 2000 sale. And according to the listing, "offers anytime."

∙ Listing: 655 5th Street #9 (2/3) 1,774 sqft - $674,900 [MLS]
∙ Unfortunately Wells Wasn’t Requiring 30 Percent Down At The Time [SocketSite]
∙ 30 Percent Down Or Interest Rates Up As Proposed By Wells Fargo [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (24) | (email story)

March 15, 2011

From Warehouse To Gallery To Upscale Comp At 410 Jessie

The sale of 410 Jessie #502 closed escrow last week with a reported contract price of $1,300,000 ($644 per square foot). The 2,018 square foot Hales Warehouse condo had been purchased for $1,400,000 in October 2007 with an investment in lighting in between.

∙ Hales Warehouse (410 Jessie) Gallery Of Listing(s) Along Mint Plaza [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (4) | (email story)

March 14, 2011

Apples-To-Apples-To-Apples And A Room We Couldn’t Resist

Purchased for $1,560,000 in April 2008, up from $1,395,000 in January 2006, the Mission Dolores home at 126 Dolores is back on the market and listed for $1,575,000.

And with that living room and Hypermotard in the house, we're almost willing to overlook the "where even the weather is hip" and "fairy tales do come true" copy. Almost.

∙ Listing: 126 Dolores (3/2) 2,280 sqft - $1,575,000 [126dolores.com] [MLS]

Posted by socketadmin at 9:30 AM | Permalink | Comments (32) | (email story)

March 11, 2011

Only Down 15 Percent (Below 2001) On Filbert Off Polk

The sale of 1438 Filbert #402 closed escrow yesterday with a reported contract price of $532,500. Call it 17 percent below its year 2004 price ($640,000) or 15 percent below its year 2001 price ($630,000) for the top floor one-bedroom condo on Filbert off Polk.

∙ Ten Of Thirty-Nine Already Owned By The Bank (And Eight Just Short) [SocketSite]
∙ SF Listed Sales Volume Up 1.5% In Feb As Medians Continue To Fall [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (5) | (email story)

March 10, 2011

An Apple (For Now) At 135 Rue Locust

Built in 1906, the "Cape Cod" styled Presidio Heights home at 135 "Rue" Locust has been rather nicely remodeled and updated since.

And speaking of remodeling, three months ago a permit was filed to convert the attic into a habitable third floor, remodel the baths on the second, and seismically update throughout the house at an estimated total cost of one million dollars.

But we’re getting of ourselves. Purchased for $3,000,000 in February 2009, the currently 2,800 square foot home is back on the market in March 2011 listed for the same.

∙ Listing: 135 Locust (4/3.5) 2,800 sqft - $3,000,000 [nealwardproperties.com] [MLS]

Posted by socketadmin at 9:45 AM | Permalink | Comments (35) | (email story)

March 9, 2011

You Make The Call On Rich Aurilia's Berry Street Play

As we wrote in January:

Asking $1,950,000 in September 2006, the three-bedroom condo atop 255 Berry Street known as #610 was purchased by former San Francisco Giants #35 Rich Aurilia for $1,750,000 in January 2007. Obviously he didn't overpay.

Then again the 2,293 square foot condo with a 700 square foot-ish terrace overlooking the creek is back on the market today and asking $1,650,500. And yes, the condo was also listed from September to December last year at $1,750,000, albeit a bit more quietly that time around.

The sale of 255 Berrry #610 closed escrow today with a reported contract price of $1,550,000, 11.4 percent ($200,000) under its January 2007 sale price.

∙ Former Giants #35 Is Looking To Sell (255 Berry) #610 [SocketSite]
∙ 255 Berry: Seven Percent Active [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (13) | (email story)

Three Percent Over 2003 But Remodeled (And Auctioned) In Between

Unfortunately the sale of 108 Bronte for a reported $579,000 last week isn’t apples-to-apples with its sale for $560,000 in July 2003 as the South Bernal Heights home was remodeled (inside and out) in between.

Also in between those sales, a refinancing in August 2007 with loans totaling $745,000 (for which the Bernal Heights home would had to appraise) and a subsequent sale on the courthouse steps for $425,200 cash in August of last year.

∙ Shhh...Bank Investor Owned In South Bernal: 108 Bronte [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (3) | (email story)

March 8, 2011

What Might Sir Isaac Newton Infer From These Apples?

The sale of 2416 Gough closed escrow yesterday with a reported contract price of $2,075,000. Purchased for $3,025,000 in July 2008, call it an apples-to-apples 31.4 percent ($950,000) decline in value for the "Exquisite Victorian Home on a wonderful tree lined street in Pacific Heights" over the past two years.

As we wrote in July: "Of course one could argue that the buyers of this property simply "overpaid" in 2008, but then so did everyone who relied on the individual sale as a market comp – or in the aggregate as it factored in to average and median sales price reports – at the time."

The "beautifully remodeled Pacific Heights Victorian home" at 2312 Gough remains available at $2,142,000 having been purchased for $2,600,000 in July of 2004.

∙ Obviously They Simply Overpaid In Pacific Heights... [SocketSite]
∙ Apples To Apples On A Pacific Heights Tree Lined Street [SocketSite]
∙ Apples To Apples To Apples Again As 2312 Gough Returns [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (43) | (email story)

March 4, 2011

From 100 Percent Financing To Two Short Sales And An Auction

It’s not just a short sale but a "very short sale" for 2225 23rd Street #316 which has been listed at $150,000 versus the $395,000 which was paid in 2005, a purchase which was financed with a $316,000 first, a $41,000 second, and a $39,450 third. And yes, that totals $396,450 in financing to which a tax and HOA lien has been added since.

The unit below (2225 23rd Street #216) has been listed as a short sale for the past 344 days at $269,000 having been purchased for $395,000 eight months after the unit above. Any ideas what sale they might have used as a comp?

Oh, and 2225 23rd Street #116 is scheduled to hit the courthouse steps next week having been purchased for $395,000 with $355,500 in debt four months after the unit above sold. Any ideas what sale they might have used as a comp?

∙ Listing: 2225 23rd Street #216 (1/1) 602 sqft – "$269,000" (short sale) [MLS]
∙ Listing: 2225 23rd Street #316 (1/1) 602 sqft – "$150,000" (short sale) [MLS]

Posted by socketadmin at 11:45 AM | Permalink | Comments (14) | (email story)

Apples-To-Apples-To-Debt 1365 Portola Falls Down

As we wrote about 1365 Portola Drive this past January when listed for $1,149,000:

The property failed to sell in 2008 when listed for $1,950,000 or $1,699,000 in 2010. And at the time of its foreclosure this past August, open loans on the property totaled $1,795,000 and included a first for $1,120,000, a second for $425,000, and third underwritten in 2009 for $250,000.

Sure, that "Grand Curb Appeal" is from a busy street, but that’s why the 3,000 square foot remodeled St. Francis Wood home only fetched $1,325,000 back in May of 2002 (15 percent more than its current list price).

The sale of 1365 Portola closed escrow yesterday with a reported contract price of $1,180,000. Yes, that's three percent ($31,000) "over asking" but ten percent ($145,000) below its sale price in 2002 and fifty-two percent ($615,000) below what was borrowed against the property by the end of 2009.

∙ 1365 Portola Drive: An Apple In The St. Francis Wood Of Trees [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (10) | (email story)

March 3, 2011

A "Fresh Perspective" On A Rather Familiar 104 Funston

With a listing touting a "Fresh Perspective," it’s a plugged-in reader that first notices the return of 104 Funston to the MLS. As we first wrote about the property last May:

104 Funston was purchased for $2,750,000 in May of 2007 and returned to the market this past March asking $3,150,000. Reduced to a "lucky" $2,988,888 on April 15, the price was further reduced to $2,875,000 eight days later. On Friday it was reduced to $2,750,000.

According to the listing the property "appraised at $2,850,000" and you can "move in with equity." Who are we to suggest that its three weeks on the market at $2,875,000 without a sale would suggest otherwise.

As we added in October:

Withdrawn from the MLS after 155 days days on the market but then relisted at $2,600,000 with "one" day last month, yesterday the list price for 104 Funston was reduced to $2,200,000 (23 percent under its "appraised" value) in an attempt to solicit multiple bids which are now due next week (10/21 by noon).

And with respect to any apples-to-apples comparisons, don’t forget to account for the roughly $400,000 worth of work between the $2,750,000 purchase price in 2007 and today.

In November the listing for 104 Funston was withdrawn from the MLS without a reported sale while simultaneously increasing its list price when withdrawn to "$2,500,000." The property is now back on the MLS with an official "one day" on the market and a new new original list price of $2,395,000.

∙ Listing: 104 Funston (4/3.5) 3,963 sqft - $2,395,000 [104funston.com] [MLS]
∙ Instant (Appraiser's) Equity At 104 Funston [SocketSite]
∙ A Quick Reminder Not To Bank On An "Appraisal" (Or Instant Equity) [SocketSite]
∙ Will 104 Funston Return With Even More "Move In Equity?" [SocketSite]
∙ No More Mention Of (Even More) "Move In Equity" For 104 Funston [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (36) | (email story)

Chronicle Publisher Sells Below 2005 Price In Pacific Heights

As we wrote in October:

Purchased for $2,940,000 in July 2005, the remodeled Victorian at 2605 California returned to the market asking $3,495,000 in July 2008. Since then the listing has been reduced, delisted, relisted, withdrawn, listed, delisted, relisted, withdrawn, listed, reduced, delisted, relisted, and last withdrawn a month ago.

Yesterday, the single-family home "situated in the HOT Upper Fillmore corridor" was listed anew once again, this time "priced to sell!!" at $2,795,000. Yes, double exclamation points. And yes, with an official "one day" on the market according to industry reports.

As a plugged-in tipster notes, it would appear it’s the publisher of the Chronicle that’s been trying to sell, a tidbit that likely won’t make it in to print.

The sale of 2605 California closed escrow yesterday with a reported contract price of $2,665,000 or 9 percent ($275,000) below its 2005 purchase price after which the 4,013 square foot home was "substantially upgraded."

And yes, we did our best to channel the Chronicle for our headline as they might not cover this particular sale.

∙ Not Fit (For Some) To Print [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (5) | (email story)

A False Starter Home And Shadow Inventory On The Myra Way?

Listed for $585,000 as a short sale and "delightful [starter] home with fabulous views in a terrific location" up in Miraloma Park, hopefully 449 Myra Way wasn’t a false start for the sellers who purchased the 970 square foot property for $790,000 in April 2007.

And then there’s the 1,561 square foot home at 660 Myra Way which isn’t on the market.

Purchased for $760,000 in December 2003 with two loans totaling $760,000 and since refinanced with a first for $650,000 in 2005 and a second for $300,000 in 2007 (for which the comp setting sale of the smaller home at 449 Myra Way might have helped pave the way for the appraisal), a month ago a notice of default was filed against 660 Myra's first.

∙ Listing: 449 Myra Way (2/1) 970 sqft – "$585,000" (short sale) [MLS]

Posted by socketadmin at 10:30 AM | Permalink | Comments (11) | (email story)

The "America’s Cup Effect" In Action?

The re-sale of 425 1st Street #4702 closed escrow yesterday with a reported contract price $1,350,000 ($1,031 per square foot) for the One Rincon Hill two-bedroom which was purchased from the sales office for $1,605,500 ($1,226 per square) in August 2008.

As we wrote when #4702 hit the market asking $1,107 per square foot in December:

At the beginning of September the sale of 425 1st Street #4602 closed escrow with a recorded contract price of $1,343,500 ($1,026 per square foot) while at the end of September 425 1st Street #4502 (which had last been listed at $1,450,000 as the sales office’s "LAST 02") sold for $1,297,000 ($991 per square foot).

And in October, the re-sale of 425 1st Street #4902 (which had also been listed as the "Last Brand New 02 Unit") closed escrow with a recorded contract price of $1,370,000 ($1,047 per square), for an average recent per square foot sale price of $1,021 for the three 02's in the high forties.

Of course it wasn’t until the last day of December that San Francisco secured the next America’s Cup (at which point “Front Row Seats to America's Cup!” was added to the listing). And while we’re filing this under apples-to-apples, it’s possible the unit ended up reselling with a few extras (“Seller will entertain selling home fully furnished”).

∙ "The Last" Of The Last One Rincon Hill 02’s [SocketSite]
∙ And The 2013 America’s Cup Will Be Held In…San Francisco! [SocketSite]
∙ The Scope Of Development For San Francisco’s First America’s Cup [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (28) | (email story)

February 28, 2011

While One Is Ready To Sell A Neighbor Seems A Little Less So

It’s a plugged-in tipster that notes a pair adjacent condos for sale at 3110 California. Purchased in November 2005 for $967,000, this past September 3110 California #2B returned to the market seeking $979,000.

Reduced and relisted a few times since, they’re now asking $849,900 (12 percent below 2005) for the Pacific Heights two-bedroom as the agent notes "seller ready to sell" and offers the "buyer’s agent" a $2,000 bonus for making the sale.

At the same time, 3110 California #2A which was purchased for $1,000,000 in September 2004 hit the market ten days ago listed for $1,200,000 (20 percent over 2004) and seemingly a little less ready to sell the three-bedroom.

∙ Listing: 3110 California #2A (3/2) 1,270 sqft - $1,200,000 [Redfin]
∙ Listing: 3110 California #2B (2/2) 1,059 sqft - $849,900 [MLS]

Posted by socketadmin at 6:00 AM | Permalink | Comments (16) | (email story)

February 25, 2011

Saitwowitz’s Yerba Buena Lofts (855 Folsom) Showcase Unit Returns

One of twenty-one terrace units at the 200-unit Saitowitz designed Yerba Buena Lofts, one of fifteen with two full baths, 855 Folsom #539 was purchased new for $690,000 in 2002.

Customized with dual 18 foot motorized shades (including blackout), a Norbert Wangen designed Boffi K2 kitchen island (sans the mini-appliances), and sliding glass walls on either side of the lower bedroom, the 1,396 square foot unit with 500 square foot terrace is back on the market and listed for $995,000.

If you’re familiar with The Phaidon Atlas, this is the unit showcased for the development. And as a financial aside, word has it an adjacent unit was just leased for $4,200 a month.

Full Disclosure: The seller of 855 Folsom #539 advertises on SocketSite and provided a tour of the property and background information at our request, but no compensation, for this post.

∙ Listing: 855 Folsom #539 (2/2) 1,396 sqft - $995,000 [yerbabuenaloft.com] [MLS]

Posted by socketadmin at 10:45 AM | Permalink | Comments (8) | (email story)

752 Carolina On Our Minds (For The Second Time In Three Years)

Its three wings and 3,455 square feet around a central courtyard and surrounded by gardens designed by Jeffery Miller were built across three adjacent Potrero Hill lots in 1997.

Asking $3,000,000 in early 2008, the sale of 752 Carolina quickly closed escrow with a reported contract price of $3,120,000 that March.

For the second time in three years the "once in a lifetime opportunity" is back on the market, now asking $3,300,000. Will only the kitchen be left feeling blue once again?

∙ Listing: 752 Carolina (5/3.5) 3,455 sqft - $3,300,000 [MLS]

Posted by socketadmin at 8:45 AM | Permalink | Comments (26) | (email story)

February 24, 2011

Esprit Park Two Years Later, Apples-To-Apples Style

Public records suggest the Esprit Park two-bedroom known as 875 Indiana #515 sold for $1,250,000 in November of 2008, the same year the San Francisco Business Times named Esprit Park its "New Community of the Year."

It’s now two years later and the top floor condo is back on the market and listed for $950,000 (24 percent under its New Community of the Year price). As we noted in 2008 with respect to a top floor sister unit which had been listed for $1,095,000 that November:

While asking at least $105,000 less than "similar units" in the development, after a month on the market the listing for that investor owned and "insatiable" two-bedroom at Esprit Park has been withdrawn. As always, another data point for plugged-in people.

∙ Listing: 875 Indiana #515 (2/2.5) - $950,000 [MLS]
∙ Not So Quick For That "Insatiable" Homes On Esprit Park Flip (#S514) [SocketSite]
∙ A Quick Friends And Family Esprit Park Flip? [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (59) | (email story)

Apples To Apples To Apples Again As 2312 Gough Returns

As a plugged-in reader notes, "the beautifully remodeled Pacific Heights Victorian home" at 2312 Gough which was returned to the bank in early January with no bidders at $2,100,000 on the courthouse steps has been listed by the bank for $2,142,000.

As plugged-in people know, the property sold for $3,000,000 in May of 2000 and then $2,600,000 in July of 2004 with 100 percent financing before being refinanced in September 2006 with a $2,630,000 note for which it would have had to appraise.

∙ Listing: 2312 Gough (4/3) 3,968 sqft - $2,142,000 [MLS]
∙ From 100% Financing To 100% Bank-Owned For 2312 Gough [SocketSite]
∙ Apples To Apples To Apples (And 100% Financing) For 2312 Gough [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (11) | (email story)

February 23, 2011

The Bank's 330 Banks Returns 29 Percent Below Its 2005 Price

As we wrote about 330 Banks up in Bernal back in January 2008:

On the market without finding a buyer at $649,000 last fall, 330 Banks is back on the market (but not the MLS) with a list price of $599,000.

Included in the sale are approved plans to add an additional "art studio" and half-bath on first floor. And while it’s usually "showings by appointment only," it will be open this Sunday (1/27) for just one half-hour (from 2:00 to 2:30) if you want to take a peek.

Keep in mind that this single-family Bernal Heights home was purchased two and one-half years ago for $700,000 (on 6/8/2005). And yes, the sale at $700,000 was likely used as a local comp a couple of years ago. And so on. And so forth.

This past June the bank foreclosed with $558,053 owned on its first (the 2005 sale was financed with a first for $544,000 and a second for $57,500) and the little Bernal home returned to the market asking $534,900 in September before being withdrawn from the market in December without a sale.

Today, 330 Banks returned to the MLS asking $499,900, 29 percent under its 2005 comp setting price and without any allusion to those plans.

∙ Listing: 330 Banks (1/1) - $499,900 [MLS]
∙ Back On The Market (But Not The MLS) In Bernal Heights: 330 Banks [SocketSite]
∙ Six Of Sixty-Five Bank-Owned In Bernal Including Two On Banks [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (13) | (email story)

The Quintessence Of Russian Hill Living Or The Market As A Whole?

Purchased for $2,550,000 in December 2007 and unsuccessfully listed for sale five times since with prices ranging from $2,700,000 to $1,900,000, the Royal Towers (1750 Taylor) #1803 is now back on the market MLS and listed for $1,995,000 as a short sale.

The new listing at 22 percent below its 2007 price touts "Quintessential Russian Hill Co-Op." And yes, the listing now includes an obligatory reference to the America’s Cup.

∙ Listing: 1750 Taylor #1803 (3/3) - $1,995,000 (short sale) [MLS]
∙ Royal Towers (1750 Taylor): Columns, Views, And Comps [SocketSite]
∙ Overused Listing Descriptor Of The New Year: "Stunning" [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (11) | (email story)

Take Two For An Orange On Oak And Bumper Apple Crop On Masonic

Purchased for $1,245,000 In May 2007, the "Historic Sullivan Home" at 767 Oak Street returned to the market this past September asking $1,389,000 with a new master bathroom, a new deck off the back, and a number of other changes.

Withdrawn from the market this past December following five list price changes, 767 Oak Street has now returned to the MLS listed for $1,295,000. At the same time, with over eight months on the market (but not on the MLS) at $2,095,000, 1499 Masonic is now official inventory and with an official "five days" on the market according to industry stats.

Once again, the remodeled Ashbury Heights Victorian on Masonic was purchased for $2,275,000 in 2005. And yes, the façade listing photo is tightly cropped for a reason.

∙ Listing: 767 Oak Street (3/3.5) 2,588 sqft - $1,295,000 [MLS]
∙ Unlisted Listing: 1499 Masonic (3/2+1/1) - $2,095,000 [MLS]
∙ No Apples (And Fewer Period Details) Here: 767 Oak Before And Now [SocketSite]
∙ (A) 1499 Masonic Set Back [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (1) | (email story)

February 18, 2011

Another Nice Home On Santa’s Short List (355 Santa Ana)

While not nearly as large nor ornate at the Spanish styled Mediterranean villa at 299 Santa Paula (the list price for which has been reduced to $4,699,000, $700,000 under which it was rumored to have been in contract in 2009), the Spanish Mediterranean home (not villa) at 355 Santa Ana has hit the market as a short-sale listed for "$1,275,000."

In July of 2007 the four-bedroom Balboa Terrace single-family home sold for $1,850,000, 31 percent more than its current list.

∙ Listing: 355 Santa Ana (4/2) 2,835 sqft – "$1,275,000" (short sale) [MLS]
∙ Ay, Caramba As 299 Santa Paula Avenue Cuts Again [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (24) | (email story)

54 Harriett #1 Closes For $351 Per Square Foot (35% Under 2005)

As we wrote about 54 Harriett #1 this past October:

Purchased for $750,000 ($543 per square) in January 2005 by way of two variable rate loans totaling $750,000 (yes, 100% financing in San Francisco), the 1,382 square foot two-bedroom was taken back by the bank this past June with $607,500 owed on its first.

With respect to the other two units at 54 Harriet, the 767 square foot #3 sold for $611,000 in August 2005 ($797 per square), while the 1,044 square foot #2 has a tax assessed value of $712,708 ($683 per square).

Missing a few kitchen appliances (but not the counters), the condo was listed by the bank for $599,900 and closed escrow two days ago with a reported contract price of $485,000. Call it $350 per square foot and 35 percent ($265,000) under its January 2005 price.

∙ A Different Kind Of Historic Context On Harriet: 54 Harriet #1 [SocketSite]

Posted by socketadmin at 5:30 AM | Permalink | Comments (11) | (email story)

February 15, 2011

A Heights Of The Heights Apple Returns (1940 Broadway #6)

Listed for $4,350,000 in early 2008, the full sixth floor of The Heights (1940 Broadway #6) closed escrow that March with a reported contract price of $4,911,000.

A few months later the three-bedroom Pacific Heights co-op returned to the market asking $5,191,000 but was withdrawn in November 2008 without a sale.

Now back on the market and asking $4,350,000, 11 percent under its 2008 sale price.

∙ Listing: 1940 Broadway #6 (3/4.5) - $4,350,000 [1940broadway.com] [MLS]
∙ The Height(s) Of Foreshadowing: 1940 Broadway #6 Returns [SocketSite]
∙ A Few Of Our Favorite Things: Big Windows, Views, And A Floor Plan [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (15) | (email story)

16 Percent Below 2003 For 140 South Van Ness #719

As we noted two months ago, 140 South Van Ness #719 purchased for $553,000 in November 2003, was taken back by the bank in 2009, and returned to the market as a bank-owned listing listed for $589,900 in June 2010.

Reduced four times and then delisted this past December, the 1,075 square foot unit was relisted the same day at $499,900 but with an official "one day" on the market and then reduced to $477,900 two weeks later.

Five days ago the sale of 140 South Van Ness #719 closed escrow with a reported contract price of $460,000 (17 percent under 2003) and an official "59" days on the market according to industry reports and statistics.

∙ Two Floors Below But Asking 16 Percent Less Year-Over-Year [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (3) | (email story)

February 10, 2011

Riders On In The Storm As 55 Buena Vista Sells For $2,100,000

As we recapped last month:

Purchased for $2,177,000 in April 2006 but significantly expanded and remodeled by architect Jonathan Feldman and interior designer Joseph Oroza since (including adding a new bathroom, turning outdoor space in, and remodeling the kitchen and dining), the now 3,106 square foot designer home with big glass doors and some big city views at 55 Buena Vista Terrace returned to the market in September 2008 asking $3,395,000.

Withdrawn from the market in November 2008 but then relisted anew in January 2009 asking $2,995,000, the list price for the designer home was reduced to $2,695,000 that February and then $2,595,000 that April before being withdrawn again that June.

Listed anew once again this past September with an "original" list price of $2,295,000 (and an official one day on the market per aggregate industry reports), as a plugged-in reader notes, yesterday the list price for 55 Buena Vista Terrace was reduced to $2,100,000.

The resale of 55 Buena Vista Terrace closed escrow yesterday with a reported contract price of $2,100,000. As a plugged-in reader noted last month, MLS based statistics will reflect a $77,000 (4%) drop in value versus 2006 for this data point and miss a few hundred thousand dollars invested in between.

∙ 55 Buena Vista Terrace Back Below Its 2006 Pre-Renovated Price [SocketSite]
∙ Big Swinging…Doors (And Here Comes The Competition) [SocketSite]
∙ Riders On The Storm (The Doors Of 55 Buena Vista Terrace Reduced) [SocketSite]
∙ From Easy Profit To Likely Loss For 55 Buena Vista Terrace [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (0) | (email story)

February 8, 2011

Apples To Apples To Apples At 2679 California

As a plugged-in reader notes, the list price for the "Stunning Pacific Heights Victorian home" at 2679 California was reduced $100,000 to $2,695,000 yesterday. As we wrote about the sale of the property for $3,005,000 in April 2008:

2679 California was purchased on 10/21/2005 for $2,850,000, listed on 2/21/08 for $2,995,000, and closed escrow on 4/2/08 for $3,005,000.

Assuming all work was permitted, the only major improvements from 10/05 to 4/08 consisted of a few new windows and siding, and the average annual appreciation over the past thirty months for this six bedroom, three and one-half bath single-family home in Pacific Heights weighs in at around 2.2%.

A sale at asking would now represent average annual depreciation of 3.7 percent per year over the more recent thirty-five months and a total drop in value of 10 percent ($310,000).

∙ Listing: 2679 California (5/3.5) 4,311 sqft - $2,695,000 [MLS]
∙ Apples to Apples: Pacific Heights Single-Family (2679 California) [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (32) | (email story)

100 Percent Doobie Debt Financed On Potrero Hill

In 2007 the Potrero Hill home at 890 De Haro sold for $1,350,000. The sale is yet another example of a "winning" offer in San Francisco that was financed with 100 percent debt, a first for $1,080,000 and a second for $270,000. And here you couldn’t understand how you kept getting outbid or what was driving appreciation (less than two years before the property had traded for $1,185,000).

A year later the owner posted a "make me move" price of $1,650,000 which was withdrawn in March 2010, three months after a notice of default was filed with $50,289 past due.

The property was subsequently listed as a short sale for $1,150,000 this past November, was in and out of contract, and has now returned to the MLS listed for $1,013,000. And while its courthouse sale has been postponed in the past, the home is once again scheduled to hit the steps in San Francisco next week.

For some reason the current listing for the property doesn’t tout the "sophisticated indoor marijuana cultivation/processing room" which last occupied the back half of the garage. Oh, did we not mention the seller was arrested for cultivating marijuana here and at another home back in 2009?

We’d sure love to see Merrill Lynch’s loan documentation for the purchase in 2007. And no, we don’t believe the Mercedes is still parked in the other half of the garage.

∙ Listing: 890 De Haro (3/1) 1,517 sqft – “$1,013,000” (short sale) [Redfin]
∙ Working All The Angles And Coming Up Short In The Marina [SocketSite]
∙ Groveland Marijuana Investigation Moves To San Francisco [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (62) | (email story)

February 7, 2011

No, Not In Indiana But Rather On (And Off In San Francisco)

In July of 2003 the 1,243 square foot Central Waterfront condo known as 1578 Indiana #9 sold for $439,000. Three short years later it resold for $625,000 in October 2006, a purchase which was financed with a $500,000 first mortgage and a second for $125,000.

A year later the fully leveraged buyer who had offered the most for District 9 property and established a new neighborhood comp added a third loan for an additional $150,000.

This past July a notice of default was filed on that first with just $7,589 past due and a trustee sale was scheduled for this past November. Postponed due bankruptcy, the condo is once again scheduled to hit the courthouse steps this Wednesday with a published opening bid of $520,996.

As best we can tell, the slightly larger and upgraded 1578 Indiana #8 which had been listed for $600,000 in 2008 (and a few times after) never sold.

∙ Now Priced To Catch Your Attention (As It Did Ours): 1578 Indiana #8 [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (59) | (email story)

A Month Later And A Bit More Red Down In Jackson Square

Purchased for $1,350,000 in February 2008, three days ago the sale of the "immaculate" two-bedroom, two-bath condo #508 at 733 Front Street closed escrow with a reported contract price of $975,000 ($668 per square foot).

Call it a 28 percent or $375,000 drop in value for the Jackson Square condo with parking, designer kitchen and nine foot ceilings over the past three years.

As plugged-in people might recall, last month the short-sale of 733 Front Street #407, a one-bedroom, closed escrow with a reported contract price of $450,000, 38 percent ($280,000) below its September 2007 purchase of $730,000.

∙ In The Red At 733 Front Street Down In Jackson Square [SocketSite]
∙ Jackson Square For 34 38 Percent Less In 2011 [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (24) | (email story)

February 4, 2011

Mo’ Moderne Atop Liberty Hill (Or Not)

From San Francisco’s modern era of design and development to modern day trends, we’re calling it a modern themed week in retrospect. And we’re closing it out with a peek inside the Streamline Moderne 849 Sanchez atop Liberty Hill (or not).

Other than noting a sale for $3,400,000 in June 2008, the price at which it’s listed today, we’ll let the pictures and plugged-in lovers of Streamline Moderne speak for themselves.

∙ Listing: 849 Sanchez (4/3.5) - $3,400,000 [849sanchez.com]
∙ San Francisco’s Modern Era Of Design And Development [SocketSite]
∙ San Francisco Listed Housing Inventory Update: January 31, 2011 [SocketSite]

Posted by socketadmin at 11:00 PM | Permalink | Comments (34) | (email story)

Eleven Months Later 465 Hoffman Is Picked For $120,000 (4%) Less

Speaking of Noe Valley year-over-year, the sale of 465 Hoffman closed escrow Wednesday with a reported contract price of $2,850,000.

Call it $633 per listed square foot and a four percent ($120,000) drop in value over the past eleven months for the "exceptional showcase home architecturally designed & methodically built with gorgeous views!"

As plugged-in people might recall, the modern Noe home first hit the market in early 2009 listed for $3,900,000 and sold for $2,970,000 this past March.

∙ The Number Of The 465 Hoffman And An Eight Month Noe Apple To Be [SocketSite]
∙ Mixing It Up In Noe Valley: 465 Hoffman Sells For $675 Per Square
∙ A Post-Preview List Price Of $3,900,000 For 465 Hoffman Avenue [SocketSite]
∙ If You Think You Know Noe Now’s The Time To Tell [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (9) | (email story)

If You Think You Know Noe Now’s The Time To Tell

As best we can tell, we’ve got a perfect clean Noe Valley apple on the tree at 113 Valley. And even better, a sale pair that should be relatively year-over-year.

Purchased for $1,155,000 in October 2009, the "gorgeous light filled Victorian Home in great Noe location" was just listed for $1,199,000. While unaltered one year real estate holds aren't typically great investments, they are great as benchmarks for the market.

As a (Noe) Valley aside, the single family home at 374 Valley is currently scheduled to hit the courthouse steps in March while a notice of default for the single-family home at 254 Valley was filed two months ago.

If you think you know Noe, now's the time to tell.

∙ Listing: 113 Valley (2/2) - $1,199,000 [MLS]
∙ San Francisco Bucks CA Foreclosure Trends, But Not In A Good Way [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (12) | (email story)

Working All The Angles And Coming Up Short In The Marina

Down in the heart of the Marina just a block from the bay, 1921 Jefferson Street #204 sold for $180,000 in 1997. Over the next nine years it changed hands three more times with holds of one to five years, each time with a higher price and annual appreciation between 9 and 25 percent on an apples-to-apples basis.

The last sale occurred five years ago with a comp setting price of $510,000. And it wasn’t one of those funny money five percent down deals. No, in this case the purchase appears to have financed with a first mortgage for $408,000 and a second for $100,000. That’s right, two thousand dollars or under one percent down.

Two months ago a notice of default was filed on the property with $20,363 past due, but don’t worry, that two thousand dollars of "prime" equity isn’t at risk. No, a year after purchase the property was refinanced in 2007 with a first mortgage for $464,000 (the one foreclosing) and a second for $58,000. Yes, a total of $522,000 in debt.

A few months after refinancing the owner posted a "make me move" price of $699,000, an offer that was just withdrawn four weeks ago when the property was listed on the MLS for $549,000, a price that has since been reduced to $529,000 and the seller is now angling for a short sale.

UPDATE: Just reduced to "$499,000."

∙ Listing: 1921 Jefferson #204 (1/1) 558 sqft – $529,000 (short sale) [MLS]

Posted by socketadmin at 11:15 AM | Permalink | Comments (10) | (email story)

February 3, 2011

"Best Priced Studio Condo In SoMa" Undercut From Above

It’s nothing fancy nor luxurious. And at 311 square feet, 195 7th Street #308 is anything but large. But it is a South of Market condo that’s just hit the market as a short-sale listed for $150,000. And it's not a BMR.

Purchased for $51,000 in 1995 it sold for $79,000 in 1998 (appreciation of 14 percent per year). And five years later it sold for $180,000 in 2003 (appreciation of 18 percent per year). Apparently "short-term" holds and frequently flipped properties do show price appreciation. Well, at least when the market is actually appreciating.

Three other studios listed for sale in the 34-unit building currently range in price from $189,500 for #208 (time to strike that "Best Priced Studio Condo in SOMA" tout) to $238,000 for #404 which is larger by twenty-one square feet.

∙ Listing: 195 7th Street #208 (0/1) 311 sqft – $189,500 [MLS]
∙ Listing: 195 7th Street #308 (0/1) 311 sqft - "$150,000" (short sale) [MLS]
∙ Listing: 195 7th Street #404 (0/1) 332 sqft - $238,000 [MLS]

Posted by socketadmin at 6:00 PM | Permalink | Comments (36) | (email story)

Twelve Percent Over Asking And Below A Comp Of Seven Months Ago

The sale of 2111 Franklin #4 closed escrow yesterday with a touted seven (7) offers and an official twelve (12) percent over asking. And with a reported contract price of $815,000 ($521 per square foot), it’s only twenty-four (24) percent under its September 2005 sale price of $1,075,000.

As we wrote last month:

Purchased for $1,075,000 in September 2005 ($687 per square), number four chased the market down for two years, having first been listed for $1,100,000 in August 2008, last asking $849,000 as a short sale before losing the property to the bank last month.

The Pacific Heights property had been purchased in 2005 by way of two mortgages, one for $800,000 and another for $167,500, and ten percent ($107,500) down. It had previously sold for $759,000 in 2002 with a bit of remodeling in between.

As we also noted at the time, the same sized unit #2 in the building sold for $925,000 ($591 per square) seven months ago having been purchased for $1,095,000 ($700 per square) in June 2008.

∙ The Short Sellers Come Up Short As 2111 Franklin #4 Returns REO [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (2) | (email story)

The Courthouse Clock Is Ticking For 99 Marietta Up In Miraloma

Speaking of single-family homes for sale up in Miraloma Park, when we last checked in on 99 Marietta the four-bedroom home had returned to the MLS as short sale listed for $685,500 having fallen out of contract when previously listed for $612,500.

Once again, the 1,966 square foot home was purchased for $850,000 in September 2005 with a rather reasonable 20 percent down and a $680,000 variable rate loan. Not previously mentioned, in February 2007 the property was refinanced with a first for $750,000 and a second for $149,000 (for which the property would have had to appraise).

A few minutes ago the list price for 99 Marietta was reduced to $675,000. At the same time, the property is currently scheduled to hit the courthouse steps on March 18 with $41,355 past due on Washington Mutual’s first (as previously noted by a reader).

And yes, Washington Mutual wrote that second as well. That's a good a thing if you're trying to negotiate a short sale, not so much for everyone else.

∙ Listing: 99 Marietta (4/2) 1,966 sqft - $675,000 [MLS]
∙ A Modern Miraloma Apple Returns At 801 Teresita Boulevard [SocketSite]
∙ 99 Marietta Comes Up Short (For The Sellers) In Miraloma [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (9) | (email story)

Selling Short In 2011 Having Gone Long On Lake In 2004

Purchased for $1,615,000 in early 2004 having already been renovated, the single-family home at 1738 Lake Street returned to the market last March listed for $2,100,000.

Reduced to $1,950,000 last April, to $1,890,000 last May, and then $1,780,000 last July, the four-bedroom Lake Street home was withdrawn from the market last August.

Back on the market today and listed for "$1,499,000" as a short sale.

∙ Listing: 1738 Lake (4/3) 2,977 sqft – "$1,499,000" [MLS]

Posted by socketadmin at 9:45 AM | Permalink | Comments (29) | (email story)

February 2, 2011

A Modern Miraloma Apple Returns At 801 Teresita Boulevard

As we wrote about 801 Teresita Boulevard in July 2007:

The little (and not so little) things that caught our eye at 801 Teresita: heated granite floors, a Duravit sink, Axor fixtures and skylight in the bathroom; Scavolini, Sub-Zero, DCS and (two more) skylights in the kitchen; a landscaped backyard (which the master bedroom overlooks); and a corner lot. And yes, even that nice new garage door.

Listed for $895,000 at the time, the modern single-family Miraloma Park home ended up closing escrow for $950,000 a month later.

Seven months ago the property returned to the market asking $899,000 but was reduced to $849,000 before being withdrawn from the market a month later. Today, it's back on the market and asking $815,000.

And no, we’re still not granite people (but do remain enamored with radiant heat).

∙ Listing: 801 Teresita Boulevard (2/1) 1,150 sqft - $815,000 [MLS]
∙ You Had Us At Heated Granite Floors (And We're Not Granite People) [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (67) | (email story)

January 28, 2011

12 Auburn Comes Up Short On Nob Hill

So there's no deeded parking and Nob Hill, but it is a rather cute little two-bedroom at 12 Auburn that’s just returned to the market after a one-month hiatus, only it's now listed as a short sale for "$699,000" having been purchased for $700,000 in May 2005.

The property had been listed for as much as $898,000 just four months ago prior to three prices reductions and then being withdrawn from the MLS at the end of December.

We might suggest structuring any offer to include the contents of the "wine cellar." If you're successful, don't forget those invitations to the housewarming. And as design aside, we are rather enamored with their urban gate.

∙ Listing: 12 Auburn (2/1) – "$699,000" (short sale) [MLS]

Posted by socketadmin at 12:00 PM | Permalink | Comments (25) | (email story)

1855 Laguna: Nudged To Market In Lower Pacific Heights

Purchased for $2,660,000 in April 2006 with 25 percent ($532,000) down but a second added for $182,000 two months later, the fully remodeled Victorian home at 1855 Laguna with a big Viking and Sub-Zero in the kitchen returned to the market a week ago.

Now listed as a short sale for "$2,195,000," three weeks ago a notice of default was filed on the Lower Pacific Heights property with $57,667 past due.

∙ Listing: 1855 Laguna (4/3.5) – "$2,195,000" (short sale) [MLS]
∙ San Francisco Bucks CA Foreclosure Trends, But Not In A Good Way [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (8) | (email story)

Highly Leveraged In 2005 And Now An LPS Flag Flies In Noe

As we wrote this past October:

Purchased in April 2005 for $1,227,000 with 95 percent leverage and 5 percent ($61,400) down, the single-family home at 1688 Dolores was briefly listed this past March for $1,050,000 before being withdrawn.

Yesterday the Noe Valley home returned to the MLS listed for "$1,050,000" as a short sale and with one day on the market once again.

As a plugged-in tipster captures in a scene more commonly associated with Detroit than Noe, the short sale doesn’t appear to be going too well despite a reduction to "$975,000," confirmed by the notice of default filed by the first mortgage holder four weeks ago.

And while we previously noted the 95 percent leverage at purchase, we just noticed what appears to be a third for an additional $500,000 two years after in July 2007.

∙ Listing: 1688 Dolores (2/2) 1,450 sqft – "$1,050,000" (short sale) [MLS]
∙ Highly Leveraged In '05 And Now Selling Short? Certainly Not In Noe… [SocketSite]
∙ San Francisco Bucks CA Foreclosure Trends, But Not In A Good Way [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (23) | (email story)

January 27, 2011

2041 Sacramento Sells (For Reals This Time) At 38% Under 2007

As plugged-in people know, the MLS reported "sale" of 2041 Sacramento for $1,950,000 this past October wasn’t actually a sale but rather the bank foreclosing upon the remodeled top floor Pacific Heights condo back. And not even at that "price."

Yesterday, however, a legitimate sale of 2041 Sacramento appears to have closed escrow with a reported contract price of $1,418,000. The sale represents a 38 percent ($868,500) drop in value for the property since its purchase for $2,286,500 in June 2007.

The "beautiful house-like top floor 2-level 3BR/3BA condo in prime location across from Lafayette Park" was last listed for $1,499,000 ("DRASTIC REDUCTION for quick sale!!!").

∙ While The MLS Reports A "Sale," Public Records Report A Foreclosure [SocketSite]
∙ A Year Later An Apple Falls In Pacific Heights (2041 Sacaramento) [SocketSite]
∙ An Apples To Apples (And Rather Prime) Update For 2041 Sacramento [SocketSite]
∙ North To South (And Apples To Apples) From Atop 2041 Sacramento [SocketSite]
∙ 2041 Sacramento Cuts Again But Gains Three Exclamation Points!!! [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (58) | (email story)

11 Offers And 27% Over Asking Yields 9% Under 2001 On Potrero Hill

With a reported eleven or twelve offers, the sale of 146 Connecticut #3 closed escrow yesterday with a reported contract price of $665,000. While that's 27 percent "over asking and with multiple offers," the sale price for the Potrero Hill condo was also 24 percent under its sale for $880,000 in 2004 and 9 percent under its sale for $729,000 in 2001.

From a plugged-in reader with respect to the top-floor condo three weeks ago:

I put out some feelers on this property and was told the final sales price is going to be in the high 600k range, so it should sell close to it's 2001 price. views from this place were absolutely top notch.

And once again, the 50 percent larger but lower floor (i.e., without those absolutely top notch views) unit #1 at 146 Connecticut sold for $980,000 in October 2005 having originally sold for $699,000 (4 percent less than #3) in May 2001.

∙ An Offer Inciting Potrero Hill Price At 40 Percent Under 2004 [SocketSite]
∙ The SocketSite Reality Check For CBS’s Infamous "42 Offer" Home [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (52) | (email story)

January 26, 2011

Puttin' On The Ritz-Carlton At Under Eight Seven Hundred A Square

As we wrote this past October:

Purchased for $1,481,000 in October 2007 ($1,239 per square) and then taken back by the bank this part March with $1,234,899 due, the two-bedroom Ritz-Carlton Residences (690 Market) #1502 returned to the market six months ago.

Asking $999,900 ($837 per square) over the past 37 days, as a plugged-in reader notes, the list price was reduced to $949,905 ($795 per square) today. A sale at asking would represent a 36 percent decline in value for the luxury unit over the past three years.

And while "still not cheap" at almost $800 per square, we’re guessing that’s of little solace to those who were sold on $1,200 or more.

And as a plugged-in reader noted late last night, the bank-owned "auction" resale of 690 Market #1502 closed escrow on Monday with a reported contract price of $805,000.

Call it $674 per square foot and a 46 percent ($676,000) drop in value for the 1,195 square foot Ritz-Carlton two-bedroom since October 2007.

And yes, the Sub-Zero was still in place (as were all the cabinets).

∙ Puttin' On The Ritz (And Pressure) At Under Eight Hundred A Square [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (88) | (email story)

January 21, 2011

Symphony Towers Sales Office Gets Lapped At 650 Turk

While the sales office at Symphony Towers is still trying to close out at least seven unsold units, the first foreclosed upon unit at 650 Turk Street has hit the resale market.

Purchased for $371,500 in February 2008, 650 Turk Street #406 was taken back by the bank last July with no bidders at $317,778. The 398 square foot unit is now listed at $336,900.

At the same time, a corner penthouse studio on the ninth floor "with lots of light and partial City Hall views" is finally in contract having last been listed at $329,000. It had originally been priced at $465,000.

∙ Listing: 650 Turk #406 (0/1) - $336,900 [MLS]
∙ Listing: 650 Turk #904 (0/1) - $329,000 [MLS]
∙ An Unheard Of Price At Symphony Towers We've Heard Before [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (0) | (email story)

Now Asking 10 Percent Less Green For A Green Mission Apple

As we wrote just four months ago:

New construction in 2007 featuring siding from reclaimed olive oil barrels, hardwood floors from reclaimed mine timbers, and bathrooms with Zuma tubs and Duravit sinks, 3280 Mission Street #D was listed for $1,399,000 that July and sold for $1,450,000.

It’s now three years later, the Valencia Streetscape Improvement Project has been completed, and the three-bedroom atop 3280 22nd Street has returned to the market asking $1,550,000.

Withdrawn from the MLS in December, yesterday the green apple to be returned to the market listed for $1,395,000 and with just "one" day on the market and no reductions in the eyes of those friendly neighborhood trends reports.

UPDATE: A plugged-in reader adds a "very crude and grainy picture...taken from 3280 22nd street looking out at the neighbors [in 2007]. clearly, the neighbors were not happy about the new development":

Rough translation: "Enough of the rich people and their condos."

∙ Listing: 3280 22nd Street #D (3/2) 1,808 sqft - $1,395,000 [MLS]
∙ Going Green In The Mission (3280 22nd St.): Prices/Additional Details [SocketSite]
∙ A Green Apple To Be Atop 3280 22nd Street (#D) [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (12) | (email story)

January 19, 2011

Plans For The Inner Mission Fixer At 1376 Florida Come Up Short

In April 2007 the Inner Mission fixer at 1376 Florida sold for $700,000. Since then "fully approved plans" have been secured and "permits are ready to be issued" for rebuilding the property as two "low energy condominiums" totaling 3,000 square feet.

Returned to the market professionally priced at $850,000 early last year, reduced to $799,000, then to $749,000, and then to $649,000 before being withdrawn last October, the property has just returned to the market as a short-sale listed for "$300,000."

∙ Listing: 1376 Florida (3/2) – "$300,000" [MLS] [1376florida-sf.com]

Posted by socketadmin at 11:30 AM | Permalink | Comments (23) | (email story)

January 14, 2011

The Showcase Is Past But Hints Of 2006 Remain

Plugged-in people knew it was returning to the market, and today the sale of the Beaux Arts mansion at 3701 Washington closed escrow with a reported contract price of $12,100,000 having been listed for as much as $17,500,000 in 2008.

Built in 1902, the 10,000 square foot property sold for $8,000,000 in 2005 as a fixer, underwent a multi-million dollar renovation, and then served as the 2006 Decorator Showcase home at which point it was returned to the market asking $15,500,000.

And according to a plugged-in reader, it sold for $12,100,000 that October as well.

Don’t forget those invitations to the housewarming. We’re calling dibs on bedroom five.

∙ 3701 Washington Returns Two Years Later Asking 23 Percent Less [SocketSite]
∙ Inside the 2006 Decorator Showcase Home [sanfranciscoshowcase2006.com]
∙ Now That’s How To Flip Renovate! [SocketSite]
∙ It’s Tough At The Top [SocketSite]
∙ Now That’s How To Flip Renovate Flip? (3701 Washington) [SocketSite]

Posted by socketadmin at 11:15 PM | Permalink | (email story)

No 2006 Repeat For 4381 26th Street In 2010 And Now Back In 2011

As we wrote this past June:

On the market in 2006 asking $2,479,000, the Mark Brand designed contemporary single-family at 4381 26th Street sold for $2,600,000 in a month, an outcome that was more the rule than an exception for the market at the time.

As a plugged-in tipster notes, the Noe Valley home is back on the market four years later and asking $2,479,000. Will the same list price (and pics) yield similar results in 2010?

Withdrawn from the MLS in November without a sale in 2010, 4381 26th Street returned to the market today asking $2,350,000, a sale at which would represent an "apples-to-apples" 10 percent drop below its 2006 value for the contemporary Noe Valley home.

∙ 4381 26th Street Listed At 2006 Price And Looking For A Repeat? [SocketSite]
∙ The Wood, The Stone, The Windows...Oh My! [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (33) | (email story)

January 13, 2011

Unfortunately Wells Wasn’t Requiring 30 Percent Down At The Time

Eleven years ago the two bedroom and three bath townhouse known as 655 5th Street #9 sold for $781,000 down in SoMa. Seven years and a thousand or two new neighborhood condos later, the 1,774 square foot unit sold for $1,018,000 in 2007 by way of an $814,400 first and a second for $152,700.

Yes, this was yet another case of only 5 percent down in the "it's different here" San Francisco and with "only" $50,900 in equity at risk. Lo and behold, this past November Wells Fargo foreclosed on the first with no bidders at $746,547.

Yesterday the property was listed for sale on the open market for $777,900, a sale at which would be just below its year 2000 price, "only" 24 percent ($240,100) below 2007.

∙ Listing: 655 5th Street #9 (2/3) 1,774 sqft - $777,900 [MLS]
∙ 30 Percent Down Or Interest Rates Up As Proposed By Wells Fargo [SocketSite]

Posted by socketadmin at 4:30 PM | Permalink | Comments (23) | (email story)

Obviously They Simply Overpaid In Pacific Heights...

Purchased for $3,025,000 in July 2008, as plugged-in people know the single-family Pacific Heights home at 2416 Gough returned to the market last July asking $2,995,000 and was then listed on the MLS in August at $2,775,000.

With two price cuts in between, today the list price for the 3,500 square foot home was reduced to $2,295,000, a sale at which would represent an apples-to-apples 24 percent ($730,000) drop in value for the "Exquisite Victorian Home on a wonderful tree lined street in Pacific Heights" over the past two years.

Of course one could argue that the buyers of this property simply "overpaid" in 2008, but then so did everyone who relied on the individual sale as a market comp – or in the aggregate as it factored in to average and median sales price reports – at the time.

∙ Listing: 2416 Gough (6/3.5) 3,500 sqft - $2,295,000 [2416goughstreet.com] [MLS]
∙ Apples To Apples On A Pacific Heights Tree Lined Street [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (32) | (email story)

January 12, 2011

1365 Portola Drive: An Apple In The St. Francis Wood Of Trees

Speaking of foreclosures over in District 4, the big bank-owned house at 1365 Portola Drive has just hit the resale market MLS listed for $1,149,000.

The property failed to sell in 2008 when listed for $1,950,000 or $1,699,000 in 2010. And at the time of its foreclosure this past August, open loans on the property totaled $1,795,000 and included a first for $1,120,000, a second for $425,000, and third underwritten in 2009 for $250,000.

Sure, that "Grand Curb Appeal" is from a busy street, but that’s why the 3,000 square foot remodeled St. Francis Wood home only fetched $1,325,000 back in May of 2002 (15 percent more than its current list price).

∙ Listing: 1365 Portola Drive (4/4) 3,000 sqft - $1,149,000 [MLS]
∙ Coming Up Short In Miraloma (And Bank-Owned) [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (16) | (email story)

Coming Up Short In Miraloma (And Bank-Owned)

As the attempted short sale of 99 Marietta up in Miraloma Park has come up short once again and a courthouse sale looms, the bank owned single-family home at 507 Teresita has hit the market listed for $772,000 (15 percent under its 2006 sale price) while the bank-owned single-family home at 51 Los Palmos Drive has been listed for $669,900.

51 Los Palmos had been purchased for $317,500 in 1989 but had been refinanced a few times since, most recently with second mortgage for $109,700 in 2006 on top of a first for $698,000 in 2005 for which the house would had to have appraised.

∙ 99 Marietta Comes Up Short (For The Sellers) In Miraloma [SocketSite]
∙ Listing: 507 Teresita (5/3) 2,552 sqft - $772,000 [MLS]
∙ Listing: 51 Los Palmos Drive (2/1) 1,278 sqft - $669,900 [MLS]

Posted by socketadmin at 11:45 AM | Permalink | Comments (4) | (email story)

January 11, 2011

From 100% Financing To 100% Bank-Owned For 2312 Gough

"Extensively remodeled" and expaned in early 2000, the "sophisticated Victorian three-story home" at 2312 Gough ("conveniently located within just two blocks from Lafayette Park") was listed for $2,580,000 and sold for $3,000,000 that May.

Returned to the market four years later listed for $2,500,000 and likely expecting a similar result, the 3,986 square foot property sold for $2,600,000 with 100 percent financing in July 2004, subsequently refinanced in September 2006 with a $2,630,000 note.

Listed for sale at $2,595,000 this past February but then withdrawn in May, by August the borrower owner had fallen $76,878 past due and the property returned to the MLS at $2,595,000 in October. In November a notice of trustee sale was filed.

With no open market buyers at its 2004 price nor any bidders at its opening bid of $2,100,000 on the courthouse steps, 2312 Gough was returned to the bank last week.

∙ Apples To Apples To Apples (And 100% Financing) For 2312 Gough [SocketSite]

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Luckily You Missed That Last Chance At 57 Bessie In 2006 (And 2007)

As we wrote this past May:

Purchased for $725,000 in June 2004, the 1,165 square foot 57 Bessie was listed in 2007 asking $849,000 before being reduced to $749,000 and then withdrawn from the market.

The single-family home on the northern (relatively) flats of Bernal Heights is back on the market today seeking a short sale at $695,000.

The property had also been listed in 2006 priced at $895,000 before being reduced to $829,000 and then withdrawn noting: "Final week!"

And while the MLS was just updated, the sale of the single-family home at 57 Bessie closed escrow two weeks ago with a reported contract price of $633,000.

Call it $543 per square foot and 13 percent under its 2004 sale price on an "apples-to-apples" basis for the remodeled North Bernal home on a small lot (as it was before).

∙ Whoa, Bessie! [SocketSite]
∙ Last Chance For Bessie? [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (52) | (email story)

January 10, 2011

Oh Henry! As 2209 9th Avenue Is Handed Back To The Bank Sold!

As we wrote in February 2009:

Purchased for $1,126,000 in 2005, remodeled and returned to the market for $1,195,000 in June of 2008, the Henry Hill home at 2209 9th Avenue was withdrawn without selling in July. Back on the market today and listed for $995,000.

We can't call it an "apple" for a couple of reasons (including the view blocking new home next door), but we also wouldn't dismiss this well designed data point out of hand.

As we added that June:

The list price was reduced to $939,000 in March. And while previously in escrow, today the listing was withdrawn from the MLS, either without a closed sale (most likely) or to avoid reporting the contract price (a not too uncommon new development trick).

And as a plugged-in tipster adds today, it would appear that the Henry Hill home at 2209 9th Avenue was returned to the bank three weeks ago with $687,900 owed on its first sold.

UPDATE: While we can’t yet confirm (stay tuned), our tipster has good reason to believe that it was actually a private party that picked up the property from the bank with a winning bid of $687,900 (versus over $900,000 owed).

UPDATE: Consider it confirmed, purchased on the courthouse steps for $687,900 cash.

∙ Two Well Designed Data Points We Wouldn't Dismiss Out Of Hand [SocketSite]
∙ Mid-Century Modern That’s Been Remodeled: 2209 9th Avenue [SocketSite]
∙ Another Mid-Century Modern Casualty: A Shift In Tastes Or Appetites? [SocketSite]
∙ A Well Designed District 4 Data Point Is Withdrawn (2209 9th Ave) [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (5) | (email story)

Albion Castle (881 Innes) Cuts To 151 Thrones

While the $10,592 throne is still in place and the listing continues to advertise "seller financing available," the asking price for the Albion Castle (881 Innes Avenue) has been reduced another $200,000 to $1,599,000 (151 thrones).

Once again, the seller is a mortgage banker who purchased the property at auction for $2,090,000 in 2005, remodeled and renovated (enter said throne), and then returned the castle to the market in late 2009 asking $2,950,000.

∙ Listing: 881 Innes Avenue (4/2) - $1,599,000 [MLS]
∙ The Albion Castle’s $10,592 Throne [SocketSite]
∙ Care To Get Your Castle On? A Restored Albion Castle Returns [SocketSite]
∙ Albion Castle Cuts $550,000 (19%), Now About That Karma... [SocketSite]
∙ Calling All Kings...Albion Castle Cuts Another $500,000 (21 percent) [SocketSite]
∙ Another Cut For Albion Castle (881 Innes Avenue) [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (9) | (email story)

Jackson Square For 34 38 Percent Less In 2011

Plugged-in people knew the short sale had been approved and the list price reduced to $480,000, a sale at which would have been a 34 percent drop in value for the Jackson Square condo at 733 Front Street over the past three years.

This past Friday the sale of 733 Front Street #407 closed escrow with a reported contract of $450,000, 38 percent below its September 2007 purchase price of $730,000.

Don’t forget those invitations to the house warming, paying attention to those "bitter" bears three years ago just saved you $280,000 and buys an awful lot of champagne.

∙ Not New But Now "Approved" And Shorter Still For 733 Front #407 [SocketSite]
∙ Now With Even More Red At 733 Front Street On Jackson Square [SocketSite]
∙ 733 Front Street: A SocketSite Forum Inquiry (And Answer) [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (36) | (email story)

If Homes In Bayview Are Selling For $770,000 $375,000 $345,000…

As we wrote this past December:

In August 2006 it sold for $550,000 as a fixer, was remodeled (including the addition of two bedrooms and a bath), and then flipped four months later for $770,000 which not only established a neighborhood "comp" but justification for prices elsewhere in San Francisco ("If homes in Bayview are selling for $770,000…").

In October 2008 the single-family home at 1747 La Salle returned to the market asking $560,000 but failed to sell. The home has since been "reconstructed" ("Everything in the home is brand new") and was re-priced at $450,000 ("a must see, won’t last") this past September. And for the past month they’ve been asking $375,000.

On Friday the short sale list price for 1747 La Salle was reduced to $345,000. And yes, it’s still listed as a "must see" but "won’t last" no longer.

∙ Listing: 1747 La Salle Avenue (5/3) - $345,000 [MLS]
∙ If Homes In Bayview Are Selling For $770,000 $375,000… [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (17) | (email story)

January 7, 2011

Over Asking, But Will It Be Over 2001 Up On Potrero Hill?

While still listed as active on the MLS, a plugged-in reader reports with respect to the sale of 146 Connecticut #3 up on Potrero Hill: "I heard the bank received 11 offers and that it went for more than $100K over asking."

Keep in mind that a sale at $100,000 (19 percent) over asking would still represent a marked to market value at 29 percent under 2004, 14 percent under its sale in 2001.

∙ Comments: An Offer Inciting Potrero Hill Price At 40 Percent Under 2004 [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | (email story)

January 6, 2011

Former Giants #35 Is Looking To Sell (255 Berry) #610

Asking $1,950,000 in September 2006, the three-bedroom condo atop 255 Berry Street known as #610 was purchased by former San Francisco Giants #35 Rich Aurilia for $1,750,000 in January 2007. Obviously he didn't overpay.

Then again the 2,293 square foot condo with a 700 square foot-ish terrace overlooking the creek is back on the market today and asking $1,650,500. And yes, the condo was also listed from September to December last year at $1,750,000, albeit a bit more quietly that time around.

∙ Listing: 255 Berry #610 (3/2.5) 2,293 sqft - $1,650,500 [MLS]
∙ 255 Berry: Seven Percent Active [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (17) | (email story)

Oh No They Didn’t! (Oh Yes They Did On Peru)

With a swipe at both Bernal ("Tired of looking at the freeway in Bernal?") and SoMa condos ("without [the] high HOA fees to pay"), the renovated single-family cottage on a small Excelsior lot at 419 Peru Avenue was relisted today as a short sale for "$399,000."

Purchased for $609,000 in November 2005 back when "buy now or be priced out forever!" was an agents favorite line (and anyone who thought otherwise was obviously just bitter), the sale was financed with two loans, one for $487,200, a second for $91,350, and $30,450 (5%) down. And therein lies part of the problem as they’re now angling for a "two lender short sale."

Listed for sale at $649,000 in June of 2008, reduced to $619,000 three months later, and then briefly in contract, the property returned to the MLS in July of 2009 listed for "$498,000" before being withdrawn a month later. So yes, it’s an official "one day" on the market according to those aggregate industry stats.

∙ Listing: 419 Peru Avenue (2/1) – "$399,000" (short sale) [MLS]

Posted by socketadmin at 2:30 PM | Permalink | Comments (8) | (email story)

Shorter Still For 235 Berry Street #304 At $560 Per Square Foot

Asking $750,900 when the building was 89 percent sold in January 2007, 235 Berry #304 sold for a reported $751,000 that March ($702 per square foot).

Returned to the market (mis)priced at $849,000 this past May, perhaps based on market (mis)expectations, the asking price for the two-bedroom was reduced to $829,000 in June and then to $675,000 as a short sale in August.

In contract and then relisted twice since last September, on Tuesday the list price for the 1,070 square foot "spacious corner residence" was reduced to $599,000, 20 percent under its 2007 sale and $560 per square, a value which shouldn't catch any plugged-in buyers or sellers by surprise.

∙ Listing: 235 Berry #304 (2/2) 1,070 sqft – "$599,000" (short sale) [MLS]
∙ 235 Berry Street Update: At Most 89% Sold (And Moving On In) [SocketSite]
∙ An Under $600 Per Square Foot Two-Bedroom Comp At 235 Berry [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (12) | (email story)

One Rincon Hill '08's Appear To Have Slipped More (Not Less) In 2010

As we wrote this past June:

Hours after our noting the bank-owned listing for 425 1st Street #3908 at $695,000, the sales office at One Rincon Hill reduced the list price for 425 1st Street #4308 from $780,000 to $749,000 ($992 per square foot).

Today, the sale of 425 1st Street #4408 closed escrow with a reported contract price of $690,000 ($914 per square foot), the 755 square foot view one-bedroom had most recently been listed by the sales office for $785,000.

Considering the sale office sold #3908 for $855,000 in June 2008 ($1,132 per square), and taking into account a five floor higher premium, we’ll call it a 20-25 percent drop in value for #4408 over the past two years.

And the argument that $695,000 for #3908 is "cheap" simply because #4308 is listed for $780,000 $749,000? Not so strong.

The sale of One Rincon Hill #4308 ended up selling this past July with a reported contract price of $687,000 ($909 per square) while the sale of #3908 ended up closing escrow this past September with a recorded contract price of $660,000 ($874 per square foot four floors below), a 23 percent drop in value from June 2008.

Seven days ago the sales office sold 425 1st Street #4608 for a reported contract price of $680,000 ($901 per square), 1 percent under the contract prices of #4308 and #4408 six and seven months ago respectively.

∙ Interesting Indeed As One Rincon Hill #4308 Falls Out Of Escrow [SocketSite]
∙ Additional '08 Stack (And Year) Perspective From One Rincon Hill [SocketSite]
∙ The First Listed Foreclosure At 425 First (One Rincon Hill) [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (4) | (email story)

January 4, 2011

Ritz-Carlton (690 Market Street) At 39 Percent Off This Afternoon

Scheduled to hit the courthouse steps at two this afternoon, it’s a plugged-in tipster that notes the previously published opening bid of $1,407,739 has just been dropped to $1,144,024 for the two-bedroom Ritz-Carlton condo known as 690 Market #2003.

Purchased for $1,890,000 ($1,320 per square) in September 2007 with what would appear to have been a $1,322,978 loan and 30 percent ($567,022) down, the 1,431 square foot luxury unit was listed for $2.35M in 2008, reduced to $1.9M in 2009, and then reduced to $1.69M before being withdrawn.

We don't consider courthouse auction prices to be "apples-to-apples" on account of their all cash and no contingency nature, but as our reader notes, it will be a 39 percent haircut in value if it sells for its opening price of $799 per square.

That being said, 690 Market #1502 which was purchased for $1,481,000 in October 2007 ($1,239 per square) and then taken back by the bank is currently pending having last been listed for $949,905 ($795 per square), a sale at which would represent an apples-to-apples 36 percent decline in value for the luxury unit over the past three years.

And once again, while "still not cheap" at almost $800 per square, we’re guessing that’s of little solace to those who were sold on $1,200 $1,300 per square or more.

UPDATE: While still noted as pending on the MLS, a plugged-in reader reports that 690 Market #1502 actually "sold for $805K, plus the auction fees, in early December." Once again, the condo originally sold for $1,481,000 in October 2007.

UPDATE: With no bidders yesterday at $1,144,024 ($799 per square foot), 690 Market Street #2003 is now bank owned. Once again, the luxury two-bedroom Ritz-Carlton condo had originally been purchased for $1,890,000 ($1,320 per square) in September 2007.

∙ Puttin' On The Ritz (And Pressure) At Under Eight Hundred A Square [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (16) | (email story)

January 3, 2011

Busy Street (But Even Slower Market)

It's definitely on a busy street (or "easy freeway access" as would have been sold as a pro rather than a con), but it’s no busier and arguably more gentrified (hello alpha) than in August 2007 when purchased for $1,150,000.

Taken back by the bank this past September, the Haight Ashbury home at 1419 Oak with wood detailing (and granite) inside is back on the market and asking $919,900.

A sale at asking would represent a 20 percent ($230,100) drop below the 2007 value of the home, a bigger swing if you account for any appreciation in between.

∙ Listing: 1419 Oak (3/2) - $919,900 [MLS]

Posted by socketadmin at 1:30 PM | Permalink | Comments (11) | (email story)

December 30, 2010

An Offer Inciting Potrero Hill Price At 40 Percent Under 2004

Built in 2001, the two-bedroom #3 atop 146 Connecticut appears to have first sold for $729,000 that April and then $880,000 just three years later in 2004. Taken back by the bank three weeks ago, the 1,056 square foot Potrero Hill condo is now back on the market and listed for an offer inciting price of $525,000 ("No offers until 1/4/11").

The listing touts "Modern kitchen with granite counter tops" although you’ll have to take their word for it (it’s not pictured in any of the current listing pics), there do appear to be some nice views (although keep in mind that pictured roof deck is shared), and we’ll touch on that "owner occupied versus investor" bit in a bit (unless you beat us to it).

We’ll also note that the 1,502 square foot lower floor unit #1 at 146 Connecticut which originally sold for $699,000 in May of 2001 resold in October of 2005 for $980,000.

But remember short term holds never show appreciation. Well, unless the market is actually going up rather than down.

∙ Listing: 146 Connecticut Street IT-3 (2/2) 1,056 sqft - "$525,000" [MLS]

Posted by socketadmin at 8:30 AM | Permalink | Comments (17) | (email story)

December 29, 2010

Apples, Schmapples, Look At Those Medians! (Just Not Too Closely)

With 45 recorded sales to date in 2010, the median sale for condominiums in zip code 94123 (which includes the Marina and Cow Hollow) weighs in at $1,175,000, up 26 percent over 2009 ($930,000) and within just 4 percent of a peak $1,219,000 in 2007! Talk about a real estate rebound!

Of course as we pointed out to plugged-in people in September, the median size of condos sold in 2010 (1,525 square feet) is up over 20 percent from 2009 (1,270 square feet) and up 12 percent from 2007 (i.e., the mix of sales has changed). And on a price per square foot basis, so far the median in 2010 ($755) is down 2 percent from 2009 ($767), down 18 percent from 2007 ($921).

And while the median price per square foot for condos in 94123 is up 5 percent from 2004 ($718), the apples-to-apples sale of the two-bedroom condo at 2382 Union Street closed escrow six days ago with a reported contract price of $705,000, down 7 percent from its 2004 sale price of $759,000.

But never mind all that, did you see those medians!

∙ SocketSite Sees Seasonality (Versus Signs Of A Rebound) [SocketSite]
∙ One Percent Down In 2004 (And Perhaps More Down More Since) [SocketSite]
∙ Medians Are Up, But Don’t Confuse That With Increasing "Prices" [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (10) | (email story)

Ho, Ho, No…Holiday Red On Green Atop Russian Hill

As we wrote this past September:

Listed for $2,100,000 in April 2008, the two-bedroom Green Hill Tower (1070 Green) condo #902 sold with a "confidential" sale price reported on the MLS that June. As such, the list price of $2,100,000 would have been used when compiling MLS based median and average sale price reports.

Public records, however, suggest the sale price for the Russian Hill home was actually $1,910,000. And two weeks ago, the two-bedroom view condo returned to the market listed for $1,695,000. Currently in contract, but it would appear that not all contingencies have yet been waived.

The sale of 1070 Green Street #902 closed escrow today with a reported contract price of $1,675,000, 12 percent ($235,000) under its recorded sale price in 2008.

∙ A Green (And No Longer Confidential) Apple To Be On Russian Hill [SocketSite]
∙ An End To Confidential MLS Sales* (*Unless You're Willing To Pay) [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (8) | (email story)

Shorter Still For 310 Townsend From The Beginning To End Of 2010?

With a list price of $645,000 when the 45 condos at 310 Townsend first hit the market in early 2007, unit number 309 ended up selling for a recorded $640,000 that July (reported as $645,000 on the MLS).

Returned to the market this past March asking $465,000, the list price on the one bedroom was reduced to $425,000 in April and was pending two weeks later. Falling out of contract, the condo was relisted in June at $500,000.

Reduced to $475,000 in July, two weeks later 310 Townsend #309 was back in contract only to fall out once again. Relisted at $450,000 this past September, in November its list price was reduced to $435,000 and on Monday it was reduced to $399,000 (38 percent under 2007). And yes, it’s listed as a "short sale" but without mention of being "pre-approved" at this price.

Interestingly enough, the 803 square foot #308 at 310 Townsend which was purchased for $615,000 in 2007 resold for $494,000 a year ago (a drop of "only" 20 percent at the time) while 1,136 square foot #303 which was purchased for $850,000 in 2007 resold for $670,000 five months ago (a drop of 21 percent).

We’re still waiting for 310 Townsend #202 to report its "best price ever" sale.

∙ Listing: 310 Townsend #309 (1/1) 789 sqft - "$399,000" [MLS]
∙ 310 Townsend: Available And Selling [SocketSite]
∙ 310 Townsend #303 Is Booked [SocketSite]
∙ "Best Price Ever" At 310 Townsend (Assuming It’s Approved) [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (58) | (email story)

December 24, 2010

‘Twas The Night Before Christmas And An Apple Was Picked…

Okay, so more accurately, ‘twas the night before the night before Christmas and an apple was picked. Purchased for $1,495,000 in October 2007 and "never occupied as a primary residence," the sale of 1 South Park #402 closed escrow yesterday with a reported contract price of $1,165,000, an apples-to-apples decline in value of 22 percent ($330,000) over the past three years.

And while we didn’t feature it before, and it’s not actually an apple (think new structural beams and the elimination of columns for the enlargement of the garage), a tipster's noted sale of 19 Delmar does fit our "night before the night" theme.

With a reported sale at $1,660,000, one could call it a 17 percent drop in value ($280,000) for the single-family Haight Ashbury "elegant Stick-Victorian" home since its purchase for $1,940,000 in March 2008, of course that wouldn’t account for the value of those improvements which were estimated to cost (versus be worth) an estimated $55,000 for the purposes of permitting.

A safe and merry Christmas to all, and to all a good night.

∙ One South Park Starts Sprouting Apples (1 South Park #402) [SocketSite]

Posted by socketadmin at 5:30 PM | Permalink | Comments (7) | (email story)

December 23, 2010

You See, It's Not Pacific Heights Prices That Are Falling...

Now that the listing for 2111 Franklin #4 includes photos, the 33 percent difference between the purchase price in 2005 ($1,075,000) and the list price today ($725,000) for the Pacific Heights condo all makes sense. Apparently the building is falling over.

But hey, what would you expect when there’s only $38,750 in sales commissions at stake.

∙ The Short Sellers Come Up Short As 2111 Franklin #4 Returns REO [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (7) | (email story)

December 20, 2010

Shhh...Bank Investor Owned In South Bernal: 108 Bronte

Purchased for $560,000 in July 2003 with what would appear to have been nothing down, in August 2007 the single-family home at 108 Bronte was refinanced with two loans totaling $745,000 for which the Bernal Heights home would have appraised at the time.

Lost in a foreclosure auction this past August, on Saturday the remodeled home equidistant from the Alemany Farmers Market and Cortland with views off its deck returned to the market asking $579,000.

UPDATE: Our apologies, while Redfin suggests "this home was foreclosed and bank-owned" in August, a bit more digging would suggest Equity Growth Asset Management which doesn’t appear as an earlier lender likely bought the property on the courthouse steps from Quality Loan Service Corp for $425,200 cash.

∙ Listing: 108 Bronte (2/1) 825 sqft - $579,000 [MLS]
∙ Ten Of Thirty-Nine Already Owned By The Bank (And Eight Just Short) [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (10) | (email story)

2041 Sacramento Cuts Again But Gains Three Exclamation Points!!!

While the foreclosure of 2041 Sacramento was inexplicably reported as a "sale at $1,950,000" on the San Francisco Association of Realtors MLS in October, as plugged-in people know it wasn’t.

And while the property returned to the market a few days later asking $1,695,000, in November its list price was reduced to $1,577,700. And as a plugged-in reader notes, on Friday it was reduced to $1,499,000 ("DRASTIC REDUCTION for quick sale!!!…Won't last!").

Purchased for $2,286,500 in June 2007, a sale at asking would represent a 34 percent ($787,500) drop in value over the past three and one-half years for the "beautiful house-like top floor 2-level 3BR/3BA condo in prime location across from Lafayette Park."

∙ Listing: 2041 Sacramento (3/3) 2,503 sqft - $1,499,000 [MLS]
∙ At Least The MLS Is Accurate In Terms Of The Reduction... [SocketSite]
∙ While The MLS Reports A "Sale," Public Records Report A Foreclosure [SocketSite]
∙ A Year Later An Apple Falls In Pacific Heights (2041 Sacaramento) [SocketSite]
∙ An Apples To Apples (And Rather Prime) Update For 2041 Sacramento [SocketSite]
∙ North To South (And Apples To Apples) From Atop 2041 Sacramento [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (24) | (email story)

December 17, 2010

The Short End Of The Dream Stick In Lower Pacific Heights

While the 535 square foot studio in Lower Pacific Heights known as 1905 Laguna #207 is currently in contract, last asking $375,000 having been purchased for $405,000 in April 2008, the 477 square foot one-bedroom known as 1905 Laguna #304 has just been relisted as a short sale asking $280,000.

Purchased for $415,000 in April 2005, the listing for 1905 Laguna #304 would suggest it’s a below market rate (BMR) unit which was purchased by a first-time homebuyer buying into NARs the American dream. Returned to the market asking $370,000 this past August, the list price was reduced to $299,000 in September before being relisted yesterday.

∙ Listing: 1905 Laguna #207 (0/1) 535 sqft - $375,000 [MLS]
∙ Listing: 1905 Laguna #304 (1/1) 477 sqft - $280,000 [MLS]

Posted by socketadmin at 11:00 AM | Permalink | Comments (27) | (email story)

Summer Inventory Bears A Bit Winter Noe Fruit

As we wrote in July:

Purchased for $1,410,000 in August 2002, 636 28th Street sold for $1,600,000 in January 2005 (effective annual appreciation of 6% per year from 2002 to 2005) and then sold for $2,100,000 in March 2007 (effective annual appreciation of 13% per year from 2005 to 2007).

The Noe Valley four bedroom is back on the market today and asking $1,895,000 ($673 per square foot), a sale at which would represent effective annual depreciation of 3% per year from 2007 to 2010 (a drop of 11%).

The sale of 636 28th Street closed escrow yesterday with a reported contract price of $1,875,000, an eleven (11) percent drop below its 2007 value (but 17 percent above 2005).

∙ A Bounty Of New Noe Valley Apples (And Summer Inventory) [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (33) | (email story)

December 16, 2010

Apples To Apples To Apples 290 Frederick Takes A Hefty Hefty Hit

As we wrote in October:

In June of 2005 a newly remodeled 290 Frederick hit the market as a single-family home listed for $1,995,000. Two months later it closed escrow with a recorded contract price of $2,100,000.

A little under two years later in March of 2007, 290 Frederick returned to the market listed for $2,149,000. The sale closed escrow that May with a recorded contract price of $2,170,000, an apples-to-apples increase in value of 3 percent from 2005 to 2007.

This past February 290 Frederick returned to the market once again, this time asking $2,099,000, a sale at which would have represented a nominal 3 percent decrease in value from 2007 to 2010.

Last asking $1,699,000, two days ago the sale of 290 Frederick closed escrow with a reported contract price of $1,550,000, an apples-to-apples-to-apples drop in value of 29 percent ($620,000) from 2007 or 26 percent ($550,000) below 2005 for the "Sumptuous Victorian masterpiece in prime Cole Valley."

∙ Two 2 Million Dollar Sales And Now Two Months At 22 Percent Less [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (60) | (email story)

December 14, 2010

Two Floors Below But Asking 16 Percent Less Year-Over-Year

Last December the two-bedroom condo known as 140 South Van Ness #919 sold for $595,000 according to public records ($610,000 according to the self-reported MLS), it had been purchased for $630,000 in March 2004.

Six months later 140 South Van Ness #719, the same floor plan but two floors below, was taken back by the bank having been purchased for $553,000 in November 2003. Perhaps taking a cue from "the market has risen since 2009" crowd, the condo was listed for $589,900.

Reduced four times and then delisted yesterday, the 1,075 square foot unit was relisted the same day at $499,900 but now with an official "one day" on the market according to MLS based stats, reports, and newsletters.

∙ Listing: 140 South Van Ness #719 (2/2) 1,075 sqft - $499,900 [MLS]

Posted by socketadmin at 9:00 AM | Permalink | Comments (22) | (email story)

December 13, 2010

Marking 12 Minerva To Market For The Fifth Time In Eleven Years

We’re not sure how a home that last sold for $669,000 in 2004 becomes a “million dollar home” other than in Realtor speak, but in terms of understanding trends we are digging the marked to market story the sale of 12 Minerva will tell (apples-to-apples-to-apples-to-apples-to-apples if you will).

Purchased for $365,000 in 1999, the four-bedroom home sold for $450,000 in 2000, then again for $550,000 in 2001 and $669,000 in August 2004. Back on the market today and asking $499,000 as a short sale.

∙ Listing: 12 Minerva Street (4/2) 2,088 sqft - "$499,000" [MLS]

Posted by socketadmin at 12:45 PM | Permalink | Comments (13) | (email story)

One Percent Under Asking But Nine Percent Under 2008 At 3883 23rd

As we wrote in October:

Listed for $1,900,000 in June 2008, the sale of the single-family home at 3883 23rd Street closed escrow one month later with a recorded contract price of $1,855,000.

This past January the four-bedroom home in "prime" Noe Valley returned to the market asking $1,849,000. In March the list price was reduced to $1,799,000. In April the list price was reduced to $1,749,000. And in May the listing was withdrawn from the MLS after five months on the market without a sale.

On Friday the home was listed anew at $1,699,000 and with an official "one day on the market" according to MLS based reports and stats.

And while the MLS was just updated, on December 1 the sale of 3883 23rd Street closed escrow with a reported contract price of $1,677,000, for a 9 percent drop in value over the past two years on an "apple to apples" basis despite selling for an "official" 1 percent under asking and just "47" days on the market according to those industry reports and newsletters.

∙ Apples To Apples And Just "3 Days On The Market" In Prime Noe Valley [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (10) | (email story)

December 9, 2010

If Homes In Bayview Are Selling For $770,000 $375,000…

In August 2006 it sold for $550,000 as a fixer, was remodeled (including the addition of two bedrooms and a bath), and then flipped four months later for $770,000 which not only established a neighborhood "comp" but justification for prices elsewhere in San Francisco ("If homes in Bayview are selling for $770,000…").

In October 2008 the single-family home at 1747 La Salle returned to the market asking $560,000 but failed to sell. The home has since been "reconstructed" ("Everything in the home is brand new") and was re-priced at $450,000 ("a must see, won’t last") this past September. And for the past month they’ve been asking $375,000.

Listing: 1747 La Salle Avenue (5/3) - $375,000 [MLS]

Posted by socketadmin at 12:00 PM | Permalink | Comments (24) | (email story)

"The Last" Of The Last One Rincon Hill 02’s

Over the past few months the sale of a fair number of One Rincon Hill high forties "02’s" have closed escrow.

At the beginning of September the sale of 425 1st Street #4602 closed escrow with a recorded contract price of $1,343,500 ($1,026 per square foot) while at the end of September 425 1st Street #4502 (which had last been listed at $1,450,000 as the sales office’s "LAST 02") sold for $1,297,000 ($991 per square foot).

And in October, the re-sale of 425 1st Street #4902 (which had also been listed as the "Last Brand New 02 Unit") closed escrow with a recorded contract price of $1,370,000 ($1,047 per square), for an average recent per square foot sale price of $1,021 for the three 02's in the high forties.

At the same time, 425 1st Street #4802 has been on the market for a month asking $1,499,000 ($1,145 per square) while 425 1st Street #4702 hit the market yesterday asking $1,449,000 ($1,107 per square) having been purchased for $1,605,500 ($1,226 per square ) in August 2008.

∙ Listing: 425 1st Street #4702 (2/2) 1,309 sqft - $1,449,000 [MLS]
∙ Listing: 425 1st Street #4802 (2/2) 1,309 sqft - $1,499,000 [MLS]

Posted by socketadmin at 11:00 AM | Permalink | Comments (14) | (email story)

December 7, 2010

Down "Only" 12 Percent (Ignoring That Data Point In 2008)

While we missed it a plugged-in tipster now notes that the sale of 181 8th Avenue closed escrow on October 14 with a recorded contract price of $1,725,000. As some are sure to point out, that’s only 12 percent under its 2005 sale price for the "gorgeous [home] w/wonderful light & perfect [location in the Lake] district."

Of course that’s also 22 percent ($490,000) under its sale for $2,215,000 in May 2008 for the "Elegant Victorian home located in one of the city's most desirable neighborhoods."

∙ Sold: 181 8th Avenue (4/3.5) 3,464 sqft - $1,725,000 [Redfin]

Posted by socketadmin at 2:00 PM | Permalink | Comments (46) | (email story)

4019 Mission Comes Up Short Versus Its 2006 Sale

In 1997 the single-family home in "excellent location" at 4019 Mission sold for $260,000 having been listed $265,000. In 2002 it appears to have traded for $599,000. And in 2006 the "Great Bernal Heights...home" sold for $865,000 having been listed for $849,000.

Yesterday 4019 Mission was listed on the MLS as a short sale for "$650,000." Two warranted bedrooms up, two unwarranted bedrooms below, and one quick reminder that perhaps it really wasn't all that different here.

∙ Listing: 4019 Mission (2/2) 1,825 sqft - "$650,000" [MLS]

Posted by socketadmin at 10:00 AM | Permalink | Comments (13) | (email story)

December 3, 2010

Industrial Chic On Clarence Place (2 Number 3)

Sporting poured concrete counters, radiantly heated concrete floors, and some rather nice steel accents throughout (including the hardware on the double barn doors), we’re calling it industrial chic for 2 Clarence Place #3.

In January 2003 it sold for $685,000 and year later (minus a week) for $725,000 which wouldn’t have made for a good investment on account of transaction costs, but did represent year-over-year and apples-to-apples appreciation of 5.8 percent.

The two-bedroom loft is back on the market today and asking $879,000. We can’t confirm what’s been done to the property since 2004 and it won't be apples-to-apples this time around until we do.

Listing: 2 Clarence Place #3 (2/2) 1,288 sqft - $879,000 [MLS]

Posted by socketadmin at 9:00 AM | Permalink | Comments (9) | (email story)

Year Over Year In Nob Hill: 850 Powell Street #301

Purchased for $761,000 in May 2004, the 1,456 square foot Nob Hill condo known as 850 Powell Street #301 was listed for sale at $819,000 on January 8, 2010 and closed escrow with a reported contract price of $830,000 three weeks later.

Back on the market and listed at $799,000 for a year-over-year Nob Hill apple to be, the two bedroom, two bath condo at The Francesca greets you with upscale appliances in the kitchen, a fireplace, and of course that gorgeous Francesca front door.

∙ Listing: 850 Powell Street #301 (2/2) 1,456 sqft - $799,000 [MLS]

Posted by socketadmin at 6:00 AM | Permalink | Comments (17) | (email story)

December 2, 2010

Let’s Hope You Just So Happened To Miss Out...

In March 2007 the two-bedroom at the Beacon known as 250 King Street #624 was priced and listed by The Mark Company for $799,000. From the listing at the time: "This large two-bedroom home at the Beacon is a great value!" and "Selling quickly - don't miss out!"

Within a day of its listing the Beacon condo was in contract. And two months later in May of 2007 it sold for $784,000 ($668 per square foot).

Six weeks ago 250 King Street #624 was taken back by the bank. And yesterday the 1,173 square foot condo was listed for $499,900 ($426 per square), a sale at which would represent a $284,100 (36 percent) decline in value on which plugged-in people should have missed out.

∙ Listing: 250 King Street #624 (2/2) 1,173 sqft - $499,900 [MLS]

Posted by socketadmin at 2:00 AM | Permalink | Comments (39) | (email story)

Would The Real Comp Setting Price Please Stand Up…

In 2009 a listing for the sale of 25 20th Avenue was entered into the MLS "for comp purposes only" with a reported contract price of $3,500,000, the price which was used for industry sales reports, statistics, and agents’ "due diligence." Public records, however, suggest the sale closed escrow with a recorded contract price of $3,350,000.

Regardless, two weeks ago the four-bedroom home bordering the Presidio returned to the market asking $3,600,000.

∙ Listing: 25 20th Avenue (4/5) 4,161 - $3,600,000 [MLS]

Posted by socketadmin at 2:00 AM | Permalink | Comments (16) | (email story)

November 29, 2010

While The Miraloma Median Is Up An (Improved) Apple Falls

As we wrote this past October:

Listed for $669,000 in October 2004, the single-family Miraloma Park home at 46 Los Palmos sold for $720,000 that December ($571 per square foot). Back on the market as of today and asking $699,000 ($555 per square), unfortunately the sale pair won’t be perfectly apples-to-apples as the kitchen was recently remodeled.

And for those who like medians, the median price per square foot for single-family homes in the area is currently running $565 in 2010 versus $567 in 2004 and $684 in 2007. At the same time the median sale price is currently running $915,000 in 2010 versus $820,000 in 2004 and $1,031,000 in 2007.

Yes, that means the median sized Miraloma sale is up 16 percent from 2004 which some might call a change in mix while others might (mis)call it "prices are up 12 percent!"

The sale of 46 Los Palmos Drive closed escrow on 11/17 with a reported contract price of $710,000. And while that’s two percent "over asking," and the area’s median is up 12 percent from 2004, it’s also one percent under its 2004 value not accounting for the value of its remodeled kitchen.

∙ Los Almost Apples (And Medians) In Miraloma Park: 46 Los Palmos [SocketSite]
∙ Medians Are Up, But Don’t Confuse That With Increasing "Prices" [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (0) | (email story)

November 24, 2010

Pumpkins To Pumpkins To Pumpkins To Be Up In Bernal

In November 2004 it sold for $720,000, three years later (July 2007) it sold for $790,000.

Listed for $749,000 this past February, 271 Nevada was withdrawn from the MLS in June without a reported sale. And on Friday, the small single-family home "nestled in Bernal Heights with softwood floors, wainscoting, a formal entry foyer, living room w/ fireplace & built-ins, formal dining room w/ box-beam ceiling & leaded glass hutch" returned to the MLS as a short sale listed for "$549,000."

∙ Listing: 271 Nevada (1/1) 875 sqft - $549,000 [MLS]

Posted by socketadmin at 7:00 AM | Permalink | Comments (34) | (email story)

November 23, 2010

A '05 List Price Fails To Yield A '05 Result For 2121 Broadway #05

As we wrote in August (Will A 2005 List Price Yield A 2005 Result For 2121 Broadway #5?):

Listed for $2,995,000 in June 2005, the sale of 2121 Broadway #5 closed escrow six weeks later with a reported contract price of $3,111,000. Today, the full-floor Pacific Heights co-op with big views returned to the MLS with a rather familiar list price of $2,995,000.

A sale at asking would represent a 4 percent drop in value below its 2005 sale price.

This past Friday the sale of 2121 Broadway #5 closed escrow with a reported contract price of $2,825,000, call it "only" 6 percent ($170,000) under asking but 9 percent ($286,000) below its year 2005 price for the full floor Pacific Heights co-op.

∙ Will A 2005 List Price Yield A 2005 Result For 2121 Broadway #5? [SocketSite]

Posted by socketadmin at 5:00 AM | Permalink | Comments (17) | (email story)

November 22, 2010

Who Would Have Predicted Nice Parts Of Noe Would Fall This Far?

As we wrote in March 2009:

We’re digging the decks and all the access to the outdoors of this nicely remodeled Noe Valley home. Oh, and the sweet master suite (we have a thing for spacious showers).

Purchased fully remodeled for $1,553,000 in June of 2007, 4214 26th Street was listed four days ago for $1,499,000. As always, if you’re not on record with your own forecast of where it sells, don’t bother to criticizing those who were when it does.

Withdrawn from the market two months later, the property was relisted for $1,495,000 this past July and then reduced to $1,395,000 this past September.

On Friday the sale of the "sexy mid-century style [home] in the heart of Noe Valley" with "modern kitchen," "deck with views of the city" and "unbelievable master suite down" closed escrow with a reported contract price of $1,370,000, 11.8% ($183,000) under its year 2007 value.

The average of the first eight plugged-in predictions from 18 months ago? That would be $1,342,500 or a difference of 2 percent. Believe it.

∙ 4214 26th Street: A Nicely Remodeled Noe Valley Apple On The Tree [SocketSite]
∙ A Bounty Of New Noe Valley Apples (And Summer Inventory) [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (6) | (email story)

Apples To Apples To Apples At 848 Potrero Avenue

The sale of 848 Potrero closed escrow this past Thursday with a reported contract price of $750,000. Sold for $849,000 in November 2005 and then again in April 2008 for $920,000, call it an apples-to-apples drop of 11.7% below its 2005 value but 18.5% below its 2008 value for the remodeled single-family home with unwarranted one-bedroom below.

∙ One Less Listing (But Without A Reported Sale) [SocketSite]
∙ Inner Mission Apples-To-Apples-To-Apples To Be At 848 Potrero [SocketSite]

Posted by socketadmin at 5:45 AM | Permalink | Comments (35) | (email story)

November 19, 2010

The Number Of The 465 Hoffman And An Eight Month Noe Apple To Be

Originally listed for $3,900,000 with 4,400 square feet in May 2009 ($886 per square), the modern Noe home at 465 Hoffman ended up selling for $2,970,000 this past March ($675 per square).

It's now eight months later and the "two-unit" single-family home has returned to the market as an apple asking asking $2,995,000 but now listed at 4,500 square feet which, as a plugged-in reader notes, equals $666 per square.

∙ Listing: 465 Hoffman Avenue (4/4.5) - $2,995,000 [MLS]
∙ A Post-Preview List Price Of $3,900,000 For 465 Hoffman Avenue [SocketSite]
∙ Mixing It Up In Noe Valley: 465 Hoffman Sells For $675 Per Square [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (23) | (email story)

November 17, 2010

Sure, SoMa Condos Have Taken A Hit, But This Is Nob Hill

We doubt it will sell at asking, but if it does it might as well be a plugged-in person who picks it up. Purchased for $698,000 in June 2007, taken back by the bank "mid-remodel" last month, and now listed for $389,900, 1177 California #512 is a 1,056 square foot Gramercy Towers one-bedroom atop Nob Hill.

Keep in mind the 411 square foot Gramercy Towers studio #203 is currently in contract as a "short sale" having most recently been listed for "$299,000" and purchased for $362,000 in January 2008.

∙ Listing: 1177 California #512 (1/1) 1,056 sqft – $389,900 [MLS]
∙ Listing: 1177 California #203 (0/1) 411 sqft – "$299,000" [MLS]
∙ The Gramercy Towers [gramercytowers.com]

Posted by socketadmin at 1:30 PM | Permalink | Comments (30) | (email story)

946 Elizabeth Is Picked Up Down At 11 Percent Under Its 2007 Sale

From October 2004 to April 2007 the value of the single-family home at 946 Elizabeth increased from $2,100,000 to $2,675,000 for total appreciation of 21 percent and effective annual appreciation of 10 percent per year.

Yesterday the sale of 946 Elizabeth closed escrow with a reported contract price of $2,375,000, an 11 percent ($300,000) drop in value over the past three years.

The winner of our "think you know Noe" closest to the closing price challenge? A plugged-in "tipster" on the record at $2,365,000.

∙ Can You Correctly Pick This Noe Valley Apple To Be? [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (9) | (email story)

At Least The MLS Is Accurate In Terms Of The Reduction...

As we wrote last month:

While a sale of 2041 Sacramento was reported on the MLS October 4 with a contract price of "$1,950,000," it would now appear the Pacific Heights condo overlooking Lafayette Park and Cathedral Hill was actually foreclosed upon with $1,880,877 owed.

Yesterday, the property returned to the market and MLS listed at $1,695,000.

And once again, the top-floor condo was purchased for $2,286,500 in June 2007, had been listed for $2,095,000 a little over a year ago (reduced to $1,999,000), and was relisted as a short sale for "$1,695,000" this past January.

This morning the list price for 2041 Sacramento was reduced $81,236 (7%), now asking $1,577,700 (31% under its year 2007 comp setting price).

∙ Listing: 2041 Sacramento (3/3) 2,503 sqft - $1,577,700 [MLS]
∙ While The MLS Reports A "Sale," Public Records Report A Foreclosure [SocketSite]
∙ A Year Later An Apple Falls In Pacific Heights (2041 Sacaramento) [SocketSite]
∙ An Apples To Apples (And Rather Prime) Update For 2041 Sacramento [SocketSite]
∙ North To South (And Apples To Apples) From Atop 2041 Sacramento [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (6) | (email story)

Annualized Appreciation Depreciation At 1070 Sanchez

Purchased for $1,910,000 in July 2007, the 2,543 square foot Noe Valley condo at 1070 Sanchez returned to the market this past February asking $2,095,000, it ended up selling for $1,762,500 in August, 8% under its 2007 value (19% under February expectations).

Quickly repainted, staged, and relisted for $1,799,000 a month later, the resale of the top-floor unit with deck and views closed escrow yesterday with a reported contract price of $1,725,000, an additional drop of 2% ($37,500) in value over the past three months.

∙ Annualized Appreciation Of 18.5 Percent At Asking For 1070 Sanchez [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (18) | (email story)

November 12, 2010

A Fall(ing) Single-Family Apple On Cole

Purchased for $1,700,000 in November 2005 by way of a $1,105,000 first and $425,000 second (i.e., 10 percent down), in 2008 the Cole Valley Edwardian at 1027 Cole returned to the market priced at $2,195,000 and was reduced to $2,145,000 before being withdrawn.

In 2009 the property was relisted as a "short sale" asking $1,695,000. And this past September the property was returned to the bank.

Yesterday 1027 Cole was listed for $1,377,000, 19 percent below its year 2005 price (37 percent below its year 2008 expectations).

∙ Listing: 1027 Cole Street (3/3) 2,495 sqft - $1,377,000 [MLS]

Posted by socketadmin at 9:30 AM | Permalink | Comments (16) | (email story)

Over Asking! (But Four Percent Less Than Seven Months Ago)

The sale of 1167 Bosworth closed escrow on Wednesday with a reported contract price of $1,010,000. That's 9 percent "over asking!" but just 1 percent over its 2004 value ($1,000,000) and 4 percent under its sale price of just seven months ago ($1,051,000).

∙ 1167 Bosworth Is Back And Seeking Another Outlier Bid [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (12) | (email story)

November 10, 2010

Maybe Not Entirely So Marbleous

As a reader noted six weeks ago:

Speaking of Apples: 893 Elizabeth is on the market at $1.6M and looks largely unchanged from its 2006 state. Maybe a new bath and the kitchen had some light updates...But looks like less than 75K.

Purchased for $1,350,000 in August 2006, yesterday the list price for 893 Elizabeth was reduced for the second time, now asking $1,424,000 (74K more than 2006).

∙ Listing: 893 Elizabeth (4/3) 2,500 sqft - $1,424,000 [MLS]
∙ The Cost Coming Down? [SocketSite]
∙ Our Point Exactly [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (30) | (email story)

November 9, 2010

The Sixth Time Still Wasn't The Charm For #1404 At The Ritz-Carlton

It was over two years ago 690 Market Street #1404 first hit the market as a resale, and a little over a year ago the list price on the 2,090 square foot Ritz-Carlton three-bedroom was reduced "Over $500K" to $2,590,000 having been purchased for $2,775,500.

Yesterday the sixth "new" listing for the Ritz-Carlton condo was withdrawn from the market after just "57" days on the market at $1,949,000 without a reported sale despite being "offered @ [approximately] 30% less than [the] Seller's 2007 purchase [price]" and well over a million dollars less than the seller’s (mis)expectations in 2008 and perhaps prior.

Will we see a number seven?

∙ Ritz-Carlton Sales Office Pulls An Infinity In An Attempt To Sell Out [SocketSite]
∙ Avram Goldman Speaks Then (2006) And Now (2009) [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (12) | (email story)

An Alabama Street Apple (And Chattanooga Street Comparison)

With the development of Union and Mosaica since 916 Alabama Street was purchased for $690,000 in 2005, one could argue its sale today won’t be perfectly apples-to-apples as the neighborhood has developed. That being said, the "bright top floor" two-bedroom is back on the market today as a "likely short sale" and listed for $625,000.

Compared to 110 Chattanooga Street #A, which property might you consider to be more typical of the housing stock in San Francisco?

∙ Listing: 916 Alabama (2/1.5) - $625,000 [MLS]
∙ The Union Of 76 New Units At 2101/2125 Bryant [SocketSite]
∙ Mosaica 601 On The Market And Affordable Rental Applications Soon [SocketSite]
∙ A Zack | De Vito Designed Apple That Didn't Totally Derail [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (22) | (email story)

November 5, 2010

A Zack | De Vito Designed Apple That Didn't Totally Derail

As we wrote in October 2007:

It just under a year ago that we discovered the listing for 110 Chattanooga #B (which sold for $1,510,000). And as we noted, 110 Chattanooga is a "2-unit building on narrow lot” designed and built by Zack | de Vito Architecture in 2004. And as we also noted:

“Okay, we’ve taken the tour and if you’re a fan of modern/contemporary design we suggest you do the same (as usual, the pictures don’t do it justice). Now if we could only figure out a way to get our hands on #A…”

Well, it looks like we can finally stop scheming. 110 Chattanooga #A (the other half and home to the architects themselves) has officially hit the market. And yes, sometimes good things do come to those who wait.

110 Chattanooga Street #A ended up selling for $1,987,500 that November and returned to the market two months ago asking $1,998,000.

Today, the sale of our "well designed apple to be" closed escrow with a reported contract price of $2,025,000 (2 percent over its 2007 price on an apples-to-apples basis).

∙ A Is For Apples As 110 Chattanooga #A Returns [SocketSite]
∙ A Zack/de Vito Design (And Home) Hits The Market On Chattanooga [SocketSite]
∙ Narrow Footprint, Big Impression (110 Chattanooga St #B) [SocketSite]
∙ Zack | de Vito: Chattanooga Street Duplex Overview [zackdevito.com]

Posted by socketadmin at 3:45 PM | Permalink | Comments (2) | (email story)

November 4, 2010

Back On Edinburgh An Apple Is Picked And Sales Stats Are Compared

The sale of 458 Edinburgh in the Excelsior closed escrow on 10/19 with a reported contract price of $528,000 ($422 per square foot). Call it 6 percent "over asking!" but 31 percent under its comp setting price of $770,000 ($616 per square foot) in 2005 for the single-family home with a "refinished kitchen, granite counter tops, [and] redwood cabinets."

The median price per square foot for single-family homes in zip code 94112 is currently running around $407 per square foot, down 8 percent from 2009, down 28 percent from a 2006 peak, and back to just above 2003 levels.

In terms of sales volume, in 2009 the zip code saw 446 sales last year and a peak of 463 in 2004, so far in 2010 the closed sales count is 271 which should end the year just under the count of 303 in 2002.

∙ Back On Edinburgh (And In The Excelsior) [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (0) | (email story)

November 2, 2010

An "Exquisitely Refurbished" Masten And Hurd Takes A Mighty Hit

Purchased for $2,400,000 in July 2001 and resold for $3,250,000 in May 2005 having been "exquisitely refurbished and renovated [to] perfection," the Masten and Hurd designed villa at 200 Santa Clara Avenue returned to the market this past June asking $2,798,000.

According to the MLS, the sale of the 3,513 square foot St. Francis Wood home on a 8,938 square foot lot closed escrow three days ago with a contract price of $2,353,200.

Assuming the sale price is correct, and it was an actual sale (versus foreclosure), call it a 28 percent ($896,800) drop in value below its 2005 price for the home on an apples-to-apples basis, or 2 percent ($46,800) below its pre-renovated value in 2001.

∙ More Mediterranean Villas For Less Money In St. Francis Wood [SocketSite]
∙ While The MLS Reports A "Sale," Public Records Report A Foreclosure [SocketSite]

Posted by socketadmin at 4:30 PM | Permalink | Comments (10) | (email story)

October 29, 2010

Not Fit (For Some) To Print

Purchased for $2,940,000 in July 2005, the remodeled Victorian at 2605 California returned to the market asking $3,495,000 in July 2008. Since then the listing has been reduced, delisted, relisted, withdrawn, listed, delisted, relisted, withdrawn, listed, reduced, delisted, relisted, and last withdrawn a month ago.

Yesterday, the single-family home "situated in the HOT Upper Fillmore corridor" was listed anew once again, this time "priced to sell!!" at $2,795,000. Yes, double exclamation points. And yes, with an official "one day" on the market according to industry reports.

As a plugged-in tipster notes, it would appear it’s the publisher of the Chronicle that’s been trying to sell, a tidbit that likely won’t make it in to print.

∙ Listing: 2605 California (4/5.5) 4,013 sqft - $2,795,000 [MLS]

Posted by socketadmin at 9:45 AM | Permalink | Comments (19) | (email story)

October 26, 2010

Last Asking 11% Less Than 2001 (Not Accounting For That Remodel)

While 290 Frederick is still searching for a buyer at 22 percent under its 2007 price, the single-family home down the street at 119 Frederick is finally in contract.

Purchased for $2,350,000 in 2001 and having been "lovingly remodeled" in 2004, the grand Edwardian returned to the market priced at $3,095,000 in December 2008. Reduced, withdrawn, and relisted a few times since, this past May its list price was reduced to $2,100,000 before going into contract five months later (two weeks ago).

While a sale at asking will likely be reported by some as simply 11 percent under its 2001 price, keep in mind that won’t account for the value of the remodeling. And rumor has it, the budget for said remodeling ran around a million dollars. Yes, $1,000,000 on top of the $2,350,000 paid in 2001.

But hey, at least a lot of remodeling and investment helps boost neighborhood medians.

∙ Listing: 119 Frederick (5/2.5) 3,675 sqft - $2,100,000 [Redfin]
∙ Two 2 Million Dollar Sales And Now Two Months At 22 Percent Less [SocketSite]
∙ Medians Are Up, But Don’t Confuse That With Increasing "Prices" [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (28) | (email story)

October 25, 2010

Two 2 Million Dollar Sales And Now Two Months At 22 Percent Less

In June of 2005 a newly remodeled 290 Frederick hit the market as a single-family home listed for $1,995,000. Two months later it closed escrow with a recorded contract price of $2,100,000.

A little under two years later in March of 2007, 290 Frederick returned to the market listed for $2,149,000. The sale closed escrow that May with a recorded contract price of $2,170,000, an apples-to-apples increase in value of 3 percent from 2005 to 2007.

This past February 290 Frederick returned to the market once again, this time asking $2,099,000, a sale at which would have represented a nominal 3 percent decrease in value from 2007 to 2010. In March its list price was reduced to $1,999,000. In April the listing was withdrawn from the MLS.

A week after being withdrawn 290 Frederick was relisted anew with zero days on the market and an "original" list price of $1,795,000. In June its list price was reduced to $1,749,000. And for the past two months they’ve been asking $1,699,000, a sale at which would represent a not so nominal 22 percent ($471,000) decrease in value from 2007 to 2010 for the for the "Sumptuous Victorian masterpiece in prime Cole Valley."

∙ Listing: 290 Frederick (3/3) - $1,699,000 [MLS]

Posted by socketadmin at 6:15 AM | Permalink | Comments (19) | (email story)

October 22, 2010

A 2009 Vintage Eureka Valley Apple Falls At 3563 21st Street

As we wrote three months ago:

Never mind transaction costs or whether or not a one year hold typically makes for a good return in real estate, instead focus on the apples-to-apples aspect of the listing.

Purchased for $1,200,000 in August 2009, the Eureka Valley condo at 3563 21st Street with "designer finishes & city views" is back on the market for $1,149,000 today. A sale at asking would represent a 4.3 percent drop in value for the property over the past year.

In the words of a plugged-in tipster, "has the market stabilized since August 2009 or not?"

Having fallen out of contract and reduced to $1,039,000 in August, yesterday the sale of 3563 21st Street closed escrow with a reported contract price of $999,999.

Call it a 17 percent drop in value over the past year for the Eureka Valley condo. And consider this an open call for other 2009 vintage apples on the tree.

∙ Eureka Valley Apples To Apples And Year Over Year: 3563 21st [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (22) | (email story)

First Foreclosure (Of A Favorite Floor Plan) At Soma Grand

Featuring one of our favorite one-bedroom floor plans in the building, the 764 square foot Soma Grand #1802 was purchased for $649,000 on January 2008. Three months later #1902 sold for $795,000 and two months after that (June 2008) #1602 sold for $765,000.

Three months ago 1160 Mission #1802 was taken back by the bank. And yesterday the one-bedroom condo with all stainless steel appliances intact was listed for $540,000.

∙ Listing: 1160 Mission #1802 (1/1) 764 sqft - $540,000 [MLS]

Posted by socketadmin at 6:00 AM | Permalink | Comments (5) | (email story)

October 21, 2010

Apples To Apples The "Charming" Single-Family At 1610 Sanchez Falls

The sale of the "charming Victorian single family home" at 1610 Sanchez closed escrow on Tuesday with a reported contract price of $750,000.

Purchased for $907,000 in May 2005, call it a 17 percent decline in value below the previous comp setting price for the property "located on a quiet street in Noe Valley near shops, restaurants & transportation."

∙ The Noe Valley Apple At 1610 Sanchez Drops, Just Not Into Our Cart [SocketSite]
∙ A Bounty Of New Noe Valley Apples (And Summer Inventory) [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (9) | (email story)

October 20, 2010

Up (And Down) Atop The Brannan: 229 Brannan #17J

Purchased in March 2002 and sporting a current tax assessed value of $1,095,252 (which would suggest an original purchase price around $950,000), the Brannan penthouse unit known as 229 Brannan #17J returned to the market on Monday asking $1,195,000.

While a sale at asking would represent total appreciation of around 26% over the past nine years (or average annual appreciation of 2.7%), more accurately it was up even more and then came down.

Keep in mind that 229 Brannan #12J five floors below sold for $1,280,000 in 2007 while 229 Brannan #10J sold for $1,070,000 in June 2009 having been purchased for $1,290,000 in 2006 (a drop of 17% over those three years).

And two months ago 229 Brannan #9J which was purchased for $1,230,000 in 2006 was taken back by the bank with $1,113,492 owed while 229 Brannan #14J (purchased for $1,027,000 in August 2001) resold for $1,080,000, just $10,000 more than the 2009 sale four floors below.

UPDATE: The "J" stack floor plan for the purposes of the discussion or debate:

∙ Listing: 229 Brannan #17J (2/2) 1,412 sqft - $1,195,000 [MLS]

Posted by socketadmin at 7:30 AM | Permalink | Comments (11) | (email story)

October 19, 2010

While The MLS Reports A "Sale," Public Records Report A Foreclosure

While a sale of 2041 Sacramento was reported on the MLS October 4 with a contract price of "$1,950,000," it would now appear the Pacific Heights condo overlooking Lafayette Park and Cathedral Hill was actually foreclosed upon with $1,880,877 owed.

Yesterday, the property returned to the market and MLS listed at $1,695,000.

And once again, the top-floor condo was purchased for $2,286,500 in June 2007, had been listed for $2,095,000 a little over a year ago (reduced to $1,999,000), and was relisted as a short sale for "$1,695,000" this past January.

∙ Listing: 2041 Sacramento (3/3) 2,503 sqft - $1,695,000 [MLS]
∙ A Year Later An Apple Falls In Pacific Heights (2041 Sacaramento) [SocketSite]
∙ An Apples To Apples (And Rather Prime) Update For 2041 Sacramento [SocketSite]
∙ North To South (And Apples To Apples) From Atop 2041 Sacramento [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (34) | (email story)

October 18, 2010

Apples To Apples And Just "3 Days On The Market" In Prime Noe Valley

Listed for $1,900,000 in June 2008, the sale of the single-family home at 3883 23rd Street closed escrow one month later with a recorded contract price of $1,855,000.

This past January the four-bedroom home in "prime" Noe Valley returned to the market asking $1,849,000. In March the list price was reduced to $1,799,000. In April the list price was reduced to $1,749,000. And in May the listing was withdrawn from the MLS after five months on the market without a sale.

On Friday the home was listed anew at $1,699,000 and with an official "one day on the market" according to MLS based reports and stats. A sale at asking would represent an apples-to-apples decline in value of 8.4% ($156,000) over the past two years.

∙ Listing: 3883 23rd Street (4/2.5) 2,300 sqft - $1,699,000 [MLS]

Posted by socketadmin at 2:30 PM | Permalink | Comments (20) | (email story)

October 15, 2010

A Look Inside 2739 Larkin And The Russian Hill Contemporary Market

Built in 1995 and last bought in 2002 for $1,999,000, the contemporary Russian Hill townhome at 2739 Larkin with central three-story ceiling and big bay views from the top floor pentroom and terrace has returned to the market listed for $1,995,000 today.

And while not listed on the MLS, tax records report it's 2,596 square feet.

∙ Listing: 2739 Larkin (3/3.5) - $1,995,000 [MLS]

Posted by socketadmin at 2:30 PM | Permalink | Comments (29) | (email story)

Highly Leveraged In '05 And Now Selling Short? Certainly Not In Noe…

Purchased in April 2005 for $1,227,000 with 95 percent leverage and 5 percent ($61,400) down, the single-family home at 1688 Dolores was briefly listed this past March for $1,050,000 before being withdrawn.

Yesterday the Noe Valley home returned to the MLS listed for "$1,050,000" as a short sale and with one day on the market once again.

∙ Listing: 1688 Dolores (2/2) 1,450 sqft – "$1,050,000" (short sale) [MLS]

Posted by socketadmin at 11:30 AM | Permalink | Comments (19) | (email story)

2542 Fillmore: Apples-To-Apples (Plus Some Furniture Perhaps)

While the recorded deed has yet to make its way into the City’s system (because of a tax lien perhaps), it would appear that the sale of 2542 Fillmore closed escrow on September 28 with a sale price of $3,790,000 or $1,210,000 less than its reported purchase price of $5,000,000 in August 2008.

The 24 percent decline in value for the reconstructed Pacific Height home over the past two years might not be "apples-to-apples," however, as a plugged-in reader reports:

One more "Interesting" thing about this home and the sale is that the sellers were also selling the furniture in the home as well so I wouldn't be surprised at all if the final selling price included much of the existing furniture in the home; or alternatively, if there was a separate, non-recorded sale of the furniture.

And it could have been worse for said sellers, they could have paid the $5,500,000 which was offered and turned down prior to their under asking bid in 2008.

∙ This Ought To Be Interesting On An Apples-To-Apples Basis [SocketSite]
∙ 2542 Fillmore Closes Escrow: Still A Big Win (But Still A Whoops) [SocketSite]
∙ Built In 1904 (But "Reconstructed" A Century Later): 2542 Fillmore [SocketSite]
∙ The SocketSite Scoop On 2542 Fillmore: In A Word, Whoops. [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (39) | (email story)

October 14, 2010

Puttin' On The Ritz (And Pressure) At Under Eight Hundred A Square

Purchased for $1,481,000 in October 2007 ($1,239 per square) and then taken back by the bank this part March with $1,234,899 due, the two-bedroom Ritz-Carlton Residences (690 Market) #1502 returned to the market six months ago.

Asking $999,900 ($837 per square) over the past 37 days, as a plugged-in reader notes, the list price was reduced to $949,905 ($795 per square) today. A sale at asking would represent a 36 percent decline in value for the luxury unit over the past three years.

And while "still not cheap" at almost $800 per square, we’re guessing that’s of little solace to those who were sold on $1,200 or more.

∙ Listing: 690 Market #1502 (2/2.5) 1,195 sqft - $949,905 [MLS]
∙ Ritz-Carlton Sales Office Pulls An Infinity In An Attempt To Sell Out [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (6) | (email story)

A Quick Reminder Not To Bank On An "Appraisal" (Or Instant Equity)

As we wrote this past May:

104 Funston was purchased for $2,750,000 in May of 2007 and returned to the market this past March asking $3,150,000. Reduced to a "lucky" $2,988,888 on April 15, the price was further reduced to $2,875,000 eight days later. On Friday it was reduced to $2,750,000.

According to the listing the property "appraised at $2,850,000" and you can "move in with equity." Who are we to suggest that its three weeks on the market at $2,875,000 without a sale would suggest otherwise.

Withdrawn from the MLS after 155 days days on the market but then relisted at $2,600,000 with "one" day last month, yesterday the list price for 104 Funston was reduced to $2,200,000 (23 percent under its "appraised" value) in an attempt to solicit multiple bids which are now due next week (10/21 by noon).

And with respect to any apples-to-apples comparisons, don’t forget to account for the roughly $400,000 worth of work between the $2,750,000 purchase price in 2007 and today.

∙ Listing: 104 Funston (4/3.5) 3,963 sqft - $2,200,000 [MLS]
∙ Instant (Appraiser's) Equity At 104 Funston [SocketSite]
∙ Will 104 Funston Return With Even More "Move In Equity?" [SocketSite]
∙ No More Mention Of (Even More) "Move In Equity" For 104 Funston [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (18) | (email story)

October 13, 2010

One Less Listing (But Without A Reported Sale)

After 33 days on the market, and just five days after reducing its list price from $799,000 to $749,000, the MLS listing for 848 Potrero has been withdrawn from the market without a reported sale.

Once again, the Inner Mission property was purchased for $920,000 in April 2008 having sold for $849,000 in November 2005.

∙ Inner Mission Apples-To-Apples-To-Apples To Be At 848 Potrero [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (18) | (email story)

October 12, 2010

Not New But Now "Approved" And Shorter Still For 733 Front #407

As a plugged-in reader noted, on Friday the list price for the short sale of 733 Front Street #407 was reduced to $480,000 and "Approved Short Sale!!!" was added to the listing.

Once again, the one-bedroom was purchased for $730,000 in September 2007, listed for $760,000 this past January, reduced to $730,000 in February, reduced to $629,000 in April, and listed as a short sale at $549,000 and $499,000 over the past five months.

A sale at the newly reduced list price would represent a 34 percent drop in value for the Jackson Square condo at 733 Front Street over the past three years.

∙ Listing: 733 Front Street #407 (1/1) – "$480,000" (Short Sale) [MLS]
∙ Now With Even More Red At 733 Front Street On Jackson Square [SocketSite]
∙ 733 Front Street: A SocketSite Forum Inquiry (And Answer) [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (8) | (email story)

October 8, 2010

Selling Short Seven Years Later In South Beach: 301 Bryant #22D

It’s another one across town as 301 Bryant #22D has just been listed as a short sale for "$389,000" having been purchased for $455,000 in January 2004.

From the listing in 2004:

The perfect pad in South Beach's award-winning condo building. A dramatic long span concrete wall is the focal point of this stylish, sexy condo featuring Bamboo floors, global-low-voltage halogen track lighting, designer draperies and a custom double closet. Open single-story floorplan with large bedroom alcove, 14'ceilings and extra attic storage. Well appointed large kitchen with breakfast bar. Parking, Bay Bridge views and...Location, Location, Location!

Once again, no mention of any pre-approval for the short sale seven years later but...location, location, location!

∙ Listing: 301 Bryant #22D (1/1) 774 sqft – “$389,000” [MLS]
∙ Any Shorter And They’d Be Back To 2001 At 1951 O’Farrell [SocketSite]
∙ Three In 301 Bryant [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (4) | (email story)

Any Shorter And They’d Be Back To 2001 At 1951 O’Farrell

No parking but a bit of "tales-esque" charm, the nearby Kimbell Playground and Hamilton Recreation Center have both been recently overhauled, and an updated kitchen and bath.

Purchased for $410,000 in December 2005, 1951 O’Farrell has been listed as a short sale at "$299,000" today but without any mention of being pre-approved.

The one-bedroom condo sold for $275,000 in August 2001.

∙ Listing: 1951 O’Farrell (1/1) 638 sqft – "$299,000" [MLS]

Posted by socketadmin at 7:45 AM | Permalink | Comments (3) | (email story)

October 7, 2010

Los Almost Apples (And Medians) In Miraloma Park: 46 Los Palmos

Listed for $669,000 in October 2004, the single-family Miraloma Park home at 46 Los Palmos sold for $720,000 that December ($571 per square foot). Back on the market as of today and asking $699,000 ($555 per square), unfortunately the sale pair won’t be perfectly apples-to-apples as the kitchen was recently remodeled.

And for those who like medians, the median price per square foot for single-family homes in the area is currently running $565 in 2010 versus $567 in 2004 and $684 in 2007. At the same time the median sale price is currently running $915,000 in 2010 versus $820,000 in 2004 and $1,031,000 in 2007.

Yes, that means the median sized Miraloma sale is up 16 percent from 2004 which some might call a change in mix while others might (mis)call it "prices are up 12 percent!"

∙ Listing: 46 Los Palmos Drive (3/1.5) 1,260 sqft - $699,000 [MLS]
∙ Medians Are Up, But Don’t Confuse That With Increasing "Prices" [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (5) | (email story)

October 6, 2010

A Different Kind Of Historic Context On Harriet: 54 Harriet #1

While 42 Harriet seeks approval to be built within the context of 38 Harriet on its right, on its left the bank-owned 54 Harriet #1 seeks a buyer at $599,900 ($434 per square foot).

Purchased for $750,000 ($543 per square) in January 2005 by way of two variable rate loans totaling $750,000 (yes, 100% financing in San Francisco), the 1,382 square foot two-bedroom was taken back by the bank this past June with $607,500 owed on its first.

With respect to the other two units at 54 Harriet, the 767 square foot #3 sold for $611,000 in August 2005 ($797 per square), while the 1,044 square foot #2 has a tax assessed value of $712,708 ($683 per square).

And no, we don’t believe that’s the original fridge above.

∙ Listing: 54 Harriet Street #1 (2/1.5) 1,382 sqft - $599,900 [MLS]
∙ 42 Harriet: From Surface Area Parking Lot To 23 Units As Proposed [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (10) | (email story)

October 4, 2010

A Year Later An Apple Falls In Pacific Heights (2041 Sacaramento)

The sale of 2041 Sacramento appears to have closed escrow today with a reported contract price of $1,950,000. Purchased for $2,286,500 in June 2007, call it an effective 15 percent drop in value for the remodeled top floor Pacific Heights condo overlooking Lafayette Park and Cathedral Hill (and with two car parking) over the past three years.

The property had been listed for $2,095,000 a little over a year ago before reducing its list price to $1,999,000 and then relisting as a short sale for "$1,695,000" this past January.

∙ An Apples To Apples (And Rather Prime) Update For 2041 Sacramento [SocketSite]
∙ North To South (And Apples To Apples) From Atop 2041 Sacramento [SocketSite]

Posted by socketadmin at 5:00 PM | Permalink | Comments (27) | (email story)

October 1, 2010

A Penthouse Pineapple And Lower Floor Apple At Jackson Square

While 845 Montgomery #C failed to find a buyer at its 2008 purchase price ($1,000,000), and a redecorated ("Venetian plaster, silver leaf recessed ceilings, (faux) ostrich wall treatments") penthouse atop the Jackson Square Condominiums has been on the market for two weeks at $3,150,000 (18% over its April 2008 undecorated price of $2,633,000), 845 Montgomery #G just hit the market asking $1,050,000 (12% under its 2008 price of $1,200,000 for the 1,026 square foot two-bedroom).

∙ Listing: 845 Montgomery #G (2/2) 1,023 sqft - $1,050,000 [MLS]
∙ Listing: 845 Montgomery #PH1 (2/2.5) 2,018 sqft - $3,150,000 [MLS]
∙ See Inside But Not Around Jackson Square (845 Montgomery) #C [SocketSite]
∙ The Jackson Square Condominiums (847 Montgomery) [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (8) | (email story)

Apples Versus Medians (And Case-Shiller) For 1251 44th Avenue

As we wrote this past July:

Purchased for $479,000 in June of 2002, the [1,000 square foot] one bedroom single-family home at 1251 44th Avenue was taken back by the bank this past May with what would appear to have been $567,000 owed. The property was just listed for $448,900.

The median sale price per square foot for homes in the neighborhood was $396 in 2002, peaked at $579 in 2007, and is currently weighing in at $508, down 3% year-over-year and down 12% from peak, but up 28 percent versus 2002.

Keep in mind the median sized home sale in the neighborhood has averaged around 1,450 square feet, size matters when it comes to comparing price per square foot on an absolute basis [smaller homes tend to yield higher prices per square foot], and remodeling has been particularly popular over the past eight years.

Yesterday the sale of 1251 44th Avenue ("…clean, bright and airy home in prime Sunset Location!") closed escrow with a reported contract price of $460,000 ($460 per square).

To recap, from June 2002 to September 2010 the value of 1251 44th Avenue fell 4% on an apples-to-apples basis while the neighborhood median price per square foot increased 29% (the median price increased 27%). From June 2002 to July 2010 the Case-Shiller index for middle tier San Francisco properties increased 3%.

∙ Apples, Medians, And May Case-Shiller For 1251 44th Avenue [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (10) | (email story)

September 30, 2010

Appreciation For An Apple With Improved Curb Appeal (49 Hill)

The sale of 49 Hill closed escrow yesterday with a reported contract price of $2,500,000.

While not perfectly apples-to-apples as the curb appeal has improved, the real remodeling occurred prior to its purchase for $2,000,000 in 2004 so let's call it average annual appreciation of 3.5% for the renovated single-family home over the past six years.

∙ Comments: A Previously Remodeled (And Since Repainted) 49 Hill Returns [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | (email story)

September 28, 2010

1167 Bosworth Is Back And Seeking Another Outlier Bid

While the sale of 48 Chenery closed escrow on Friday, 1167 Bosworth returned to the market. Having sold for $1,000,000 in 2004, the single-family Glen Park home was listed for $850,000 this past February and closed escrow for $1,051,000 this past March.

If a plugged-in tipster recalls correctly, the second highest bid this past March was under $900,000. There’s nothing quite like finding out you paid over $150,000 (18 percent) more than the next highest bidder.

Perhaps hoping for another 30 percent over asking outcome (and another outlier bid), 1167 Bosworth has been listed for $925,000 (the sellers are "relocating"), a sale at which would represent a 7.5 percent decline in value below its year 2004 price (12 percent less than this past March).

∙ Listing: 1167 Bosworth (3/2) - $925,000 [MLS]
∙ While One Glen Park Apple Improved Resale Is Picked… [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (15) | (email story)

September 27, 2010

A Green Apple To Be Atop 3280 22nd Street (#D)

New construction in 2007 featuring siding from reclaimed olive oil barrels, hardwood floors from reclaimed mine timbers, and bathrooms with Zuma tubs and Duravit sinks, 3280 Mission Street #D was listed for $1,399,000 that July and sold for $1,450,000.

It’s now three years later, the Valencia Streetscape Improvement Project has been completed, and the three-bedroom atop 3280 22nd Street has returned to the market asking $1,550,000.

∙ Listing: 3280 22nd Street #D (3/2) 1,808 sqft - $1,550,000 [MLS]
∙ Going Green In The Mission (3280 22nd St.): Prices/Additional Details [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (10) | (email story)

A One Rincon Hill Resale Right Where We Called It: Down 22.8%

On Friday the resale of One Rincon Hill (425 1st Street) #3908 closed escrow with a reported contract price of $660,000 ($874 per square foot). Purchased from the sales office for $855,000 in June 2008 ($1,132 per square), call it a 22.8% drop in value for the big view one-bedroom over the past two years.

As we wrote in July, "we’ll call it a 20-25 percent drop in value for One Rincon Hill #4308 and its comps over the past two years."

∙ Still Not "Cheap" But Now Five Percent Even Cheaper [SocketSite]
∙ The First Listed Foreclosure At 425 First (One Rincon Hill) [SocketSite]
∙ Additional One Rincon Hill '08 Stack (And Year) Perspective Redux [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (5) | (email story)

While One Glen Park Apple Improved Resale Is Picked…

The sale of 48 Chenery Street closed escrow this past Friday with a reported contract price of $1,260,000 ($683 per square foot), up a net 2% since the Glen Park single-family home was purchased for $1,235,000 in May 2006 [see UPDATE below].

And it’s 1 percent over asking on three offers if a reader’s hearsay is correct.

As we noted last month, from July 2006 to July 2010 the median sale price for listed District 5 single-family homes increased over 30 percent while the median sale price in Glen Park was up over 50 percent year-over-year in July (on five sales), down 47% year-over-year in August (on four sales).

UPDATE: While we missed it, luckily a plugged-in reader didn’t.

With a two bathroom remodel in 2008, the resale of 48 Chenery isn’t apples-to-apples. And while the value of the single family home increased $25,000 from 2006 to 2010, that’s perhaps less than half the cost of what was invested in said remodel.

So let's just say up a gross 2% in price but down a net 3% in value over the past four years after accounting for recorded improvements.

∙ Apples To Apples (Versus Median To Median) In Glen Park [SocketSite]
∙ Medians Are Up, But Don’t Confuse That With Increasing "Prices" [SocketSite]

Posted by socketadmin at 12:30 AM | Permalink | Comments (39) | (email story)

September 24, 2010

1940 Buchanan: Not Only Restaged, But Relisted And Reduced As Well

Purchased for $729,000 in August 2000, 1940 Buchanan resold at $800,000 in June 2004, returned to the market this past January asking $879,000, and was withdrawn from the market in May having been reduced to $799,000 ("Restaged: come for a 2nd look").

Now relisted, the list price for the Lower Pacific Heights condo has also been reduced to $759,000 (5 percent below its 2004 sale and within 4 percent of its year 2000 price).

∙ Listing: 1940 Buchanan (2/1) 1,480 sqft - $759,000 [1940buchanan.com] [MLS]
∙ It Must Have Been The Staging: 1940 Buchanan Edition [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (11) | (email story)

September 23, 2010

Mid-Century Modern On Mendosa (And Ugly Apple Down The Street)

With a Mid-Century Modern design "attributed to Henry Hill," and touting plans for a 750 square foot expansion of the second floor which were approved in 2007, the Forest Hill home at 29 Mendosa Avenue hit the market last week listed for $1,298,000.

Purchased for $1,189,000 in 2004, the kitchen now sports "all new high-end appliances" as well as custom cherry cabinetry so unfortunately no "apples" here but lots of light.

UPDATE: Speaking of apples and Mendosa, three weeks ago the bank-owned sale of 135 Mendosa closed escrow with a reported contract price of $880,000. The property had changed hands with a recorded sale price of $1,150,000 in 2003 (as well as $1,580,000 (2006), $1,750,000 (2007) and $1,995,000 (2008) in between).

And yes, the sales in 2007 and 2008 and possibly even 2006 do look a little, uhh...funky.

UPDATE: Apparently this isn’t the first time 135 Mendosa has been mentioned on this site.

And to bring this post back around to 29 Mendosa, as the property looked when purchased in 2004 by way of MapJack.com:

∙ Listing: 29 Mendosa (3/2) 2,001 sqft - $1,298,000 [29mendosa.com] [MLS]

Posted by socketadmin at 1:00 PM | Permalink | Comments (26) | (email story)

Annualized Appreciation Of 18.5 Percent At Asking For 1070 Sanchez

Purchased for $1,910,000 in July 2007, the 2,543 square foot Noe Valley condo at 1070 Sanchez returned to the market this past February asking $2,095,000.

Following three price cuts (last listed for $1,799,000), the top-floor unit with roof deck and views sold for $1,762,500 (8% under 2007) with the sale closing escrow just last month.

Yesterday 1070 Sanchez returned to the market repainted, staged and asking $1,799,000.

∙ Listing: 1070 Sanchez (3/4.5) 2,543 sqft - $1,799,000 [MLS]

Posted by socketadmin at 10:30 AM | Permalink | Comments (18) | (email story)

September 22, 2010

A Green (And No Longer Confidential) Apple To Be On Russian Hill

Listed for $2,100,000 in April 2008, the two-bedroom Green Hill Tower (1070 Green) condo #902 sold with a "confidential" sale price reported on the MLS that June. As such, the list price of $2,100,000 would have been used when compiling MLS based median and average sale price reports.

Public records, however, suggest the sale price for the Russian Hill home was actually $1,910,000. And two weeks ago, the two-bedroom view condo returned to the market listed for $1,695,000. Currently in contract, but it would appear that not all contingencies have yet been waived.

∙ Listing: 1070 Green #902 (2/2) 1,660 sqft - $1,695,000 [sfproperties.com] [MLS]
∙ An End To Confidential MLS Sales* (*Unless You're Willing To Pay) [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (7) | (email story)

Two Bedrooms, Baths, Parking, And Years Later For Heublien #223

Listed for $1,350,000 in January 2008, with the help of their agent the buyers of 601 4th Street #223 were able to purchase the two-bedroom Heublien Building loft for $1,320,000 that March. It’s now two and one-half years later and the 1,930 square foot condo is back on the market and listed for $1,250,000.

UPDATE: As a plugged-in reader notes, originally listed for $1,580,000 and also currently available for rent asking $6,800 per month.

∙ Listing: 601 4th Street #223 (2/2) 1,930 sqft - $1,250,000 [MLS]
∙ The Heublien Building Lofts (601 4th Street) [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (6) | (email story)

More “Over Asking” Action On Mint Plaza

It’s more "over asking" action as the sale of 410 Jessie #302 closed escrow yesterday with a reported contract price of $440,000.

Keep in mind that while last listed anew for $399,000 (for an official 10% over asking), the Mint Plaza condo had previously been listed for $499,000 (for an unofficial 12% under asking). And more importantly, the property had previously sold for $580,000 in September 2007, an apples-to-apples drop in value of 24%.

But hey, over asking and in only 55 days if you ignore the 100 days on the market prior to its relisting (which MLS based reports will do).

∙ Hales Warehouse (410 Jessie) Gallery Of Listing(s) Along Mint Plaza [SocketSite]

Posted by socketadmin at 6:45 AM | Permalink | Comments (33) | (email story)

September 21, 2010

Twenty-Two Percent Under 2004 For 2040 Franklin #1008

With a list price that was reduced to $494,900 in June, the sale of 2040 Franklin #1008 closed escrow last Wednesday with a reported contract price of $476,000, 22 percent less than its October 2004 purchase price of $610,000.

From the listing for the one-bedroom Pacific Heights condo in 2004: "Granite counters...top of the line appliances, remodeled baths, excellent outlooks, & peeks at the Bay."

∙ Three Floors Higher And A Hundred Grand Less In Pacific Heights [SocketSite]
∙ 2004 To 2010 (And Bank-Owned) For 2040 Franklin #1008 [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (5) | (email story)

As The Market Turns: Another Quick Cut For 100 Palo Alto

On the back of a $900,000 (14%) reduction three weeks ago, the asking price for 100 Palo Alto was reduced another $550,000 (10%) yesterday, now asking $4,950,000 (12% under its 2008 purchase price).

∙ Comments: Less Great Expectations For Ex-Mayor's Mid-Century Modern [SocketSite]
∙ An Ex-Mayor’s Mid-Century Clarendon Heights View Manse Returns [SocketSite]
∙ Forget The Rock Star Lifestyle, Anybody Want To Live Like A Mayor? [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | (email story)

"Over Asking" But Eighteen Percent Under 2007 At 520 Chestnut

Purchased for $904,000 or $5,000 under asking in 2007, the bank-owned re-sale of 520 Chestnut Street #404 closed escrow on Friday with a reported contract price of $736,000.

Call it 2 percent "over asking" but 18.6 percent under its 2007 value for the two-bedroom North Beach condo.

∙ Latest Bank-Owned Listings: Pacific Heights, North Beach, And Lake [SocketSite]
∙ 520 Chestnut: “Grand Opening” (And Lower Prices) [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (1) | (email story)

September 17, 2010

A Is For Apples As 110 Chattanooga #A Returns

As we wrote in October 2007:

It just under a year ago that we discovered the listing for 110 Chattanooga #B (which sold for $1,510,000). And as we noted, 110 Chattanooga is a "2-unit building on narrow lot” designed and built by Zack | de Vito Architecture in 2004. And as we also noted:

“Okay, we’ve taken the tour and if you’re a fan of modern/contemporary design we suggest you do the same (as usual, the pictures don’t do it justice). Now if we could only figure out a way to get our hands on #A…”

Well, it looks like we can finally stop scheming. 110 Chattanooga #A (the other half and home to the architects themselves) has officially hit the market. And yes, sometimes good things do come to those who wait.

110 Chattanooga Street #A ended up selling for $1,987,500 that November. It's now back on the market asking $1,998,000 as well designed apples-to-apples to be.

∙ Listing: 110 Chattanooga #A (4/2.5) 2,880 sqft - $1,998,000 [MLS]
∙ A Zack/de Vito Design (And Home) Hits The Market On Chattanooga [SocketSite]
∙ Narrow Footprint, Big Impression (110 Chattanooga St #B) [SocketSite]
∙ Zack | de Vito: Chattanooga Street Duplex Overview [zackdevito.com]

Posted by socketadmin at 3:00 PM | Permalink | Comments (28) | (email story)

September 15, 2010

Noe Valley's 1420 Douglas Closes At 26 Percent Under Its 2007 Price

As we wrote in March 2008:

Another plugged-in reader already stole our thunder (and pretty much all our lines), but to sum it all up: 1. Eight months ago 1420 Douglass was purchased for $1,945,000 ($250,000 over asking); 2. Two months ago it returned to the market with a list price of $2,095,000 (and a few "I don't think it will be on the market for very long" type comments); and 3. Last night the list price was reduced $100,000 (5%).

As we added this past July:

The property failed to sell in 2008, and as a plugged-in reader noted last month, 1420 Douglass was foreclosed upon on June 7, 2010. Back on the market today and listed for $1,595,500 (18 percent under its 2007 comp setting price).

And as we reported yesterday, the resale of 1420 Douglass has closed escrow with a reported contract price of $1,440,000. That's 26 percent under the 2007 sale price for the remodeled Noe Valley home, a sale which was used as a "comp" to support the sale prices of other single-family homes at the time.

∙ Another Look At 1420 Douglass (And A Reader's "Lazy Noe Indicator") [SocketSite]
∙ Not Overheard Everyday (Again): Five Months After Closing, It’s Back [SocketSite]
∙ Not Overheard Everyday: Don’t Hit Your Head On The Fireplace [SocketSite]
∙ Fireplace, Foreclosure And Figurative Fireworks Over (In) Noe Valley [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (38) | (email story)

September 13, 2010

Same Setting Different Stories At 10 Miller Place

As we wrote two months ago about the Nob Hill condo with the view above:

Listed for $899,000 two years ago, 10 Miller Place #901 closed escrow two weeks later with a reported contract price of $975,000. Today, the two-bedroom condo with big cityscape views is back on the market and asking $899,000 once again.

The re-sale of 10 Miller Place #901 closed escrow today with a reported contract price of $850,000. That’s 5 percent under asking but 13 percent under its 2008 price.

Meanwhile, 10 Miller Place #902 which was a one-bedroom but has "been reconfigured into an open floorplan," remains on the market after 200 days asking $595,000.

∙ Listing: 10 Miller Place #902 (0/1) - $595,000 [MLS]
∙ We've Seen This Movie Before, But Will It Have A Different Ending? [SocketSite]
∙ Forget One Night Of Fireworks, We Like Twinkling Lights Year Round [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (15) | (email story)

September 10, 2010

One South Park Starts Sprouting Apples (1 South Park #402)

Listed for $1,495,000 in 2007, the 1,348 square foot two-bedroom #402 at One (1) South Park closed escrow that October at asking. "Never occupied as a primary residence," the top floor condo is now back on the market and asking $1,199,000, a sale at which would represent a 19.8% apples-to-apples drop in value for the unit over the past three years.

∙ Listing: 1 South Park #402 (2/2.5) - $1,199,000 [MLS]
∙ One South Park: Reservations, Floor Plans And Even A Few Prices [SocketSite]
∙ One South Park: An Overview And Car Stacker Question [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (16) | (email story)

September 9, 2010

Inner Mission Apples-To-Apples-To-Apples To Be At 848 Potrero

Listed for $699,000 in September 2005, the remodeled 848 Potrero (a "single-family" home with unwarranted one-bedroom below) sold for $849,000 that November. Back on the market just over two years later asking $859,000, the property closed escrow with a reported contract price of $920,000 in April 2008.

Recently painted, 848 Potrero is back on the market and listed for $799,000 this September. And while the rent roll doesn’t appear to be listed, in 2005 the one-bedroom below was rented for $1,300 per month.

∙ Listings: 848 Potrero Avenue (2/2) 1,490 sqft - $799,000 [MLS]

Posted by socketadmin at 9:30 AM | Permalink | Comments (24) | (email story)

September 8, 2010

A Blast From The Past (And Noe Valley Apple) Returns

The post-Labor Day parade of previously withdrawn listings has begun. And in a blast from the past, 4545 25th Street has just been listed for $2,595,000.

Purchased for $2,725,000 in November 2007, the Noe Valley home was listed for $2,895,000 in September 2008 before being relisted, reduced to $2,625,000, and then withdrawn from the market in 2009.

It’s currently tenant occupied at $7,800 per month. We'll let you do the math(s).

∙ Listing: 4545 25th Street (4/4.5) - $2,595,000 [MLS]
∙ An Elegant Noe Valley Apple Still On The Tree: 4545 25th Street [SocketSite]

Posted by socketadmin at 5:00 PM | Permalink | Comments (40) | (email story)

September 2, 2010

A Winner’s Circa 2005 Curse (And Seller’s Boon)

Sold for $1,635,000 in August 2005 having been listed for $1,395,000, this past Friday the re-sale of 819 Haight Street closed escrow with a reported contract price of $1,380,000 (15.6% under its 2005 sale) having been listed for $1,595,000 a year ago.

As a plugged-in reader wrote about the property two weeks ago:

The posts that comment on the costs to add bathrooms are probably right, particularly given the finishes on this house. Some of the best possible materials were chosen throughout--tile, fixtures, etc. The front porch is an aberration. A quick fix prior to the sale in 2005, replacing even more inappropriate and very damaged Spanish tiles.

As for the neighborhood, that block is entirely residential, with the exception of Zephyr. There are several families on the street who enjoy the proximity of Duboce and the dog park up the street. It's a very walkable neighborhood, and contrary to the suggestions above, safe. You might find graffiti on your trashcans, but aside from that, no car break ins or the usual petty things you'd expect. (Petty criminals don't like hills.)

We'd buy it. Again. But then, we'd be buying it for less than we sold it for in 2005, so we'd consider it a bargain. ;)

Keep in mind that competitive bids were more the rule than exception in San Francisco circa 2005. And as soon as a property sold, it became a comp for the next sale. And so on. And so forth.

∙ A Four Year Hold For A Renovated 819 Haight: A Winner's Return [SocketSite]
∙ 819 Haight Street’s Return Redux: Winner's Curse In Action? [SocketSite]
∙ A Winner’s Curse That Has Yet To Be Cured [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (10) | (email story)

August 31, 2010

From Apples-To-Apples To An Orange A Plum: 469 Clipper Returns

Purchased for $1,020,000 as a dilapidated Noe Valley Victorian in July 2008 ("no kitchen, no bath and the rear portion of the structure is falling off"), 469 clipper resold in no better condition (i.e., apples to apples) a year later for $750,000.

Since completely remodeled (i.e., no longer apples-to-apples and now reflecting return on investment versus simply underlying market appreciation or depreciation as the case may be), 469 clipper has returned to the market asking $2,299,000.

∙ Listing: 469 Clipper (3/3.5) - $2,299,000 [MLS]

Posted by socketadmin at 2:30 PM | Permalink | Comments (38) | (email story)

Less Great Expectations For Ex-Mayor's Mid-Century Modern Home

As we wrote in June:

In March 2008 the Mid-Century Modern Clarendon Heights home at 100 Palo Alto Avenue built for former San Francisco Mayor Elmer E. Robinson in 1953 hit the market asking $4,000,000. It ended up closing escrow with a recorded contract price of $5,625,000.

And while we don’t believe it’s been remodeled much since (2008 not 1953), 100 Palo Alto is back on the market two years later and listed for $6,400,000.

Big views for certain, but even greater expectations for sure.

The list price for 100 Palo Alto has just been reduced $900,000 (14%), now asking $5,500,000 (2% under its 2008 sale).

∙ Listing: 100 Palo Alto (4/4.5) - $5,500,000 [100paloalto.com] [MLS]
∙ An Ex-Mayor’s Mid-Century Clarendon Heights View Manse Returns [SocketSite]
∙ Forget The Rock Star Lifestyle, Anybody Want To Live Like A Mayor? [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (28) | (email story)

August 27, 2010

Unofficial Inventory, But An Official Sale For An Apple On 26th Street

As we wrote a year ago March:

3730 26th Street is a single-family home on the edge of Noe Valley that was last touted as a neighborhood sales comp in June of 2004 when purchased for $1,250,000.

Now granted, there are more parking spaces (two) than baths (one a one-half), but the kitchen has been remodeled. And just like its location, none of these things have changed in the past five years. That being said, currently asking $1,148,000.

And while we don’t believe it was listed on the MLS at the time, it’s a plugged-in tipster that notes 3730 26th Street changed hands on July 1, 2010 with a reported contract price of $1,000,000 (20% under its 2004 sale).

If 3730 was presented as a buy-side comp in 2004, adjust expectations accordingly.

∙ Some Will Call It Yet Another Anecdote, We’ll Call It An Apple To Be [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (40) | (email story)

August 26, 2010

An Auspicious Contract Price But Inauspicious Outcome On First

Listed for $899,000 in July of 2005, the two-bedroom top floor loft at 346 1st Street #304 closed escrow that October with an auspicious recorded contract price of $888,000. This past March the unit was inauspiciously taken back by the bank.

Now listed for $669,900, perhaps it’s a prime opportunity for our head banging RAB to make an offer.

∙ Listing: 346 1st Street #304 (2/1.5) 1,617 - $669,900 [MLS]
∙ Who’s Down With OPM In The Marina? [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (18) | (email story)

A Jordan Park Apple Returns On Palm (And To Its 2007 List Price)

As we wrote this past June:

Listed for $2,995,000 in October 2007, the totally renovated 176 Palm closed escrow in November 2007 with a contract price of $3,100,000.

Back in the market for two weeks without a sale in September 2009 asking $3,100,000, the Jordan Park home is now back on the market in 2010 and listed for $3,150,000.

Withdrawn from the market in July without a sale, as a plugged-in reader notes today, “It's Baaaack.” And it’s back to being listed for $2,995,000 with just one (1) day on the market and no reductions according to those official industry "state of the market" stats.

∙ Listing: 176 Palm (4/4.5) - $2,995,000 [MLS]
∙ 176 Palm: Apples To Apples To Asking In 2009 [SocketSite]
∙ From Couch To Kitchen To BBQ And Back In No Time Flat: 176 Palm [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (17) | (email story)

August 25, 2010

Who’s Down With OPM In The Marina?

Purchased for $875,000 in June 2004 with a variable rate first for $612,500, a second for $218,750, and all of five (5) percent down, 1471 Francisco was taken back by the bank three weeks ago with what would appear to be $983,741 owed. Ah, the good old days of playing with OPM (other people’s money). Other than the FHA's, of course.

The two-bedroom Marina condo is back on the market today and asking $892,500.

∙ Listing: 1471 Francisco (2/1) 1,344 sqft - $892,500 [MLS]
∙ Three Amigos Of FHA Requirement Changes In Effect Or Coming Soon [SocketSite]

Posted by socketadmin at 3:30 PM | Permalink | Comments (22) | (email story)

August 24, 2010

Well, It Is Now In South Beach After All…

Circa September 2006 in what was then Mission Bay, Glassworks hit the market with 207 King #411 priced at $1,595,000. In January 2007 the 1,461 square foot two-bedroom condo hit the MLS listed for $1,395,000 (and offering three years of pre-paid HOA dues).

207 King Street #411 ended up selling for $1,050,000 that May, and today it's back on the market and asking $1,359,000. Well, it is now in South Beach after all…

∙ Listing: 207 King Street #411 (2/2) 1,461 sqft - $1,359,000 [MLS]
∙ The Glassworks (207 King Street) [SocketSite]
∙ Glassworks (207 King): 3 Years Paid HOA And Further Reductions [SocketSite]
∙ The Incredible Shrinking Mission Bay (And Expanding South Beach) [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (41) | (email story)

August 23, 2010

A Lovingly Decorated Green Apple Is Picked At Arterra (300 Berry)

Purchased for $565,500 in August 2008, the 664 square foot Arterra one-bedroom known as 300 Berry #514 returned to the market "lovingly decorated...with artwork, wall coverings, custom paint colors and fine appointments" asking $499,000 in April and closed escrow with a reported contract price of $475,000 ($715 per square foot) this past Friday for a 16% drop in value over the past two years.

∙ Green Apples-To-Apples To Be At Arterra: 300 Berry #514 [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (10) | (email story)

August 17, 2010

Turn Down The CornuFé, This Apple Appears To Be Done

The sale of the single-family home at 159 Cervantes closed escrow last week with a reported contract price of $1,875,000, just 1 percent ($20,000) under asking but 9 percent ($175,000) under its purchase price of $2,050,000 in June 2007.

∙ Pommes Des Pommes (And A La Cornue) At 159 Cervantes [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (27) | (email story)

Apples To Apples (Versus Median To Median) In Glen Park

From July 2006 to July 2010 the median sale price for listed District 5 single-family homes has increased over 30 percent! And according to Redfin, in July the median sale price in Glen Park was up over 50 percent year-over-year! Yes, on five sales.

Purchased for $1,235,000 in May 2006, the single-family Glen Park home at 48 Chenery is back on the market and asking $1,250,000. A sale at asking would represent total effective appreciation of 1 percent since 2006 on an apples-to-apples basis.

∙ Listing: 48 Chenery (2/2) 1,847 sqft - $1,250,000 [MLS]
∙ Medians Are Up, But Don’t Confuse That With Increasing "Prices" [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (21) | (email story)

August 12, 2010

And Attract Attention It Did...

As we wrote 22 days ago:

Having been purchased for $1,900,000 in April 2001, the three bedroom single-family home [at 2816 Laguna] is priced to attract attention at $1,995,000 in 2010 ($680 per square).

According to PropertyShark the median price per square foot for homes in 94123 peaked at $1,216 in 2007, so far it’s $964 in 2010 on an 11 percent smaller median sized sale.

As a plugged-in "eddy" commented at the time, "If I had to guess on this one I'd say $2.2." Today, the sale of 2816 Laguna closed escrow with a reported contract price of $2,200,000 ($750 per square foot). Nice job eddy.

Call it average annual appreciation of 1.6 percent for the Cow Hollow single-family home over the past nine years with an up and down in between.

∙ Priced To Attract (Our) Attention [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (2) | (email story)

A Previously Remodeled (And Since Repainted) 49 Hill Returns

Listed for $1,799,000 in March of 2004, the remodeled single-family home at 49 Hill closed escrow a month later with a recorded contract price of $2,000,000.

Since repainted and redecorated, the 3,000 square foot "Grand Victorian" returned to the market two days ago asking $2,595,000. As the facade looked before:

∙ Listing: 49 Hill (4/3.5) 3,000 sqft - $2,595,000 [49hill.com] [MLS]

Posted by socketadmin at 8:15 AM | Permalink | Comments (85) | (email story)

August 9, 2010

Orange Who? Orange You Glad We Prefer To Serve Apples?

As we wrote this past March:

Unfortunately the sale of 908 Ashbury won’t be apples to apples as building permits note a remodeled master bath, a new guest bath, new skylights, and the moving of walls since its last sale.

Purchased for $2,795,000 in 2007 and asking $2,995,000 today, the property’s marketing site does note "structural improvements" while the city’s records note a valuation increase of $150,000 since its last sale based on reported remodeling costs.

The sale of 908 Ashbury closed escrow today with a reported contract price of $2,750,000 or $655-ish per square foot and 2 percent under its 2007 pre-improved price.

∙ 908 Ashbury: Apples To Oranges And Its New Fourth Third Floor | Comments [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | (email story)

2010 Reality Versus 2009 Expectations At 2430 Scott

The sale of 2430 Scott Street closed escrow on 8/3/10 with a reported contract price of $3,910,000 ($888 per square foot).

Remodeled in the year 2000 and sold for $4,200,000 in June 2007, call it an effective decline of 7 percent over the past three years for the 4,400 square foot Pacific Heights single-family home versus expectations of 12 percent appreciation over two based on a list price of $4,695,000 in May 2009.

∙ 2430 Scott Street: An Entirely Different Dow Theory In Action? [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (3) | (email story)

August 6, 2010

Apples, Comps And Competition On Corona...Oh My!

On one side of the street and pictured above, 119 Corona which is listed as a two-bedroom, one-bath home of 1,355 square feet with two car garage. Asking $868,000.

On the other side of the street and pictured below, 136 Corona which is listed as a three-bedroom, three-bath single-family home of 2,250 square feet with garage that appears to have been reclaimed. Asking $895,000 having been purchased for $1,010,000 in 2004*.

UPDATE: While the conversion of 136 Corona's garage and basement into a master bedroom and family room was completed in 1990, a plugged-in reader correctly takes us to task for missing the fact that its kitchen and bathroom remodelings were done after the purchase in 2004. Sorry, comps and competiton but no apples (and double oh my!) here.

∙ Listing: 119 Corona (2/1) 1,355 sqft - $868,000 [MLS]
∙ Listing: 136 Corona (3/3) 2,250 sqft - $895,000 [MLS]

Posted by socketadmin at 12:15 PM | Permalink | Comments (43) | (email story)

Will A 2005 List Price Yield A 2005 Result For 2121 Broadway #5?

Listed for $2,995,000 in June 2005, the sale of 2121 Broadway #5 closed escrow six weeks later with a reported contract price of $3,111,000. Today, the full-floor Pacific Heights co-op with big views returned to the MLS with a rather familiar list price of $2,995,000.

A sale at asking would represent a 4 percent drop in value below its 2005 sale price.

∙ Listing: 2121 Broadway #5 (4/4) 2,722 sqft - $2,995,000 [2121broadway.com] [MLS]

Posted by socketadmin at 11:45 AM | Permalink | Comments (8) | (email story)

Now With Even More Red At 733 Front Street On Jackson Square

The list price for the short sale of 733 Front Street #407 has been reduced to $499,000.

Once again, the one-bedroom was purchased for $730,000 in September 2007, listed for $760,000 this past January, reduced to $730,000 in February, reduced to $629,000 in April, and for the past three months it had been listed as a short sale at $549,000.

The listing still lacks any mention of bank pre-approval, however, but a sale at the new list price would represent a 32 percent drop in value for the Jackson Square condo over the past three years.

∙ Listing: 733 Front Street #407 (1/1) – “$499,000” (Short Sale) [MLS]
∙ In The Red At 733 Front Street Down In Jackson Square [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (23) | (email story)

August 5, 2010

Take Two For 638 Minna Number Three

Listed for $799,999 in August 2006 ($617 per square foot), the three-level, three-bedroom and agent owned loft number three at 638 Minna ended up selling for $661,500 that November.

At $510 per square versus a neighborhood live/work loft median of $626, and at 17% under original asking, it might have seemed like a bargain basement price at the time.

It’s now four years later, however, and the property has returned to the market asking $639,000 or $493 per square (versus a year-to-date median of $510).

∙ Listing: 638 Minna Street #3 (3/2.5) 1,296 sqft - $639,000 [MLS]

Posted by socketadmin at 2:15 PM | Permalink | Comments (22) | (email story)

The Noe Valley Apple At 1610 Sanchez Drops, Just Not Into Our Cart

The list price for the "charming Victorian single family home" at 1610 Sanchez ("located on a quiet street in Noe Valley near shops, restaurants & transportation") was reduced from $849,000 to $799,000 yesterday.

Once again, the property was purchased for $907,000 in May 2005 and a sale at asking would represent a 12 percent decline in value below its year 2005 comp setting price.

∙ Listing: 1610 Sanchez (2/1) 861 sqft - $849,000 [1610sanchez.com] [MLS]
∙ A Bounty Of New Noe Valley Apples (And Summer Inventory) [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (84) | (email story)

August 4, 2010

One Percent Over Asking (Eight Percent Under 2006) At 2007 9Th Ave

The sale of 2007 9th Avenue closed escrow this past Friday with a reported contact price of $1,089,000, $482 per listed square foot for the remodeled District 4 single-family home.

And yes, that's 1 percent over asking but 8 percent under its purchase price in 2006.

∙ Faucet Over The Stove? Yes. Television Over The Fireplace? Well… [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (8) | (email story)

Another Watermark Penthouse Returns To The Market Bank-Owned

Yet another Watermark penthouse has been wholly taken back by the bank and returned to the market. Purchased for $1,180,000 in November 2006 ($1,046 per square foot), 501 Beale #PH1D has been listed for $1,065,000 ($944 per square). 501 Beale #PH2D a floor above was purchased for $1,350,000 in October 2006 ($1,197 per square).

Keep in mind that 501 Beale #PH1B which had been purchased for $1,300,000 in October 2006 ($1,275 per square foot) sold this past February for $893,000 ($876 per square foot) while 501 Beale #PH2B which had been purchased for $1,375,000 in December 2006 ($1,349 per square foot) sold last October for $950,000 ($932 per square).

The 31 percent declines in value from to 2006 to 2009/10 for #PH1B and #PH2B might suggest a bit of optimism on the part of the sellers of #PH1D today (currently listed at a 10 percent discount below 2006). At the same time, the 13 percent discount in purchase price for #PH1D versus #PH2D (versus the 5 percent discount between #PH1B and #PH2B) might suggest a relatively good basis to begin with for #PH1D in 2006.

∙ Listing: 501 Beale #PH1D (2/2) - $1,050,000 [MLS]
∙ Still Not Cheap, But 31 Percent Cheaper: Watermark Penthouse #1B [SocketSite]
∙ A Pair Trio Of Bank-Owned Penthouses Atop The Watermark [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (15) | (email story)

August 2, 2010

Back To 2002 For 364 17th Avenue Not Counting The Remodeled Baths

The sale of 364 17th Avenue closed escrow this past Friday with a reported contract price of $1,484,000. The four bedroom home "on best block in the Richmond" was purchased for $1,715,000 in July 2004 (a 13 percent decline in value for the single-family home over the past six years) and had sold for $1,500,000 in May 2002.

∙ Apples (2010) To Apples (2004) To Apples (2002) For 364 17th Ave [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (47) | (email story)

July 30, 2010

Hales Warehouse (410 Jessie) Gallery Of Listing(s) Along Mint Plaza

Tax records show 2,018 square feet and suggest a sale at $1,400,000 in October 2007, back on the market today and asking $1,350,000 for 410 Jessie (Hales Warehouse) #502.

Other Hales Warehouse condos on the market along Mint Plaza, the 769 square foot 410 Jessie #302 which was previously asking $499,000 and touting "Great Deal!" has just been relisted at $399,000 (purchased for $580,000 in September 2007), and the 1,229 square foot 410 Jessie #201 asking $979,000 (purchased for $920,000 in September 2007).

∙ Listing: 410 Jesse Street #201 (2/2) 1,229 sqft - $979,000 [MLS]
∙ Listing: 410 Jesse Street #302 (1/1) 769 sqft - $399,000 [MLS]
∙ Listing: 410 Jesse Street #502 (2/2) 2,018 sqft - $1,350,000 [MLS]
∙ The Mint Lofts: The SocketSite Scoop, Update And (Some) Pricing [SocketSite]
∙ JustQuotes: Care To Quote The Odds On The Success Of Mint Plaza? [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (32) | (email story)

July 29, 2010

Three Listings, Five Reductions, And One New Kitchen Later...

Purchased for $1,035,000 in March 2005, the "charming 3 bedroom Spanish Mediterranean single family home in prime location" at 367 31st Avenue returned to the market in May 2009 asking $1,295,000, a sale at which would have represented average annual appreciation of 5.6 percent for total appreciation of 25 percent over those four years.

In July 2009 the price was “Reduced!” to $1,230,000. That October it was "Reduced again!" to $1,195,000 and "Motivated! Bring offers!" was added to the listing. No word, however, on whether it was the listing agent or seller who was feeling motivated at the time.

This past January the property was relisted anew. This past February it was "Reduced!" to $1,135,000 while touting a "New look!" In April the price was dropped to $1,049,000. In May the price was reduced to $995,000. And in June it was withdrawn from the market.

Today, 367 31st Avenue was once again listed as new with one day on the market and an original list price of $995,000, a sale at which would be considered to be "at asking" and represent a 4 percent decline in value for this home on a five year hold. Of course that's not accounting for the added value of the newly remodeled kitchen.

And perhaps there’s been a bit of an up and down in the market in between.

∙ Listing: 367 31st Avenue (3/1.5) 1,850 sqft - $995,000 [MLS]

Posted by socketadmin at 11:00 AM | Permalink | Comments (14) | (email story)

Bank-Owned Competition (And Litigation) In Action At The Beacon

The sale of 250 King Street #636 closed escrow on Monday with a reported contract price of $315,000 ($441 per square foot) for the vacant one-bedroom condo at the Beacon .

Purchased for $575,000 in March 2006 ($800 per square foot), the 715 square foot unit was taken back by the bank in August 2009 with $498,055 owed. The sale this week represents a 45 percent drop in value for the unit since 2006.

At the same time the 587 square foot junior one-bedroom at the Beacon known as 250 King #904 remains active and available as a short sale seeking at $329,000. It was purchased for $525,000 in September 2005.

And yes, as plugged-in people have known for quite some time, litigation is in play.

∙ Bank-Owned Competition In Action At The Beacon (250 King) [SocketSite]
∙ Unable To Fund Loan(s) At The Beacon? Hmm... [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (1) | (email story)

July 28, 2010

Renewed Expectations Versus A Recent Comp (And Bag Of Apples)

As we wrote in February of 2009:

Apples-to-apples sales tell us the most about how the market is moving, but non-sales can provide some hints as well.

And while 2155 Buchanan Street #9 is in contract up in Pacific Heights (purchased for $1,000,000 in June 2006, listed for $950,000 in November 2008, last asking $885,000), the listing for the "reduced to sell!" and vacant 2155 Buchanan Street #7 has expired without a sale (purchased for $899,000 in July 2005, listed for $960,000 in August 2008, asking $850,000 at expiration).

Perhaps we’ll soon see a sign in the window for number seven and another unit of rental inventory to be absorbed. We’ll keep you posted on the contract price for number nine.

UPDATE: After 24 hours off the MLS as "expired," the listing for 2155 Buchanan #7 has been turned back on. No adjustment to the price (still asking $850,000) and now an official 186 days on the market (but we'll call it 185).

As plugged-in people know, the sale of 2155 Buchanan #9 closed escrow on 2/26/09 with a reported contract price of $925,000, representing a 7.5% decline in value from June 2006 ($893 per square foot) to February 2009 ($826 per square). The listing for 2155 Buchanan Street #7 was withdrawn from the market in April 2009 without a sale at $850,000.

Today, 2155 Buchanan #7 returned to the market asking $899,000 ($825 per square).

Keep in mind that three weeks ago the sale of the two-bedroom 2155 Buchanan Street #8 ("elegant top floor corner unit in sought after location") closed escrow with a reported contract price of $800,000 ($777 per square). It had last been listed at $820,000 having been purchased in July of 2004 for $832,000 ($808 per square).

And then there’s the 1,035 square foot 2155 Buchanan #2. As a plugged-in tipster notes, the ground floor two-bedroom was purchased for $750,000 ($725 per square) in December 2005 and sold in August 2008 for $955,000 ($923 per square). Yikes or yeah depending on whether one was buying or selling at the time.

UPDATE: A resident tipster’s opinion with respect to the top floor #8: "Best unit in building: faces away from hospital and Sacramento bus stop." Again, sold for $777 per square foot three weeks ago (4 percent under its 2004 price).

∙ Listing: 2155 Buchanan #7 (2/1) 1,090 sqft - $899,000 [MLS]
∙ Checking In On Two Pacific Heights Apples: 2155 Buchanan Update [SocketSite]
∙ A Pacific Heights Apple Up In The Tree: 2155 Buchanan #9 [SocketSite]
∙ Another Shot At A Ripening Pacific Heights Apple: 2155 Buchanan #9 [SocketSite]
∙ San Francisco Rental Market Weakness: SocketSite Readers Report [SocketSite]
∙ A Bell Rings And An Apple Closes Escrow In Pacific Heights [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (13) | (email story)

Apples, Medians, And May Case-Shiller For 1251 44th Avenue

Purchased for $479,000 in June of 2002, the one bedroom single-family home at 1251 44th Avenue was taken back by the bank this past May with what would appear to have been $567,000 owed. The property was just listed for $448,900.

The median sale price per square foot for homes in the neighborhood was $396 in 2002, peaked at $579 in 2007, and is currently weighing in at $508, down 3% year-over-year and down 12% from peak, but up 28 percent versus 2002.

Keep in mind the median sized home sale in the neighborhood has averaged around 1,450 square feet, size matters when it comes to comparing price per square foot on an absolute basis, and remodeling has been particularly popular over the past eight years.

The Case-Shiller index for middle tier homes in the San Francisco MSA measured 146.28 in May, up 12.7 percent year-over-year, down 34 percent from a peak in May 2006 (down 30 percent from a 2007 average), and up 3 percent versus June 2002.

∙ Listing: 1251 44th Avenue (1/1) 1,000 sqft - $448,900 [MLS]
∙ May Case-Shiller: San Francisco Tiers Up But Gains Moderating Atop [SocketSite]

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July 26, 2010

Still Not "Cheap" But Now Five Percent Even Cheaper

The list price for the first listed foreclosure at One Rincon Hill has just been reduced by $33,000 to $662,000 ($877 per square foot). Once again, 425 1st Street #3908 had been purchased from the sales office for $855,000 in June 2008 ($1,132 per square).

As plugged-in people know, the sales office sale of 425 1st Street #4408 closed escrow last month with a reported contract price of $690,000 ($914 per square) while the sale of 425 1st Street #4308 closed escrow last week with a reported contract price of $687,000 ($910 per square).

∙ Listing: 425 1st Street #3908 (1/1) 755 sqft - $662,000 [MLS]
∙ The First Listed Foreclosure At 425 First (One Rincon Hill) [SocketSite]
∙ Additional '08 Stack (And Year) Perspective From One Rincon Hill [SocketSite]
∙ Additional One Rincon Hill '08 Stack (And Year) Perspective Redux [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (3) | (email story)

No Give Or Take Needed As 1409 20th Street Closes Escrow

Purchased for $860,000 in May 2005, the renovated single-family home at 1409 20th Street returned to the market as a "pocket listing" asking $949,000 in early 2009 before being listed for $899,000 in February 2009. It sold for $799,000 thirteen months ago.

Back on the market this past April asking $865,000, in the words of the first plugged-in reader to comment, "I say it sells at 800K give or take 10K."

No give or take needed, this past Friday the sale of 1409 20th Street closed escrow with a reported contract price of $800,000.

∙ A 7 Percent Slide From 2005 To 2009...But Up 8 Percent Since? [SocketSite]
∙ A Potential Single-Family Apple Atop Potrero Hill: 1409 20th Street [SocketSite]
∙ Its Last Call Is Heard: Apples To Apples For 1409 20th On Potrero Hill [SocketSite]

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July 23, 2010

Got Shorty For 42 Percent Under 2006 At The Beacon (250 King #450)

Purchased for $599,000 in September 2006, the short sale of 250 King St #450 (a.k.a. "250 King #00045") closed escrow yesterday with a reported contract price of $350,000 ($439 per square foot). Call it 17 percent "over asking!" but 42 percent under its 2006 sale price for the 797 square foot one-bedroom at The Beacon.

∙ Short And Shorter At The Beacon (250 King) [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (1) | (email story)

July 22, 2010

Priced To Attract (Our) Attention

As a plugged-in reader notes, 2816 Laguna has returned to the market in Cow Hollow. Having been purchased for $1,900,000 in April 2001, the three bedroom single-family home is priced to attract attention at $1,995,000 in 2010 ($680 per square).

According to PropertyShark the median price per square foot for homes in 94123 peaked at $1,216 in 2007, so far it’s $964 in 2010 on an 11 percent smaller median sized sale.

UPDATE: We should also note that while the MLS lists 2,934 square feet, tax records reflect 2,606 at which 2816 Laguna would be priced at $766 per square.

∙ Listing 2816 Laguna (3/3.5) 2,934 sqft - $1,995,000 [2816laguna.com] [MLS]
∙ Apples To Apples On A Pacific Heights Tree Lined Street [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (13) | (email story)

Apples To Apples On A Pacific Heights Tree Lined Street

Purchased for $3,025,000 two years ago (July 2008), according to a plugged-in tipster 2416 Gough is back on the market, but not yet the MLS, and asking $2,995,000.

It's six bedrooms with three and one-half baths across 3,435 square feet.

Posted by socketadmin at 9:15 AM | Permalink | Comments (23) | (email story)

July 20, 2010

2683 San Jose: One Of Our One Hundred And Eighty

From the listing in 2007 when 2683 San Jose sold for $649,000 (listed for $648,888):

Completely redone including electrical & plumbing. 2bd 2ba open floor plan. Inlaid hardwood floors, coved ceiling and recessed lighting. Granite counters in kichen (sic), eating area deck and 2 car garage. Steps to M line, Bart and Fwy entrance.

From the listing for 2683 San Jose today:

Pre-Foreclosure Opportunity! Property is situated on the nice part of SJ Ave. , close to Geneva, all conveniences, transportation and freeways.

The single-family Oceanview home is currently listed as a short sale (one of 180 in San Francisco proper) at $499,000. No mention, however, of being pre-approved at that price.

∙ Listing: 2683 San Jose Avenue (2/2) 1,085 sqft – "$499,000" (short sale) [MLS]
∙ Bank-Owned And Short Sale Listings On The Rise In San Francisco [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (0) | (email story)

July 16, 2010

A Bounty Of New Noe Valley Apples (And Summer Inventory)

Purchased for $1,410,000 in August 2002, 636 28th Street sold for $1,600,000 in January 2005 (effective annual appreciation of 6% per year from 2002 to 2005) and then sold for $2,100,000 in March 2007 (effective annual appreciation of 13% per year from 2005 to 2007).

The Noe Valley four bedroom is back on the market today and asking $1,895,000 ($673 per square foot), a sale at which would represent effective annual depreciation of 3% per year from 2007 to 2010 (a drop of 11%).

Other Noe single-family apples back on the market this week include 1610 Sanchez (purchased for $907,000 in 2005, listed for $849,000 today), 4214 26th Street (purchased for $1,553,000 in June 2007, listed for $1,495,000 today).

And as previously noted, 1420 Douglass returned to the market today asking $1,549,500 (purchased for $1,945,000 in 2007).

∙ Listing: 636 28th Street (4/3.5) 2,814 sqft - $1,895,000 [monicaslist.com] [MLS]
∙ Listing: 1610 Sanchez (2/1) 861 sqft - $849,000 [1610sanchez.com] [MLS]
∙ Listing: 4214 26th Street (3/2) 1,883 sqft - $1,495,000 [MLS]
∙ Fireplace, Foreclosure And Figurative Fireworks Over (In) Noe Valley [SocketSite]

Posted by socketadmin at 6:30 PM | Permalink | Comments (7) | (email story)

A Grand Over Asking (But 36 Percent Under 2007) At 1310 Fillmore

As we wrote this past February:

Asking "in the $900’s" for the five three-bedrooms at Heritage on Fillmore (1310 Fillmore) in December 2006, number 802 sold in November 2007 and sports a tax assessed value of $993,953 (which would suggest a sale price "in the $950’s").

First listed as a proposed short sale at $765,000 seven days ago, 1310 Fillmore #802's proposed short sale price was reduced to $665,000 three days later. No mention, however, of the sale price being pre-approved.

In March the list price was reduced to $599,000. And two days ago the sale of 1310 Fillmore #802 closed escrow with a reported contract price of $600,000 ($426 per square).

Industry stats and newsletters will report another "over asking sale!" Plugged-in people should know that it closed around 36 percent under its 2007 price, and that the 54 square foot smaller 1310 Fillmore #801 which was also listed as a short sale at $599,000 was withdrawn from the MLS after a week on the market without a sale.

∙ Going Short Heritage On Fillmore (1310 Fillmore) Having Bought Long [SocketSite]
∙ Heritage On Fillmore: The VIP Scoop [SocketSite]
∙ Unfortunately It's A Zero-Sum Game [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (23) | (email story)

We've Seen This Movie Before, But Will It Have A Different Ending?

Listed for $899,000 two years ago, 10 Miller Place #901 closed escrow two weeks later with a reported contract price of $975,000. Today, the two-bedroom condo with big cityscape views is back on the market and asking $899,000 once again.

∙ Listing: 10 Miller Place #901 (2/2) - $899,000 [MLS]
∙ Forget One Night Of Fireworks, We Like Twinkling Lights Year Round [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (20) | (email story)

July 14, 2010

310 Townsend #303 Is Booked

As we wrote this past October:

Originally asking $957,000 through the sales office in 2007, 310 Townsend #303 ended up selling for $850,000 in November of that year (a discount of 11.2%). Back on the market today after a two year hold and asking $785,000 (7.6% below it purchase price, 18% under the developer’s original list).

Let’s call it an effective rent of around $4,000 per month for the one-bedroom plus den condo over the past two years not accounting for transaction costs or any capital loss (assuming a sale at asking). Call it closer to $9,200 per month if you do.

Reduced to "$599,000" as a short sale in April, the sale of 310 Townsend #303 closed escrow today with a reported contract price of $670,000. Yes, officially "12 percent over asking!" (but 21 percent under its 2007 price).

We'll let you redo the math.

∙ 310 Townsend: Available And Selling [SocketSite]
∙ We Have A 310 Townsend (#303) In Progress [SocketSite]

Posted by socketadmin at 2:15 PM | Permalink | Comments (17) | (email story)

Oh My...But Not Bank-Owned At Odeon (181 O’Farrell #514)

It’s not bank-owned and its address is "undisclosed," but we’ll tell you it’s 181 O’farrell #514 which public records would suggest was purchased for $775,000 in April 2007.

Listed for $925,000 in May of 2009, its asking price was reduced to $750,000 last November, and to $670,000 this past April. In May its list price was increased to $675,000.

Yesterday it was reduced to $595,000.

∙ Listing: 181 O’Farrell #514 (1/1.5) 1,080 sqft - $595,000 [Redfin]
∙ Oh My…Another Bank Owned One-Bedroom At Odeon [SocketSite]
∙ Oh My (And Bank Owned) At The Odeon On O’Farrell [SocketSite]
∙ Not Another Anomaly [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (20) | (email story)

July 12, 2010

A Designer Bolinas Apple Gets Picked At 26% Under Its 2005 Price

Asking as much as $3,700,000 in March of 2009, but re-listed for $2,650,000 this past January, the sale of 40 Mesa Road up in Bolinas closed escrow on June 17 with a recorded sale price of $2,225,000 (reported on the MLS as $2,250,000).

Purchased for $2,995,000 in April of 2005, it’s an effective 26 percent drop in value over the past five years for the William Leddy designed 3,021 square foot home on five acres with a design that’s part of SFMOMA's permanent collection.

∙ A Million Dollar Swing In Expectations For An Artful Bolinas Design [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (0) | (email story)

In The Red At 733 Front Street Down In Jackson Square

Purchased for $1,350,000 in February of 2008, the two-bedroom Jackson Square condo known as 733 Front Street #508 returned to the market the past March asking $1,375,000. Reduced a few times and touting “Bring Offer!” at $1,249,000 five days ago, the Jackson Square condo was relisted anew this past Friday at $1,237,500.

Industry stats now reflect an official three days on the market for the 1,459 square foot number 508 and a sale at $1,237,501 would be reported at “over asking” (perhaps even with an exclamation point). A sale at $1,237,501 would also reflect an 8 percent decline in value for the Jackson Square condo over the past two years.

Also on the market at 733 Front Street, number 407. Purchased for $730,000 in September of 2007, the one bedroom was listed for $760,000 this past January. Reduced to $730,000 in February and then to $629,000 in April, for the past two months it has been listed on the MLS as a short sale at "$549,000" but without any mention of bank pre-approval at that price.

In May the two bedroom and two and one-half bath 733 Front #506 sold for $1,550,000, it has been purchased in June of 2008 for $1,700,000, 4 percent under its asking of $1,780,000 in 2007 and a 9 percent drop in value over the past two years.

∙ Listing: 733 Front Street #407 (1/1) – “$549,000” (Short Sale) [MLS]
∙ Listing: 733 Front Street #508 (2/2) 1,459 sqft - $1,237,500 [MLS]
∙ 733 Front: A Few Condo Floor Plans (And Some More Pricing) [SocketSite]

Posted by socketadmin at 4:45 AM | Permalink | Comments (50) | (email story)

July 9, 2010

Now Playing At The On Fillmore: Big Views And The Blues

Plugged-in people knew it was coming, and now it’s officially here. 2755 Fillmore has been listed for $4,995,000. That’s $5,000 less than was paid for 2542 Fillmore two years ago ($5,000,000) which is back on the market but not the MLS and now asking $3,995,000.

∙ Listing: 2755 Fillmore (5/4.5) 4,064 sqft - $4,995,000 [MLS]
∙ 2542 Fillmore Closes Escrow: Still A Big Win (But Still A Whoops) [SocketSite]
∙ This Ought To Be Interesting On An Apples-To-Apples Basis [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (36) | (email story)

July 8, 2010

Eureka Valley Apples To Apples And Year Over Year: 3563 21st

Never mind transaction costs or whether or not a one year hold typically makes for a good return in real estate, instead focus on the apples-to-apples aspect of the listing.

Purchased for $1,200,000 in August 2009, the Eureka Valley condo at 3563 21st Street with "designer finishes & city views" is back on the market for $1,149,000 today. A sale at asking would represent a 4.3 percent drop in value for the property over the past year.

In the words of a plugged-in tipster, "has the market stabilized since August 2009 or not?"

∙ Listing: 3563 21st Street (2/2.5) 1,570 sqft - $1,149,000 [MLS]

Posted by socketadmin at 5:30 PM | Permalink | Comments (18) | (email story)

New In 2005. Now Listed For A Luxurious 13 Percent Less.

On Lombard but at the back of the building and with a private roof deck with city views, 1734 Lombard #7 sports the requisite granite counters and stainless steel appliances that seemed to define "luxury" new construction in 2005.

Purchased for $1,425,000 that November, the three-bedroom Marina condo returned to the market this past May before being withdrawn a week ago. It was just relisted at $1,245,000 (and with no official days on the market), however, a sale at which would represent a 13 percent drop below its luxurious comp setting value in 2005.

∙ Listing: 1734 Lombard (3/3) 1,745 sqft - $1,245,000 [MLS]

Posted by socketadmin at 10:15 AM | Permalink | Comments (3) | (email story)

99 Marietta Comes Up Short (For The Sellers) In Miraloma

There aren’t yet any interior shots attached to the listing, but it looks to be a well kept front behind which four bedrooms, two baths, Mt. Diablo views, and a storage area with "development potential" lies at 99 Marietta up in Miraloma Park.

Purchased for $850,000 in September 2005 with 20 percent down and a $680,000 variable rate loan, the 1,966 square foot single-family home has been listed on the MLS as a short sale with a list price of $688,000.

∙ Listing: 99 Marietta (4/2) 1,966 sqft - $688,000 [MLS]

Posted by socketadmin at 9:30 AM | Permalink | Comments (29) | (email story)

July 6, 2010

Apples (2010) To Apples (2004) To Apples (2002) For 364 17th Ave

Purchased for $1,715,000 in July 2004 with loans totaling $1,541,785 (10 percent down), 364 17th Avenue returned to the market asking $1,825,000 in August 2009. Over the next eight months the asking price was subsequently reduced to $1,595,000.

And while the listing for 364 17th Avenue currently appears as "pending" on the MLS (and its list price was changed to $1,450,000 on June 30), public records suggest a transfer to National Residential Nominee Services for $1,525,000 on June 14. We'll keep you posted.

The single-family Central Richmond home also sold in May 2002 for $1,500,000.

∙ Listing: 364 17th Avenue (4/2.75) – $1,450,000 ("Contingent") [Redfin]

Posted by socketadmin at 8:15 AM | Permalink | Comments (7) | (email story)

July 2, 2010

Fireplace, Foreclosure And Figurative Fireworks Over (In) Noe Valley

As we wrote in March 2008:

Another plugged-in reader already stole our thunder (and pretty much all our lines), but to sum it all up: 1. Eight months ago 1420 Douglass was purchased for $1,945,000 ($250,000 over asking); 2. Two months ago it returned to the market with a list price of $2,095,000 (and a few “I don't think it will be on the market for very long” type comments); and 3. Last night the list price was reduced $100,000 (5%).

Granted, the sellers are still asking for $50,000 more than they purchased it for just seven months ago, and we don’t yet have a final sale price, but as our reader notes: "[O]riginally sold 8/09/07, GOOG: $514.73. Today - Not sold, (perhaps) languishing, GOOG: $433.35. Maybe dub dub is on to something with his "lazy indicator"!"

The property failed to sell in 2008, and as a plugged-in reader noted last month, 1420 Douglass was foreclosed upon on June 7, 2010. Back on the market today and listed for $1,595,500 (18 percent under its 2007 comp setting price).

Google closed the day at $436.55.

∙ Listing: 1420 Douglass (3/2) - $1,595,500 [MLS]
∙ Another Look At 1420 Douglass (And A Reader's "Lazy Noe Indicator") [SocketSite]
∙ Not Overheard Everyday (Again): Five Months After Closing, It’s Back [SocketSite]
∙ Not Overheard Everyday: Don’t Hit Your Head On The Fireplace [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (18) | (email story)

Not That Nightingale, But Speaking Of Battles Involving The English...

The sale of 201 Buchanan (a.k.a. The Nightingale House) closed escrow today with an MLS reported contract price of $1,575,000 (asking).

Purchased for $1,605,000 in October 2007 but marked "confidential," MLS based reports and stats would have considered its sale price to have been at list ($1,749,000).

∙ The Nightingale House (201 Buchanan) Looks For Another Landing [SocketSite]
∙ Inside The Nightingale’s Landmark Nest At 201 Buchanan [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (2) | (email story)

Pommes Des Pommes (And A La Cornue) At 159 Cervantes

Purchased for $2,050,000 in June 2007 the single-family Marina home at 159 Cervantes is back on the market in 2010 asking $1,895,000 (8 percent less). We’re assuming the "Le Cornufe" highlighted in the listing is actually a La Cornue and not some knockoff.

UPDATE: Apparently by "Le Cornufe" they actually meant a "CornuFé" by La Cornue.

∙ Listing: 159 Cervantes (3/2.5) 2,180 sqft - $1,895,000 [MLS] [Map]

Posted by socketadmin at 8:00 AM | Permalink | Comments (9) | (email story)

June 30, 2010

More Mediterranean Villas For Less Money In St. Francis Wood

While the more Spanish styled Mediterranean Villa at 299 Santa Paula Avenue remains on the market asking $4,950,000 (versus $5,900,000 a year ago), the more Tuscan styled Mediterranean villa down the street at 200 Santa Clara Avenue has just hit the market asking $2,798,000 having been purchased for $3,250,000 in May of 2005.

From the listing: "Built in 1929 this magnificent Masten and Hurd designed masterpiece has been exquisitely refurbished and renovated perfection with great care to preserve its historical design." And sincere bonus points for an "Estate-of-the-art" line.

A sale at asking would represent a 14 percent drop below its 2005 value for this St. Francis Wood home.

∙ Listing: 200 Santa Clara Avenue (4/5) 3,513 sqft - $2,798,000 [MLS] [Map]
∙ 299 Santa Paula Avenue: Still Muy Sweet But Now Under Cinco [SocketSite]
∙ Mi Casa Es…Muy Sweet (And Large): 299 Santa Paula Avenue [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (18) | (email story)

June 29, 2010

A Panoramic View (Of More Than Just The Bay)

As we wrote about 1219 Lombard in May (a view from which is above):

With some rather big views from the sitting area aside the top floor master suite, 1219 Lombard changed hands in 2006 for $3,150,000 and then again in 2008 for $3,189,500.

Since then the interior has been remodeled, a loft space added, the wine room has been repurposed as a laundry room (damn that utilitarian decision making), and permits have been filed to extend the square footage of the single-family home.

All that being said, the Russian Hill home has returned to the market asking $3,059,000.

This past Friday (6/25) the sale of 1219 Lombard closed escrow with a reported contract price of $2,875,000, 9.9 percent under its 2008 price (8.7 percent under 2006) not accounting for the value of its recent remodel or new loft.

∙ Russian Hill Apples (2006) To Apples (2008) But Remodeled Since [SocketSite]

Posted by socketadmin at 5:00 PM | Permalink | Comments (4) | (email story)

June 28, 2010

A Collectable Apple (Save A New Façade On Howard) Closes Escrow

Purchased for $3,200,000 in 2007 having sold for $2,375,000 in 2006, the Jim Jennings designed and Ryan & Associates built 464 Tehama returned to the market in March asking $3,600,000. On Friday the sale closed escrow with a reported contract price of $3,050,000.

Keep in mind the property’s Howard Street façade was refaced with stainless steel in 2009.

∙ Comments: 464 Tehama Returns (As Does The Drool) [SocketSite]
∙ No Words (Just Drool) [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | (email story)

June 25, 2010

Blame It On The Weather (Or Design)

Perhaps it’s our rough start to summer with respect to weather that has us looking south, or perhaps it’s simply the design. Regardless, 755 Bowhill Road was rebuilt in 2001 with walls of glass and indoor/outdoor living on three-quarters of an acre in Hillsborough.

Purchased for $2,800,000 in September 2004, back on the market today (although not yet listed) and asking $3,475,000.

∙ Listing: 755 Bowhill Road, Hillsborough (4/3.5) 3,519 sqft - $3,475,000 [geoffreynelson]

Posted by socketadmin at 10:30 AM | Permalink | Comments (19) | (email story)

June 24, 2010

A Cool $165,000 $255,000 Off At 728 Duncan

Listed for $2,550,000 in March, the list price for the self described "Noe Valley modern cool" home at 728 Duncan was reduced to $2,385,000 in April, and just a few minutes ago it was further reduced to $2,295,000.

Once again, the single-family Noe home was purchased for $2,475,000 in August 2007 according to the MLS (although tax records suggest a contract price closer to $2,448,000).

All comments on our original post.

∙ Listing: 728 Duncan (4/3.5) 3,350 sqft - $2,295,000 [MLS]
∙ Apples To Apples For A Hip "Cool" Noe Home: 728 Duncan [SocketSite]

Posted by socketadmin at 5:45 PM | Permalink | (email story)

A 2.5 Percent Bite Out Of This 2008 Apple (48 Linda)

The apples-to-apples sale of 48 Linda closed escrow yesterday with a reported contract price of $2,149,000 ($717 per square foot), purchased for $2,205,000 in July 2008, call it an effective 2.5 percent decline in value for the nearly 3,000 square foot Mission Dolores single-family home over the past two years.

∙ 48 Linda: Apples To Apples Anoter Bit(e) Of 2008 Inventory Returns [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (29) | (email story)

June 22, 2010

This Ought To Be Interesting On An Apples-To-Apples Basis

As we wrote in August 2008 when 2542 Fillmore ended up selling for $5,000,000:

As you might recall, the reconstructed 2542 Fillmore hit the market two months ago with a list price of $4,995,000 and buzz, received a pre-emptive offer of $5,500,000 cash with a five day close (which was refused), raised its list price to $5,250,000, and then failed to received an offer on its designated offer date.

And now as a plugged-in tipster notes, 2542 Fillmore is "coming soon" which ought to be interesting on an apples-to-apples and bids-to-bids basis.

∙ 2542 Fillmore Closes Escrow: Still A Big Win (But Still A Whoops) [SocketSite]
∙ The SocketSite Scoop On 2542 Fillmore: In A Word, Whoops. [SocketSite]
∙ Built In 1904 (But "Reconstructed" A Century Later): 2542 Fillmore [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (87) | (email story)

June 18, 2010

Apples To Apples And Now Year Over Year: 1409 20th Street Reduced

Yesterday the list price for 1409 20th Street was reduced to $799,000, exactly what was paid for the "beautifully remodeled" Potrero Hill single-family home a year ago (June 2009), and back to 7 percent under its May 2005 apples to apples sale at $860,000.

At the same time main stream media and industry reports continue to misrepresent tout confuse year-over-year increases in San Francisco's median sales price with appreciation.

∙ Listing: 1409 20th Street (2/1) 1,225 sqft - $799,000 [MLS]
∙ A Potential Single-Family Apple Atop Potrero Hill: 1409 20th Street [SocketSite]
∙ Its Last Call Is Heard: Apples To Apples For 1409 20th On Potrero Hill [SocketSite]
∙ A 7 Percent Slide From 2005 To 2009...But Up 8 Percent Since? [SocketSite]
∙ A 7 Percent Slide From 2005 To 2009 But Up 8 Percent Since? Nope. [SocketSite]
∙ Medians Are Up, But Don’t Confuse That With Increasing "Prices" [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (21) | (email story)

A Beacon Two-Bedroom Sells For Under $400 Per Square Foot

As a plugged-in reader commented yesterday (and we've co-opted for use today):

We've got a sale at under $400/sf in SOMA (plus the price of a refrigerator, it appears). Do I hear 300 anybody? 300?

The 1,345 square foot bank-owned two-bedroom at The Beacon (250 King Street #516) sold for $525,000 ($390 per square foot), it had been purchased for $872,500 ($649 per square) in February 2007, a drop of 40 percent over the past three years.

∙ Listing: 250 King Street #516 (2/2) 1,345 sqft - $525,000 (SOLD) [Redfin]

Posted by socketadmin at 7:45 AM | Permalink | Comments (12) | (email story)

4381 26th Street Listed At 2006 Price And Looking For A Repeat?

On the market in 2006 asking $2,479,000, the Mark Brand designed contemporary single-family at 4381 26th Street sold for $2,600,000 in a month, an outcome that was more the rule than an exception for the market at the time.

As a plugged-in tipster notes, the Noe Valley home is back on the market four years later and asking $2,479,000. Will the same list price (and pics) yield similar results in 2010?

∙ Listing: 4381 26th Street (4/3) 3,112 sqft - $2,479,000 [MLS]
∙ The Wood, The Stone, The Windows...Oh My! [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (5) | (email story)

June 17, 2010

From Lucky Eights To A Sexy Six And A Single Four

The sale of the "completely renovated" 6521 California closed escrow yesterday with a reported contract price of $640,000 ($434 per square foot), down 32 percent from its purchase price of $938,888 in August 2004.

As we noted in December:

According to public records the buyers of the house in 2004 financed the purchase with two variable rate loans totaling $938,850. And according to its latest listing, the "Sea Cliff" house is now bank owned and asking $799,900 (but subject to tenant rights).

Apparently $38 isn’t enough skin to keep a buyer in the game.

The list price for 6521 Californiahad been reduced to $689,900 in March.

∙ Not So Lucky Number Eights (Maybe The Nines Will Be Better) [SocketSite]
∙ Now An Eight, Two Nines And A Sexy Six For 6521 California [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (24) | (email story)

June 15, 2010

Can You Correctly Pick This Noe Valley Apple To Be?

Purchased as new construction in October 2004 for $2,100,000, 946 Elizabeth returned to the market and sold for $2,675,000 in April 2007 for average annual appreciation of 10.3% over those two and one-half years.

The Noe Valley single-family home returned to the market in August of 2009 asking $2,595,000 but was withdrawn three months later without a sale. Listed once again this past March asking $2,499,000 the price was reduced to $2,399,000 in April and it's now in contract.

A sale at asking would represent average annual depreciation of 3.4% over the past three years and a 10.3% drop in value since 2007. But according to a plugged-in tipster, it’s not in contract at asking.

Think you know Noe? Here's a chance to prove it (and perhaps a few others wrong).

∙ Listing: 946 Elizabeth (4/3.5) 3,120 sqft - $2,399,000 (pending) [Redfin]

Posted by socketadmin at 10:15 AM | Permalink | Comments (40) | (email story)

June 14, 2010

176 Palm: Apples To Apples To Asking In 2009

Listed for $2,995,000 in October 2007, the totally renovated 176 Palm closed escrow in November 2007 with a contract price of $3,100,000.

Back in the market for two weeks without a sale in September 2009 asking $3,100,000, the Jordan Park home is now back on the market in 2010 and listed for $3,150,000.

∙ Listing: 176 Palm (4/4.5) - $3,150,000 [176palm.com] [MLS]
∙ From Couch To Kitchen To BBQ And Back In No Time Flat: 176 Palm [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (30) | (email story)

Apples To (Improved) Apples At 88 King

Purchased for $1,900,000 in December 2000, the 1,369 square foot 88 King Street #1222 resold for $1,450,000 this past April. Not readily evident in what would appear to be a 24 percent decline in value, an investment of roughly $500,000 into the condo over the past ten years according to a plugged-in tipster.

88 King Street #1220 also sold this past April for $1,150,000 or 13 percent under its year 2005 sale for $1,320,000 (not including any upgrades). Correctly noted by our tipster, the buyer of both #1222 and #1220 is one and the same with an eye on combing the two.

Posted by socketadmin at 11:00 AM | Permalink | Comments (25) | (email story)

June 11, 2010

Three Floors Higher And A Hundred Grand Less In Pacific Heights

The list price for 2040 Franklin #1008 has been reduced to $494,900. As we wrote in April:

Looking a little less empty (and staged) than when purchased for $610,000 in October 2004 ("Beautifully renovated condo...Granite counters in kitchen, top of the line appliances, remodeled baths, excellent outlooks, & peeks at the Bay"), the now bank-owned 2040 Franklin #1008 on the border of Pacific Heights is back on the market and asking $532,900. And yes, those appliances remain in place.

A sale at asking would represent a 19 percent drop in value below its 2004 sale. At the same time, 2040 Franklin #708 ("All new spectacular remodel") is now in contract but still contingent (and hopefully plugged-in), last listed for $629,000.

∙ Listing: 2040 Franklin #1008 (1/1.5) 772 sqft - $494,900 [MLS]
∙ 2004 To 2010 (And Bank-Owned) For 2040 Franklin #1008 [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (6) | (email story)

June 10, 2010

A 7 Percent Slide From 2005 To 2009 But Up 8 Percent Since? Nope.

The list price for 1409 20th Street has just been reduced by another $39,000 (5%), now asking $810,000. Once again, the Potrero Hill home was purchased for $860,000 in May 2005 and resold in June 2009 for $799,000. From the Tuesday Tour notes: "MUST SELL."

∙ A 7 Percent Slide From 2005 To 2009...But Up 8 Percent Since? [SocketSite]
∙ Its Last Call Is Heard: Apples To Apples For 1409 20th On Potrero Hill [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | (email story)

A Bernal Heights Apple We Accidentally Left On The Tree (330 Gates)

We missed it when it was picked last month, but as a number of plugged-in readers have now noted, the sale of 330 Gates closed escrow on 5/21 with a reported contract price of $1,092,500 ($614 per square foot).

Purchased for $1,250,000 in June 2007, call it an apples-to-apples drop of 12.6% for the remodeled single-family Bernal Heights property over the past three years.

∙ Bernal Heights Single-Family Apples To Apples (And New Supply) [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (7) | (email story)

June 9, 2010

540 Delancey #402/403 Comes Back Around (At) The Cape Horn

As we wrote when #401 hit the market in September 2008 asking $1,150,000: constructed as the Cape Horn Warehouse in 1892, and converted into the Cape Horn Lofts by Thompson Brooks and Pfau Architecture in 1997, 540 Delancey is now home to fifteen upscale "loft type" condominiums.

It was sixteen condos before units #402 and #403 were combined to form a 2,900 square foot unit with over 1,000 square feet of outdoor space. In contract (and so noted) at the time we profiled #401, 540 Delancey #402 sold for $3,100,000 in October 2008.

If you're still kicking yourself for missing out on #402 in 2008, you can now stop. It’s back on the market today and asking $2,995,000. And as plugged-in people know, 540 Delancey #401 ended up selling for $925,000 in December 2009.

UPDATE: We should also note that 540 Delancey #402 had been on the market at the end of 2009 asking $3,295,000.

∙ Listing: 540 Delancey #402 (2/4) 2,900 sqft - $2,995,000 [MLS]
∙ Cape Horn Lofts (540 Delancey) In General, And #401 In Specific [SocketSite]
∙ New Year, Listing, And Price (Same Sweet Loft): 540 Delancey #401 [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (2) | (email story)

June 8, 2010

Apples To Apples For A Five Year Bernal Hold

The sale of 318 Winfield closed escrow last week (6/3/10) with a reported contract price of $1,065,000 ($732 per square foot). Purchased for $1,050,000 in March 2005, call it total effective appreciation of 1.4 percent over the past five years, but more likely a few years of up and then down, for this remodeled Bernal Heights single-family home.

∙ 318 Winfield No Longer "Bank Owned" (But Reduced) [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (14) | (email story)

June 4, 2010

Faucet Over The Stove? Yes. Television Over The Fireplace? Well…

As far as we know the remodeling of 2007 9th Avenue was actually done back in 2006 when purchased for $801,000 and then resold five months later for $1,185,000. Now four years after that, the Forest Hill home is back on the market and listed for $1,079,000.

We happen to be fans of the faucet over the stove. The television over the fireplace? Well, not so much, although it is better than this: How Not To Mount A Plasma Screen Television.

∙ Listing: 2007 9th Avenue (3/2.5) 2,259 sqft - $1,079,000 [MLS]
∙ How Not To Mount A Plasma Screen Television [SocketSite]

Posted by socketadmin at 5:00 PM | Permalink | Comments (23) | (email story)

June 3, 2010

Over Asking (But Still 24 to 33 Percent Under Purchase) At The Palms

The sale of 555 4th Street #309 closed escrow on 6/1 with a reported contract price of $640,000. The sale will be reported as an official "8% over" its last list price ($595,000) according to industry stats although it was listed for $670,000 last June.

And while over asking at $575 per square for the 1,113 square foot Palms two-bedroom, it’s also 24% under its purchase price of $842,500 ($757 per square) in September 2006.

The sale of 555 4th Street #930 also closed escrow on 6/1 with a reported contract price of $425,000 ($644 per square). That’s "10% over asking" for the top floor one-bedroom with city views, but 33% under its tax assessed value of $630,000 (purchased June 2007).

∙ Are The "Exceptions" (And Big Losses) Becoming A Palms Rule? [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (19) | (email story)

May 28, 2010

Whoa, Bessie!

Purchased for $725,000 in June 2004, the 1,165 square foot 57 Bessie was listed in 2007 asking $849,000 before being reduced to $749,000 and then withdrawn from the market.

The single-family home on the northern (relatively) flats of Bernal Heights is back on the market today seeking a short sale at $695,000.

∙ Listing: 57 Bessie (3/2) 1,165 sqft – “$695,000” (Short Sale) [MLS]

Posted by socketadmin at 11:30 AM | Permalink | Comments (41) | (email story)

A Modern Apple At 1234 Howard Defies The Commodity Condo Trend

Speaking of a Stanley design, the resale of 1234 Howard #2C closed escrow on 5/19 with a reported contract price of $639,000, purchased for $587,000 in December 2007.

Yes, design matters (whether you like it or not).

∙ Not Louvered But Not Unloved: 1234 Howard #2C Returns [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (16) | (email story)

May 27, 2010

From "Needs TLC" To "Contractors' Special" (And Now Bank Owned)

From the listing for 1482 Underwood in November 2007 asking $445,000 (purchased for $250,000 in August 2000): "Needs some TLC…A very motivated seller...."

In April 2008: "$100,000 Price Reduction...Needs cosmetic work. A short sale…" Two weeks later: "Handyman special! $130,000 Price Reduction!" And in May of 2009 at $279,900: "Great for contractors."

Today at $205,900 and now bank owned: "Contractors special…Foundation is poor."

∙ Listing: 1482 Underwood (2/1) - $205,900 [MLS]

Posted by socketadmin at 8:00 AM | Permalink | Comments (14) | (email story)

2458-2460 Great Highway Catches Another Wave

The sale of 2458-2460 Great Highway closed escrow on 5/21 with a reported sale price of $1,063,000. Sold for $1,045,000 in September 2006, then again for $1,160,000 in December 2007 but renovated a bit since. The boards weren't included as far as we know.

∙ Duuuude! [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (0) | (email story)

May 21, 2010

A Noe Apple (Not Counting The New Red Range In Which To Roast)

As previously noted the kitchen of 1461 Sanchez was slightly rearranged and a new Bertazzoni installed, but for the most part we’ll consider it an apples-to-apples pair.

Purchased for $1,630,000 in September 2006, the sale of the single-family Noe home at 1461 Sanchez closed escrow yesterday with a reported contract price of $1,598,000 ($727 per square foot).

Apples-to-apples it’s a net drop of two percent over the past four years (but not to be confused with a two percent drop from any neighborhood "peak").

∙ Apples To Apples (And Kitchens To Kitchens) For 1461 Sanchez [SocketSite]
∙ Another Market Metric And Food For Thought At The End Of The Year [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (20) | (email story)

May 20, 2010

Unfortunately It's A Zero-Sum Game

Purchased for $858,000 in July 2007, 1310 Fillmore #403 returned to the market this past March listed as a short sale for "$675,000." Three weeks later its list price was reduced to "$599,000." The Heritage Fillmore two-bedroom has been in contract for a month.

Yesterday 1310 Fillmore #801 hit the MLS with a listed short sale "price" of $599,000 (but no mention of any pre-approval). Purchased for $859,705 in October 2007, the current listing notes: "Heritage Fillmore winner!" Unfortunately it's a zero-sum game.

And as best we can tell, the proposed short sale of 1310 Fillmore #802 at $599,000 never materialized.

∙ Listing: 1310 Fillmore #403 (2/2) 1,407 sqft – "$599,000" [MLS]
∙ Listing: 1310 Fillmore #801 (3/2) 1,353 sqft – "$599,000" [MLS]
∙ Going Short Heritage On Fillmore (1310 Fillmore) Having Bought Long [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (59) | (email story)

May 17, 2010

Instant (Appraiser's) Equity At 104 Funston

104 Funston was purchased for $2,750,000 in May of 2007 and returned to the market this past March asking $3,150,000. Reduced to a "lucky" $2,988,888 on April 15, the price was further reduced to $2,875,000 eight days later. On Friday it was reduced to $2,750,000.

According to the listing the property "appraised at $2,850,000" and you can "move in with equity." Who are we to suggest that its three weeks on the market at $2,875,000 without a sale would suggest otherwise.

Oh, and it’s also another property with "$400K of recent upgrades" which won’t be accounted for when it comes time to be counted in any industry "appreciation" (a.k.a. median sales price) reports.

∙ Listing: 104 Funston (4/3.5) 3,963 sqft - $2,750,000 [MLS]
∙ A Newly Renovated 355 Bryant #308 Returns [SocketSite]
∙ Medians Are Up, But Don’t Confuse That With Increasing "Prices" [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (32) | (email story)

Stout Apples To Apples Atop The North Slope Of Bernal Heights

Purchased for $1,116,000 in November 2008, the sale of the William Stout designed 160 Manchester atop the north slope of Bernal Heights closed escrow on 5/14/10 with a reported contract price of $1,035,000 (6 percent under asking and 11 percent under 2008).

∙ 160 Manchester: Will This (North Slope) Bernal Stout Stand Up? [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (16) | (email story)

May 14, 2010

Three On The Thirtieth At One (Rincon)

It’s a One Rincon address with two days on the market and three bedrooms (and baths). Purchased for $2,019,000 ($1,037 per square foot) in September 2008, 425 1st Street #3004 is back on the market and asking $1,998,000 ($1,026 per square) today.

∙ Listing: 425 1st Street #3004 (3/3) 1,947 sqft - $1,998,000 [MLS]

Posted by socketadmin at 8:15 AM | Permalink | Comments (20) | (email story)

May 13, 2010

A Bad Beacon Comp At $454 Per Square (But A Good Financial Flip)

Two weeks ago the sale of 250 King Street #802 closed escrow with a reported contract price of $670,000 ($454 per square foot and $1,000 "over asking").

As plugged-in people know, it had originally sold for $906,666 ($614 per square foot) in April 2006 with two loans totaling $949,900 (105% LTV).

As plugged-in people also know, between those two transactions the two-bedroom Beacon condo was bought off the courthouse steps for $527,077 in cash this past November. Well done Courthouse Steps Ii LLC (not so much JPMorgan Chase).

∙ A Beacon Of Distress (250 King #802) [SocketSite]
∙ Bank-Owned Competition In Action At The Beacon (250 King) [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (25) | (email story)

May 11, 2010

2% Over Asking (But 10% Under 2008) For 310 Townsend #305

Asking $1,025,000 for 310 Townsend #305 in 2007, the 1,238 square foot two-bedroom ended up selling for $850,000 in 2008. Three days ago it closed escrow for a reported $765,000, down 10 percent from February 2008 but 2 percent "over asking."

∙ 310 Townsend: Available And Selling [SocketSite 5/07]

Posted by socketadmin at 9:00 AM | Permalink | Comments (14) | (email story)

Luckily We Never Called Price Is Right Rules Last Month

The list price for 1409 20th Street has been reduced by $16,000 (2%), now asking $849,000. It would appear that that at least a few readers are lucky we never called Price Is Right rules (closest without going over) last month.

Posted by socketadmin at 7:45 AM | Permalink | (email story)

The Latest Old Watermark Comp: 5% Under Asking (33% Under 2006)

As we wrote this past December:

While the bank owned 501 Beale #1D remains active and available, the bank owned #6C just hit the market. A South Beach comp at $806,000 in June 2006, the Watermark one bedroom was taken back by the bank this past November with $776,341 owed.

Asking $569,900 today, a sale at which would represent a 29 percent drop in value below its 2006 price. The bank owned 501 Beale #12G ended up selling for $750,000 in October, $1,000 "over asking" but 23 percent below its May 2006 purchase price of $975,000.

And while the MLS was finally updated yesterday to reflect a sale and new comp, 501 Beale #6C actually closed escrow on March 7, 2010 with a recorded contract price of $541,400. That’s $675 per square foot for the Watermark one-bedroom, 33 percent under its comp setting sale for $1,006 per square foot in 2006.

∙ Another Bank Owned Watermark Comp To Be: 501 Beale #6C [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (19) | (email story)

May 10, 2010

Still Not Cheap (But Cheaper) At The Brannan: 219 Brannan #10D

As we wrote in February:

Purchased new for $1,007,000 in November 2000, the two-bedroom Brannan condo #10D at 219 Brannan appears to have been flipped four months later for $1,300,000.

Last March the unit was listed for $1,495,000 and sold with what appears to have been a "confidential" sale price in April 2009. In terms of MLS based statistics, reports, and even comparative market analyses a "sale price" of $1,495,000 would have been employed.

The actual recorded sale price we now know, however, was $1,300,000. And it’s now ten months later and the 1,347 square foot condo is back on the market at $1,295,000.

The sale of 219 Brannan #10D closed escrow on 5/6/10 with a reported contract price of $1,265,000. At $939 per square foot that’s still not "cheap," but it is 2.7% cheaper than in 2009 (or 2001). Unit #9D traded for $1,475,000 ($1,095 per square foot) in 2005.

∙ A Lack Of Appreciation (And MLS Data) For 219 Brannan #10D [SocketSite]
∙ An End To Confidential MLS Sales* (*Unless You're Willing To Pay) [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (10) | (email story)

May 6, 2010

318 Winfield No Longer "Bank Owned" (But Reduced)

As we wrote last month:

Purchased for $1,050,000 in March 2005, the listing for the remodeled Mid-Century modern three-bedroom Bernal home at 318 Windfield suggests it’s now bank owned (but which we can’t confirm) and asking $1,150,000.

The eye catching "REO" notation on the MLS listing was subsequently changed to "no." And yesterday the list price for 318 Windfield was reduced to $1,092,500.

∙ Listing: 318 Winfield (3/2) 1,455 sqft - $1,092,500 [midcenturybernal.com] [MLS]
∙ 318 Winfield: Remodeled Mid-Century Now Bank Owned In Bernal? [SocketSite]

Posted by socketadmin at 11:15 AM | Permalink | Comments (5) | (email story)

April 27, 2010

A 7 Percent Slide From 2005 To 2009...But Up 8 Percent Since?

Purchased for $860,000 in May 2005, the renovated single-family home at 1409 20th Street returned to the market as a "pocket listing" asking $949,000 in early 2009 before being listed for $899,000 in February 2009. As we wrote at the time:

A sale at asking would represent average annual appreciation of 1.5% over the past three and three-quarter years for 1409 20th Street. And if you’re planning on playing the "I told you so card" with respect to its eventual sales price, go on record now or forever hold your peace (bulls and bears alike).

Following three price reductions and a "LAST CALL! Final $ Reduction" listing plea, the sale of the Potrero Hill home closed escrow in June 2009 with a reported contract price of $799,000 (representing average annual depreciation of 1.8% from 2005 to 2009).

And while we missed its return to the market two weeks ago, a few plugged-in readers did not. Now asking $865,000 (8 percent over its 2009 price). Once again, if you’re planning on playing the "I told you so card" with respect to its eventual sales price, go on record now or forever hold your peace.

∙ Listing: 1409 20th Street (2/1) - $865,000 [MLS]
∙ A Potential Single-Family Apple Atop Potrero Hill: 1409 20th Street [SocketSite]
∙ Its Last Call Is Heard: Apples To Apples For 1409 20th On Potrero Hill [SocketSite]

Posted by socketadmin at 2:15 PM | Permalink | Comments (34) | (email story)

A Winner’s Curse That Has Yet To Be Cured

As we wrote this past August:

A renovated Victorian at 819 Haight Street hit the market in 2005 asking $1,395,000, it sold for $1,635,000 ($240,000 over asking). No word on what role the buyer’s agent played in advising their client on how to "win" in a competitive situation ("pay more!").

As a plugged-in tipster notes, back on the market today and asking $1,595,000. One and one-half rather nice baths then, one and one-half rather nice baths now.

As we added in March:

The August listing was delisted in November without a sale, but 819 Haight Street was re-listed anew at $1,535,000 a couple of weeks ago. It’s still active, available, and with only 18 official industry days on the market. We continue to dig the kitchen.

And as a plugged-in reader noted today, the asking price for 819 Haight Street has been reduced to $1,470,000. Hopefully those who will dismiss the apples-to-apples outcome due to the "competitive" nature of its 2005 sale also dismissed its use as a comp in 2005 (along with every other sale that garnered multiple offers at the time).

∙ Listing: 819 Haight Street (3/1.5) - $1,470,000 [819haight.com] [MLS]
∙ A Four Year Hold For A Renovated 819 Haight: A Winner's Return [SocketSite]
∙ 819 Haight Street’s Return Redux: Winner's Curse In Action? [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (32) | (email story)

April 26, 2010

Green Apples-To-Apples To Be At Arterra: 300 Berry #514

While 300 Berry #514 has been "lovingly decorated...with artwork, wall coverings, custom paint colors and fine appointments" we’ll still call it a "green" apples-to-apples pair of sales to be.

Purchased for $565,500 in August 2008, the 664 square foot Arterra one-bedroom is back on the market and listed for $499,000 in 2010.

∙ Listing: 300 Berry #514 (1/1) 664 sqft - $499,000 [MLS]

Posted by socketadmin at 3:15 PM | Permalink | Comments (109) | (email story)

2004 To 2010 (And Bank-Owned) For 2040 Franklin #1008

Looking a little less empty (and staged) than when purchased for $610,000 in October 2004 ("Beautifully renovated condo...Granite counters in kitchen, top of the line appliances, remodeled baths, excellent outlooks, & peeks at the Bay"), the now bank-owned 2040 Franklin #1008 on the border of Pacific Heights is back on the market and asking $532,900. And yes, those appliances remain in place.

At the same time, the 31 percent smaller but "recently renovated" 2040 Franklin #708 is asking $629,000 and going on 266 days on the market. And no, it's not bank owned.

UPDATE (5/18): The listed square footage for 2040 Franklin #1008 has been changed to 772 square feet and its list price reduced to $519,900.

∙ Listing: 2040 Franklin #1008 (1/1.5) 1,040 772 sqft - $532,900 $519,900 [MLS]
∙ Listing: 2040 Franklin #708 (1/1.25) 715 sqft - $629,000 [MLS]

Posted by socketadmin at 12:45 PM | Permalink | Comments (9) | (email story)

April 23, 2010

The Toy Factory Produces An Apple (1 Rausch #H)

The sale of 1 Rausch #H closed escrow on Tuesday with a reported contract price of $1,400,000 ($576 per square). Purchased for $1,380,000 in August 2005, we featured it last April when asking $1,695,000 (but not this past January when it returned to the market asking $1,545,000 or was subsequently reduced to $1,445,000).

∙ The Toy Factory Lofts (1 Rausch) In General, Loft H In Specific [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (11) | (email story)

April 22, 2010

Bank-Owned Competition In Action At The Beacon (250 King)

On the market for 152 days and now vacant, the list price for the bank-owned 250 King Street #636 has just been reduced to $319,770 ($447 per square foot). The 715 square foot one-bedroom at The Beacon is now asking $9,230 less than a 587 square foot studio three floors higher (250 King #904) which isn’t bank owned but is seeking a short sale.

The one-bedroom had been purchased for $575,000 ($800 per square foot) in March 2006 before being taken back by the bank in August 2009 with $498,055 owed. A sale at asking would represent a 44 percent drop in value since 2006.

∙ Listing: 250 King Street #636 (1/1) 715 sqft - $319,770 [MLS]
∙ Listing: 250 King Street #904 (0/1) 587 sqft - $329,000 [MLS]

Posted by socketadmin at 1:45 PM | Permalink | Comments (18) | (email story)

April 21, 2010

Another Bank-Owned Watermark Apple Falls Into Our Cart

As we wrote this past November:

Of 83 new listings in San Francisco over the past week, 30 (36%) are either bank owned (16) or seeking a short sale (14). One such listing is for Watermark (501 Beale) #1D.

Purchased for $725,000 in January 2007 but then bought back by the bank this past August, the 831 square foot one-bedroom with parking was listed for $495,000 yesterday.

And according to public records, 501 Beale #1D was refinanced in July of 2007 with a variable rate loan for $780,000. Is it yet another "anomalous" data point to be?

Today the sale of the now vacant 501 Beale #1D closed escrow with a reported contract price of $402,000 (45 percent under its 2007 comp setting price).

Now back to the relative scarcity – but increasing number – of newly bank owned properties in San Francisco proper and whether or not they’ll have any impact on the market as a whole, a market in which prices tend to be set at the margin(s).

∙ One Of Thirty Underwater Properties New To The Market This Week [SocketSite]
∙ A Pair Of Bank-Owned Penthouses Atop The Watermark (501 Beale) [SocketSite]
∙ A Higher Watermark Than Some Expected…Only 23% Under '06 Price [SocketSite]
∙ Actual San Francisco Foreclosures Up 10.9% QOQ (Up 91.1% YOY) [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (27) | (email story)

Infinity Tower Two Apples-To-Apples (And Comps Above And Below)

Purchased for $522,000 this past September, 338 Spear Street #10C has returned to the market asking $599,000 for the Infinity Tower Two one-bedroom seven months later.

In terms of comps (versus the apple to be), 338 Spear Street #9C sold for $510,000 in October 2009 while 338 Spear Street #11C sold for $565,000 the month after. 338 Spear Street #12C sold for $535,000 this past August.

Of course those 2009 sales were all so last year (and The Infinity is now nearly sold out).

∙ Listing: 338 Spear Street #10C (1/1) - $599,000 [MLS]

Posted by socketadmin at 10:15 AM | Permalink | Comments (83) | (email story)

April 20, 2010

A Premium Sea Cliff Apple Is Picked (2910 Lake Street)

As we wrote in February, having sold for $4,250,000 in November 2007 (asking $4,595,000 at the time), 2910 Lake Street returned to the market two months ago asking $3,990,000.

And as a plugged-in reader added:

Made the tour. Very nice home. No real flaws. Some easy updates. Views are pretty good from the second level. Felt very traditional and solid. Not a huge fan of the kitchen, but I've seen much worse. I think it will sell quickly.

Four days ago the 2010 sale of 2910 Lake Street closed escrow with a reported contract price of $3,940,000 (7 percent below its 2007 value).

∙ A "Premium" Apples To Apples Sea Cliff Sale To Be (2910 Lake Street) [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (10) | (email story)

April 19, 2010

2734-2736 Buchanan: Apples To Apples And Unlisted (For Now)

Not (yet) listed on the MLS but on the market and asking $4,995,000, 2743 Buchanan features a legal studio on the ground floor (along with two-car parking and a wine cellar); three bedrooms (and three baths) on the second floor; a rather nicely remodeled kitchen and a pair of NanaWalls on the third floor; and a roof deck with big bay views above.

Purchased for $5,101,000 in September 2005 having already undergone its renovation.

∙ Listing: 2734-36 Buchanan (4/4.5) - $4,995,000 [ninahatvany.com]

Posted by socketadmin at 6:00 AM | Permalink | Comments (22) | (email story)

April 16, 2010

Over Asking But Down At/From The Top Of The (Water)mark

The bank-owned sale of Watermark (501 Beale) penthouse #1E closed escrow on 4/13 with a reported contract price of $1,230,000 (an official $6,000 "over asking").

Once again, the corner penthouse condo was purchased for $1,523,000 in January 2007 before being taken back by the bank with $1,349,628 owed in September 2009.

And we'll call it an apples-to-apples sale at 19 percent under its year 2007 price.

∙ Moving On Up Down For A Bank Owned Penthouse In The Sky [SocketSite]
∙ A Pair Of Bank-Owned Penthouses Atop The Watermark (501 Beale) [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (9) | (email story)

April 14, 2010

It Must Have Been The Staging: 1940 Buchanan Edition

Purchased for $729,000 in August 2000, the Lower Pacific Heights condo at 1940 Buchanan resold at $800,000 in June 2004 for average annual appreciation of 2.5 percent.

Returned to the market this past January asking $879,000, as a plugged-in tipster notes the list price has since been reduced down to $799,000.

It must have been the staging ("Restaged: come for a 2nd look").

∙ Listing: 1940 Buchanan (2/1) 1,480 sqft - $799,000 [MLS]

Posted by socketadmin at 11:45 AM | Permalink | Comments (19) | (email story)

21 Villa Terrace (Re)Joins The Clarendon Heights Contemporary Fray

Eighteen foot ceilings over the living room, dining "room," kitchen and entry; big views from the windows and decks; and four bedrooms and four and one-half baths over four thousand plus square feet.

Listed for $3,350,000 in February 2009 before being withdrawn at $2,950,000 in June, five days ago 21 Villa Terrace re-joined the contemporary Clarendon Heights listed fray of five active and available homes asking over two million with a new new list price of $2,795,000.

The home was purchased for $1,900,000 in July 2003 having sold as new for $2,125,000 in March 2001.

∙ Listing: 21 Villa Terrace (4/4.5) 4,051 sqft - $2,795,000 [MLS]

Posted by socketadmin at 9:15 AM | Permalink | Comments (13) | (email story)

Apples-To-Apples The Sale Of 188 King Street #309 Strikes Out

Speaking of new developments at the mouth of Mission Creek and around AT&T Park, as we wrote in November:

Purchased for $780,000 in August 2006, the "almost new" 188 King Street #309 returned to the market this past May asking $850,000. Reduced to $750,000 in June and then $629,000 in September, yesterday the asking price was reduced to $599,000.

A sale at $599,000 would represent a 23% drop in value for this South Beach condo over the past three years.

Two days ago the sale of 188 King Street #309 closed escrow with a reported contract price of $575,000 (26% under its purchase price in 2006).

∙ Mission Creek Then And Now (And Remembrances Of RVs Past) [SocketSite]
∙ The Scoop On 188 King Street: Now Selling Leasing [SocketSite]
∙ Apples To Apples For 188 King: 2006 To 2009 (Versus 2006 To 2008) [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (42) | (email story)

April 12, 2010

48 Linda: Apples To Apples Another Bit(e) Of 2008 Inventory Returns

Purchased in 2005 for $1,111,500 but then extensively remodeled in 2006 (directed by architect Neal Schwartz), the nearly 3,000 square foot single-family home at 48 Linda sold in 2008 for $2,205,000 with all the bells and whistles (including an espresso machine).

Back on the market today and asking $2,249,000. And perhaps it’s simply a coincidence, but the seller in 2008 and the seller’s agent today do share the same name.

∙ Listing: 48 Linda (4/2.5) - $2,249,000 [MLS]
∙ SocketSite's San Francisco Listed Housing Inventory: 4/12/10 [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (36) | (email story)

Not Louvered But Not Unloved: 1234 Howard #2C Returns

Not louvered as it’s on the back side of the Stanley Saitowitz designed (and lived-in) building, 1234 Howard #2C is back on the market and asking $639,000 (purchased for $587,000 in December 2007).

∙ Listing: 1234 Howard #2C (1/1) 886 sqft - $639,000 [MLS]
∙ Those Amazing Automated Aluminum Louvers On 1234 Howard [SocketSite]
∙ 1234 Howard: The Budget To Build (Around $200 A Square Foot) [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (12) | (email story)

April 9, 2010

A Battle Of Two San Francisco Brick, Timber And Steel Lofts

In this corner, 540 Delancey #204 weighing in at 1,250 square feet with one bedroom and one bath, a rather high-end modern kitchen, and new walls with reveals. Asking $835,000.

In our other corner, 355 Bryant #309 weighing in at 1,551 square feet with one bedroom and one and one-half baths, and a less modern kitchen but some nice ceiling heights. Asking $879,000 (purchased for $926,500 in February 2007).

Let’s get ready to rumble!

∙ Listing: 540 Delancey #204 (1/1) 1,250 sqft - $835,000 [MLS]
∙ Listing: 355 Bryant #309 (1/1.5) 1,551 sqft - $879,000 [MLS]
∙ Cape Horn Lofts (540 Delancey) In General, And #401 In Specific [SocketSite]
∙ The Live/Work Lofts Of 355 Bryant [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (19) | (email story)

A Market Rate Resale Below Its BMR Compatriot At Candlestick Point

Purchased for $550,000 in November 2006, the market rate resale of the 1,063 square foot two-bedroom #2305 at Candlestick Point (101 Crescent Way) closed escrow yesterday with a reported contract price of $374,900 ($353 per square foot).

Last asking $399,945, the listing for the 1,063 square foot two-bedroom "Below Market Rate" (BMR) unit #2213 at Candlestick Point was withdrawn from the market in March.

This should help elucidate why the market rate component at Hunters View ("expected to be priced around $425 per square foot") has been delayed, and of course why the purchasing rules for some new BMR units in San Francisco are being relaxed.

∙ Buy A BMR For $10K $25K More Than Bank-Owned At Candlestick Point [SocketSite]
∙ Hunters View Groundbreaking Buildingbreaking Ceremony Today [SocketSite]
∙ Relaxing BMR Rules At Mission Walk To Compete With Bank-Owned [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (7) | (email story)

April 7, 2010

Over Asking (But Well Below 2005) For 200 Brannan #504

The apples to apples sale of 200 Brannan #504 closed escrow yesterday with a reported contract price of $680,000. And while that’s 5% "over asking!" it’s also 26% under what a local agent paid for the 1,123 square foot one-bedroom five years ago (April 2005).

Once again, the top-floor unit became bank-owned this past December with what appears to have been no bidders at $780,000.

∙ Apples To Apples (And Agent To Bank-Owned) For 200 Brannan #504 [SocketSite]

Posted by socketadmin at 5:30 AM | Permalink | Comments (9) | (email story)

April 6, 2010

Party Of Five House (2311 Broadway) Sells For Six Point Five Five

Originally listed for $7,280,000 last October, but then relisted at $6,700,000 already "in escrow" last month, the sale of San Francisco’s "Party of Five" house at 2311 Broadway has closed escrow with a reported contract price of $6,550,000.

Purchased for $5,400,000 in October 1999 for average annual appreciation of 1.9 percent over the past ten years. And with the relisting, official industry stats will reflect a sale at 2 percent under asking (versus 10 percent under its original original list) and 34 days on the market (versus five months) for this most recent sale.

∙ A Peek Inside The "Party Of Five" House At 2311 Broadway [SocketSite]
∙ "Party Of Five" House (2311 Broadway) Coming Soon [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (18) | (email story)

April 5, 2010

2430 Scott Street: An Entirely Different Dow Theory In Action?

Purchased for $2,360,000 in June of 1999, 2430 Scott was remodeled and its garage expanded in the year 2000.

Resold in June 2007 for $4,200,000, the Pacific Heights property returned to the market asking $4,695,000 in May 2009, was reduced to $4,495,000 in June 2009 (with a "look at me" bump to $4,498,000 in February 2010), and then withdrawn this past March.

The single-family home is now back on the MLS with an official two days on the market and an "original" list price of $4,295,000. The Dow is currently at 10,968, it closed at 13,424 on June 8, 2007 (the day this property last changed hands).

UPDATE (5/6): The list price for 2430 Scott Street has been reduced to $4,095,000. The Dow closed at 10,520 today.

∙ Listing: 2430 Scott Street (4/4.5) - $4,295,000 [MLS]

Posted by socketadmin at 1:15 PM | Permalink | Comments (28) | (email story)

April 2, 2010

There's Still Some Magic In The Air Up On Mars

As we wrote in February:

Listed for $1,199,000 last July, 42 Mars closed escrow for $1,240,000 six weeks later. It’s back on the market seven months later and asking $1,239,000.

Will multiple offers magically materialize on Mars once again?

Three days ago the sale of 42 Mars closed escrow with a reported contract price of $1,260,000 ($725 per square foot). We’ll take that as a yes.

∙ Will Multiple Offers Magically Materialize On (42) Mars Once Again? [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (21) | (email story)

Palms To Palms For 555 4th Street #103

Asking $399,000 in the second release at The Palms (555 4th Street) in 2006, the 475 square foot studio #103 sold for $403,000. Taken back by the bank in December 2009 and then listed for $275,000, yesterday it closed escrow with a reported contract price of $269,900 (33 percent under its 2006 price).

∙ The Palms: Phase II Release [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (6) | (email story)

March 26, 2010

Apples To Apples For A Hip "Cool" Noe Home: 728 Duncan

The self described "Noe Valley modern cool" home at 728 Duncan is on the market and asking $2,550,000. According to the MLS the property sold in August 2007 for its reduced asking price of $2,475,000 (tax records suggest a contract price closer to $2,448,000).

Take that Mission 'hip.'

∙ Listing: 728 Duncan (4/3.5) 3,350 sqft - $2,550,000 [MLS]

Posted by socketadmin at 4:30 PM | Permalink | Comments (89) | (email story)

Now An Eight, Two Nines And A Sexy Six For 6521 California

As we wrote this past December:

Purchased for $562,000 in April 2004 but then "completely renovated [with] extensive high quality and designer touches throughout this charming house," 6521 California returned to the market just three months later asking $888,000. It closed escrow in August 2004 with an MLS reported sale price of $938,888.

According to public records the buyers of the house in 2004 financed the purchase with two variable rate loans totaling $938,850. And according to its latest listing, the "Sea Cliff" house is now bank owned and asking $799,900 (but subject to tenant rights).

Apparently $38 isn’t enough skin to keep a buyer in the game.

Withdrawn from the market in January without a sale, 6521 California is back on the MLS with an official one day on the market and asking $689,900 (26 percent under its 2004 comp setting sale price).

∙ Listing: 6521 California (2/2 + 1/1) 1,474 sqft - $689,900 [MLS] [Map]
∙ San Francisco Real Estate Districts: Maps And Neighborhoods [SocketSite]
∙ Not So Lucky Number Eights (Maybe The Nines Will Be Better) [SocketSite]

Posted by socketadmin at 3:15 PM | Permalink | Comments (1) | (email story)

March 22, 2010

We Weren't Alone In Seeing The Bones: 1862 15th Avenue Closes

As we wrote last month:

We see good bones and a relatively unrenovated kitchen and baths (which we actually prefer when buying) inside the Henry Doelger designed home at 1862 15th Avenue.

And yes, it's an apple to be for the Golden Gate Heights single-family home: purchased for $885,000 in June 2007, asking $849,000 today.

The sale of 1862 15th Avenue closed escrow on 3/19 with a reported contract price of $925,000 (up 5% from June 2007). Apparently we weren't the only ones who admired the bones.

∙ Relatively Unrenovated And We Like It That Way (When Buying) [SocketSite]

Posted by socketadmin at 4:30 PM | Permalink | Comments (16) | (email story)

Bernal Heights Single-Family Apples To Apples (And New Supply)

Listed for $949,000 in June 2007, the sale of the remodeled single-family home at 330 Gates closed escrow a month later for $1,250,000. The South Bernal home is back on the market and asking $1,195,000 in 2010.

Over the past week ten single-family Bernal homes were added to the MLS bringing the total listed supply to thirty-three. In February a total of 13 single-family homes sold in Bernal's District 9 (which also includes the Mission, Potrero and Dogpatch amongst others).

Oh, and those tightly cropped facade shots? Yes, there's an app a reason for that.

∙ Listing: 330 Gates (3/2) - $1,195,000 [MLS] [Map]
∙ SocketSite's San Francisco Listed Housing Inventory: 3/15/10 [SocketSite]
∙ San Francisco Real Estate Districts: Maps And Neighborhoods [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (31) | (email story)

A Hot Potato Apple At 215 Moulton

As we wrote in September 2008:

215 Moulton “in the heart of Cow Hollow” appears to have been bought back by the bank with a loan balance of $1,893,000 this past July.

And while the contract price for its previous sale in November of 2007 doesn’t appear to be public, we will note a 2008 tax assessed value of $1,800,000 for this District 7 single-family contemporary townhouse.

Listed in April prior to foreclosure for $1,895,000, reduced to $1,795,000 in July, and currently asking $1,750,000.

As we added two months later:

[T]he sale of 215 Moulton closed escrow on 11/14/08 with a reported contract price of $1,725,000. That's $168,000 less than its last loan balance. And $75,000 less than its last tax assessed value.

Two months ago 215 Moulton hit the MLS once again asking $1,535,000 and quickly closed escrow at $1,540,000 (11 percent under its November 2008 sale). And on Friday 215 Moulton returned to the market asking $1,599,000 ("On the market again due to job transfer").

∙ Listing: 215 Moulton (3/3.5) - $1,599,000 [MLS]
∙ Cow Hollow Contemporary (And Apparent Foreclosure): 215 Moulton [SocketSite]
∙ Which Five Years Will The Next Five Most Likely Resemble Redux [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (4) | (email story)

March 19, 2010

A Comstock (1333 Jones) View Comp Closes A Little Bit Down

As we wrote this past November:

A tax assessed value of $2,393,000 would suggest a sale price not too far from the $2,350,000 asking price for 1333 Jones Street #505 when last on the market. Back on the market today, the two-bedroom and two-bath Comstock Co-op is asking $2,395,000.

The sale of 1333 Jones Street #505 closed escrow yesterday with a reported contract price of $2,000,000.

∙ A Trio Of Comstock 05’s From Which To Choose, Are Any "Just Right?" [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (4) | (email story)

March 16, 2010

"Over Asking" (But 32 Percent Under 2008) For 999 Green #2802

With a last list price of $1,695,000 the sale of 999 Green Street #2802 for $1,700,000 four days ago will be reported as "over asking" in industry reports and league tables versus 19 percent under its original list price of $2,099,000 this past October.

And of course as plugged-in people should know, the "over asking" sale represents a 32 percent drop in value for this Eichler Summit unit versus its "off the market" purchase for $2,500,000 in October 2008.

∙ Still Sliding Down The Slope From The Eichler Summit (999 Green) [SocketSite]
∙ The (Eichler) Summit Of 999 Green Street #2802 [SocketSite]
∙ A Slippery Slope On The Eichler Summit: Number 2802 Reduced [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (12) | (email story)

Apples To Apples "Extreme!" In The Avenues: 595 32nd

As we wrote this past October:

Purchased for $820,000 in May of 2004, [595 32nd Avenue] was resold in July of 2005 for $1,200,000. Bought back by the bank this past January, 595 32nd Avenue was listed a month ago for $774,900 and recently reduced to $774,700.

And while the MLS was just updated, apparently the bank owned sale of 595 32nd Avenue closed escrow on 02/08/2010 with a reported contract price of $687,000 (16 percent under its 2004 price and 43 percent under 2005).

∙ Buy, Sell, Repeat, Retire...And Then The Music Stopped [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (8) | (email story)

Apples To Apples (And Year Over Year) For 3570 Washington

As we wrote this past September:

As a plugged-in and ever on the luxury ball sleepiguy notes, 3570 Washington is back on the market after a five month (yes, month) hold. Purchased for a reported $5,225,000 in April, asking $5,600,000 today (roughly 7% more than was paid).

As we added in January:

While MLS based reports and sales history reflect a "confidential" sale price of $5,600,000 for 3570 Washington in April 2009, it was a plugged-in reader that first reported the property had actually sold for $5,225,000 (which public records confirm).

And just five months after said purchase, the Presidio Heights property returned to the market asking a real $5,600,000. Yesterday the list price was reduced to $5,250,000.

And as we note today, the re-sale of the rather prime 3570 Washington closed escrow on 3/12/10 with a reported contract price of $4,800,000 (an 8 percent drop since April 2009).

∙ If You Missed It When It Sold Five Months Ago... [SocketSite]
∙ Perhaps Seven Percent More Five Months Later Was A Bit Aggressive [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (35) | (email story)

March 12, 2010

Apples To Apples (And Kitchens To Kitchens) For 1461 Sanchez

The kitchen has been rearranged a bit and a new red stove (a Bertazzoni we believe) installed since its purchase for $1,630,000 in September of 2006 (new above, old below).

Other than that it’s looking to be a rather "apples to apples" sale in the making for 1461 Sanchez as the single-family Noe Valley Victorian is asking $1,615,000 in 2010.

A show of hands from those who think Noe "peaked" in 2006?

∙ Listing: 1461 Sanchez (3/3) - $1,615,000 [MLS]
∙ Another Market Metric And Food For Thought At The End Of The Year [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (25) | (email story)

March 10, 2010

A Nine Year "Push" To Be For A Two-Bedroom At 246 2nd Street?

Purchased new for $665,000 in the year 2000, 246 2nd Street #806 is back on the market in 2010 asking $658,000. See silly rabbits (or perhaps "bears"), prices really haven’t fallen that much at all. And bank-owned sales are obviously irrelevant when it comes to comps.

∙ Listing: 246 2nd Street #806 (2/2) 1,101 sqft - $658,000 [MLS]
∙ Another Non-Comp Comp Closes At 246 2nd Street (#1003) [SocketSite]

Posted by socketadmin at 6:15 AM | Permalink | Comments (37) | (email story)

Apples To Apples To Apples In Mission Dolores: 1954 15th Street

In 2005 1954 15th Street sold for $820,000 (which reflected a newly remodeled bathroom and windows), and then again for $860,000 in 2006 (annual appreciation of 5 percent).

Listed for $889,000 54 days ago, the asking price for the two bedroom Mission Dolores condo was reduced to $869,000 last week. A sale at asking would represent average annual appreciation of 0.3 percent over the past four years (and of course a more likely rise then fall from peak).

As the kitchen hasn't been remodeled, we’re looking right past the freestanding fridge.

∙ Listing: 1954 15th Street (2/1.5) 1,477 sqft - $869,000 [MLS]
∙ Another Market Metric And Food For Thought At The End Of The Year [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (9) | (email story)

Over Asking (But Below 2005) For 773 Rhode Island

As we wrote this past November:

Purchased for $1,212,000 with ten percent down and two variable rate loans in November of 2005, 773 Rhode Island returned to the market in March of 2007 seeking $1,395,000. It was taken back by the bank in September of 2008.

It's now fourteen months later and the Potrero Hill view property has finally made it back onto the MLS as official inventory asking $909,900 (25% under its 2005 sale).

Yesterday the sale of 773 Rhode Island closed escrow with a reported contract price of $1,115,000. Yes, that’s "23 percent over asking" but 8 percent under its 2005 price.

∙ Speaking Of Million Dollar Foreclosures (And "Shadow Inventory") [SocketSite]

Posted by socketadmin at 5:30 AM | Permalink | Comments (14) | (email story)

March 9, 2010

A Beacon Of Distress (250 King #802)

A Beacon (250 King Street) and neighborhood comp at $906,666 ($614 per square foot) in April 2006, the 1,476 square foot two-bedroom on the eighth floor of 250 King Street (#802) was bought off the courthouse steps for $527,077 this past November.

And while we don’t consider courthouse step sales to be apples to apples (all cash changes the equation), we will consider its resale to be so (assuming the banks are lending again).

On the market and asking $669,000 ($453 per square), 26 percent under its 2006 price.

UPDATE: A plugged-in reader adds:

This is a symbolic foreclosure as the (former) owner of Unit 802 was the lead plaintiff on the lawsuit against Catellus Development. I guess he decided to throw in the towel. Then again, I can't blame him IF Property Shark is right; they claim a $799,900 variable first and $150,000 second (JPM was the loser on that one). Yes that's a 105% LTV...

Emphasis added.

∙ Listing: 250 King Street #802 (2/2) 1,476 sqft - $669,000 [MLS]
∙ Unable To Fund Loan(s) At The Beacon? Hmm... [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (24) | (email story)

March 4, 2010

160 Manchester: Will This (North Slope) Bernal Stout Stand Up?

Designed by William Stout, the contemporary 160 Manchester atop the north slope of Bernal Heights sold for $1,116,000 in November 2008. Back on the market in March 2010 and asking $1,099,000. As usual, we're digging the decks.

∙ Listing: 160 Manchester (3/2.5) - $1,099,000 [Redfin] [Map]
∙ Q&A> William Stout [archpaper.com]

Posted by socketadmin at 9:15 AM | Permalink | Comments (22) | (email story)

Moving On Up Down For A Bank Owned Penthouse In The Sky

On the heels of the Watermark Penthouse #1B’s apples to apples 31 percent decline in value (below its 2006 sale), Watermark Penthouse #1E has returned to the market.

As we wrote this past October:

A plugged-in reader reports: "For those of you in the market for a penthouse, Unit #PH1E at the Watermark (501 Beale) was taken back by the lender for $1,349,628 on Sept. 15. Talk about bad timing, the former owner bought for $1.523 million in January 2007. This three bedroom 1,362 sq.ft. foreclosure was brought to you courtesy of WaMu."

Call it a quick flip gone bad as the condo had returned to the market a month after closing asking $1,800,000. Last listed for $1,595,000 before being taken back by the bank.

Now asking $1,224,000 ($899 per square), 19.6 percent below its January 2007 value.

∙ Listing: 501 Beale #PH1E (3/2) 1,362 sqft - $1,224,000 [MLS]
∙ Still Not Cheap, But 31 Percent Cheaper: Watermark Penthouse #1B [SocketSite]
∙ A Pair Of Bank-Owned Penthouses Atop The Watermark (501 Beale) [SocketSite]
∙ From Flippy To Floppy For Watermark (501 Beale) Penthouse #2B [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (3) | (email story)

March 2, 2010

Still Not Cheap, But 31 Percent Cheaper: Watermark Penthouse #1B

Its sale for $1,300,000 ($1,275 per square foot) in October 2006 was likely a supporting comp for other Watermark (501 Beale) penthouse units, neighboring buildings, and so on and so forth. Taken back by the bank last October, 501 Beale #PH1B returned to the market asking $940,500.

And while the sale was just reported on the MLS, it closed escrow on 2/12/10 with a reported contract price of $893,000 ($876 per square foot), a drop of 31 percent over the past three years. Don’t forget to adjust that chain of comps accordingly.

∙ From Flippy To Floppy For Watermark (501 Beale) Penthouse #2B [SocketSite]
∙ A Pair Trio Of Bank-Owned Penthouses Atop The Watermark [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (64) | (email story)

March 1, 2010

A Plugged-In Reader Solves Our Nob Hill Dashiell Hammett Mystery

As we wrote this past October:

A single-family Edwardian "tucked away on quiet street between Nob Hill and Downtown neighborhoods," 33 Dashiell Hammett sold for $1,275,000 in January of 2007.

According to our tipster, it "looks like the current owner did minimal work on the house" since it's last sale, but did do a bit of repainting and "updated" the kitchen with new appliances.

Listed for $1,795,000 earlier this year and then $1,595,000 (with photos), the single-family home is now seeking $1,095,000 as a short sale.

As a plugged-in reader wrote to us last week:

[We] closed escrow on 33 Dashiell Hammett last Friday. Wanted to say thank you, as I found the listing through your site.

Cheers. And don’t forget those invitations to the housewarming.

Oh, and while not noted by our reader and the MLS still hasn’t been updated, we’ll peg the purchase price at $1,120,000 (12% under its market value of three years ago). It pays to be plugged-in.

∙ A New Dashiell Hammett Mystery: The Single-Family Short Sale [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (7) | (email story)

819 Haight Street’s Return Redux: Winner's Curse In Action?

As we wrote this past August:

A renovated Victorian at 819 Haight Street hit the market in 2005 asking $1,395,000, it sold for $1,635,000 ($240,000 over asking). No word on what role the buyer’s agent played in advising their client on how to "win" in a competitive situation ("pay more!").

As a plugged-in tipster notes, back on the market today and asking $1,595,000. One and one-half rather nice baths then, one and one-half rather nice baths now.

The August listing was delisted in November without a sale, but 819 Haight Street was re-listed anew at $1,535,000 a couple of weeks ago. It’s still active, available, and with only 18 official industry days on the market. We continue to dig the kitchen.

∙ Listing: 819 Haight Street (3/1.5) - $1,535,000 [819haight.com] [MLS]
∙ A Four Year Hold For A Renovated 819 Haight: A Winner's Return [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (56) | (email story)

214 Arguello Closes 5 Percent Under Asking (But Down 29 Percent)

The sale of 214 Arguello Boulevard closed escrow this past Friday with a reported contract price of $1,137,500, just 5 percent under asking and an official two months on the market.

As we noted this past December, however, the Presidio Heights condo last sold for $1,600,000 in December 2007 (a drop of 29 percent). The property had been unable to find a buyer at an "unbelievable" $1,395,000 in 2008 and was subsequently taken back by the bank with no bidders on the courthouse steps at $1,259,306 in 2009.

∙ 214 Arguello: Two Years Later And Asking Twenty-Five Percent Less [SocketSite]
∙ Perhaps It’s The Market That’s More Unbelievable To Some... [SocketSite]
∙ An Absolutely Unbelievable Foreclosure As Well? (And Coming Soon) [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (8) | (email story)

February 26, 2010

18 Percent Over Asking In Bernal! (And Just 1% Under 2004)

Prepare yourselves for the email blasts, newsletters, and perhaps even a news report or two as 39 Virginia just closed escrow for 18% over asking in Bernal Heights!

The tidbit that might not be touted so loudly, the reported sale price of $825,000 ($575 per square foot) is 1% under its purchase price of $834,000 in October 2004.

∙ Who’s Afraid Of 39 Virginia Avenue? (Or This Bernal Apple To Be) [SocketSite]
∙ The SocketSite Reality Check For CBS’s Infamous "42 Offer" Home [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (20) | (email story)

February 25, 2010

Strike Up The Band, 610 Rhode Island ("Kronos House") Returns

On the market in 2007 asking $2,300,000, the Daniel Solomon designed 610 Rhode Island (a.k.a. Kronos House) garnered four offers and sold for $2,551,000 that August.

Quietly on the market for the past few months asking $2,500,000, the list price is being lowered to $2,400,000 and the house should officially hit the MLS next week.

As we wrote in 2007:

So here’s the inside scoop on 610 Rhode Island. Designed by Daniel Solomon, the home was built in 1989 for Kronos Quartet cellist Joan Jeanrenaud (one of the bedrooms was originally her rehearsal studio) and her husband, recording artist and producer Pat Gleeson (one of the bedrooms was originally his recording studio). The [then] current owners/sellers (no, not Joan and Pat) have moved next door.

Acoustical perfection (credit John Storyk) and natural light are central themes of the house with perforated galvanized steel (backed by wood) on the walls which absorbs sound (think big party with little din) and bounces light throughout the great room and loft. And while the zinc-clad kitchen and bathroom complement the design, we’d probably budget for replacing it with something a bit more user friendly.

It won’t be a perfectly apples to apples sale, however, as a few bedroom built-ins have been added, but it will be pretty close (assuming a few pieces of art are included as well).

And sorry, but it’s expected to be by appointment only (i.e., no Sunday open houses).

[Full Disclosure: The listing agent for 610 Rhode Island currently advertises on SocketSite but provided no consideration for this post. And yes, we would have featured it regardless.]

∙ Listing: 610 Rhode Island (3/1) - $2,400,000 (soon) [610rhodeisland.com]
∙ 610 Rhode Island From The Inside (Literally And Figuratively) [SocketSite]
∙ Not For Sale (But Some Mighty Tasty Modern Gawking) [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (27) | (email story)

Into Our Apple Cart (And Back To 2005) 79 Woodland Goes

The apples to apples sale of 79 Woodland closed escrow yesterday with a reported contact price of $1,335,000 ($6,000 over asking). Purchased for $1,300,000 in June of 2005, call it average annual appreciation of 0.6% over the past five years for the remodeled single-family Parnassus Heights home.

But we wouldn't call it a "push" in terms of whether or not it’s fallen from "peak" having appreciated (and then depreciated) since 2005.

We’ll also call the effective pre-tax benefited cost of ownership around $8,000 per month over the past 56 months and let you run your own numbers in terms of rent versus buy from an economic (versus emotional) standpoint.

∙ Parnassus Heights Apples To Apples (And Neighborhood Economics) [SocketSite]
∙ Another Market Metric And Food For Thought At The End Of The Year [SocketSite]
∙ To Rent Or To Buy, That Is The Question (That Only You Can Answer) [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (66) | (email story)

February 24, 2010

Will Multiple Offers Magically Materialize On (42) Mars Once Again?

Listed for $1,199,000 last July, 42 Mars closed escrow for $1,240,000 six weeks later. It’s back on the market seven months later and asking $1,239,000.

Will multiple offers magically materialize on Mars once again?

∙ Listing: 42 Mars (3/2) - $1,239,000 [MLS]

Posted by socketadmin at 2:15 PM | Permalink | Comments (18) | (email story)

February 23, 2010

Parnassus Heights Apples To Apples (And Neighborhood Economics)

We missed the listing for 79 Woodland prior to its heading into contract, but seeing as how its sale still hasn’t closed we’ll feature this apple to be anyway.

Purchased for $1,300,000 in June 2005, the Parnassus Heights single-family home returned to the market three weeks ago asking $1,329,000 and is currently in escrow with contingencies having been waived.

A plugged-in tipster adds, "we are renting a bigger house on the same block for just under [$4,000 per month]."

∙ Listing: 79 Woodland Avenue (3/2) - $1,329,000 (In Contract) [MLS]

Posted by socketadmin at 9:00 AM | Permalink | Comments (60) | (email story)

February 22, 2010

The Sexy & Sophisticated Sale Price For 110 Elsie’s Six Year Hold

As a plugged-in reader notes, the apples to apples sale of 110 Elsie closed escrow this past Friday with a reported contract price of $1,310,000 ($595 per square foot). As another reader noted three weeks ago: "They apparently received 5 offers following the first open house, all over asking, and at least one all-cash."

Purchased for $1,250,000 in 2004, call it average annual appreciation of 0.8% (but likely a bit more up and then down) over the past six years for this fully remodeled Bernal Heights home.

∙ Apples To Apples For A "Sexy & Sophisticated" Six Year Bernal Hold [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (28) | (email story)

February 19, 2010

Relatively Unrenovated And We Like It That Way (When Buying)

We see good bones and a relatively unrenovated kitchen and baths (which we actually prefer when buying) inside the Henry Doelger designed home at 1862 15th Avenue.

And yes, it's an apple to be for the Golden Gate Heights single-family home: purchased for $885,000 in June 2007, asking $849,000 today.

∙ Listing: 1862 15th Avenue (3/3) - $849,000 [MLS]

Posted by socketadmin at 10:00 AM | Permalink | Comments (64) | (email story)

A "Premium" Apples To Apples Sea Cliff Sale To Be (2910 Lake Street)

Asking $4,595,000 in September 2007, it sold for $4,250,000 in November (2007). And now 2910 Lake Street is back on the market in 2010 and asking $3,990,000. We find ourselves to be particularly enamored with the library.

The "hidden wetbar" did the trick. Hey, it’s Friday and it's been a long short week.

∙ Listing: 2910 Lake Street (4/4.5) - $3,990,000 [MLS]

Posted by socketadmin at 9:15 AM | Permalink | Comments (20) | (email story)

February 17, 2010

Apples To Apples Tower One "E" Plan(s) At The Infinity (301 Main)

Purchased for $1,100,000 in September 2008, the tower one (301 Main) "E" plan two-bedroom on the 27th floor of The Infinity (the view from which is above) is back on the market and asking $1,169,000.

The tower one "E" plan on the 16th floor is also back on the market and seeking $999,000, unfortunately we don’t (yet) have its original sale price (purchased March 2009).

∙ Listing: 301 Main #27E (2/2) 1,180 sqft - $1,169,000 [Redfin]
∙ Listing: 301 Main #16E (2/2) 1,180 sqft - $999,000 [MLS]

Posted by socketadmin at 9:45 AM | Permalink | Comments (100) | (email story)

February 16, 2010

Oh My At 34 Percent Under A 2006 Value At Odeon: 181 O’Farrell #508

As we wrote last November:

Purchased for $800,000 in December 2006, Odeon (181 O’Farrell) #508 was taken back by the bank. It’s been listed at $601,400, a sale at which would represent a 25 percent drop in value over the past three years.

While the list price was reduced to $542,700 in December, the sale of 181 O’Farrell #508 closed escrow on 2/12/10 with a reported contract price of $530,000, a 34 percent drop in value over the past three years (but "only 2 percent under asking").

∙ Oh My (And Bank Owned) At The Odeon On O’Farrell [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (13) | (email story)

February 12, 2010

Apples To Apples To Apples (And 100% Financing) For 2312 Gough

Purchased for $3,000,000 in May 2000, the Pacific Heights Victorian at 2312 Gough sold for $2,600,000 in July 2004 with 100% financing (assuming PropertyShark is correct). In September 2006 the the property was refinanced with a $2,630,000 note. And in 2010 it's back on the market and asking $2,595,000.

∙ Listing: 2312 Gough (4/3.5) 3,968 sqft - $2,595,000 [MLS]

Posted by socketadmin at 1:00 AM | Permalink | Comments (23) | (email story)

February 11, 2010

A Lack Of Appreciation (And MLS Data) For 219 Brannan #10D

Purchased new for $1,007,000 in November 2000, the two-bedroom Brannan condo #10D at 219 Brannan appears to have been flipped four months later for $1,300,000.

Last March the unit was listed for $1,495,000 and sold with what appears to have been a "confidential" sale price in April 2009. In terms of MLS based statistics, reports, and even comparative market analyses a "sale price" of $1,495,000 would have been employed.

The actual recorded sale price we now know, however, was $1,300,000. And it’s now ten months later and the 1,347 square foot condo is back on the market at $1,295,000.

∙ Listing: 219 Brannan #10D (2/2) 1,347 sqft - $1,295,000 [MLS]
∙ An End To Confidential MLS Sales* (*Unless You're Willing To Pay) [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (33) | (email story)

February 10, 2010

Who’s Afraid Of 39 Virginia Avenue? (Or This Bernal Apple To Be)

Purchased for $725,000 in May 2004 and then flipped five months later for $834,000, the single-family western Bernal Heights home at 39 Virginia Avenue is back on the market and listed at $699,000 ($487 per square foot).

In addition to the legal two bedrooms and full bath on the main floor, there's also an unwarranted bedroom and full bath below (and no sign of any tenants).

∙ Listing: 39 Virginia Avenue (2/1) - $699,000 [39virginia.com] [MLS]

Posted by socketadmin at 9:00 AM | Permalink | Comments (63) | (email story)

February 9, 2010

Our Red-Bellied Tudorbethan (69 Waller) Returns Once Again!

Listed for $1,149,000 in September 2007 (having been increased from $1,049,000), our Red-Bellied Tudorbethan at 69 Waller ended up selling for $1,100,000 ($543 per square foot) in January 2008. While 71 Waller above sold for $1,500,000 in September 2009 (asking $1,749,000 at the time).

As a plugged-in property watcher now notes (and crosses another off his life list), our Red-Bellied Tudorbethan at 69 Waller has returned! Asking $1,180,000 in 2010. And yes, all despite the encroachment on its habitat behind and next door.

∙ Listing: 69 Waller Street (3/2) - $1,180,000 [MLS]
∙ The Return Of The Red-Bellied Tudorbethan! (69 Waller) [SocketSite]
∙ Honey, Is That A Red Bellied Tudorbethan Behind That Tree? [SocketSite]
∙ And Now, The Red-Bellied Tudorbethan’s Mate (71 Waller) [SocketSite]
∙ It’s Back To Building Digging At 1844 Market (Not So Much At 2200) [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (3) | (email story)

February 8, 2010

111 Hoffman Closes Over Asking But 29 Percent Under Its 2005 Price

Purchased for $2,100,000 at the end of August 2005, 111 Hoffman ended up being taken back by the bank in September 2009 without an opening bid of $1,533,000 on the courthouse steps. It then returned to the market in December asking $1,469,250.

This past Friday, the sale of the Noe Valley single-family home closed escrow for a reported $1,500,000 ($566 per square foot), 3% over asking but 29% under its sale price in 2005.

∙ Another Bank-Owned Multi-Million Dollar (In 2005) Noe Valley House [SocketSite]
∙ Bank Owned In Noe: Is There (Another) Doctor In the House? [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (30) | (email story)

February 5, 2010

Apples To Apples To Apples (Plus Televisions) For 1606 Castro

Rebuilt in 2004 (after which it sold for $1,500,000), then resold in 2006 for $1,750,000, 1606 Castro is back on the market in 2010 and asking $1,875,000 (televisions included).

∙ Listing: 1606 Castro (3/3.5) - $1,875,000 [1606castro.com] [MLS]

Posted by socketadmin at 4:45 PM | Permalink | Comments (15) | (email story)

February 4, 2010

Top Floor Sir, Going Down (181 O’Farrell #513)

As we wrote in November with respect to Odeon (181 O’Farrell):

And then there’s the penthouse (#513) which was purchased for $2,000,000 in March 2007. An attempt to sell it off as a fractional over the past two years failed and it’s been the market as a whole for the past 172 days. Originally asking $2,349,000, it’s been three months at $2,099,000 with an owner that "says make an offer!!"

The Odeon penthouse is now back on the MLS with an "original" list price of $1,899,000 and an official 3 days on the market. You’ve got to love (or at least understand) those industry stats and Realtor reports.

∙ Listing: 181 O’Farrell #513 (3/2) 2,516 sqft - $1,899,000 [MLS]
∙ Oh My (And Bank Owned) At The Odeon On O’Farrell [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (4) | (email story)

February 3, 2010

Year 2000-esque Penthouse Comp Atop The Heublien Building

Originally asking $1,099,000 in October 2008, the sale of 601 4th Street Penthouse #2 closed escrow yesterday with a reported contract price of $785,000 ($663 per square foot).

As the penthouse had been relisted in November 2009 for $815,000, however, MLS based reports will consider it three months on the market and an official 4 percent under asking.

Purchased in September 2000 for $815,000 (and we believe renovated at least a little bit in between). And perhaps not a great comp for the "It’s a steal!" penthouse number three directly next door (last asking $835 per square).

∙ Penthouse Number Two Of Three Atop Six Zero One Fourth [SocketSite]
∙ Hitting For The Heublien Building Penthouse Cycle (#PH3) [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (14) | (email story)

January 28, 2010

Apples To Apples For A "Sexy & Sophisticated" Six Year Bernal Hold

Purchased six years ago for $1,250,000 having already been remodeled, this "sexy & sophisticated" Bernal Heights home is back on the market and asking the same.

We’re intrigued by the integration and execution of the skylight and daylighting of the home, we do like the street, and we’re definitely digging the little deck.

∙ Listing: 110 Elsie (3/3.5) 2,202 sqft - $1,250,000 [MLS]

Posted by socketadmin at 1:45 PM | Permalink | Comments (39) | (email story)

435 Vermont Now "Priced To Sell!" (Previously Priced To Sit?)

Purchased for $1,075,000 in January 2007, the single-family 435 Vermont returned to the market last July seeking $1,165,000. In October the asking price was reduced to $1,095,000. And in December the listing was withdrawn from the MLS without a sale.

The remodeled Potrero home is back on the market today at $1,010,000 noting, "Refreshed, restaged & priced to sell!" Refreshing the list price on the million dollar home's namesake website might be a nice touch as well.

∙ Listing: 435 Vermont (3/2.5) 1,876 sqft - $1,010,000 [MLS] [435vermont.com]

Posted by socketadmin at 12:45 PM | Permalink | Comments (24) | (email story)

January 27, 2010

Apples To Apples (And Agent To Bank-Owned) For 200 Brannan #504

Purchased for $925,000 with 10 percent down in April 2005, the agent-owned 200 Brannan #504 returned to the market asking $1,150,000 in July 2006.

The top floor 200 Brannan one-bedroom with 1,123 square feet failed to find a buyer, however, and in December 2009 it became bank-owned with what appears to have been no bidders at $780,000.

It’s back on the market and listed for $649,900, 30 percent under its 2005 purchase price.

∙ Listing: 200 Brannan #504 (1/1.5) 1,123 sqft - $649,900 [MLS]
∙ 200 Brannan Owners Association [200brannan.org]

Posted by socketadmin at 9:15 AM | Permalink | Comments (51) | (email story)

January 26, 2010

One Room, Two Perspectives (And An Alvarado TIC Apple To Be?)

It’s two different perspectives on the "open concept living/dining area" within 90 Alvarado (and with no real argument from us as both shots are included and titled in the listing).

We’re digging the high ceilings and ladder to the loft storage area (but desperately want to reconfigure the rest). And assuming the remodeling was prior to its sale for $415,000 in November 2007, it’s an apples to apples TIC sale to be and asking $449,000.

∙ Listing: 90 Alvarado (1/1) - $449,000 (TIC) [MLS]

Posted by socketadmin at 12:15 PM | Permalink | Comments (23) | (email story)

January 21, 2010

Another Berry Street Two Closes Around Six

Referenced by a reader on our post about a $594 per square foot short sale comp at 235 Berry, the sale of 255 Berry Street #506 closed escrow six weeks later for $603 per square ($780,000). Purchased in early 2007 for $895,000 ($692 per square), call it a 2007 to 2009 drop of 13 percent for this Berry Street two-bedroom of 1,293 square feet.

∙ An Under $600 Per Square Foot Two-Bedroom Comp At 235 Berry [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (35) | (email story)

January 19, 2010

What’s The Story Morning Glory For 66 Sea Cliff Avenue?

This is as close to "cherry picking" as we’ll come. Or more accurately, it’s a recently closed "apples to apples" sale in Sea Cliff that we didn't point out prior to its sale but a plugged-in reader noticed and an outcome that actually caught us a little by surprise. Perhaps there’s a story of which we don’t know and you can set the record straight.

Anyway, the sale of 66 Sea Cliff closed escrow last week with a reported contract price of $1,850,000. Originally listed for $2,448,000 in September of 2009, last asking $2,148,000 (as of November), and purchased for $2,525,000 in April 2004. Call it a nearly six year hold for the single-family home and 27 percent drop in value.

The property is part of the rather real Sea Cliff community. And as a plugged-in reader notes, "6 lots away from 120 Sea Cliff Ave, the Sharon Stone\Phil Bronstein $8M to $16M Cash Flip to William R Hearst III whose Grandma built the original house (or something like that)."

Editor’s Note: Related comments have been moved from Not So Lucky Number Eights (Maybe The Nines Will Be Better).

∙ Ex-Listing: 66 Sea Cliff Avenue (3/2.5) - $2,448,000 [66seacliff.com]
∙ Not So Lucky Number Eights (Maybe The Nines Will Be Better) [SocketSite]
∙ Big House, Big Views, Big Dreams, And Big News…It’s In Contract [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (71) | (email story)

January 14, 2010

Another Apple Seed Planted In 2005 Sprouts Up In Bernal: 172 Gates

With a sale at $801,000 in August 2005, MLS based stats and reports reflect a Bernal Heights neighborhood comp at $843 per square foot for 172 Gates four and a half years ago. Keep in mind, however, that in addition to its official 950 square feet of finished space there are also 700 square feet of "unfinished."

From the listing at the time:

Beautifully remodeled home with views to the Bay, new buyer does not have to do anything to the home. Foundation was redone, new exterior and interior painting, new lighting, [hardwood] floors, kitchen, garden, new deck, and many more upgrades.

Back on the market in 2010 asking $798,000. But this time, no square footage listed.

∙ Listing: 172 Gates (3/1) - $798,000 [Redfin] [Map]

Posted by socketadmin at 8:30 AM | Permalink | Comments (4) | (email story)

January 13, 2010

A Mission Apple Doesn’t Fall Under Its 2006 Tree

As we wrote last month:

Purchased for $835,000 in May 2006 just two years after changing hands for $648,375 (ah, the good old days of easy unsustainable 13 percent average annual appreciation), 2773 Folsom Street #301 returned to the market yesterday asking $799,000.

A sale at asking would represent average annual depreciation of 1.2 percent over the past forty-four (44) months for the three-bedroom/bath Inner Mission condo and value it at 5 percent under its 2006 price (not accounting for the added value of its "updated kitchen").

Yesterday the sale of 2773 Folsom #301 closed escrow with a reported contract price of $850,000. That’s 1.8 percent ($15,000) over its 2006 purchase price or 0.5 percent average annual appreciation over the past forty-four months, but all not accounting for any added value from the aforementioned update.

∙ Apples To Apples To Apples In The Inner Mission (2773 Folsom #301) [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (26) | (email story)

January 11, 2010

Another Vintage (2005) Apple Is Ready To Be Picked In Bernal

It’s a single-family Bernal "2/1" (with unofficial 1/1 below) that’s been held for just shy of five years. Purchased in April 2005 for $855,000 with $85,500 down (10%), 724 Moultrie is back on the market seeking a short sale at "$649,000" ($569 per legal square foot).

Not nearly as renovated as 130 Newman was in 2005, yet it’s another Bernal "comp" that sold for well over an MLS reported $700 per square foot ($750 in this case) back then.

Regardless, in "apples to apples" terms, a short sale at asking (which we doubt this will be) would represent a 24 percent discount below its 2005 purchase price.

∙ Listing: 724 Moultrie (2/1) 1,140 sqft - $649,000 [MLS]
∙ Hellooo Jerry! The Postman Delivers A Bernal Apple [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (35) | (email story)

January 8, 2010

Hellooo Jerry! The Postman Delivers A Bernal Apple

Three months shy of a five year hold, the apples to apples sale of 130 Newman closed escrow on 1/5/10 with a reported contract price of $850,000. Call it 5.6 percent under its April 2005 purchase price of $901,000 for the remodeled single-family Bernal Heights home (not to be confused with a 5.6 percent drop from "peak").

∙ Newman! [SocketSite]
∙ Another Market Metric And Food For Thought At The End Of The Year [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (49) | (email story)

January 7, 2010

Asking 17 8 Percent Less Green For 1011 In 2010

Purchased for $3,600,000 two years ago tomorrow, 1011 Green is a "sensational home on the best block of Russian Hill" that’s been "beautifully renovated by Arthur McLaughlin and Associates" (twas McLaughlin owned from 2005 to 2008) with bay views from the top.

Listed ever so briefly anew yesterday for $2,998,000, its asking price was quickly changed to $3,298,000. Asking $3,695,000 in June of last year, reduced to $3,495,000 in September, and then withdrawn this December past.

UPDATE: And as a plugged-in reader notes, also available for rent at $9,999 per month (and its website site still notes $3,495,000 versus $2,998,000 $3,298,000 on the MLS).

∙ Listing: 1011 Green (3/2.5) - $3,298,000 [MLS] [1011green.com] [Map]

Posted by socketadmin at 7:15 AM | Permalink | Comments (21) | (email story)

January 6, 2010

A Plugged-In Geo Got It Rather Right (388 Lansdale Sells)

It’s more or less a push in terms of appreciation for 388 Lansdale (in more ways than one), as the sale of the 5,000 square foot Sherwood Forest home closed escrow today with a reported contract price of $1,920,000 ($384 per square foot).

From a plugged-in "Geo" last June: "I figure this one goes for $1.9ish at the end of the day which is 10% off the ask, and $380/ft². It is a lot of interesting house on a quiet, well located street."

Originally asking $2,100,000, the house had been purchased for $1,950,000 in 2007.

∙ A White House To End A Black Week [SocketSite]

Posted by socketadmin at 3:15 PM | Permalink | Comments (8) | (email story)

January 5, 2010

On Russia With (Our) Love And A Nine Year Hold

At the other end of the San Francisco spectrum, the sale of 504 Russia Avenue closed escrow on 12/28/09 with a reported contract price of $250,000 (asking $349,000). Purchaed for $265,000 in June 2001.

Once again, one-bedroom and one-bath over a garage on a 25’x100’ lot zoned RH-2.

∙ Perhaps Just For Posterity’s Sake (504 Russia Avenue) [SocketSite]
∙ 2845 Broadway Is Withdrawn In 2010 After 1400 DOM At $65,000,000 [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (8) | (email story)

December 29, 2009

Moving On Out (And Closing Out Down) At 3016 Pine

As a plugged-in tipster catches the moving trucks in action this morning, the sale of 3016 Pine Street closes escrow this afternoon with a reported contract price of $2,260,000.

Although originally listed for 13 percent more eight months ago, according to industry statistics the sale will be recorded at 4 percent under its last asking price of $2,350,000 and with 104 days on the market for the single-family Lower Pacific Heights house.

And at $2,260,000 it’s an apples to apples sale at 17 percent under its July 2006 purchase price of $2,725,000 for the completely remodeled District 6 home.

∙ An Apple Rather Than Cone On The Pine Street Tree (3016 Pine) [SocketSite]
∙ A Potentially Bitter Apple In Lower Pacific Heights: 3016 Pine Returns [SocketSite]
∙ San Francisco Real Estate Districts: Maps And Neighborhoods [SocketSite]

Posted by socketadmin at 4:45 PM | Permalink | Comments (11) | (email story)

"Best Price Ever" At 310 Townsend (Assuming It’s Approved)

Listed for $799,000 plus $25,000 for parking in February 2007, 310 Townsend #202 sold for $824,000 in March of that year. And now the 945 square foot one-bedroom is back on the MLS as a short sale with a list price of "$450,000" (a drop of 45 percent).

While the listing touts "best price ever," however, it is missing "bank approved price."

∙ Listing: 310 Townsend #202 (1/1) 945 sqft - $450,000 [MLS]
∙ 310 Townsend: Available And Selling

Posted by socketadmin at 10:15 AM | Permalink | Comments (34) | (email story)

December 28, 2009

A Pair Trio Of Bank-Owned Penthouses Atop The Watermark

As we wrote in April:

Two months after its initial sale for $1,250,000 in October of 2006 Watermark (501 Beale) Penthouse #2B was flipped for $1,375,000. (Ah, the good old days.) It's now a little over two years later and the top floor condo is back on the market and asking $1,094,500.

The listing notes both short sale and bank owned (we believe it’s the former) and the condo failed to sell earlier this year when seeking $1,195,000. Keep in mind that the identical "penthouse" unit a floor below (#PH1B) sold for $1,300,000 in October of 2006 and was likely a supporting comp for the flip of #PH2B. And so on. And so forth.

501 Beale #PH2B ended up selling for $950,000 this past October. That same month 501 Beale #PH1B was returned to the bank, it's now back on the market and asking $940,500.

Plugged-in people should have seen it coming (and been prepared). Those too busy whining about our "unfair apples" probably would have missed it (or perhaps were simply trying to sell you something else).

We also expect the bank-owned Watermark Penthouse #1E to return to the market soon, while bank-owned units #1D and #6C remain active and available as well.

∙ Listing: 501 Beale #PH1B (2/2) - $940,500 [Redfin]
∙ From Flippy To Floppy For Watermark (501 Beale) Penthouse #2B [SocketSite]
∙ A Pair Of Bank-Owned Penthouses Atop The Watermark (501 Beale) [SocketSite]
∙ Another Bank Owned Watermark Comp To Be: 501 Beale #6C [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (19) | (email story)

214 Arguello: Two Years Later And Asking Twenty-Five Percent Less

No, we weren’t kidding when we noted "coming soon" for 214 Arguello. Once again, last sold for $1,600,000 in December 2007, unable to find a buyer at an "unbelievable" $1,395,000 in 2008, and taken back by the bank three weeks ago with no bidders on the courthouse steps at $1,259,306.

Now listed and asking $1,200,000 at the end of 2009.

∙ Listing: 214 Arguello (3/2.5) - $1,200,000 [MLS]
∙ An Absolutely Unbelievable Foreclosure As Well? (And Coming Soon) [SocketSite]
∙ Perhaps It’s The Market That’s More Unbelievable To Some... [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (40) | (email story)

December 23, 2009

An Absolutely Unbelievable Foreclosure As Well? (And Coming Soon)

As we wrote about 214 Arguello Boulevard a year ago and almost to the day:

Purchased for $1,600,000 [in December 2007] when they were asking $1,675,000, 214 Arguello Boulevard returned to the market nine months later (September 2008) asking $1,595,000. The list price was lowered to $1,495,000 six weeks later. And for the past three they've been asking $1,395,000.

A sale at the current asking for this four bedroom, two and one-half bath, completely renovated and District 7 (albeit on a busy block, as it was before) condo would represent depreciation of 12.8% over the past year.

From the listing: "This price is [absolutely] unbelievable…" Only if you're not plugged-in.

As a plugged-in reader notes early this morning, 214 Arguello was taken back by Wells Fargo on December 10 with no bidders at $1,259,306, the balance on the first of two mortgages owed.

∙ Perhaps It’s The Market That’s More Unbelievable To Some... [SocketSite]
∙ Latest San Francisco Listing Euphemism: "Unfinished" Versus Stripped [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (40) | (email story)

December 21, 2009

The "Confidential" Infinity Short Sale Scoop: 301 Main #9E

Asking just under $900,000 when the Infinity sales office first opened, tax records suggest 301 Main Street #9E was purchased for $867,000 in March 2008. The upgraded Tower One condo returned to the market at the end of 2008 listed for $885,000.

The resale asking price was subsequently reduced to $799,000 this past January, and then to $749,000 as a short sale in June. The short sale closed escrow December 10.

And while the sale price in the MLS was reported as "confidential," and as such will reflect the asking price of $749,000 ($635 per square foot) when queried by those who rely on it for market stats and averages, the recorded deed reports a transfer tax of $4,127.60 which equates to an actual sale price of $607,000 or $514 per square foot for the 1,180 square foot two-bedroom condo with parking, 30 percent under its price in 2008.

Keep in mind that the 1,180 square foot 301 Main Street #10E was purchased for $845,000 in July 2008. And tax records suggest the 1,180 square foot 301 Main Street #11E sold for just over $900,000 this past february while the 1,303 square foot 301 Main Street #8E sold for $1,038,000 in February 2008.

Full Disclosure: We advised the plugged-in buyers in their search for a San Francisco property. And as always, we’re looking forward to the housewarming.

∙ Another Infinity Resale (#9E) Within Those "Restricted" Two Years [SocketSite]
∙ Just Under $900,000 Originally, Asking Just Under $800,000 Today [SocketSite]
∙ An End To Confidential MLS Sales* (*Unless You're Willing To Pay) [SocketSite]

Posted by socketadmin at 2:15 PM | Permalink | Comments (27) | (email story)

A Not So Sweet December For Marquee Lofts #702 Five Year Hold

Purchased for $1,400,000 in November 2004, returned to the market this past March asking $1,800,000, and reduced to $1,365,000 in October, the sale of the Stanley Saitowitz re-designed Marquee Lofts (151 Alice B. Toklas) #702 closed escrow on 12/18 with a reported contract price of $1,330,000 (5 percent under its 2004 value).

Once again, the 2,300 square foot loft starred as Keanu Reeves' character’s apartment in the movie "Sweet November" and features a "custom designed steel audio cabinet" by sculptor Kyle Reicher (and wenge wood bookshelf by Robert Croutier).

∙ Remodeled And Reduced Rooms With A View [SocketSite]
∙ Name Dropping Hollywood Style: Marquee Lofts #702 [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (16) | (email story)

December 17, 2009

Glen Park Market Place Still Defying Gravity Latest Comp Closes Down

As we wrote in October:

A few months after the 15-unit Glen Park Market Place premiered, 53 Wilder Street #406 closed escrow for $855,000 (September 2006). It’s two bedrooms, two baths and 1,249 square feet. And it’s back on the market and asking $839,000 (2% under its 2006 price).

Interestingly enough, a two bedroom, two bath and 1,279 square foot unit next-door (53 Wilder Street #405) sold for $871,000 this past April. It had been purchased for $810,000 in November 2006.

Yesterday the sale of 53 Wilder Street #406 closed escrow with a reported contract price of $819,220. That's 4.2% under its 2006 value and versus the 7.5% gain since 2006 that 53 Wilder #405 realized just eight months ago.

∙ Still Defying Gravity At Glen Park Market Place? [SocketSite]
∙ Glen Park Market Place: Range Of Prices And BMR Deadline [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (22) | (email story)

December 14, 2009

Motivated To Move And Now Asking 4% Over Its 2005 Price In Noe

Remodeled and then returned to the market for $1,595,000 in November 2005, the single-family house at 4334 25th Street closed escrow and established a neighborhood comp that December with a contract price of $1,825,000.

Listed six weeks ago for $2,125,000, the price was reduced to $1,950,000 two weeks later and then to $1,899,000 two weeks after that. Call it an effective "rent" of around $11,000 a month for the Noe Valley property over the past four years (assuming a sale at asking).

As the listing currently notes, "Seller is motivated!"

∙ Listing: 4334 25th Street (4/3) - $1,899,000 [MLS]

Posted by socketadmin at 1:30 AM | Permalink | Comments (20) | (email story)

December 11, 2009

Newman!

Renovated prior to its purchase for $901,000 in April 2005, 130 Newman is back on the market and asking $849,000. The kitchen is the centerpiece of the single-family Bernal home. On the market for $979,000 in August 2008 before being withdrawn that October.

∙ Listing: 130 Newman (2/1) - $849,000 [MLS]

Posted by socketadmin at 4:00 PM | Permalink | Comments (31) | (email story)

Better Late Than Never For A "New" Palms Short Sale Comp

Three months after having closed escrow for a recorded $400,000 ($508 per square foot), the MLS listing for 555 4th Street #605 was just updated to reflect the sale. Purchased for $620,500 in November 2006, the one-bedroom at The Palms returned to the market this past April asking $585,000. Last asking $479,000 as an approved short sale in July.

Posted by socketadmin at 1:45 PM | Permalink | Comments (16) | (email story)

December 8, 2009

Apples To Apples To Apples In The Inner Mission (2773 Folsom #301)

Purchased for $835,000 in May 2006 just two years after changing hands for $648,375 (ah, the good old days of easy unsustainable 13 percent average annual appreciation), 2773 Folsom Street #301 returned to the market yesterday asking $799,000.

A sale at asking would represent average annual depreciation of 1.2 percent over the past forty-four (44) months for the three-bedroom/bath Inner Mission condo and value it at 5 percent under its 2006 price (not accounting for the added value of its "updated kitchen").

∙ Listing: 2773 Folsom Street #301 (3/3) - $799,000 [MLS]

Posted by socketadmin at 3:45 PM | Permalink | Comments (42) | (email story)

Bank Owned In Noe: Is There (Another) Doctor In the House?

As we wrote in October:

Purchased for $2,100,000 at the end of August 2005, a plugged-in reader noted 111 Hoffman over in Noe Valley was scheduled to hit the courthouse steps last month.

In a follow-up comment yesterday, said reader also notes that 111 Hoffman was in fact taken back by the bank (officially on September 28).

And as another reader noted early this morning, the "Stunning & luxurious remodeled home in the Heart of Noe Valley with sweeping panoramic views of the City & Bays" is back on the market and asking $1,469,250 (30% under its 2005 price).

∙ Listing: 111 Hoffman (5/4.5) 2,650 sqft - $1,469,250 [MLS]
∙ Another Bank-Owned Multi-Million Dollar (In 2005) Noe Valley House [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (50) | (email story)

December 4, 2009

Bank Owned Hits The Brannan (239 Brannan #11E)

Purchased for $937,500 in May 2002, the two-bedroom 239 Brannan #11E at The Brannan was taken back by the bank in October.

Just listed for $899,9000 but "missing refrigerator, dishwasher, disposer, range, fan, microwave and vanity in hall bath." Let us know when if you see them on Craigslist.

∙ Listing: 239 Brannan #11E (2/2) 1,137 sqft - $899,900 [MLS]

Posted by socketadmin at 8:15 AM | Permalink | Comments (30) | (email story)

November 30, 2009

Not Perfectly "Apples To Apples" But A Bernal Data Point Nonetheless

With a new kitchen and some other seemingly minor renovations (i.e., no pulled permits) since its purchase for $990,000 in December 2007 (the kitchen at the time below), the recent sale of 78 Anderson on 11/19/09 apparently isn’t perfectly "apples to apples."

But with a reported contract price of $1,062,000 ($65,000 over asking) it is a data point at $699 per square foot for the 1,519 square foot four-bedroom Bernal home with views.

∙ Apples To Apples On Anderson (#78) Atop Bernal Heights [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (17) | (email story)

November 20, 2009

Into The Bernal Apple Cart Falls 82 Ellsworth

The sale of 82 Ellsworth on the South Slope of Bernal Heights closed escrow yesterday with a reported contract price of $855,000 (asking $899,000).

Purchased in April 2005 for $975,000, it's a 12.3% drop in value below its 2005 price for the two-bedroom and two-bath single-family home two blocks above the heart of Cortland.

∙ Apples To Apples (Aside From Any Other Analytics) In Bernal Heights [SocketSite]

Posted by socketadmin at 6:15 AM | Permalink | Comments (58) | (email story)

November 19, 2009

A Resale One Joins The Two At Seventy-Four New Montgomery

While the two-bedroom 74 New Montgomery #502 remains available at $945,000 (24% under its un-upgraded purchase price in 2008), a tipster notes a one-bedroom resale (74 New Montgomery #305) has also hit the market asking $485,000 (12% under its purchase price in January 2008).

We’ll assume the shades are drawn to simply show off the upgrade, or for the purposes of photography, not to hide the views.

∙ Listing: 74 New Montgomery #305 (1/1) - $485,000 [MLS]
∙ Overlooking Architecture (And Upgrades) At The Montgomery (#502) [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (7) | (email story)

November 18, 2009

Sold Together For $9M in '07, Purchased Apart For $6,766,001 In '09

As we wrote two weeks ago:

Still listed on the San Francisco Association of Realtors' MLS last week as an "active listing" despite a plugged-in reader's report that it had actually sold at foreclosure auction two weeks ago, today the MLS listing for 2151 Green Street was...withdrawn.

And if our reader’s source is correct, the buyer at $3,066,001 was...the person who sold it to the foreclosed upon party along with the adjoining empty lot for $9,000,000 in 2007.

Oh, and the listing for said lot now known as 2157 Green Street just went pending (last asking $4,200,000).

The sale of the 2157 Green Street lot has since closed escrow with a reported contract price of $3,700,000, so make that a total purchase price of $6,766,001 for the two District 7 pieces that sold together for $9,000,000 in 2007 prior to the added value of the lot split.

And while our reader was correct with respect to the auction of 2151 Green Street, our sources say the buyer wasn’t the seller in 2007 (but did just buy the lot as well).

Just to be clear, the six-bedroom, five-bath and 6,800 square foot Cow Hollow home which had been "remodeled" and then returned to the market in 2008 asking $10,950,000 (reduced to $7,350,000 in 2009) sold at auction for $3,066,001 four weeks ago.

∙ The 2151 Green Street Scoop: Wait For It… [SocketSite]
∙ Reader Versus Realtor: Did 2151 Green Street Just Sell At Auction? [SocketSite]
∙ But Hey, $550,000 Is Simply A Rounding Error To A Proper Industrialist [SocketSite]
∙ Another District Seven Mansion Heads For Foreclosure (2151 Green) [SocketSite]
∙ The Scoop On 2157 Green Street (Could You See The Foreshadowing?) [SocketSite]
∙ San Francisco Real Estate Districts: Maps And Neighborhoods [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (10) | (email story)

November 16, 2009

Down On Nob Hill At Gramercy Towers (1177 California)

Billed as having the "Most desired junior 1 bedroom floorplan in building," Gramercy Towers (1177 California) #1022 is on the market and asking $499,000. It was purchased for $462,000 three years ago. And all things considered, that wouldn’t be bad appreciation.

Two weeks ago, however, the sale of the Gramercy Towers #1402 (yes, the "Most sought after Junior 1 bedroom floor plan with views of the Golden Gate Bridge" but without a balcony we believe) closed escrow with a reported contract price of $407,000. The 511 square foot unit was also remodeled and had been asking $429,000.

∙ Listing: 1177 California #1022 ("1"/1) 511 sqft - $499,000 [MLS]

Posted by socketadmin at 10:00 AM | Permalink | Comments (34) | (email story)

Oh My (And Bank Owned) At The Odeon On O’Farrell

Purchased for $800,000 in December 2006, Odeon (181 O’Farrell) #508 was taken back by the bank. It’s been listed at $601,400, a sale at which would represent a 25 percent drop in value over the past three years.

Also on the market in the Odeon, #307 which was purchased for $780,000 in March 2007, has been on the market for the past 185 days, and hasn’t moved at $699,000 (a 10 percent drop). And #505 which was purchased for $894,500 in February 2007, has been on the market for the past 56 days, and hasn’t moved at $760,000 (a 15 percent drop).

And then there’s the penthouse (#513) which was purchased for $2,000,000 in March 2007. An attempt to sell it off as a fractional over the past two years failed and it’s been the market as a whole for the past 172 days. Originally asking $2,349,000, it’s been three months at $2,099,000 with an owner that "says make an offer!!"

∙ Listing: 181 O’Farrell #307 (1/1.5) - $699,000 [MLS]
∙ Listing: 181 O’Farrell #508 (1/1.5) 1,047 sqft - $601,400 [MLS]
∙ Listing: 181 O’Farrell #505 (1/1.5) 1,334 sqft - $760,000 [MLS]
∙ Listing: 181 O’Farrell #513 (3/2) 2,516 sqft - $2,099,000 [MLS]
∙ New Developments: Odeon (181 O’Farrell) [SocketSite]

Posted by socketadmin at 12:30 AM | Permalink | Comments (49) | (email story)

November 5, 2009

The (Eichler) Summit Of 999 Green Street #2802

According to a plugged-in tipster, the three-bedroom Eichler Summit #2802 was purchased "off the market" (unlisted on the MLS) for $2,500,000 in October of 2008. And the sale price might have been partially based on the "comp" sale of #2804 for $2,720,000 in December of 2007 (which "was in worse condition" than #2802).

Back on the market four weeks ago asking $2,099,000, the price for 999 Green Street #2802 has been reduced to $1,950,000. Yes, the kitchen and baths could use some updating, but it's a classic building with big views and a price 22 percent less than in 2008.

. Listing: 999 Green Street #2802 (3/2) - $1,950,000 [MLS]

Posted by socketadmin at 4:30 PM | Permalink | Comments (20) | (email story)

An Under $600 Per Square Foot Two-Bedroom Comp At 235 Berry

Purchased for $950,000 in June of 2007 ($18,900 under asking at the time), 235 Berry #413 returned to the market this past April asking $789,000.

Yesterday, the sale of the 1,235 square foot condo closed escrow with a reported contract price of $734,000 ($594 per square). Call it a 23% drop in value over the past three years for the two-bedroom condo with a deck (and some windows) overlooking Mission Bay.

UPDATE: Some additional color (and opinion) from the short seller's agent:

Truth is we went through four buyers and our first offer was for $789,000 but no one wanted to hang out and wait while the bank takes 6 months to decide. Had the lender been able to respond before 4 months passed, the sales price would have been much closer to the original list.

Bottom line it was the best deal the bank would get even though as an REO it could have sold for more - it still would have cost them another 3-5% to foreclose and process it. The price was reflected in the fact the buyer was taking a gamble with their time and emotions as to whether it would ever close, and it was a nailbiter.

Cheers.

∙ I’ll See Your $800 Per Square Foot And Raise Lower You $200 At 235 [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (55) | (email story)

November 3, 2009

A Lower High Watermark For 501 Beale Penthouses (#PH2B Closes)

The sale of Watermark (501 Beale) penthouse #2B closed escrow on 10/19/09 with a reported contract price of $950,000. While still "not cheap" at $932 per square foot, it is 31 percent cheaper than its "buy, sell, repeat, retire" resale price of $1,375,000 in December of 2006, 24 percent cheaper than its purchase price of $1,250,000 in October of 2006.

It's also 27 percent cheaper than the identical "penthouse" unit a floor below (#PH1B) that sold for $1,300,000 in October of 2006 and was likley a supporting comp for the flip of #PH2B. And so on. And so forth.

No word on whether or not it was our plugged-in reader who had offered $950,000 in cash to the bank for #PH2B prior to its last list price reduction (at which time they wouldn’t "even take a look at it") who ended up with the condo. If so, one word: housewarming.

∙ A Pair Of Bank-Owned Penthouses Atop The Watermark (501 Beale) [SocketSite]
∙ From Flippy To Floppy For Watermark (501 Beale) Penthouse #2B [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (7) | (email story)

October 29, 2009

Who’s The Comp Now? (160 Westgate Drive Closes Escrow)

Advertising "priced below neighborhood comps" at $1,025,000 in August, the bank-owned sale of 160 Westgate Drive closed escrow on 10/27 with a reported contract price of $1,040,000. That’s 1% over asking for the single-family Mount Davidson Manor home.

Of course that's also 19.7% under its purchase price in 2005 which didn’t account for its 2007 remodel, a few appliances from which were missing this time around.

So who’s the comp now?

∙ Five Years Of Appreciation Under Its Un-Renovated Year 2005 Price [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (3) | (email story)

Three Years Later And A Thirteen Percent Drop At 1635 California

Unable to sell out in 2006, a number of 1635 California’s 36 condos quietly headed to the rental market. As we wrote that February:

1635 California opened its doors over three months ago and at least 7 of the units are still on the market (with more yet to be “released”). And although we were not able to secure a full pricing sheet (the agents staffing the open house seemed downright defensive when asked), nor any property statements (none were made available), we’ve still got some numbers for our readers…

One of those numbers was for 1635 California #63, listed for $835,000 at the time. It's back on the market with Vanguard again but now asking $729,000 (a drop of 13%).

As some might recall, we featured the apples to apples sale of 1635 California #33 last year, purchased for ~$780,000 in 2006 and re-sold for $740,000 in 2008 (a drop of 5%).

∙ Listing: 1635 California Street #63 (2/2) - $729,000 [MLS]
∙ 1635 California Street [SocketSite]
∙ Another Apple Speaks On The Edge Of Nob Hill (1635 California #33) [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (9) | (email story)

October 27, 2009

The 2151 Green Street Scoop: Wait For It…

Still listed on the San Francisco Association of Realtors' MLS last week as an "active listing" despite a plugged-in reader's report that it had actually sold at foreclosure auction two weeks ago, today the MLS listing for 2151 Green Street was...withdrawn.

And if our reader’s source is correct, the buyer at $3,066,001 was...the person who sold it to the foreclosed upon party along with the adjoining empty lot for $9,000,000 in 2007.

Oh, and the listing for said lot now known as 2157 Green Street just went pending (last asking $4,200,000).

Did someone just effectively short the vaunted District 7 residential real estate market in San Francisco and pocket a few million by doing so?

∙ Reader Versus Realtor: Did 2151 Green Street Just Sell At Auction? [SocketSite]
∙ But Hey, $550,000 Is Simply A Rounding Error To A Proper Industrialist [SocketSite]
∙ Another District Seven Mansion Heads For Foreclosure (2151 Green) [SocketSite]
∙ The Scoop On 2157 Green Street (Could You See The Foreshadowing?) [SocketSite]
∙ San Francisco Real Estate Districts: Maps And Neighborhoods [SocketSite]

Posted by socketadmin at 5:00 PM | Permalink | Comments (27) | (email story)

October 26, 2009

Bank Owned Price Discovery For A Beacon Two-Bedroom

As a plugged-in reader noted in July, 250 King Street #530 was taken back by the bank in June. And the bank owned resale of the 1,338 square foot Beacon condo closed escrow on 10/22 with a reported contract price of $600,000.

Yes, that’s 3% "over asking!" Then again, it’s also 31% below its purchase price in 2005 ($870,000) and $448 per square foot for the two-bedroom, two-bath condo with parking and "panoramic views of the City from the floor to ceilings windows."

No word on whether or not the buyer at the $270,000 savings today had been "priced out forever" in 2005.

Posted by socketadmin at 7:45 AM | Permalink | Comments (16) | (email story)

October 22, 2009

A Potentially Bitter Apple In Lower Pacific Heights: 3016 Pine Returns

As a reader notes, 3016 Pine Street is back on the market and is now listed for $2,350,000. On the market six months ago asking $2,595,000 before being withdrawn, purchased in July 2006 for $2,725,000.

As another plugged-in reader added in April:

If you want to go a little further back, a contractor (who RIP) paid $600k in 2002 and flipped it to a couple of brothers in 2003 who IIRC went on the Planning Commission to defend their project as it was going to be "their home". Soon after the project was done *surprise* it went on the market. :rolleyes:

There may have been issues with the remodel/expansion as scaffolding went up at least twice after the 2006 closing (but then, maybe they just wanted different paint colors). BTW, I think (at least one of) those decks went in after the project was "finaled" (i'm just saying).

A sale at its reduced asking would represent a 14% decline in value since July 2006 for this Lower Pacific Heights single-family home.

UPDATE: In the words of a tipster, a before photo "for those who are calling the current incanation fugly":

∙ Listing: 3016 Pine Street (5/3.5) - $2,350,000 [MLS]
∙ An Apple Rather Than Cone On The Pine Street Tree (3016 Pine) [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (33) | (email story)

October 21, 2009

Trying To Tell It Like It Is For 114 Crescent Avenue In Bernal Heights

From the listing (verbatim) for 114 Crescent Avenue:

50K pride redution. This is a beatiful house. It was just too much money before we reduced the price!

Now asking $875,000 for the the single-family home on the southern side of Bernal Heights. Purchased for $960,000 in July of 2005 (8.8% under its reduced ask). And no sale after 30 days on the market at $925,000.

We're assuming the renovation was prior to the last purchase, and as such it would likely have been more expensive on a per square foot basis than any neighborhood average including a mix of unrenovated homes in 2005. But apples to apples it works.

∙ Listing: 114 Crescent Avenue (3/2) - $875,000 [MLS]

Posted by socketadmin at 3:00 PM | Permalink | Comments (47) | (email story)

October 20, 2009

Proof That Prime View Properties Haven’t Depreciated At All

Purchased for $1,995,000 in April 2004, 1440 Kearny hit the market in October of 2008 seeking $2,850,000. Reduced a number of times to $2,295,000 before being relisted, the sale of 1440 Kearny closed escrow on 10/2 with a reported contract price of $2,200,000.

That’s total appreciation of 10% over the past five and one-half years and average annual appreciation of 1.79% for this rather prime view property. Is this proof positive that prime property values haven’t actually fallen in San Francisco and are actually appreciating?

Keep in mind that at a nominal (especially given the timeframe) 4% appreciation a year from purchase through 2008, the property would have had to have depreciated by 7% to reach its value today. At 8% annual appreciation from 2004 through 2007, the property would have had to have depreciated by 21% to reach its value today.

And as a near aside and food for thought, but with all median caveats in place, according to PropertyShark the median price per square foot for condominiums in 94133 was $808 in 2004. It was $982 in 2008. So far in 2009 it’s $687.

UPDATE (10/21): Sorry folks, but it looks like we originally screwed the proverbial pooch on this one. The "recorded" (think assessor’s office) sales price was in fact $2,200,000. We’re currently trying to confirm if we simply misread the "reported" (think MLS) sales price as $2,000,000 (which is entirely possible we did).

Regardless, our original piece was based on an incorrect piece of information and as such has been rewritten. We have, however, preserved the original text and associated comments below for those who will inevitably be more concerned with screaming "cover up" rather than the actual accuracy of the information.

Mistakes happen, and when they do we correct them as quickly as possible. If that means having to temporarily pull a piece until it can be done, so be it (especially if it’s once out of every 4000 or so posts).

∙ Sometimes It's Simply The View(s), And Sometimes It's Not [SocketSite]
∙ A New New New Listing (And Price Cut Bump) For 1440 Kearny [SocketSite]
∙ The Listing For 1440 Kearny Sheds $100,000 Per Day! (Sort Of) [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (136) | (email story)

October 19, 2009

A Higher Watermark Than Some Expected…Only 23% Under '06 Price

The bank-owned sale of the two bedroom Watermark (501 Beale) #12G closed escrow on 10/13/09 with a reported contract price of $750,000 ($727 per square foot), that’s $10,000 less than what was owned on the first mortgage at the time the bank foreclosed in August. And that’s 23% less than what the previous owner had paid in May of 2006 ($975,000).

A proposed short sale of the property this past June never materialized.

∙ 501 Beale #12G: No Short Sale For You! (Foreclosure Instead) [SocketSite]
∙ Oh Geez, Watermark (501 Beale) Number 12G Returns As A Short Sale [SocketSite]

Posted by socketadmin at 2:15 PM | Permalink | Comments (13) | (email story)

Looking Back And Out Over South Park Via 10 South Park #1 (And #3)

Purchased for $760,100 in November of 2004 but then taken back by the bank in July, the sale of 10 South Park #1 closed escrow on 10/16/09 with a reported contract price of $611,300 ($511 per square foot). That’s 3% "over asking" but 20% under its '04 value.

As a couple of plugged-in readers noted previously, 10 South Park #3 which is 267 square feet smaller but likely offered better views, and perhaps even a better layout, sold for $925,000 ($996 per square foot) in July of 2007.

∙ A Bank Owned 10 South Park #1 (Insert Underpants Quotes Here) [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (2) | (email story)

October 16, 2009

Still Defying Gravity At Glen Park Market Place?

A few months after the 15-unit Glen Park Market Place premiered, 53 Wilder Street #406 closed escrow for $855,000 (September 2006). It’s two bedrooms, two baths and 1,249 square feet. And it’s back on the market and asking $839,000 (2% under its 2006 price).

Interestingly enough, a two bedroom, two bath and 1,279 square foot unit next-door (53 Wilder Street #405) sold for $871,000 this past April. It had been purchased for $810,000 in November 2006. As a plugged-in tipster noted about the sale at the time:

The only explanation I can come up with for the gravity-defying price is that Glen Park village has improved significantly in the meantime. The new Canyon Market on the ground floor seems to be successful and some nice new restaurants (Le P'tit Laurent, Sangha) have opened within 60 seconds walk.

Neighborhood, building or property changes can definitely muddle an "apples to apples" comparison when trying to divine how "the market" is moving. That being said, back to 53 Wilder #406 (or #203 which has been on the market for 70 days at $749,000, purchased for $729,000 in September of 2006).

Will changes in the village continue to help Glen Park Market Place defy beyond #405?

UPDATE: From the aforementioned tipster: "I should point out that one of the restaurants I cited (Sangha) has since closed." Perhaps that's what's changed for #406...

∙ Listing: 53 Wilder #203 (2/2) 1,212 sqft - $749,000 [MLS]
∙ Listing: 53 Wilder #406 (2/2) 1,249 sqft - $839,000 [MLS]
∙ Glen Park Market Place: Range Of Prices And BMR Deadline [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (77) | (email story)

October 14, 2009

A 21% "Gap" In Values From 2005 To 2009 For 550 Terry Francois

By way of a plugged-in tipster and the Wall Street Journal, Tishman Speyer is contract to sell 550 Terry Francois Blvd. (a.k.a. Gap’s outpost in Mission Bay) for $136.5 million.

Tishman paid $173.1 million for the 282,773 square foot, fully leased (through 2017), and "state-of-the-art" building in 2005. Call it a 21% drop below 2005 values (versus peak).

∙ Australian Investors Feel U.S.-Office Pinch [Wall Street Journal]

Posted by socketadmin at 4:40 PM | Permalink | Comments (9) | (email story)

Fronds To Fronds For The Palms (555 4th Street) #540: Down 26%

The sale of The Palms (555 4th Street) #540 for ten percent over asking (yes, OVER ASKING!) is sure to spark a few "it’s a rebound in San Francisco" remarks.

Then again with a reported contract price of $415,000 it's also a 2009 closing at 26% under its January 2007 purchase price ($562,000) for the upgraded, but bank-owned, condo with all appliances intact.

∙ Fronds To Fronds For A Few One-Bedrooms At The Palms (555 4th) [SocketSite]
∙ SocketSite Sees Seasonality (Versus Signs Of A Rebound) [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (6) | (email story)

October 13, 2009

An Apples To Apples (And Rather Prime) Update For 2041 Sacramento

As we wrote last month:

Purchased for $2,286,500 in June of 2007, the top floor condo with two car parking at 2041 Sacramento is listed for $2,095,000 today. A sale at asking would represent an 8.4% drop in value over the past two years for this remodeled Pacific Heights condo home.

On Sunday the list price was reduced to $1,999,000. Assuming it sells for its new asking, call it a 12.6% drop in value over the past two years for this Pacific Heights condo home.

∙ Listing: 2041 Sacramento #Top (3/3) - $1,999,000 [MLS]
∙ North To South (And Apples To Apples) From Atop 2041 Sacramento [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (20) | (email story)

October 9, 2009

Apples To Apples To Apples Yields Two Different Tales

Built in 2000 and sold for $535,000 in March of that year, 662 Capp Street #3 just closed escrow with a reported contract price of $747,500. That’s average annual appreciation of 3.6% over the past nine years.

Or perhaps a bit more accurately, that’s average annual appreciation of 8.4% from March of 2000 to November of 2004 when it sold for $780,000 versus average annual appreciation of -0.9% since then.

Regardless, not to be confused with values in the Mission have fallen five percent.

∙ A Mission Apple Condo Times Two: 662 Capp Street #3 [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (16) | (email story)

Apples To Apples On Anderson (#78) Atop Bernal Heights

Purchased for $990,000 in December of 2007, the four bedroom and two bath "updated Bernal cottage" at 78 Anderson is back on the market and asking $997,000. If you think you know Bernal, now’s the time to make the call (or don't bother with an "I told you so!").

∙ Listing: 78 Anderson Street (4/2) - $997,000 [MLS]

Posted by socketadmin at 9:15 AM | Permalink | Comments (28) | (email story)

October 1, 2009

Yesterday’s Value For 1943's House Of Tomorrow (1599 Shrader)

The sale of the John Campbell and Worley Wong designed "House of Tomorrow" (a.k.a. 1599 Shrader) closed escrow yesterday with a reported contract price of $1,375,000.

The Parnassus Heights house was purchased by the sellers for $1,600,000 in July of 2008 (asking $1,695,000 at the time), a 14% decline in value over the past 14 months.

∙ 1943 House Of Tomorrow (1599 Shrader) Back On The Market In 2009 [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (2) | (email story)

September 30, 2009

A Fronds To Fronds Sale For The Palms (555 4th Street) #602

Purchased for $589,000 in September 2006 but then bought back by the bank in June 2009, the banked-owned re-sale of The Palms (555 4th Street) #602 closed escrow on 9/28/09 with a reported contract price of $400,000. Call it a 32% drop in value for the 670 square foot one-bedroom end-unit with deck (but leased parking) since 2006.

∙ Fronds To Fronds For A Few One-Bedrooms At The Palms (555 4th) [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (12) | (email story)

September 28, 2009

A Fifty Percent Off Sale For The Bank Owned 767 Bryant #204

Purchased for $944,500 in March 2007, the 1,607 square foot two-bedroom loft #204 at 767 Bryant was "bought" back by the bank for $745,784 in December 2008 adding to a growing inventory of bank owned units in the building.

On September 17, 2009 the resale of 767 Bryant #204 closed escrow with a reported contract price of $475,000, $295 per square foot and 49.7% under its value in 2007.

UPDATE: A quick reminder that in August the 2,041 square foot 767 Bryant #210 closed escrow with a recorded sale price of $665,000 ($326 per square foot and 44.6% under its 2006 asking).

∙ Thirty Percent Of 767 Bryant Returns As REO (But Not Speedwagon) [SocketSite]
∙ 767 Bryant #210 Comes In For A 767 Comp Crash Landing [SocketSite]

Posted by socketadmin at 11:40 AM | Permalink | Comments (19) | (email story)

September 15, 2009

A 2004 Comp Killer On Chester Avenue

The bank-owned sale of 126 Chester Avenue closed escrow yesterday with a reported contract price of $505,800. And while that’s "13% over asking!" and with "Multiple Offers!" (a.k.a. "signs of a serious real estate rebound"...) it’s also 33% less than its purchase price of $750,000 in December of 2004 (and represents average annual appreciation of 3.3% over the past decade for the single-family house).

∙ A Banked Owned White Picket Fence And Dream (126 Chester Ave) [SocketSite]
∙ 555 Edinburgh Sells For 24% Over Asking (The Neighborhood Median) [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (0) | (email story)

September 14, 2009

1097 Howard #308 Shines Some Apples To Apples Style Light

The “apples to apples” sale of 1097 Howard #308 closed escrow on 9/11/09 with a reported contract price of $1,900,000. Purchased for $2,450,000 in 2007 and listed for $2,300,000 this past March, the sale represents a 22.4% drop in value over the past two years for the 4,162 square foot Lighthouse Lofts signature space.

And while closing at 17.4% under its original list price, keep in mind that official industry stats will record and report the sale at 4.8% under its reduced price.

∙ The Lighthouse Lofts In General (1097 Howard), And #308 In Specific [SocketSite]
∙ The Lighthouse Lofts Apple Of Our Eye Returns (1097 Howard #308) [SocketSite]
∙ The Market Takes A Bite Out Of The Lighthouse Lofts Signature Apple [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (21) | (email story)

September 4, 2009

Apples To Apples (Aside From Any Other Analytics) In Bernal Heights

Let’s put aside any macro dollar per square foot analytics which would suggest home values in Bernal are down despite the alpha effects of the neighborhood’s gentrification and focus on a rather micro apple in the making: 82 Ellsworth.

Two blocks above the heart of Cortland, two bedrooms and two baths, and some views. Purchased in April of 2005 for $975,000, back on the market today and asking $899,000.

Keep in mind that under "normal" market appreciation of 4 percent a year, and not accounting for any gentrification or remodeling juicing, an asset purchased in 2005 for $975,000 should be worth around $1,158,000 today.

∙ Listing: 82 Ellsworth (2/2) - $899,000 [82Ellsworth.com] [MLS]
∙ Expectation Setting: San Francisco Appreciation [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (39) | (email story)

September 1, 2009

North To South (And Apples To Apples) From Atop 2041 Sacramento

An overlook of Lafayette Park to the north from the living room is a rather nice feature. The south facing private roof deck overlooking Cathedral Hill is as well.

Purchased for $2,286,500 in June of 2007, the top floor condo with two car parking at 2041 Sacramento is listed for $2,095,000 today. A sale at asking would represent an 8.4% drop in value over the past two years for this remodeled Pacific Heights condo home.

∙ Listing: 2041 Sacramento #Top (3/3) - $2,095,000 [MLS]

Posted by socketadmin at 11:00 AM | Permalink | Comments (26) | (email story)

August 31, 2009

New York In Nob Hill Returns After Three Years: 1022 Powell Street #3

As we wrote about 1022 Powell Street (behind the vines) in April of 2006:

As you know, it’s not often that we agree with listing hyperbole. And although we’ve only seen pictures (so far), we just might have to agree with the "One of a Kind Loft in Nob Hill!" claim for 1022 Powell St. #3.

Then again, we’re suckers for vines, brick, open floor plans, high ceilings, natural light, fireplaces, parking, and decks with a view...

Sold for asking ($1,625,000) shortly thereafter, it's back on the market and listed for $1,395,000 today, a sale at which would represent a 15% drop below its June 2006 value.

∙ Listing: 1022 Powell Street #3 (2/2) - $1,395,000 [MLS]
∙ New York In Nob Hill [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (25) | (email story)

A Fairly Big Fair Market Drop (42 Percent) For 61 Fair Avenue

As we wrote in February:

A Bernal Heights single-family (with in-law in the basement) sales comp in May of 2006 at $980,000, 61 Fair Avenue was bought back by the bank in December of 2008 for $949,862 (suggesting a bit less than 20% was put down).

Tenant occupied with "protection status undetermined" (which could have dashed some dreams). Back on the market today and asking $760,000.

Last week after three months on the market and numerous reductions, the bank's sale of 61 Fair Avenue closed escrow with a reported contract price of $565,000, 42 percent under its comp setting sale price in 2006 (and $384,862 less than the bank had been owed).

∙ What's Fair Market For (The Bank Owned) 61 Fair Avenue In Bernal? [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (68) | (email story)

August 26, 2009

Fronds To Fronds For A Few One-Bedrooms At The Palms (555 4th)

Purchased for $562,000 ($853 per square foot) in January 2007, the Palms (555 4th Street) #540 is now bank owned and back on the market asking $376,646 ($570 per square foot).

At the same time, the non-bank owned 454 square foot one bedroom #447 which was purchased in August 2006 for $395,000 ($870 per square foot) remains on the market after 132 days, currently asking $375,000 ($825 per square foot).

Six other one-bedrooms in the Palms are currently listed for sale with asking prices ranging from $430,000 for the 691 square foot #733 which is currently in contract as a short sale (purchased for $645,000 in August 2006, listed for $589,000 in February 2009) to $579,000 for the 682 square foot #714 (which has been listed for 74 days).

UPDATE: Although all the details were correct, we originally misidentified unit #447 as #337 (since corrected). That being said, according to a plugged-in reader the unit is actually a studio despite its 132 day old MLS listing as a one bedroom.

∙ Listing: 555 4th Street #447 (1/1) 454 sqft - $375,000 [MLS]
∙ Listing: 555 4th Street #540 (1/1) 660 sqft - $376,646 [MLS]
∙ Listing: 555 4th Street #714 (1/1) 682 sqft - $579,000 [MLS]
∙ Pushing Forward With Price Discovery At The Palms (555 4th Street) [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (41) | (email story)

August 21, 2009

A Mission Apple Condo Times Two: 662 Capp Street #3

Built in 2000 and sold for $535,000 in March of that year, 662 Capp Street #3 resold for $780,000 in November 2004 for average annual appreciation of 8.4% over those 4 years.

As a tipster notes, it’s apples to apples to apples in the making and now asking $749,000.

∙ Listing: 662 Capp Street #3 (3/2) 1,631 sqft - $749,000 [Zephyr] [MLS]

Posted by socketadmin at 9:30 AM | Permalink | Comments (98) | (email story)

August 20, 2009

A Bank Owned 10 South Park #1 (Insert Underpants Quotes Here)

Speaking of foreclosures in non-subprime territory, 10 South Park #1 was purchased for $760,100 in November of 2004. Bought back by the bank in July of 2009, it’s now on the market and asking $595,000.

In South Park vernacular, phase one...

∙ Listing: 10 South Park #1 (1/2) 1,196 sqft - $595,000 [MLS]
∙ New Subprime Foreclosures Ease But Prime Foreclosures Exacerbate [SocketSite]
∙ South Park - Gnomes 3 phases [YouTube]

Posted by socketadmin at 8:15 AM | Permalink | Comments (50) | (email story)

August 18, 2009

Two Of Three (Or Fourteen) Offers For 4114 20th Street?

From one plugged-in reader with respect to 4114 20th Street:

We moved up here from Laguna Beach last September and are still trying to figure out this market. We are one of the 3 who made an offer on 4114 20th St. We offered $1.2 [million], but someone offered more and all cash.

And another:

I had a friend that wrote an offer at 1.2 on 4114 20th too. Obviously they didn't get it either.

Once again, 4114 20th Street was purchased for $1,513,000 in October of 2007 but was being offered as a short sale for $1,150,000 last week.

And while another reader had heard fourteen offers, let us know if you have any insight into what might have simply been the winning third.

UPDATE: A bit of refinement from the first of said readers:

Our agent was told there were a "couple of other offers" that were for all cash and over our $1.2. Maybe there were lots of offers that were lower, too.

Like eleven (or so).

∙ Apples To Apples (And Seeking A Short Sale) For 4114 20th Street [SocketSite]
∙ A Four Year Hold For A Renovated 819 Haight: A Winner's Return [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (35) | (email story)

August 17, 2009

A Four Year Hold For A Renovated 819 Haight: A Winner's Return

A renovated Victorian at 819 Haight Street hit the market in 2005 asking $1,395,000, it sold for $1,635,000 ($240,000 over asking). No word on what role the buyer’s agent played in advising their client on how to "win" in a competitive situation ("pay more!").

As a plugged-in tipster notes, back on the market today and asking $1,595,000. One and one-half rather nice baths then, one and one-half rather nice baths now.

∙ Listing: 819 Haight Street (3/1.5) - $1,595,000 [MLS]

Posted by socketadmin at 10:30 AM | Permalink | Comments (51) | (email story)

A Maybeck For Rent On Castenada (And A Related Neighborhood Sale)

As we wrote five months ago with respect to 270 Castenada:

Asking $3,890,000 and briefly in contract before being withdrawn last April, listed at $2,995,000 today. Still touting "too beautiful to describe" despite Maybeck's (and the Vernacular Language North) attempt.

Reduced to $2,595,000 in May before being withdrawn from the market without a sale, 270 Castenada is now seeking a tenant at ten thousand a month.

In related neighborhood news, a plugged-in reader notes that 398 Castenada closed escrownon June for $1,225,000 after being bought back by the bank in April, purchased in June of 2004 for $1,495,000 (a 17% drop in value over the past five years).

∙ A Maybeck On The Market (And Display) Once Again: 270 Castenada [SocketSite]
∙ $10000 / 4br Forest Hill Absolutely Stunning 4 Bedroom Maybeck Home [Craigslsit]
∙ Vernacular Language North: S. Erlanger house [VLN]
∙ Too Beautiful To Describe (Except By The Architect): 270 Castenada [SocketSite]
∙ Past Post And Property Update: Listing For 270 Castenada Withdrawn [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (99) | (email story)

August 11, 2009

Designer East Bay Apples To Apples For 737 Second Street #405

If you didn’t see it a year ago its website is still live and it’s worth a look. And if you did and wondered what happened a plugged-in reader reports:

This property is now an apple…changed hands in just under a year. Original buyer paid $1.975M in Jul '08 [asking $2,200,000 at the time], sold it for $1.675M in Jun '09…

Call it a drop of 15.2% over the past year. But regardless, we still love the design.

∙ Hardcore East Bay Property Porn (And Then Some): 737 2nd St. #405 [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (47) | (email story)

Apples To Apples 601 Grand View Is Down After A Five Year Hold

While you might not want to consider it part of "the real" Noe Valley, according to the industry map it officially is (albeit on the border).

And while purchased for $1,076,000 in March of 2004, the sale of 601 Grand View closed escrow on 7/28/09 with a reported contract price of $1,030,000 (4.3% under its purchase price of five years ago).

∙ The Juxtaposition Of Two Potential Sale Pairs For One Noe Property [SocketSite]
∙ San Francisco Real Estate Districts: Maps And Neighborhoods [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (50) | (email story)

August 7, 2009

Apples To Apples (And Seeking A Short Sale) For 4114 20th Street

Purchased for $1,513,000 in October of 2007, 4114 20th Street returned to the market in Eureka Valley this past January asking $1,695,000 but was withdrawn in February after reducing its price to $1,598,000.

Back on the market today and asking an enticing $1,150,000 as a short sale. There’s a hearsay story behind the sale that we’re not going to tell, but let’s just say a tipster told us to be on the lookout for the house as a foreclosure almost four months ago.

And perhaps we shouldn't be surprised that the listing doesn't mention it's agent owned.

UPDATE: A plugged-in reader notes:

The MLS listing does include the following in the agent [i.e., non-public] remarks: "Lender has already approved short sale price but is requesting COE on or before 8/27/09. Seller is a licensed CA real estate agent."

∙ Listing: 4114 20th Street (4/3) - $1,150,000 [MLS]

Posted by socketadmin at 1:30 PM | Permalink | Comments (68) | (email story)

August 5, 2009

Back To Square Foot One For 235 Berry #416

Purchased for $1,052,500 in February 2007 (which might or might not have included "over $50,000 in upgrades"), 235 Berry #416 returned to the market in April asking $1,295,000 ($804 per square foot). It closed escrow yesterday with a reported contract price of $1,045,000 ($649 per square foot).

∙ I’ll See Your $800 Per Square Foot And Raise Lower You $200 At 235 [SocketSite]

Posted by socketadmin at 12:40 PM | Permalink | Comments (18) | (email story)

July 31, 2009

Apples To Apples And Year Over Year In Pacific Heights (2221 Baker)

It might not ring any bells without that photoshopped street. And it’s not currently listed on the MLS (or official inventory). But 2221 Baker Street has returned to the market 13 months after its purchase for $4,200,000 (was listed for $3,795,000 at the time).

Now asking $4,495,000 in 2009. Perhaps hoping the soup to nuts renovation of 2201 Baker next door will give it a boost. And once again, designed by Albert Sutton and Charles Peter Weeks in 1905.

∙ Listing: 2221 Baker Street (5/3.5) - $4,495,000 [domicileproperties.com]
∙ The Only Appropriate Headline: "What The Hell Were They Thinking?" [SocketSite]
∙ Say Hello To My Little Friend Frond (And An Orchid) At 2221 Baker [SocketSite]
∙ The 2201 Baker Street Site Scoop: Full Gallery And Floor Plans Live [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (34) | (email story)

July 27, 2009

Apples To Apples To Apples Over The Past Five Years (1578 Noe)

Purchased for $1,005,000 in May of 2004 on a namesake street, 1578 Noe returned to the market a little over two years later and sold for $1,300,000 in November of 2006. It’s back on the market today and listed for $1,075,000.

A sale at asking would represent average annual depreciation of roughly 6.8% per year (a 17.3% drop) from 2006 to 2009 versus average annual appreciation of 11.0% (a 29.4% gain) from 2004 to 2006 for this single-family (albeit both currently and historically only one and one-half bath) Noe Valley home.

∙ Listing: 1578 Noe (2/1.5) - $1,075,000 [MLS]

Posted by socketadmin at 9:30 AM | Permalink | Comments (54) | (email story)

July 24, 2009

Obviously Only Because It's On The Wrong Side Of Those Tracks

As we wrote in June of 2008:

We’ve always loved the William Randolph Hearst built Beaux Arts building at 1001 California Street, both in terms of location and style. And as far as we know, the 3,500 square foot #9 was the last unit to change hands eighteen six months ago (12/12/07) with a reported contract price of $2,888,000.

And while unit #8 is only a one-bedroom, it is rather large (1500 square feet) and offers multiple terraces and "views for miles." Asking $2,495,000 which doesn’t include a parking space or the $2,237 monthly dues. Once again, if you have to ask...

Last September the list price for #8 was reduced to $1,750,000. And last night the list price was reduced to $1,195,000. Purchased for $1,460,000 in June of 2000, a sale at asking would represent an 18% drop in value below its year 2000 pricing and a 52% drop in expectations over the past year. Then again it is on the south side of California.

And non-sardonically, we wouldn't be shocked to see multiple offers at this point.

∙ Listing: 1001 California Street #8 (1/1.5) - $1,195,000 [MLS]
∙ One Expensive One-Bedroom In A Beaux Arts Building We Love [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (61) | (email story)

July 21, 2009

1943 House Of Tomorrow (1599 Shrader) Back On The Market In 2009

On the market a little over a year ago asking $1,695,000, the John C. Campbell and Worley Wong designed 1599 Shrader Street (which Sunset magazine dubbed its "House of Tomorrow" in 1943) sold for a reported $1,600,000 in July of 2008.

Back on the market in 2009 and asking $1,495,000.

∙ Listing: 1599 Shrader (3/3) - $1,495,000 [MLS]

Posted by socketadmin at 10:30 AM | Permalink | Comments (47) | (email story)

The Market Takes A Bite Out Of The Lighthouse Lofts Signature Apple

It remains one of our favorite loft spaces in San Francisco. And after four months on the market it remains active and available, but the asking price for 1097 Howard #308 has been reduced by 13% to $1,995,000.

A sale at asking would represent an 18.6% drop in value since its sale in 2007.

∙ Listing: 1097 Howard #308 (3/2.5) 4,207 sqft - $1,995,000 [MLS]
∙ The Lighthouse Lofts Apple Of Our Eye Returns (1097 Howard #308) [SocketSite]
∙ The Lighthouse Lofts In General (1097 Howard), And #308 In Specific [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (23) | (email story)

July 20, 2009

A Eureka Valley Home (337 Douglass) Drops Into Our Apple Cart

As we wrote in May:

Purchased for $1,170,000 a year ago, 337 Douglass retuned to the market this past March asking $1,195,000. Reduced to $1,095,000 on April 1st and then to $995,000 on April 30th, a buyer has yet to emerge.

A sale at asking would represent a 15% drop in value over the past year for this single-family Eureka Valley home. But that’s not what caught our tipster’s eye. No, it was the following language from the listing: " It may be now or never...I am going to recommend to the Seller that we increase the price."

No word on who recommended the purchase in the first place.

The price was never increased, but on July 7, 2009 the sale of 337 Douglass closed escrow with a reported contract price of $940,000, a 19.7% drop in value over the past 13 months.

∙ Act Now (After Seventy-Seven Days On The Market) Or Else! [SocketSite]

Posted by socketadmin at 12:45 PM | Permalink | Comments (8) | (email story)

July 15, 2009

Pairs Of Points That Draw Flat Lines, Might A Third Draw A Curve?

As has already been noted by a reader, the sale of 141 Beaver Street closed escrow on 7/9/09 with a reported contract price of $1,650,000* (note UPDATE below). Originally asking $1,850,000 and sold for $1,650,000 in November 2002.

Also closing escrow on 7/9/09 was 768-772 Green Street for a reported $4,320,000. Purchased for $4,370,000 in June 2007 (originally asking $4,600,000).

UPDATE: It appears we missed an MLS sales price asterisk (i.e., the reported price isn’t the actual sales price) with respect to 141 Beaver. We’ll see what we or any plugged-in readers can dig up. Cheers.

∙ 141 Beaver: Let There Be Light And Air (And A Sweet Little Back Yard) [SocketSite]
∙ Green Street TIC Trio (768-772) Now Playing Back In North Beach [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (16) | (email story)

July 13, 2009

A Fall From Great Heights? (3444 Washington Reduced Again)

With a tax assessed value of $15,840,090 (suggesting a sale price of around $15,200,000 in 2006), 3444 Washington returned to the market a year ago asking $17,500,000. Six months ago the home was relisted at $15,750,000.

Two weeks ago the listing expired but was then reactivated. And this past Friday the asking price was cut to $12,000,000 (21% under its implied 2006 price/value).

∙ Listing: 3444 Washington Street (6/6.5) - $12,000,000 [MLS]
∙ It's Not Often A Listing Can Tout A Private Outdoor Amphitheater [SocketSite]
∙ An Apple In The "Heights" Of Our Tree: 3444 Washington Reduced [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (27) | (email story)

July 10, 2009

Apples To Apples 2525 Webster Falls Down (11% Under 2007 Value)

As we wrote in April:

Purchased for $4,000,000 in July 2005, the 7,500-7,800 square foot 2525 Webster was completely renovated over the course of a year and then returned to the market asking $7,150,000 in August 2006.

Closing escrow in January 2007 with a recorded contract price of $6,300,000, the home is back on the market asking $6,750,000 with a few changes in-between. For example, plugged-in people might recall that the kitchen wasn’t open to the dining room in 2006.

Yesterday, the re-sale of 2525 Webster closed escrow with a reported contract price of $5,600,000, 17% under asking and 11% under its January 2007 value not accounting for the cost of renovations in-between.

∙ A Completely Renovated And Then Remodeled 2525 Webster Returns [SocketSite]
∙ Coming Soon: 2525 Webster [SocketSite 8/06]
∙ Inside 2525 Webster [SocketSite 8/06]

Posted by socketadmin at 6:15 AM | Permalink | Comments (73) | (email story)

July 7, 2009

Its Last Call Is Heard: Apples To Apples For 1409 20th On Potrero Hill

The "LAST CALL! Final $ Reduction" for 1409 20th Street did not fall on deaf ears as its sale appears to have closed escrow on 6/29/09 with a reported contract price of $799,000.

Previously purchased for $860,000 in May of 2005, and originally asking $949,000 this last time around, the sale represents a 7% drop below year 2005 values for this single-family North slope Potrero Hill home.

If PropertyShark is correct, the buyers in 2005 put $110,000 down and financed the remaining $750,000. Which means the buyers turned sellers in 2009 likely realized a 100% loss (after transaction costs) on their four year hold.

And that's not accounting for their cost of carry.

∙ Act Now (After Seventy-Seven Days On The Market) Or Else! [SocketSite]
∙ A Potential Single-Family Apple Atop Potrero Hill: 1409 20th Street [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (76) | (email story)

July 6, 2009

Into The Cart For Another Marina Apple On Mallorca Way (#142)

While the address was "undisclosed" on the MLS in May, the June sale price for 142 Mallorca Way was disclosed, although not until a few days ago in July.

Purchased for $1,226,000 in February of 2006, this two-bedroom, two-bath condo down in the Marina closed escrow on 6/18/09 with a reported contract price of $1,100,000, 10.2% under its value three years prior.

UPDATE: A plugged-in reader adds: "Nice place, I live in one just like it but with a sunroom. Places like these are renting as low as $3000/mo now if you look around so still a pretty big own/rental cost gap."

∙ An "Undisclosed" Marina Apple On The Tree (142 Mallorca Way) [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (3) | (email story)

June 29, 2009

A Bank-Owned Bernal Apple Is Picked (For 16% Less Than In 2005)

Purchased for $841,000 in August of 2005, bought back by the bank this past January for $703,120, and then listed this past May for $658,630, the single-family (but zoned RH-2) 3261 Harrison closed escrow today for a reported $705,000.

Call it 16% below its late 2005 value for this North Slope Bernal Heights apple, but $46,370 (7%) "over asking!"

∙ Bank Owned And Back On The Market On The North Slope Of Bernal [SocketSite]

Posted by socketadmin at 4:30 PM | Permalink | Comments (15) | (email story)

An 06 Comp (In More Ways Than One) At One Rincon Hill

While One Rincon Hill (425 1st Street) #806 has been on the market for 87 days asking $945,000 ($763 per square foot), the sale of 425 1st Street #1306 closed escrow three days ago with a reported contract price of $930,000.

The 06 unit five floors higher had been asking $995,000, was on the market for 113 days, and was advertising "available for lease as of June 1st. [for] $4150 mo." Tax records would suggest an original purchase price of just over $975,000 (likely in 2006) for #1306.

∙ Listing: 425 1st Street #806 (2/2) - $945,000 [MLS]

Posted by socketadmin at 10:00 AM | Permalink | Comments (23) | (email story)

June 26, 2009

While Fall Falls We Doubt Spring Would Have Sprung

Returning to the market this winter, 1333 Waller (a.k.a. "Fall" in the row of "Four Seasons" Victorians on Waller) closed escrow near the end of spring (6/12/09) with a reported contract price of $1,725,000 (asking $1,895,000), 6.8% under its purchase price of $1,850,000 in October of 2005.

∙ The Waller Street Four Seasons "Fall" (1333) On The Market In Winter [SocketSite]

Posted by socketadmin at 5:30 AM | Permalink | Comments (11) | (email story)

June 25, 2009

A Gold Mine Hill Apple (38 Topaz Way) And Peek Into The Past

The sale of 38 Topaz Way up in Gold Mine Hill closed escrow yesterday with a reported contract price of $790,000 (12% under asking and 10.9% under its last sale in August of 2003). Which reminds us, we never published that peek into the neighborhood’s past.

And so we offer it now by way of a plugged-in reader and in the form of a few classic photos and pages from a 1969 edition of House & Home which not only featured the Gold Mine Hill development but such articles as "Do you think we have a housing crisis? Just look at Japan" and "The Housing market at midsummer: Forecasts turn cautious."

∙ Nice Gold Mine Hill Neighbor (And 1960's Design Lover) Seeks Same [SocketSite]
∙ From SocketSite - Gold Mine Hill History (pdf) [Box.net]

Posted by socketadmin at 8:45 AM | Permalink | Comments (25) | (email story)

Marked To Market For This Noe Valley Apple With Views (714 Duncan)

The apples-to-apples sale of 714 Duncan closed escrow on 6/23/09 with a reported contract price of $1,095,000. Purchased for $1,413,000 in January 2008, a transfer forced the "mark to market" sale and the realization of a 22.5% drop in value.

As we wrote when listed for $1,295,000:

There’s little doubt the quick turn will result in a loss as even with "typical San Francisco appreciation" transaction costs wouldn’t be covered. But that doesn’t mean this data point will be flawed. In fact, this sale will provide some rather clean commentary on changing neighborhood values over just the past year. And that’s why we like, and offer, our apples.

And when subsequently reduced to $1,195,000 as well.

∙ Apples To Apples With Views, Views, Views! (714 Duncan) [SocketSite]
∙ Four Weeks Riper (And Another Reduction) For This Noe Valley Apple [SocketSite]
∙ Expectation Setting: San Francisco Appreciation [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (31) | (email story)

June 24, 2009

And With That We Have An Answer To A Rhetorical Question

We first noted 213 Moulton a little under two years ago:

213 Moulton is a contemporary single-family home situated down a little alley in Cow Hollow. It first sold for $545,000 in 1995. And ten years later (in 2005) it changed hands for $1,672,000. No doubt about it, that's fantastic long-term appreciation. Then again, it also changed hands in the year 2000 for $1,600,000.

Our rhetorical question and headline at the time: "Which Five Years Will The Next Five Years More Likely Resemble?"

As a plugged-in reader noted, 213 Moulton returned to the market this past March asking $1,695,000. And five days ago it closed escrow with a reported contract price of $1,530,000 (4% under its year 2000 price).

∙ Which Five Years Will The Next Five Years More Likely Resemble? [SocketSite]

Posted by socketadmin at 7:15 AM | Permalink | Comments (5) | (email story)

June 17, 2009

Off The Tree And Into Our Apple Cart For 715 Cole (Valley)

The sale of that "Cole Valley Apple With Potential" we picked out in April has closed escrow with a reported contract price of $1,300,000. Purchased four years ago for $1,326,000.

∙ 715 Cole: A Crispy Cole Valley Apple With Potential On The Tree [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (36) | (email story)

June 16, 2009

Apples To Apples Even The "Prime" Fall Down (228 Mallorca Sells)

The MLS hasn’t been updated, but according to a plugged-in tipster the sale of 228 Mallorca Way in District 7 closed escrow today with a reported contract price of $1,170,000.

Once again, this "prime" three-bedroom Marina condo with two parking spaces was purchased for $1,225,000 in May of 2004. And prior to that, purchased for $1,100,000 in the year 2000 (but then subsequently remodeled to the tune of $200,000).

∙ Apples To Apples (To Un-Upgraded Apples) On Mallorca In The Marina [SocketSite]
∙ San Francisco Real Estate Districts: Maps And Neighborhoods [SocketSite]

Posted by socketadmin at 1:30 PM | Permalink | Comments (47) | (email story)

June 12, 2009

The One With The Deer Lions On It (3859 21st Street)

Purchased for $2,080,000 in July of 2007, The Lion House (a.k.a. 3859 21st Street) returned to the market in April asking $1,975,000.

As a plugged-in reader notes, the price was dropped to $1,895,000 today, a sale at which would represent a 8.9% drop in value over the past two years.

And a bit of history and trivia, "built in 1893 for $3200." Ah, the good old days.

∙ Listing: 3859 21st Street (3/4) - $1,895,000 [herbalston.com] [MLS]
∙ 1470 Noe Closes For 100% Of Asking (But $25,000 Less Than In 2005) [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (49) | (email story)

June 11, 2009

That Might Explain The Shocked Look On The Cottage's Face Facade

As we wrote this past September:

Purchased for $633,000 in October of 2005, this Telegraph Hill single-family "cottage" failed to find a buyer when it was listed for $779,000 eighteen months ago. Back on the market in 2008. And now asking $629,000.

No word on whether or not the fair market value of the “magical transformation by renowned, interior designer, Linda Applewhite to resemble the cottages of napa valley bed & breakfast” will need to be backed out of the future sale price in order to establish an “apple.”

Withdrawn from the MLS in November, 1448 Kearny officially returned to the market yesterday. Now asking $525,000, a sale at which would represent a 17% drop in value over the past four years (not accounting for the value of that magical transformation), and a 32% drop in expectations over the past two.

∙ Listing: 1448 Kearny Street (0/1) - $525,000 [MLS] [Floor Plan]
∙ Same Location And Size (And For The Most Part Price) As In 2005 [SocketSite]
∙ The Single Family Studio Home [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (21) | (email story)

June 9, 2009

Price "Slashing!" In Pacific Heights (And Return To A Near 2000 Value)

Purchased for $5,000,000 in July 2000, 2775 Green returned to the market this past February asking $5,950,000. A sale at which would have represented average annual appreciation of 2% over the past nine years.

A week ago, however, the list price was "slashed!" (their words, not ours) by $700,000. A sale at the reduced asking of $5,250,000 would represent average annual appreciation of 0.6% over the past nine years for this prime Pacific Heights "French Renaissance" home.

We trust no truly plugged-in person will confuse a 2009 sale price at a near 2000 purchase price as values have effectively been holding steady since 2000 or 2001.

UPDATE: A plugged-in eddy is on a roll. Also available for rent and asking $15,000 per month. We'll let you do the math (and figure out what happened to that other bathroom).

UPDATE: While the year 2000 sale at $5,000,000 stands, a plugged-in sleepiguy is correct about another sale with an undisclosed price in June 2004 (and some subsequent "fixing") that we missed. Cheers.

∙ Listing: 2775 Green (5/4.5) 4,892 sqft - $5,250,000 [2775green.com] [MLS]
∙ $15000 / 5br - Dramatic!Fully Renovated 5brm; 3.5 ba; Fabulous Grdn & Dks [Craigslist]

Posted by socketadmin at 9:30 AM | Permalink | Comments (85) | (email story)

June 8, 2009

A Couple Of Apples We Missed (For One Reason Or Another)

We featured it in April but missed it when it closed escrow in May. Luckily a plugged-in reader did not. Purchased from the Sierra Heights sales office for $769,000 ($540 per square foot) in February 2007, the bank owned sale of 55 Sierra #101 closed escrow on May 22, 2009 with a reported contract price of $569,000 ($400 per square foot). That's a 26% drop in two years.

And earlier today a reader takes us to task for missing what onthe surface appears to be an "apples to apples" sale pair for 79 Valley, a three-bedroom, two-bath Zack | de Vito designed and renovated condo. Purchased for $1,109,000 in November 2006 and then sold this past April for $1,095,000 (which would suggest a net 1% drop since 2006).

Unfortunately, a review of the sales history and refinancing records for 79-81 Valley suggest the two units might have been purchased as TICs in 2006 and subsequently converted to condos in which case it's no apple for you.

∙ Apples To Apples And A Fall From For Sierra Heights: 55 Sierra #C101 [SocketSite]
∙ New Developments: Sierra Heights [SocketSite]
∙ A New Valencia Corridor Comp Coming Soon (3615 20th Street #6) [SocketSite]

Posted by socketadmin at 4:45 PM | Permalink | Comments (19) | (email story)

A New Valencia Corridor Comp Coming Soon (3615 20th Street #6)

It was a Valencia Corridor comp at $950,000 in August of 2007 . And while it’s already in contract, although not without contingencies, it’s a plugged-in tipster that notes they were asking $799,000 in 2009 (15.8% less than what was paid).

We’ll let you know when it closes.

∙ Listing: 3615 20th Street #6 (2/2) - $799,000 [MLS]

Posted by socketadmin at 3:45 AM | Permalink | Comments (47) | (email story)

June 5, 2009

Another Noe Valley Apple Is Picked As 3976 25th Street Closes Escrow

The sale of 3976 25th Street officially closed escrow today with a reported contract price of $2,800,000. That’s 3.3% under asking and 3.4% under its purchase price of $2,900,000 in November 2006. And yes, it’s the one across the street from 3961 25th.

∙ If You Think You Know Noe, Now’s The Time To Tell (3976 25th Street) [SocketSite]
∙ A Noe "House With A Conscience" (And Listing Lob): 3961 25th Street [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (66) | (email story)

Apples To Apples In Dolores Heights With Big Views: 3872 19th Street

3872 19th Street sports panoramic city views from the top two floors and a THX home theater below, but no deeded parking (the listed spot is leased for $200 per month).

Purchased in June of 2006 for $2,100,000, asking $2,095,000 today. And as always, it’s time to go on record if you’re planning to play the "I told you so" card.

∙ Listing: 3872 19th Street (4/3.5) - $2,095,000 [MLS]
∙ A Parking Space (And MLS) Pet Peeve [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (22) | (email story)

June 3, 2009

Oh Geez, Watermark (501 Beale) Number 12G Returns As A Short Sale

The unit number isn’t identified on the MLS, but it’s 501 Beale #12G. Purchased for $975,000 in May of 2006, the two bedroom and two bath Watermark condo was listed as a short sale for "$500,000" yesterday.

Expect a couple of competing offers, an "over asking" sale (assuming the bank even agrees), and perhaps a grumpy neighbor or two above and below.

∙ Listing: 501 Beale #12G (2/2) 1,032 sqft - $500,000 [MLS]
∙ What’s Up With The Watermark "G"s? [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (26) | (email story)

May 29, 2009

Another "Real" Apple Closes Escrow In The Marina: 1756 North Point

The sale of 1756 North Point closed escrow this past Wednesday with a reported contract price of $1,575,000. That’s an official 1% under asking of $1,595,000 and 49 days on the market according to industry stats, but do keep in mind it was also listed for $1,795,000 four months ago (which would be 12% under original list and 120 days on the market).

Of more interest to us, and those actually trying to make sense of the market, the 2009 sale price of $1,575,000 is 17.9% below its purchase price of $1,920,000 in April 2007.

As we wrote in January, "while short holding periods might not make for the best real estate returns, they do make for better apples in terms of isolating movements in the market versus simply averaging a bunch of years out."

∙ A Rather "Real" Apple On The Tree In The Marina: 1756 North Point [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (65) | (email story)

May 22, 2009

Act Now (After Seventy-Seven Days On The Market) Or Else!

Purchased for $1,170,000 a year ago, 337 Douglass retuned to the market this past March asking $1,195,000. Reduced to $1,095,000 on April 1st and then to $995,000 on April 30th, a buyer has yet to emerge.

A sale at asking would represent a 15% drop in value over the past year for this single-family Eureka Valley home. But that’s not what caught our tipster’s eye. No, it was the following language from the listing:

It may be now or never...I am going to recommend to the Seller that we increase the price.

No word on who recommended the purchase in the first place.

And in other "last chance" news, a plugged-in reader points out that the listing for 1409 20th Street now notes: "LAST CALL! Final $ Reduction." Purchased for $860,000 in May of 2005, now asking $799,000 (down from $949,000).

∙ Listing: 337 Douglass (3/2.5) - $995,000 [MLS]
∙ A Potential Single-Family Apple Atop Potrero Hill: 1409 20th Street [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (23) | (email story)

May 21, 2009

Bank Owned And Back On The Market On The South Slope Of Bernal

Purchased for $510,000 in September 2005 and then flipped five months later for $631,000 ("Buy, sell, repeat, retire!"), 622 Gates Street was taken back by the bank in September 2008. The Bernal Heights home is back on the market and asking $428,900.

As was overheard on the north slope of Bernal in September 2005, so went the chatter on the south slope in February 2006: "If that place is worth $631,000 then..."

∙ Listing: 622 Gates ("2/2") - $428,900 [MLS]
∙ Bank Owned And Back On The Market On The North Slope Of Bernal [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (21) | (email story)

From Listing To Sale In Just Two Weeks For This Pacific Heights Apple

Fifteen days ago 2608 Sacramento was listed on the MLS for $2,395,000. And yesterday it closed escrow with a reported contract price of $2,500,000. The sellers purchased the property in April of 2005 for $2,675,000.

While 6.5% under its 2005 sale doesn’t sound too bad, keep in mind that the median price per square foot for single-family homes sales in area code 94115 increased 11% from 2005 to 2008. If you buy into that metric, consider it a 17.5% drop from "peak" for this remodeled Pacific Heights home.

But hey, it did sell quickly and for over asking.

Posted by socketadmin at 7:30 AM | Permalink | Comments (46) | (email story)

May 20, 2009

Bank Owned And Back On The Market On The North Slope Of Bernal

Purchased for $841,000 in August of 2005, the single-family 3261 Harrison was bought back by the bank this past January for $703,120. The single-family (but zoned RH-2) home on the north slope of Bernal is now back on the market and asking $658,630.

Overheard in September 2005: "If that place is worth $841,000 then..."

∙ Listing: 3261 Harrison Street (2/1) - $658,630 [MLS]

Posted by socketadmin at 12:45 PM | Permalink | Comments (49) | (email story)

May 19, 2009

Call It Yet Another "Anecdote" (Or Data Point), It’s Down From 2004

As we wrote in February:

Purchased for $2,000,000 in June of 2004, 2203 Broderick in the heart of Pacific Heights returned to the market with a remodeled bath in October of 2008 asking $2,395,000. Reduced to $2,195,000 in November, and now asking $1,975,000 as of nine days ago.

A sale at asking would represent zero appreciation over the past four and one-half years. But do avoid the temptation to see that as "prices in Pacific Heights have been holding steady since 2004" versus having risen and are now falling since.

Temptation avoided as the single-family 2203 Broderick (with expansion potential) closed escrow on 5/12/2009 with a reported contract price of $1,750,000. That's 12.5% under its sale price in 2004 (which was well below "peak" and didn’t include the remodeled bath).

∙ Apples To Apples (If You Ignore The New Bath): 2203 Broderick [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (107) | (email story)

May 15, 2009

The World Market Is Flat!

Earlier this week a sale pair for a Noe Valley condo was submitted by a reader for consideration as an "apple." And while the pair passed our basic test (no major changes to the property between sales), its latest sale on 12/17/08 fell down on another (recency).

Then again, perhaps we’re wrong to believe the market has changed much since the fourth quarter of 2008. (Keep in mind that a mid-December close would suggest a contract that was written in either October or November.)

We have to admit it’s tempting to look at the sales history for 1169 Sanchez, see a sale on 4/11/06 for $775,000 and then again on 12/17/08 for $775,000 and declare the market flat. But that wouldn't be a very accurate depiction of what's actually going on.

And while not perfect, adding a median price per square foot trend line for condo sales in 94114 to the chart of contract prices for 1169 Sanchez should help make the point(s).

Perhaps that market isn’t so "flat" after all (and has actually been trending down since 2007). And looking to a December 2008 apple to understand the May 2009 market might not make too much sense.

Posted by socketadmin at 5:00 AM | Permalink | Comments (31) | (email story)

May 14, 2009

An Imperfect Comp (But Perfectly Good Apple) Closes Escrow In Noe

The sale of 4174 26th Street closed escrow on 5/12/09 with a reported contract price of $785,000 (1.8% under asking). Purchased for $995,000 in 2006 with 5% down (and before that in 2004 for $829,000 with 25% down). No word on that number in 2009.

As we wrote in March:

...in October of 2006 [4174 26th Street] was refinanced with two loans totaling $1,029,750. It appears that the property was taken back by the bank two months ago, and three weeks ago it was sold to a couple of agents. It's now on the market and asking $799,000.

There’s no doubt this property has its challenges (including a lack of parking). And perhaps this is the only house in Noe Valley that was purchased with 5% or less down (but we wouldn’t bet on it). Regardless, it was a legitimate comp for other sales in 2004 and 2006, all of which went on to become comps of their own. And so on. And so forth.

So what happens now if the imperfect comp upon which the values of other more perfect homes were based now sells for 20% less?

Make that twenty-one point one percent to be exact.

∙ Apples To Apples (But Likely No Longer 5% Down): 4174 26th Street [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (77) | (email story)

May 13, 2009

Apples To Apples In The Marina (And A Neighboring Comp To Boot)

Purchased for $1,219,000 in February 2007, 3423 Divisadero re-hit the market down in the Marina twenty-six (26) days ago asking $1,295,000. It's two bedrooms, two and one-half baths, and two parking spaces.

And while not a perfect "comp," a reader can't help but compare it with the competition next door (which isn't a perfect apple in and of itself).

Purchased for $750,000 in November of 2002 (with a little work in 2006), 3415 Divisadero #1 returned to the market twelve (12) days ago asking $1,245,000. Two bedrooms and two parking space as well, but only one and one-half baths.

A couple of other tradeoffs between the two on which to weigh in: 3415 is an upper unit while 3423 is a lower, but 3423 includes an exclusive use yard while with 3415 it's shared.

UPDATE: We missed it, but as a plugged-in reader notes...despite its "official" 26 days on the market and "original" list price of $1,295,000 (a sale at which would be reported as "at asking"), 3423 Divisadero also hit the market last July asking $1,349,000.

∙ Listing: 3423 Divisadero (2/2.5) - $1,295,000 [MLS]
∙ Listing: 3415 Divisadero #1 (2/1.5) - $1,245,000 [MLS]

Posted by socketadmin at 11:30 AM | Permalink | Comments (47) | (email story)

May 8, 2009

If You Think You Know Noe, Now’s The Time To Tell (3976 25th Street)

There aren’t a lot of photos (at least not yet) but at least we have a few facts: new construction in Noe circa 2006; three bedrooms and two and one-half baths in the main house plus a one-bedroom apartment; and 4,000 square feet.

Purchased for $2,900,000 in November of 2006 and now back on the market and asking $2,895,000. If you think you know Noe, now’s the time to tell.

UPDATE: A plugged-in reader tracks down the listing from 2006 which offers a few more photos and a great recap of how the market responded at the time:

Priced at $2.899MM, we faced considerable marketing risk with one of the highest asking prices ever in Noe Valley for a single family home. Activity level was so high we did not have time to set a bid date, with 15 private showings within 5 days of marketing commencement. We originated a full-price offer within seven days of marketing commencement. The sales price represents the third-highest price ever achieved in Noe Valley for a single family home.

∙ Listing: 3976 25th Street (4/3.5) - $2,895,000 [MLS]

Posted by socketadmin at 2:00 PM | Permalink | Comments (35) | (email story)

An "Undisclosed" Marina Apple On The Tree (142 Mallorca Way)

The address might be “undisclosed” on the public facing MLS, but plugged-in people know it's 142 Mallorca Way (and a Marina apple to be). Purchased for $1,226,000 in February of 2006, asking $1,157,000 today.

∙ Listing: 142 Mallorca Way (2/2) - $1,157,000 [MLS]

Posted by socketadmin at 11:45 AM | Permalink | Comments (22) | (email story)

May 7, 2009

Another Non-Comp Comp Closes At 246 2nd Street (#1003)

To recap:

In October of 2005 246 2nd Street #1003 sold for a reported $950,000. In April of 2008 the unit was bought back by the bank for $835,783. And [on December 18, 2008] it hit the market asking $689,900.

Previously purchased and owned by the same party that had owned and lost #502. And as plugged-in people know, but industry stats wouldn’t reflect, both condos were purchased with a significant amount of cash back at closing. Let’s hope nobody relied on that sale back in 2005 as a “comp.”

First purchased for $734,500 in the year 2000 when the building was built.

Last month the sale of 246 2nd Street #1003 closed escrow with a reported (and recorded) contract price of $670,500. That's 29% under its "comp" price in 2005 and 9% under its original price in the year 2000.

And yes, the kitchen was intact.

UPDATE: A plugged-in reader adds:

My wife and I are the buyers. We purchased the unit as our primary (and only) residence, not as investors. We knew some of the history of the unit when we made our offer. For all you curious Socketeers the seller (Bank) also paid $10,000 in our closing cost, so actual sale value $660,500. Wish us luck!

Congratulations, well played and thank you for plugging in. Now about that housewarming...

∙ Another Non-Comp Comp On The Market At 246 2nd Street (#1003) [SocketSite]
∙ Can Bank Owned Comps Kill (Values)? 246 2nd Street #502 Returns [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (33) | (email story)

May 6, 2009

An Unemotional Fifty-Four Percent Off In The Excelsior (398 Vienna)

From the listing for 398 Vienna a little over a year ago (eight months after being purchased for $549,000):

Gem of a property on the inside. Large one bedroom and bath and an additional oversized room and bath with own private separate entrance on Brazil. Laminate floors, updated bathroom, and spacious living room/dining room combo.

Asking $499,000 at the time and perhaps banking on a bidding war. Subsequently reduced to $425,000. Then to $349,000. And then to $330,000. Bought back by the bank in January for $289,960 and now on the market and asking an unemotional $251,750.

It's funny what happens with real estate when emotions don't get in the way.

∙ Listing: 398 Vienna (1/2) - $251,750 [MLS]

Posted by socketadmin at 10:30 AM | Permalink | Comments (38) | (email story)

May 5, 2009

The "Confidential" Resale Price For One Rincon Hill #2307

A recap for the resale of One Rincon Hill (425 1st Street) #2307:

Originally seeking $849,000 as a resale, the listing for One Rincon Hill #2307 was reduced down to $749,998 and then withdrawn from the MLS after 200+ days.

Returning to the MLS [73] days ago asking $699,000, the list price for the northeast corner and 819 square foot 425 1st Street #2307 was [then] reduced to $649,000.

The resale of 425 1st Street #2307 closed escrow on 4/17/09 with what appears to be a "confidential" sale price according to the MLS.

As a plugged-in reader comments, however, public records via the Chronicle report a sale price of $560,000 ($684 per square foot). And if tax records and the Chronicle are correct, that’s roughly 22% under what the seller had paid to the sales office ($873 per square).

∙ Trying To Catch The Market Over At One Rincon Hill (425 1st #2307) [SocketSite]
∙ One Rincon Hill (425 First Street): Secondary Market Stumbles [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (75) | (email story)

April 29, 2009

Apples To Apples (To Un-Upgraded Apples) On Mallorca In The Marina

Down in the heart of the Marina in May 2000 a three-bedroom and two-bath condo at 228 Mallorca Way changed hands for $1,100,000. According to a plugged-in tipster, the owner then remodeled to the tune of around $200,000.

In May 2004 the upgraded condo with two parking spaces was sold for $1,225,000.

Returning to the market this January asking $1,395,000, the listing has been delisted, relisted, and reduced twice. Now asking $1,195,000. In the words of our tipster, is this the one "prime" condo the bull market forgot (or simply a nod to the new realty reality)?

∙ Listing: 228 Mallorca Way (3/2) - $1,195,000 [MLS]

Posted by socketadmin at 11:00 AM | Permalink | Comments (56) | (email story)

April 27, 2009

Catching Up On A Few Closings And Early April Apples About Town

We hadn’t originally featured it as an apple but rather an interesting Noe Valley space and photography. But as a plugged-in reader points out, the sale of the contemporary 921 Elizabeth closed escrow on 4/7/09 with a recorded contract price of $1,155,000 or 14.4% under its previous sale price of $1,350,000 in June of 2006.

Other activity over the first few weeks of the month for previously featured apples: 835 Foerster up in Miraloma Park closed escrow with a recorded contract price of $750,000 (21.1% under its previous purchase price of $950,000 in July of 2006), and the bank owned 279 Flournoy closed escrow with a recorded contract price of $340,000 (22.7% under its last previous purchase price of $440,000 in October of 2003).

As we wrote last November when 835 Foerster was listed for $855,000 and the listing noted "Lender-approved short sale...After many months of negotiations, sale price has been set! Must be sold immediately! Property was marketed for $1,049,000 last year!":

[W]hile it’s good to know the seller and lender have come to terms (but perhaps not grips), we’re more interested in whether or not the market (i.e., a buyer) will agree.

Apparently the seller and lender were still off by 12.3%. That’s not too bad, however, when compared to the person who set the list price last year and missed by twice that (28.5%).

∙ A Contemporary Condo That Caught Our Eyes (You Supply The Story) [SocketSite]
∙ While Those Two Agree, It’s A Third That Really Matters [SocketSite]
∙ Bank Owned For The Past Year But Now On The Market: 279 Flournoy [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (30) | (email story)

April 24, 2009

715 Cole: A Crispy Cole Valley Apple With Potential On The Tree

We’d at least redo the kitchen and repaint the façade. And based on the lack of bathroom photos we’d probably budget for them as well. But we do like a lot of its original woodwork and bones (if not meat) of 715 Cole.

On the market for $1,349,000, purchased in July of 2005 for $1,326,000 (hopefully not with "buy, sell, repeat, retire" in mind).

∙ Listing: 715 Cole Street (3/2) - $1,349,000 [MLS]

Posted by socketadmin at 11:30 AM | Permalink | Comments (42) | (email story)

Four Weeks Riper (And Another Reduction) For This Noe Valley Apple

As we wrote when 714 Duncan hit the market four weeks ago asking $1,295,000 having been purchased for $1,413,000 in January of 2008:

There’s little doubt the quick turn will result in a loss as even with "typical San Francisco appreciation" transaction costs wouldn’t be covered. But that doesn’t mean this data point will be flawed. In fact, this sale will provide some rather clean commentary on changing neighborhood values over just the past year. And that’s why we like, and offer, our apples.

As a plugged-in reader notes, the list price for 714 Duncan has been reduced for a second time in four weeks, now asking $1,195,000 or 15.4% under its sale price in early 2008.

∙ Listing: 714 Duncan (4/2) 2,050 sqft - $1,195,000 [MLS]
∙ Apples To Apples With Views, Views, Views! (714 Duncan) [SocketSite]
∙ Expectation Setting: San Francisco Appreciation [SocketSite]

Posted by socketadmin at 12:15 AM | Permalink | Comments (39) | (email story)

April 22, 2009

An Apple Rather Than Cone On The Pine Street Tree (3016 Pine)

Purchased for $710,000 in May of 2003, a complete overhaul, remodel and bullish market resulted in the sale of 3016 Pine Street for $2,725,000 in July of 2006.

Back on the market today and currently asking $2,595,000.

UPDATE: A plugged-in reader ads:

If you want to go a little further back, a contractor (who RIP) paid $600k in 2002 and flipped it to a couple of brothers in 2003 who IIRC went on the Planning Commission to defend their project as it was going to be "their home". Soon after the project was done *surprise* it went on the market. :rolleyes:

There may have been issues with the remodel/expansion as scaffolding went up at least twice after the 2006 closing (but then, maybe they just wanted different paint colors). BTW, I think (at least one of) those decks went in after the project was "finaled" (i'm just saying).

We can't confirm the comment with respect to the deck(s), but if you're interested in the property we might suggest double checking just to be safe. Cheers.

∙ Listing: 3016 Pine Street (5/3.5) - $2,595,000 [MLS]

Posted by socketadmin at 12:15 PM | Permalink | Comments (51) | (email story)

April 20, 2009

Apples To Apples And A Fall From For Sierra Heights: 55 Sierra #C101

Purchased for $769,000 in February of 2007, 55 Sierra #C101 was bought back by the bank with a loan balance of $665,076 in February of 2009. A week later the Sierra Heights condo returned to the market asking $719,900.

After two weeks on the market the list price was reduced to $699,000; two weeks later to $669,900; two weeks later to $619,900; and two weeks after that (and five days ago) to $589,900. A sale at asking would represent a 23.3% drop in value since early 2007.

And while it’s not "prime" Potrero Hill, nor one of the nicer Sierra Heights units we’ve seen, it is apples to apples and a three-bedroom condo under $600,000/$415 per square foot.

∙ Listing: 55 Sierra #C101 (3/2) 1,424 sqft - $589,900 [MLS]
∙ New Developments: Sierra Heights [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (28) | (email story)

April 15, 2009

Below 2004 Or 2001 Pricing? Why Choose When You Can Have Both!

Having sold for for $2,900,000 in March of 2001 and then again for $2,900,000 in May of 2004, 2922 Sacramento returned to the market this past January seeking $3,150,000.

In February the asking price was lowered to $2,950,000. And as a tipster notes, yesterday the list price for this Pacific Heights "Large-scale Victorian…on over-sized lot…[in] Meticulous condition!" was reduced to $2,800,000.

Without the context of its two previous sales would two point eight million dollars for this property seem like bullish or bearish commentary to you?

UPDATE: We missed the withdrawn listing from last year. Asking $3,595,000 in May of 2008 and then withdrawn in December. So while it's an "official" 76 days on the market for this property according to those Realtor stats, in reality it has been closer to a year.

∙ Listing: 2922 Sacramento (4/3.5) - $2,800,000 [MLS]

Posted by socketadmin at 12:00 PM | Permalink | Comments (65) | (email story)

April 9, 2009

A Return To Reality For A One Rincon Hill "02" Stack Resale (#2202)

Priced by the One Rincon Hill sales office at $1,020,000 (not including any upgrades) on the first day of pre-sales in 2006, an upgraded 425 1st #2202 created quite a stir when it was resold two years later with a reported (and recorded) contract price of $1,300,000.

A few months later the two-bedroom view condo returned to the market asking $1,359,000. And a few weeks ago the second resale of 425 1st Street #2202 quietly closed escrow with a reported contract price of $1,150,000 (intitially reported as $1,038,000).

At 1,309 square feet, that’s $879 per square foot for one of the most coveted two-bedroom stacks at One Rincon Hill. And it's $48,000 less than #1902 ("over $60K in upgrades") is currently asking as well.

UPDATE: After our post yesterday the reported contract price for 425 1st #2202 was changed from $1,038,000 to $1,150,000 in the MLS and now matches its recorded sales price. Our post has been updated accordingly. In addition, the listing for 425 1st #1902 has since been withdrawn.

∙ First Impressions: One Rincon Hill Sales Center [SocketSite]
∙ The First "Official" Resale At One Rincon Hill Closes Escrow: #2202 [SocketSite]
∙ Four Floors Lower, But Asking One Hundred And Fifty Thousand Less [SocketSite]
∙ One Rincon Hill (425 First Street): Secondary Market Stumbles [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (63) | (email story)

141 Beaver: Let There Be Light And Air (And A Sweet Little Back Yard)

According to a plugged-in tipster 141 Beaver Street will be hitting the market this weekend with an asking price of $1,850,000. Built in 1902 but redesigned by architect Bernardo Urquieta in 1986 with an emphasis on light and air.

We’re digging the modern vibe and deconstructed flair.

And the country style garden and sweet little back yard.

A few more photos on the achitect's website ("Beaver" residence) for those who can't wait.

UPDATE: As a plugged-in reader notes, into the apple cart it goes (purchased for $1,650,000 in November of 2002).

UPDATE (4/10): 141 Beaver has been listed (and additional photos uploaded).

∙ Listing: 141 Beaver (2/2) - $1,850,000 [MLS]
∙ Bernardo Urquieta Architects [bruarchitects.com]

Posted by socketadmin at 9:30 AM | Permalink | Comments (64) | (email story)

April 7, 2009

1470 Noe Closes For 100% Of Asking (But $25,000 Less Than In 2005)

It’s true, we missed it when the apples to apples sale of 1470 Noe recently closed escrow (hey, it happens). But luckily a reader calls us out (and we’d expect nothing less). Purchased for $1,865,000 in January of 2007 (asking $1,949,000 at the time), closed escrow on 3/27/09 with a reported contract price of $1,850,000 (asking at the time).

Considering the current market a two year "push" might not seem so bad for this single-family Noe Valley home. But do keep in mind it’s also an effective four year push in terms of appreciation as Mr. Alou paid $1,875,000 for the house in March of 2005.

∙ 1470 Noe Steps Back Up To The Plate (And A Plugged-In Peek Inside) [SocketSite]
∙ Another On Noe (1470 Noe Street) [SocketSite]
∙ Two Well Designed Data Points We Wouldn't Dismiss Out Of Hand [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (52) | (email story)

April 6, 2009

From Flippy To Floppy For Watermark (501 Beale) Penthouse #2B

Two months after its initial sale for $1,250,000 in October of 2006 Watermark (501 Beale) Penthouse #2B was flipped for $1,375,000. (Ah, the good old days.) It's now a little over two years later and the top floor condo is back on the market and asking $1,094,500.

The listing notes both short sale and bank owned (we believe it’s the former) and the condo failed to sell earlier this year when seeking $1,195,000. Keep in mind that the identical "penthouse" unit a floor below (#PH1B) sold for $1,300,000 in October of 2006 and was likley a supporting comp for the flip of #PH2B. And so on. And so forth.

∙ Listing: 501 Beale Street #PH2B (2/2) - $1,094,500 [MLS]

Posted by socketadmin at 7:30 AM | Permalink | Comments (81) | (email story)

April 2, 2009

Apples To Apples With Views, Views, Views! (714 Duncan)

Purchased for $1,413,000 in January of 2008, the four-bedroom 714 Duncan is back on the market in Noe Valley and asking $1,295,000. A transfer forces the sale.

There’s little doubt the quick turn will result in a loss as even with "typical San Francisco appreciation" transaction costs wouldn’t be covered. But that doesn’t mean this data point will be flawed. In fact, this sale will provide some rather clean commentary on changing neighborhood values over just the past year. And that’s why we like, and offer, our apples.

∙ Listing: 714 Duncan (4/2) 2,050 sqft - $1,295,000 [MLS]
∙ Expectation Setting: San Francisco Appreciation [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (53) | (email story)

March 30, 2009

Apples To Apples (But Likely No Longer 5% Down): 4174 26th Street

On April 13, 2004 4174 26th Street in the heart of Noe Valley sold for $829,000. The buyer put 25% down. Two years later it sold for $995,000. The buyer put 5% down.

A few months later the property appears to have changed hands between family members, and in October of 2006 the property was refinanced with two loans totaling $1,029,750. It appears that the property was taken back by the bank two months ago, and three weeks ago it was sold to a couple of agents. It's now on the market and asking $799,000.

There’s no doubt this property has its challenges (including a lack of parking). And perhaps this is the only house in Noe Valley that was purchased with 5% or less down (but we wouldn’t bet on it). Regardless, it was a legitimate comp for other sales in 2004 and 2006, all of which went on to become comps of their own. And so on. And so forth.

So what happens now if the imperfect comp upon which the values of other more perfect homes were based now sells for 20% less?

∙ Listing: 4174 26th Street (2/2) - $799,000 [MLS]

Posted by socketadmin at 4:00 PM | Permalink | Comments (112) | (email story)

March 25, 2009

The Lighthouse Lofts Apple Of Our Eye Returns (1097 Howard #308)

As we wrote about Lighthouse Lofts (1097 Howard) #308 when it was listed for $2,400,000 and sold for $2,450,000 in 2007:

Featuring 18-foot ceilings up high, and hickory and pecan hardwood floors down low; a glass enclosed shower and tub with views (in more ways than one)...

[At] 4,200 square feet of living space, unit #308 is actually a merger of three lofts into one. And yes, a merger of three monthly HOA payments [($1,199)] and two parking spaces to match.

As we added after the fact in 2007:

While the Brazilian owner…admittedly suffered through the first winter, the addition of two gas fireplaces has apparently made all the difference in the world (PG&E bills maxed out at around $200/month...and typically run under $100).

Also, it’s definitely loft living but the pictures don’t do it justice (especially the master bath and kitchen), the little touches are great (washer/dryer in the walk-in master closet; electric shades; sliding panels and storage), and the urban views (from the Federal Building to One Rincon) are to be appreciated.

And as we write today: the Lighthouse Lofts apple of our eye is back on the market and asking $2,300,000.

∙ Listing: 1097 Howard #308 (3/2.5) 4,207 sqft - $2,300,000 [MLS]
∙ The Lighthouse Lofts In General (1097 Howard), And #308 In Specific [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (24) | (email story)

March 19, 2009

As We Wrote, It’s Not Quite 2004 For 650 2nd Street #502

Purchased for $2,300,000 in 2004, seeking $3,125,000 in mid-2008, and then returning to the market in January of 2009 asking $2,750,000, the sale of 650 2nd Street #502 closed escrow yesterday (3/18/09) with a reported contract price of $2,450,000.

That’s total (not average annual) appreciation of 6.5% over the past five years and a contract price of roughly $585 per square foot.

∙ The Full Count(Down) For Number Five Hundred And Two On Second [SocketSite]
∙ It’s Not Quite 2004, But It’s Really Not 2008. Or 2007. Or 2006… [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (24) | (email story)

March 17, 2009

A "Prime" Bernal Heights Apple With "Plans" On the Tree: 84 Anderson

A plugged-in tipster points out 84 Anderson, a "Prime Bernal Heights" apple on the tree, and pretty much writes our post:

Purchased in [June] 2004 for $750,000 with 5% down…on the market for over a month or so at $829,000…now on the market for $787,000.

I've seen the house and its pretty small inside. But as far as location, this is prime small family Bernal.

Also noted by our tipster, "plans." From the 84 Anderson website:

This home has charm and character and you can move right in. However, there are extensive architectural drawings and plans available to the new buyer for a major expansion that includes vertical extension into the large stand-up attic.

No word on whether or not said plans have been vetted by the city (or neighbors).

UPDATE: Perhaps the plans have changed since their application in 2006, but as a plugged-in reader notes: "Not only is the work not permitted, it [was] cancelled and disapproved due to lack of response to the needed variances (yes, plural)." Word.

∙ Listing: 84 Anderson (3/1) -$787,000 [MLS] [84anderson.com]

Posted by socketadmin at 3:30 PM | Permalink | Comments (55) | (email story)

4214 26th Street: A Nicely Remodeled Noe Valley Apple On The Tree

We’re digging the decks and all the access to the outdoors of this nicely remodeled Noe Valley home. Oh, and the sweet master suite (we have a thing for spacious showers).

Purchased fully remodeled for $1,553,000 in June of 2007, 4214 26th Street was listed four days ago for $1,499,000. As always, if you’re not on record with your own forecast of where it sells, don’t bother to criticizing those who were when it does.

∙ Listing: 4214 26th Street (3/2) - $1,499,000 [4214-26th.com] [MLS]

Posted by socketadmin at 9:00 AM | Permalink | Comments (99) | (email story)

March 12, 2009

The Latest Exhibit (And Apple) At Museum Parc: 300 3rd Street #504

A Museum Parc and neighborhood sales comp back in December of 2005 at $660,000 ($740 per square foot), 300 3rd Street #504 was bought back by the bank for $608,811 in December of 2008. And the one-bedroom was just listed for $517,800 ($580 per square).

As an aside, keep in mind that peek-a-boo view of 680 Folsom should be getting better, not worse, over time.

∙ Listing: 300 3rd Street #504 (1/1) - $517,800 [MLS]
∙ Wet Weekend Special (And Scoop): The Designs For 680/690 Folsom [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (21) | (email story)

March 9, 2009

Can You Hear The Cyndi Lauper? (46 Tingley Closes Escrow)

The latest sale of 46 Tingley closed escrow on February 27 with a reported contract price of $500,000. Once again, purchased for $620,000 in September of 2004, bought back by the bank in September of 2008, and listed for $472,500 in January of 2009.

∙ It’s Double Entendre Time For 46 Tingley Once Again: Go Bears! [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (17) | (email story)

The Mysterious Case Of The Baker Street Trio: 3271, 3212 and 3520

While the list price for 3271 Baker Street has once again been reduced (now asking $2,195,000, 35% under its original list of $3,395,000 last July) another recently renovated single-family home on Baker (3212) has hit the market asking $4,250,000 (purchased for $2,306,000 in March of 2006 prior to its "no expense spared" renovation).

And curiously enough, a bit down the block and directly across from the Palace of Fine Arts 3520 Baker Street has been listed for $3,500,000.

Purchased for $3,350,000 in January of 2001 but renovated before (1997), the sale of 3520 Baker Street will be "apples to apples" as far as we can tell. And as such, a sale at asking would represent average annual appreciation of 0.5% over the past eight years for this rather "prime" Marina (District 7-A) home.

∙ Listing: 3271 Baker Street (4/2.5) - $2,195,000 [3271bakerstreet.com]
∙ Listing: 3212 Baker Street (5/3) - $4,250,000 [MLS]
∙ Listing: 3520 Baker Street (4/3.5) - $3,500,000 [MLS]
∙ Spanish/Mediterranean Flair From Traditional To Modern: 3271 Baker [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (71) | (email story)

March 6, 2009

Our Noe Valley Romanesque Victorian Apple Returns (1507 Dolores)

Our "Romanesque Victorian" apple at 1507 Dolores has retuned to the market with a new listing and a new price. Now asking $1,198,000.

Once again, purchased for $1,310,000 in February of 2006, returned to the market in November of 2008 asking $1,349,000, and was reduced to $1,295,000 before being withdrawn.

∙ Listing: 1507 Dolores Street (3/3) - $1,198,000 [1507Dolores.com] [MLS]
∙ A New Noe Valley Apple Varietal On The Tree: "Romanesque Victorian" [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (58) | (email story)

March 5, 2009

You’ve Gotta Have Shouldn’t Have Had Faith? (110 Faith Street)

It was a Bernal Heights "neighborhood comp" at $720,000 back in October of 2005. And we're pretty sure its challenging location hasn’t suddenly changed since.

Back on the market as a short sale today. Asking $599,000.

∙ Listing: 110 Faith (3/2) - $599,000 [MLS]

Posted by socketadmin at 10:30 AM | Permalink | Comments (59) | (email story)

Cognitive Listing Dissonance At The Watermark (501 Beale #14D)

Originally listed as a Watermark resale for $1,585,000 last July, from a listing later last year: “Views Galore 501 Beale #14D Offered at $1,499,000 Extraordinary price reduction!”

From a listing after that: “Buyers and Agents, now is the time to take advantage of this price!” Asking $1,399,000 at the time.

From the listing today: “Great Opportunity!! Take advantage of HUGE PRICE REDUCTIONs and 1 yr. HOA concession. Motivated sellers!!” Now asking $1,365,000.

And from public records: purchased for $1,303,500 in September of 2006 (not including any incentives). Cognitive listing dissonance (TM) is the first thing that comes to mind.

∙ Listing: 501 Beale #14D (2/2) - $1,365,000 [MLS]

Posted by socketadmin at 9:00 AM | Permalink | Comments (42) | (email story)

March 4, 2009

A Noe Valley Border Apple Closes Escrow: 695 Grand View Ave #101

The short sale of 695 Grand View Avenue #101 closed escrow on 3/3/09 with a reported contract price of $435,000. That’s 9% over its last asking ($399,000) but 11% under its original ($489,000), and 21% below its purchase price of $552,000 in January of 2007.

∙ Still Not An Official Apple Until It Sells, But A Suggestion (Or Two) [SocketSite]
∙ Noe Valley Apples to Apples With A View: 695 Grand View Ave #101 [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (63) | (email story)

March 2, 2009

A Bell Rings And An Apple Closes Escrow In Pacific Heights

The sale of 2155 Buchanan #9 closed escrow on 2/26/09 with a reported contract price of $925,000, a drop of $75,000 (7.5%) since purchased for $1,000,000 in June of 2006.

The sale will be recorded as "over asking!" according to MLS based reports (and reporters).

∙ Checking In On Two Pacific Heights Apples: 2155 Buchanan Update [SocketSite]
∙ Another Shot At A Ripening Pacific Heights Apple: 2155 Buchanan #9 [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (12) | (email story)

Some Will Call It Yet Another Anecdote, We’ll Call It An Apple To Be

3730 26th Street is a single-family home on the edge of Noe Valley that was last touted as a neighborhood sales comp in June of 2004 when purchased for $1,250,000.

Now granted, there are more parking spaces (two) than baths (one a one-half), but the kitchen has been remodeled. And just like its location, none of these things have changed in the past five years. That being said, currently asking $1,148,000.

∙ Listing: 3730 26th Street (2/1.5) - $1,148,000 [MLS]

Posted by socketadmin at 8:30 AM | Permalink | Comments (59) | (email story)

February 26, 2009

The Juxtaposition Of Two Potential Sale Pairs For One Noe Property

Purchased for $1,076,000 in March of 2004, 601 Grand View Avenue atop 24th Street returned to the market three weeks ago with a list price of $1,195,000.

Reduced to $1,095,000 two weeks later, a sale at the current asking would represent average annual appreciation of 0.35% over the past five years for this single-family Noe Valley home with mid-century modern bones.

It’s an interesting juxtaposition with the previous sale pair for the property: sold for $655,000 in January of 2002 which represents average annual appreciation of 26% from 2002 to 2004.

∙ Listing: 601 Grand View Avenue (3/2) - $1,095,000 [MLS]

Posted by socketadmin at 5:30 AM | Permalink | Comments (59) | (email story)

February 25, 2009

Up From 2004 (But Down From 2005): 3004 Ortega Closes Escrow

The sale of 3004 Ortega in the Outer Sunset (real estate District 2-C) closed escrow yesterday (2/24/09) with a reported contract price of $604,000.

To recap: purchased for $550,000 in June of 2004; flipped eight and one-half months later for $680,000; sold for $750,000 in November of 2006; bought back by the bank this past September for $535,075; and listed for $589,900 last month.

UPDATE: We missed what appears to be an off the MLS sale in November of 2006 for $750,000 (since added to our recap above), but a plugged-in reader did not. And another offers some "sales stats for 2bd/1ba single-family homes in districts 2-B and 2-C":

Jan-Feb 2007: Sold: 9 Range: 690K-825K Median: 749K
Jan-Feb 2008: Sold: 9 Range: 560K-750K Median: 630K
2009 (so far): Sold: 7 Range: 550K-622K Median: 598K

Damn those "fantastical" apples (and cheers).

∙ A Sign Of The Times And A Comp In 2005, So How About In 2009? [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (52) | (email story)

February 23, 2009

Checking In On Two Pacific Heights Apples: 2155 Buchanan Update

Apples-to-apples sales tell us the most about how the market is moving, but non-sales can provide some hints as well.

And while 2155 Buchanan Street #9 is in contract up in Pacific Heights (purchased for $1,000,000 in June 2006, listed for $950,000 in November 2008, last asking $885,000), the listing for the "reduced to sell!" and vacant 2155 Buchanan Street #7 has expired without a sale (purchased for $899,000 in July 2005, listed for $960,000 in August 2008, asking $850,000 at expiration).

Perhaps we’ll soon see a sign in the window for number seven and another unit of rental inventory to be absorbed. We’ll keep you posted on the contract price for number nine.

UPDATE: After 24 hours off the MLS as "expired," the listing for 2155 Buchanan #7 has been turned back on. No adjustment to the price (still asking $850,000) and now an official 186 days on the market (but we'll call it 185).

∙ A Pacific Heights Apple Up In The Tree: 2155 Buchanan #9 [SocketSite]
∙ Another Shot At A Ripening Pacific Heights Apple: 2155 Buchanan #9 [SocketSite]
∙ San Francisco Rental Market Weakness: SocketSite Readers Report [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (18) | (email story)

February 20, 2009

A Freshly Picked Apple In Our Basket For The Beacon (250 King #266)

The bank owned sale of 250 King Street #266 closed escrow yesterday with a reported contract price of $620,000. And yes, that’s 3.3% “over asking!” in industry speak. And likely with “multiple offers!”

At the same time that’s 17.3% under its recent tax assessed value ($750,000), 1.5% less than what the bank bought it back for in December ($629,142), and $524 per square foot for this two-bedroom condominium in The Beacon.

∙ Flash Back Forward To Beacon Two-Bedrooms Asking Under $600,000 [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (4) | (email story)

February 19, 2009

A Potential Single-Family Apple Atop Potrero Hill: 1409 20th Street

It’s a single-family "No. slope" Potrero Hill home with two bedrooms, a split bath, one car parking and "lower level & attic expansion potential!" There’s a deck with urban views off the back and a playground out front as there were in May of 2005 when purchased for $860,000.

A sale at asking would represent average annual appreciation of 1.5% over the past three and three-quarter years for 1409 20th Street. And if you’re planning on playing the "I told you so card" with respect to its eventual sales price, go on record now or forever hold your peace (bulls and bears alike).

UPDATE: Additional background from a plugged-in reader: "This place started as a pocket listing at 949K a few weeks ago."

∙ Listing: 1409 20th Street (2/1) - $899,000 [MLS]

Posted by socketadmin at 7:30 AM | Permalink | Comments (40) | (email story)

February 18, 2009

An Apple With An Asterisk? (651 27th Street Closes Escrow)

The sale of 651 27th Street over in Noe Valley officially closed escrow today with an MLS reported contract price of $1,195,000. That being said, we have a feeling an asterisk might be involved (i.e., a "confidential" sales price which is recorded in the MLS at list) and we’ll have to wait for tax records (or a plugged-in tipster) to confirm [UPDATE below].

Once again, previously purchased for $1,500,000 in November of 2007 after being acquired in February of 2004 for $1,200,000 and extensively remodeled in 2005 (new kitchen, bath, and master-suite).

As we wrote when it went into escrow, don’t forget those invitations to the housewarming.

UPDATE: Apparently no asterisk so it’s an official reported sales price of $1,195,000 for 651 27th Street. And for the record, we were expecting something higher but below $1,500,000 and not lower than $1,195,000.

At $1,195,000 that’s a drop of 20% from its sale price in 2007 and $5,000 less than its pre-renovated sales price in 2004 for this single-family Noe Valley home.

∙ On The Market (But Not The Public Facing MLS): 651 27th Street [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (20) | (email story)

Apples To Apples (If You Ignore The New Bath): 2203 Broderick

Purchased for $2,000,000 in June of 2004, 2203 Broderick in the heart of Pacific Heights returned to the market with a remodeled bath in October of 2008 asking $2,395,000. Reduced to $2,195,000 in November, and now asking $1,975,000 as of nine days ago.

A sale at asking would represent zero appreciation over the past four and one-half years. But do avoid the temptation to see that as "prices in Pacific Heights have been holding steady since 2004" versus having risen and are now falling since.

∙ Listing: 2203 Broderick (3/2) - $1,975,000 [MLS]

Posted by socketadmin at 8:00 AM | Permalink | Comments (45) | (email story)

February 2, 2009

Still Not An Official Apple Until It Sells, But A Suggestion (Or Two)

Our original post on 695 Grand View Avenue #101 sparked a good discussion with respect to real estate valuation and the frequently misrepresented misunderstood tax benefits of a mortgage.

At the time this condo was listed at a suggested short sale price of $489,000 (purchased for $552,000 in January of 2007). This morning that suggestion was reduced to $399,000.

∙ Listing: 695 Grand View Avenue #101 (1/1) - $399,000 [MLS]
∙ Noe Valley Apples to Apples With A View: 695 Grand View Ave #101 [SocketSite]
∙ Yesterday's Comment Of The Day: An All Too Common Misconception [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (25) | (email story)

January 29, 2009

But Don’t Buyers In Noe Know That "Prices" Are Up?

While 651 27th Street is now in escrow (listed for 20% under its last close), 525 27th Street #2 is still active and available. As a reader notes, purchased for $1,349,000 in October of 2006, listed for $1,495,000 in September of 2008, and reduced four times since.

Currently asking $1,195,000 for this Noe Valley condominium with three bedrooms/baths and panoramic city views. Don’t buyers in Noe know that "prices" are up?

∙ Listing: 525 27th Street (3/3) - $1,195,000 [MLS]
∙ On The Market (But Not The Public Facing MLS): 651 27th Street [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (79) | (email story)

January 28, 2009

Just Under $900,000 Originally, Asking Just Under $800,000 Today

Asking just under $900,000 (not including upgrades) when the sales office first opened (acording to a plugged-in Infinity resident). Asking just under $900,000 ($885,000) as a resale last month (and subsequently reduced down to $849,000). Asking just under $800,000 ($799,000) today for 301 Main Street #9E at Infinity.

∙ Listing: 301 Main #9E (2/2) - $799,000 [MLS] [Climb]
∙ Another Infinity Resale (#9E) Within Those "Restricted" Two Years [SocketSite]
∙ Infinity Sales Update: New Contracts Up But Driven By Discounts [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (78) | (email story)

January 26, 2009

On The Market (But Not The Public Facing MLS): 651 27th Street

A single-family home over in Noe Valley, 651 27th Street was purchased for $1,200,000 in February of 2004, was extensively remodeled in 2005 (“Design award-winner of Calif Home and Design in 2006! New kitchen, bath, and master-suite.”), and sold for $1,500,000 in November of 2007.

As a plugged-in reader notes, it’s back on the market and asking $1,195,000. And while you currently won’t find it by searching the public facing MLS, it’s been listed for 53 days.

∙ Listing: 651 27th Street (3/2) - $1,195,000 [Sue Bowie] [Prudential via Pacunion]
∙ Not Exactly A Slam Duncan: 1005 Duncan Returns (This Time Reduced) [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (56) | (email story)

The Answer: To Comp (555 4th Street #521 Closes Escrow)

The sale of unit #521 at the Palms (555 4th Street) has closed escrow with a reported contract price of $690,000 (with all appliances intact). As we wrote in December:

In August the sale of unit #421 at The Palms (555 4th Street) closed escrow with a reported contract price or $700,000, purchased for $789,000 in 2006. The sale was "subject to lender’s approval," however, so perhaps not a "real" comp.

Then again, as a plugged-in tipster notes 555 4th Street #521 has been on the market for seven months and the price reduced five times. Now asking $699,000 after a month at $749,000, and once again, purchased for $789,000 in 2006.

We’re going with "to comp."

∙ To Comp Or Not To Comp, Perhaps We Have An Answer [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (24) | (email story)

January 23, 2009

It’s Not Quite 2004, But It’s Really Not 2008. Or 2007. Or 2006…

We’re not so sure "phatty" would agree, but perhaps it’s best he didn’t have that extra three million lying around last May when 650 2nd Street #502 hit the market asking $3,215,000. It’s back on the market today seeking $2,750,000. And yes, it's a sweet pad.

Once again, five bedrooms, four baths, three parking spaces, two dishwashers and one big span (60 feet) of industrial windows. And as Garrett notes, purchased for $2.3M in 2004.

∙ Listing: 650 2nd Street #502 (5/4) - $2,750,000 [MLS]
∙ The Full Count(Down) For Number Five Hundred And Two On Second [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (20) | (email story)

An Apple In The "Heights" Of Our Tree: 3444 Washington Reduced

From a plugged-in Sleepiguy when the rather handsome 3444 Washington hit the market last May asking $17,500,000: “This property sold a couple of years ago for 16.5 million.”

From the MLS today: now asking $15,750,000 with an "official" one day on the market.

UPDATE: It appears as though sleepiguy (or his agent) might have been thrown by an asterisk. From a plugged-in FSBO:

MLS shows the 1/31/2006 sale price as $16.5M with an *. Current assessed value is $15.8M - so the actual sale price was probably about $15.2M or so...

Cheers. And something tells us we’ll see another one when this sells (asterisk that is).

∙ Listing: 3444 Washington Street (6/6.5) - $15,750,000 [MLS]
∙ It's Not Often A Listing Can Tout A Private Outdoor Amphitheater [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (28) | (email story)

A Rather “Real” Apple On The Tree In The Marina: 1756 North Point

Purchased for $1,920,000 in April of 2007, the three-bedroom/bath condo known as 1756 North Point in the heart of the Marina (District 7a) hit the market last week with a list price of $1,795,000. From the listing:

Tastefully renovated with a blend of chic period detailing and discriminating modern elements, elegant details abound; Marble Baths, Crown Moldings, Graceful Roman Inspired Fireplace. Chestnut Street & Marina Green are a stone's throw away.

And while short holding periods might not make for the best real estate returns, they do make for better apples in terms of isolating movements in the market versus simply averaging a bunch of years out. As always, we’ll keep you posted and plugged-in.

∙ Listing: 1756 North Point (3/3) - $1,795,000 [MLS]

Posted by socketadmin at 8:45 AM | Permalink | Comments (43) | (email story)

January 22, 2009

A Marina Apple On The Tree (Again) And Asking $654 Per Square Foot

Purchased for $1,280,000 in November of 2004, the 2,217 square foot two-bedroom/bath condo at 1531 Beach Street returned to the market last year asking $1,550,000 ($699 per square foot) but failed to find its buyer.

Back on the market today for $654 per square foot ($1,450,000) in the Marina and an “official” 2 days on the market. A sale at the current asking would represent average annual appreciation of 2.9% over the past four and one-half years.

∙ Listing: 1531 Beach Street (2/2) - $1,450,000 [1531beach.com] [MLS]

Posted by socketadmin at 2:00 PM | Permalink | Comments (27) | (email story)

Throwing In The Towel Or Banking On A Bidding War?

As we wrote this past September:

The sales office for 368 Elm Street on the edge of Hayes Valley first opened its doors in November of 2006. At the time, 368 Elm Street #406 was priced by the developer at $589,000. And it sold.

Back on the market last month for $615,000, the list price has been reduced twice since. And yes, most recently by only $2,000 (obviously to catch all those buyers with a cutoff of $598,000...).

Now asking $597,000, a sale at which would represent annual appreciation of roughly 0.74% over the past two years.

Apparently annual appreciation of 0.74% was a bit too aggressive. Now asking $375,000.

∙ Listing: 368 Elm #406 (1/1) - $375,000 [via Pacific Union]
∙ A Hayes Valleyish New Construction Apple On The Tree: 368 Elm #406 [SocketSite]
∙ 368 Elm Street Condos: First Release Pricing And Scoop [SocketSite]
∙ 368 Elm Street Condos: Complete Pricing (And An Update) [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (30) | (email story)

A SoMa/Palms Wake Up Call (And Apple): 555 4th Street #401

From a reader’s comment on our topic of the Palms (555 4th Street) in July:

So now there are a fair number of 2/2's in Soma for the 600's. Wake me up when we hit the 500's.

Last week 555 4th Street #401 closed escrow with a reported contract price of $599,900 (that's "high $500’s" in sales speak). A 938 square foot two-bedroom/bath condo with parking at the Palms, unit #401 was purchased in October of 2006 for $779,000, returned to the market a year later seeking $850,000, and was asking $674,900 when it closed [see UPDATE below].

That's an apples to apples drop in value of 23% over the past two and one-quarter years, or average annual depreciation of 11%. Are we awake?

UPDATE: Additional color from a plugged-in reader:

FYI, this unit was indeed an REO. Did anyone see it? I did. The guy that was foreclosed on freaked out, ripped out all the kitchen appliances and sold them on craigslist. Nice Bosch appliances, pick 'em up cheap! At $599,900 the unit was actually a pretty good deal, however if the buyer had waited it out a bit I'm sure it would have come down some more. The price had actually been reduced to $599,900, so it sold at asking.

The line from the listing: "Need minor cosmetic works." (Misplaced "s" theirs not ours.)

∙ The Palms (555 4th St.): Secondary Market Slowdown And Short Sale [SocketSite]
∙ The Palms Finds More Inventory And A Resale Hits The Market [SocketSite]

Posted by socketadmin at 5:00 AM | Permalink | Comments (55) | (email story)

January 13, 2009

Another Shot At A Ripening Pacific Heights Apple: 2155 Buchanan #9

Purchased for $1,000,000 in June of 2006, listed for $950,000 in November 0f 2008, and...reduced to $885,000 last week. Once again: top floor, corner, renovated, parking and in the real Pacific Heights (i.e., north of California and a block to Lafayette park).

∙ Listing: 2155 Buchanan #9 (2/1) - $885,000 [MLS]
∙ A Pacific Heights Apple Up In The Tree: 2155 Buchanan #9 [SocketSite]

Posted by socketadmin at 4:45 PM | Permalink | Comments (140) | (email story)

It’s Double Entendre Time For 46 Tingley Once Again: Go Bears!

Purchased for $620,000 in September of 2004, 46 Tingely returned to the market in December of 2007 as a potential short sale asking $599,000. In September of 2008 the single-family home in Mission Terrace was bought back by the bank for $442,717. And yesterday it returned to the market asking $472,500.

Be sure not to miss those year-old but still quite relevant (some might even say prescient) plugged-in readers' comments, especially missionite’s worksheet (just don’t forget to update those assumptions with regard to purchase price and appreciation).

∙ Listing: 46 Tingley (4/2) - $472,500 [MLS]
∙ Another Chance To Be A Hero (Or Show Your Support For The Bears) [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (54) | (email story)

January 9, 2009

Noe Valley Apples to Apples With A View: 695 Grand View Ave #101

Nothing too fancy but some nice big windows, views, remodeled and a Noe Valley address. Purchased for $552,000 in January of 2007, they're asking $489,000 for 695 Grand View Avenue #101 in January of 2009. And the curb appeal? Uh, no.

∙ Listing: 695 Grand View Avenue #101 (1/1) - $489,000 [MLS]

Posted by socketadmin at 4:30 PM | Permalink | Comments (41) | (email story)

January 6, 2009

A Six And One-Half Year District 5 Single-Family Apple On The Tree

Sporting a bit of a sweet deco vibe in the living room, 444 Douglas is back on the market and asking $1,295,000. Purchased for $1,100,000 in August of 2002, a sale at asking would represent average annual appreciation of 2.6% over the past six and one-half bull market years for this solid single-family home in San Francisco's real estate District 5.

And while the sale for $1,100,000 in 2002 closed just 13 months after purchasing the property for $860,000 in 2001, do keeping mind that a bathroom was remodeled, rooms were renovated, and the foundation was bolted in between. But once again, we can't recall anybody discussing the measured appreciation over such short holding periods as being anything but representative of the market at the time (as it was and still is).

∙ Listing: 444 Douglass (3/2.5) - $1,295,000 [MLS]

Posted by socketadmin at 6:30 AM | Permalink | Comments (70) | (email story)

January 5, 2009

Multiple Offers And Officially “Over Asking!” For 69 Clementina #202

Advertising "7 offers received" three months ago it was sounding a bit like 2004 down in District 9 for #202 at 69 Clementina. And the short sale of this South of Market condo did officially close for "over asking" (at least over the last one).

Then again, while the reported contract price was $441,000 (asking $438,000) the most recent tax assessed value was $565,080. So much for 2004. Well, except for the counter tops.

∙ Multiple Offers (With A Little Different Flavor) In District Nine [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (12) | (email story)

A Sign Of The Times And A Comp In 2005, So How About In 2009?

Purchased for $550,000 in June of 2004, this Outer Sunset single-family home was flipped eight and one-half months later for $680,000 (an increase of $130,000/23.6%) and established a new neighborhood comparable sale (“comp”) that we can’t recall being dismissed on account of the short holding period or location.

Bought back by the bank this past September for $535,075 this past September, 3004 Ortega is currently listed for $589,900.

∙ Listing: 3004 Ortega (2/1) - $589,900 [MLS]

Posted by socketadmin at 6:30 AM | Permalink | Comments (40) | (email story)

December 29, 2008

Flash Back Forward To Beacon Two-Bedrooms Asking Under $600,000

A tax assed value of just over $750,000; a recorded sale back to the bank three weeks ago for $629,142; and a two-bedroom/bath condo at the beacon that’s now asking $599,900 (and touting “Offers anytime!”). Yes, it's 250 King Street #266 and almost the end of 2008.

∙ Listing: 250 King #266 (2/2) - $599,900 [MLS]

Posted by socketadmin at 8:30 AM | Permalink | Comments (39) | (email story)

December 19, 2008

Perhaps It’s The Market That’s More Unbelievable To Some...

Purchased for $1,600,000 a year ago when they were asking $1,675,000, 214 Arguello Boulevard returned to the market nine months later (September 2008) asking $1,595,000. The list price was lowered to $1,495,000 six weeks later. And for the past three they've been asking $1,395,000.

A sale at the current asking for this four bedroom, two and one-half bath, completely renovated and District 7 (albeit on a busy block, as it was before) condo would represent depreciation of 12.8% over the past year.

From the listing: "This price is [absolutely] unbelievable…" Only if you're not plugged-in.

∙ Listing: 214 Arguello Boulevard (4/2.5) - $1,395,000 [MLS]

Posted by socketadmin at 7:15 PM | Permalink | Comments (47) | (email story)

Another Non-Comp Comp On The Market At 246 2nd Street (#1003)

In October of 2005 246 2nd Street #1003 sold for a reported $950,000. In April of 2008 the unit was bought back by the bank for $835,783. And yesterday it hit the market asking $689,900.

Previously purchased and owned by the same party that had owned and lost #502. And as plugged-in people know, but industry stats wouldn’t reflect, both condos were purchased with a significant amount of cash back at closing. Let’s hope nobody relied on that sale back in 2005 as a “comp.”

First purchased for $734,500 in the year 2000 when the building was built.

∙ Listing: 246 2nd Street #1003 (2/2) - $689,900 [MLS]
∙ Can Bank Owned Comps Kill (Values)? 246 2nd Street #502 Returns [SocketSite]

Posted by socketadmin at 5:00 AM | Permalink | Comments (95) | (email story)

December 16, 2008

Back To The Future Past (And Then Some) For Marquee Building #403

Purchased for $551,000 in May of 2005, 151 Alice B. Toklas Place #403 returned to the market in August of 2008 asking $599,000, a sale at which would have represented average annual appreciation of roughly 2.5% over the past three years.

In September the price on the Marquee building one-bedroom was reduced to $525,000, in October to $475,000, and in November to $425,000 where it remains available today assuming a successful short sale.

We should also mention that the person who sold it for $551,000 in May of 2005 bought it for $415,000 in September of 2002. Perhaps it’s time to include that "not included in sale" chandelier.

∙ Listing: 151 Alice B. Toklas Place #403 (1/1) - $425,000 [MLS]

Posted by socketadmin at 2:00 PM | Permalink | Comments (25) | (email story)

A New Noe Valley Apple Varietal On The Tree: "Romanesque Victorian"

Purchased for $1,310,000 in February of 2006, the self described “Romanesque Victorian” at 1507 Dolores returned to the market at the beginning of November asking $1,349,000. Two weeks later and three weeks ago the price was reduced to $1,295,000.

In the words of a sharp tongued reader:

“Romanesque” must refer to the horrendous faux stone siding that was probably added some time in the 1950’s. It also has convenience to “the metro”, maybe that is the Romanesque term for “Muni.”

Luckily it's not nearly as "Romanesque" inside.

UPDATE: A reader's comment we simply couldn't resist: "I just wish they had placed tiny windows on the third floor so the fake Disneyland effect would be complete."

UPDATE: And another with respect to the architecture and accuracy: "If they are using the word correctly, Romanesque refers to the rounded arches, in contrast to Gothic which would have pointed or ogival arches." Cheers.

∙ Listing: 1507 Dolores Street (3/3) - $1,295,000 [1507Dolores.com] [MLS]

Posted by socketadmin at 10:00 AM | Permalink | Comments (31) | (email story)

December 12, 2008

855 Folsom Apple On The Tree: Will It Be Déjà Vu All Over Again?

Purchased for $649,000 on 12/30/2005, 855 Folsom #102 is back on the market three years later and asking $649,000. Will it be déjà vu all over again?

∙ Listing: 855 Folsom #102 (1/1.5) - $649,000 [MLS]

Posted by socketadmin at 7:45 AM | Permalink | Comments (31) | (email story)

December 5, 2008

To Comp Or Not To Comp, Perhaps We Have An Answer

In August the sale of unit #421 at The Palms (555 4th Street) closed escrow with a reported contract price or $700,000, purchased for $789,000 in 2006. The sale was “subject to lender’s approval,” however, so perhaps not a “real” comp.

Then again, as a plugged-in tipster notes 555 4th Street #521 has been on the market for seven months and the price reduced five times. Now asking $699,000 after a month at $749,000, and once again, purchased for $789,000 in 2006.

Perhaps the real(ity) is so.

∙ Listing: 555 4th Street #521 (2/2) - $699,000 [MLS]
∙ The Palms (555 4th St.): Secondary Market Slowdown And Short Sale [SocketSite]
∙ To Comp Or Not To Comp, The Question Of More Than The Day [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (53) | (email story)

November 25, 2008

A Pacific Heights Apple Up In The Tree: 2155 Buchanan #9

Top floor, corner, renovated, parking and in Pacific Heights. Purchased for $1,000,000 (said with best Dr. Evil accent) in June of 2006, listed for $950,000 last week, and into our apple cart it'll go. Make the call before it closes escrow or forever hold your peace.

UPDATE: And for those who could only rationalize a plugged-in spencer’s rent paying for a shag carpeted 1970’s hovel with popcorn ceiling…

∙ Listing: 2155 Buchanan #9 (2/1) - $950,000 [MLS]

Posted by socketadmin at 1:30 PM | Permalink | Comments (38) | (email story)

November 24, 2008

The Latest Cow Hollow Condo Comp (And Apple) Closes Escrow

What plugged-in people have known for a week, all agents on the MLS now know as well: 1968 Greenwich officially closed escrow on 11/21/08 with a reported contract price of $1,750,000.

Purchased for $2,100,000 in May of 2005, in addition to $350,000 in acquisition cost our plugged-in buyer will be saving (and the City will be losing) approximately $4,000 a year in property taxes as compared to the party who sold.

The sale of this property was considered a legitimate neighborhood "comp" (comparable sale) in 2005. The implications for today?

∙ A Plugged-In Reader Picks An Apple For Himself (1968 Greenwich) [SocketSite]
∙ A Renovated Cow Hollow Apple On The Tree: 1968 Greenwich Street [SocketSite]

Posted by socketadmin at 4:30 PM | Permalink | Comments (19) | (email story)

November 17, 2008

Which Five Years Will The Next Five Most Likely Resemble Redux

As we wrote a little over a year ago:

213 Moulton is a contemporary single-family home situated down a little alley in Cow Hollow. It first sold for $545,000 in 1995. And ten years later (in 2005) it changed hands for $1,672,000. No doubt about it, that's fantastic long-term appreciation. Then again, it also changed hands in the year 2000 for $1,600,000.

We only mention it now as 215 Moulton (part of the same three home development) has been on the market for a month and has recently reduced its list price $145,000 (or 7.3%). They’re now asking $1,850,000 which includes a new full bath (added in 2006) and reclaimed living space on the ground floor.

As we wrote two months ago:

215 Moulton “in the heart of Cow Hollow” appears to have been bought back by the bank with a loan balance of $1,893,000 this past July.

And while the contract price for its previous sale in November of 2007 doesn’t appear to be public, we will note a 2008 tax assessed value of $1,800,000 for this District 7 single-family contemporary townhouse.

Listed in April prior to foreclosure for $1,895,000, reduced to $1,795,000 in July, and currently asking $1,750,000.

And as we write today: the sale of 215 Moulton closed escrow on 11/14/08 with a reported contract price of $1,725,000. That's $168,000 less than its last loan balance. And $75,000 less than its last tax assessed value.

∙ Which Five Years Will The Next Five Years More Likely Resemble? [SocketSite]
∙ Cow Hollow Contemporary (And Apparent Foreclosure): 215 Moulton [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (20) | (email story)

November 14, 2008

That Appreciation Never Materialized, But At Least The Short Sale Did

The apples to apples short sale of 1150 Folsom #1 closed escrow today with a reported contract price of $720,000. Purchased in October of 2005 for $829,000.

From the plugged-in leasing agent for the original developer (but unrelated to the sale):

This is a lovely loft development designed by Sternberg-Benjamin Architects. A lower corner tri-level with great big open space at street level.

Lots of windows and light. The kitchen is gorgeous with yards of green counter space and great light. It can be a bit noisy, but if you like central SOMA neighbohood this is a wonderfully scaled space.

Two bedrooms, two and one-half baths, one parking space and 1,654 square feet.

∙ A Folsom Rausch Lofts Short Sale (Assuming 3.3% Appreciation) [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (39) | (email story)

November 7, 2008

An Elegant Noe Valley Apple Still On The Tree: 4545 25th Street

By the numbers for 4545 25th Street: purchased twenty months ago (2/16/07) fully renovated for $2,725,000, listed two months ago for $2,895,000, and then reduced three weeks ago to $2,695,000; three stories, four bedrooms, and four and one-half baths.

Classic exterior, good location, and floor plans online (if you like those kinds of things). And while once touted as a sign of Noe Valley strength (based on its original asking price) and then as a sign of weakness (following its cut), we’ll wait for an actual sale to see.

∙ Listing: 4545 25th Street (4/4.5) - $2,695,000 [MLS] [Virtual Tour]

Posted by socketadmin at 9:45 AM | Permalink | Comments (73) | (email story)

November 6, 2008

A Renovated Single-Family Noe Valley Apple Gets Picked: 1604 Castro

The sale of 1604 Castro Street closed escrow yesterday (11/5/08) with a reported contract price of $1,000,000 (was listed for $1,050,000). Purchased for $920,000 in December of 2004, the sale of 1604 Castro represents average annual appreciation of roughly 2.2% over the past four years for this renovated single-family Noe Valley home.

That's not the kind of appreciation that was being sold, or bought, by most at the end of 2004. And while the temptation will be to see this as proof that home values in Noe have been holding steady, it’s a temptation we’d avoid (unlike chocolate).

As an aside, while there were 29 single-family homes and 39 condos/TICs listed in Noe at the time this home hit the market a month ago, there are now 38 and 52.

∙ A Noe Valley Apple Ripens As The Orchard Expands: 1604 Castro [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (55) | (email story)

October 31, 2008

It’s Not Officially An Apple Until It’s Sold, But We’ve Seen This Movie…

After four weeks on the market the asking price for 1968 Greenwich has been reduced for the second time, now asking $1,800,000. Once again, purchased in May of 2005 for $2,100,000. And bonus points for the best rationalization of how we “cherry picked” this renovated District 7 apple four weeks ago when it just as easily could have sold for more.

UPDATE: And on the topic of apples, the sale of 632 Ashbury Street closed escrow today with a reported contract price of $870,000. That's $5,000 over its purchase price in November of 2005.

∙ Listing: 1968 Greenwich (3/2.5) - $1,800,000 [MLS]
∙ A Renovated Cow Hollow Apple On The Tree: 1968 Greenwich Street [SocketSite]
∙ Two Cow Hollow Apples On Greenwich Get A Little Less Green [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (17) | (email story)

October 30, 2008

The Bank Owned 152 Banks Closes Escrow (“Officially” Over Asking!)

As far as the San Francisco Association of Realtors and their reports are concerned, the bank owned 152 Banks Street has officially sold for over asking with a reported contract price of $705,000 on 10/27/08.

Of course that’s only “over asking” with regard to its most recent list price ($699,900) not its original ($749,900). And that’s still $195,000 less than what it was purchased for in April of 2006. But hey, over asking in Bernal Heights!

∙ Bad Data In Bernal Heights Or Something Else Afoot? (152 Banks) [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (12) | (email story)

October 27, 2008

355 1st Street #S2003 Closes Escrow And The Bragging Rights Go To…

We hereby award “Satchel” the official bragging rights for backing into the previous purchase price for 355 1st Street #S2003 at The Metropolitan (around $825,000). While we’ll let “phatty” and “Recent ORH buyer” split the prize for being closest to its most recent: $600,000 (closed escrow on 10/24/08).

And once again it begs the question: if the sale of this unit was a comp (or perhaps a comp for a comp) in years past, should it be now? Keep in mind there were multiple bids. And this wasn’t an auction (where terms can constrain the pool of buyers).

∙ Bank Owned (With Big Views For Now) At The Metropolitan (355 1st) [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (38) | (email story)

October 22, 2008

Two Cow Hollow Apples On Greenwich Get A Little Less Green

After three weeks on the market in the heart of Cow Hollow, it’s a new price (now asking $1,975,000) and a few new photos for the listing of 1968 Greenwich. But it’s still the same story: purchased in May of 2005 for $2,100,000.

And yes, the infamous 2243 Greenwich a few blocks to the west remains on the market as well. Currently asking $1,545,000. Purchased at the end of 2005 for $1,800,000.

∙ A Renovated Cow Hollow Apple On The Tree: 1968 Greenwich Street [SocketSite]
∙ Listing: 1968 Greenwich (3/2.5) - $1,975,000 [MLS]
∙ A Little Extra Perspective On The Listing Market? (2243 Greenwich) [SocketSite]
∙ Listing: 2243 Greenwich (3/2.5) - $1,545,000 [MLS]

Posted by socketadmin at 1:50 PM | Permalink | Comments (10) | (email story)

October 20, 2008

That Palm Bears Fruit (An Apple): 1135 Francisco #5 Closes Escrow

1135 Francisco Street #5 closed escrow on 10/17/08 with a reported contract price of $862,500 ($2,500 under asking). Once again, two bedrooms/one bath, one car parking, District 8 (Russian Hill), and purchased in October of 2005 for $880,000.

∙ Despite The Palm Tree, It’s Francisco Court (And #5 Is On The Market) [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (39) | (email story)

October 14, 2008

Apples To Apples At Watermark And What Would (Or Will) You Do?

From a plugged-in reader:

I just noticed that unit 4C at the Watermark is now being listed on craigslist for rent @ $4300 a month. It's still on the market for $1,032,000.

We’ll add purchased on 12/22/06 for $939,000 (which wouldn’t reflect any incentives), monthly HOAs of $780, and on the market for 116 days (having started at $1,080,000).

And we’ll ask: what would (or will) you do?

∙ Listing: 501 Beale Street #4C (2/2) - $1,032,000 [MLS]
∙ $4300 / 2br - Elegant corner condo in the Watermark [Craigslist]

Posted by socketadmin at 2:30 PM | Permalink | Comments (29) | (email story)

A Japanese Styled Home (And Market As Well?)

The Japanese influenced 121 Edgehill Way has fallen out of contract and its list price reduced to $1,195,000. As a plugged-in reader previously noted, “sold for $1,195,000 in February of 2006.”

We’re still suckers for the Japanese influenced design elements, but in terms of a Japanese styled real estate market...

∙ Listing: 121 Edgehill Way (4/2.5) - $1,195,000 [121edgehill.com] [MLS]
∙ From The People Person Who Brought You Green Tea In The Park [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (11) | (email story)

October 6, 2008

A Renovated Cow Hollow Apple On The Tree: 1968 Greenwich Street

Purchased for $2,100,000 in May of 2005, 1968 Greenwich in the heart of Cow Hollow (District 7) is back on the market today. Asking $2,100,000 (with nary an alley, moldy carpet, or fire station in sight).

∙ Listing: 1968 Greenwich (3/2.5) - $2,100,000 [MLS]

Posted by socketadmin at 3:00 AM | Permalink | Comments (26) | (email story)

September 29, 2008

152 Banks In Bernal Heights Reduced (And Not Moving So Fast)

To recap: 152 Banks in Bernal Heights was purchased for $675,000 in July of 2005; sold in April of 2006 for $900,000; appears to have been bought back by the bank three weeks ago; and returned to the market two weeks ago for $749,900 (“will go fast at 750K” according to one rather bullish "anon[ymous]" commenter). Just reduced to $699,900.

As a plugged-in reader notes, “just hope no one used that silly $900K price a few years ago as a comp!”

∙ Listing: 152 Banks (3/2) - $699,900 [MLS]
∙ Bad Data In Bernal Heights Or Something Else Afoot? (152 Banks) [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (11) | (email story)

September 26, 2008

Not A Perfectly Clean Apple In Bernal, But You'll Get The Gist

After three weeks on the market the list price for 22 Coleridge on the edge of Bernal has been dropped from $599,000 to $587,000. Purchased in April of 2005 for $607,000.

Unfortunately it's not a perfectly clean “apple” as the kitchen was completely renovated in 2006 (new cabinets, appliances, flooring, etc.), but you'll get the gist. And as a plugged-in reader notes, “seller is a licensed real estate agent.” You know, in the trenches and all.

∙ Listing: 22 Coleridge (1/1) - $587,000 [MLS]

Posted by socketadmin at 8:30 AM | Permalink | Comments (41) | (email story)

659 Greenwich: Two For One And A Peek Inside

New construction in 2002, the four bedroom 659 Greenwich was purchased for $3,200,000. Back on the market today and asking $3,795,000.

And wouldn’t you know it, it’s actually the 1800’s two-bedroom cottage out back (and above) that ended up catching our eye.

∙ Listing: 659 Greenwich (4/3 + 2/1) - $3,795,000 [MLS]

Posted by socketadmin at 7:00 AM | Permalink | Comments (16) | (email story)

September 25, 2008

A Noe Valley Apple Ripens As The Orchard Expands: 1604 Castro

Purchased for $920,000 in December of 2004, a sale of 1604 Castro at the current list price of $1,050,000 would represent average annual appreciation of roughly 3.5% over the past four years for this renovated single-family Noe Valley home assuming the entirely of said renovations occurred prior to the last sale (and we didn't see any recent permits).

In related news, Noe Valley listed inventory continues to build with 29 single-family homes and 39 condos/TICs currently active, available (i.e., not contingent) and competing for your attention.

∙ Listing: 1604 Castro (2/1) - $1,050,000 [MLS]

Posted by socketadmin at 12:00 PM | Permalink | Comments (41) | (email story)

September 23, 2008

Cow Hollow Contemporary (And Apparent Foreclosure): 215 Moulton

As a plugged-in tipster notes, 215 Moulton “in the heart of Cow Hollow” appears to have been bought back by the bank with a loan balance of $1,893,000 this past July.

And while the contract price for its previous sale in November of 2007 doesn’t appear to be public, we will note a 2008 tax assessed value of $1,800,000 for this District 7 single-family contemporary townhouse.

Listed in April prior to foreclosure for $1,895,000, reduced to $1,795,000 in July, and currently asking $1,750,000.

∙ Listing: 215 Moulton (3/3.5) - $1,750,000 [215moulton.com] [MLS]

Posted by socketadmin at 1:00 AM | Permalink | Comments (41) | (email story)

September 22, 2008

1515 Lyon: Now “Totally Upgraded” (And Asking A Little Less)

While it was a fairly clean apple six months ago when listed for $1,389,000 (or a few months later for $1,369,000), this single-family home (with off street parking) in Lower Pacific Heights has been “TOTALLY UPGRADED” since.

That being said, the list price for 1515 Lyon has once again been reduced (now asking $1,275,000) as have its official days on the market (now four). Purchased just under two years ago (10/25/06) for the same ($1,275,000).

∙ Listing: 1515 Lyon (3/3) - $1,275,000 [MLS]
∙ A Single-Family Apple On The Tree In Lower Pacific Heights [SocketSite]
∙ An Apple Is Withdrawn Without Selling (But Quickly Returns As New) [SocketSite]
∙ An Old Listing Suddenly Returns (While The New One Disappears) [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (20) | (email story)

September 17, 2008

Despite The Palm Tree, It’s Francisco Court (And #5 Is On The Market)

Purchased for $880,000 in October of 2005, this two bedroom (but only one bath) Francisco Court condo in District 8 (Russian Hill) is back on the market. And as a plugged-in reader notes, it’s currently listed for $865,000.

One deeded parking spot. We’re guessing the $55,000 monthly HOAs are a typo (most likely $550). And despite the palm tree, not to be confused with the all TIC Francisco Palms development down the street.

∙ Listing: 1135 Francisco Street #5 (2/1) - $865,000 [MLS]
∙ The Francisco Palms (1229 Francisco) [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (23) | (email story)

September 16, 2008

Plugged-In Readers Toss A Few Apples Onto Our Apple Cart

From one plugged-in reader in District 5:

I can see this new listing from my home, so I am following it for many reasons and it may interest SocketSite [Editor's Note: we're always interested in apples]: 632 Ashbury Street, between Haight and Waller.

A lower, 2 bedroom flat in a two flat building, includes a parking space in the garage and some storage. Includes a shared, very handsome and mature garden. The flat is in move in condition, but nothing very fancy. Asking as of today: $929,000. Per Redfin was last sold on 11/23/2005 for $865,000.

It will be interesting to see how literally ground zero in the Haight Ashbury is faring these days.

To another in District 9: 18 Lansing Street #402 - purchased 5/05 for $975,000, sold 8/08 for $800,000. And yet the median price in District 9 is up? Inconceivable.

∙ Listing: 632 Ashbury Street (2/1) - $929,000 [MLS]

Posted by socketadmin at 11:45 AM | Permalink | Comments (48) | (email story)

Nothing To See Here (Unless 2924 19th Avenue Was Once Your Comp)

Once again, purchased for $1,030,000 in August of 2005 establishing a comp by which other neighborhood (District 3) single-family homes were priced and valued.

2924 19th Avenue returned to the market as a “short sale” at the beginning of August with a list price of $988,000. Reduced to $899,000. Then to $849,000. And now asking $799,000 (a sale at which would represent a 22.4% drop in value).

And while it is a rather busy location, it isn't any busier than it was in 2005.

∙ Listing: 2924 19th Avenue (3/2) - $899,000 [MLS]
∙ The Comps They Are A Changing: The Short Sale Of 2924 19th Avenue [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (42) | (email story)

September 12, 2008

Bad Data In Bernal Heights Or Something Else Afoot? (152 Banks)

From the listing for 152 Banks in Bernal Heights: “New Owner - Reduced Price. Recently renovated with kithcen (sic) updates, hardwood flooring, and new windows. 2/1 upstairs - 1/1 downstairs.”

From public records: purchased for $675,000 in July of 2005, sold in April of 2006 for $900,000. And while we’re assuming that aforementioned “recent renovation” occurred in that nine month window between sales (which might help explain the bump in price), we didn’t find any mention of permits online.

And of course, that doesn’t help explain what’s happened between 2006 (when purchased for $900,000) and now (asking $749,900).

UPDATE (9/29): Reduced to $699,900.

∙ Listing: 152 Banks (3/2) - $749,900 [MLS]

Posted by socketadmin at 7:00 AM | Permalink | Comments (26) | (email story)

September 10, 2008

A Hayes Valleyish New Construction Apple On The Tree: 368 Elm #406

The sales office for 368 Elm Street on the edge of Hayes Valley first opened its doors in November of 2006. At the time, 368 Elm Street #406 was priced by the developer at $589,000. And it sold.

Back on the market last month for $615,000, the list price has been reduced twice since. And yes, most recently by only $2,000 (obviously to catch all those buyers with a cutoff of $598,000...).

Now asking $597,000, a sale at which would represent annual appreciation of roughly 0.74% over the past two years.

∙ Listing: 368 Elm Street #406 (1/1) - $597,000 [MLS]
∙ 368 Elm Street Condos: First Release Pricing And Scoop [SocketSite]
∙ 368 Elm Street Condos: Complete Pricing (And An Update) [SocketSite]

Posted by socketadmin at 9:03 AM | Permalink | Comments (19) | (email story)

September 9, 2008

Bank Owned (With Big Views For Now) At The Metropolitan (355 1st)

Floor to ceiling windows with bridge and building views in the living room (at least for the time being). Stainless steel appliances and granite countertops in the kitchen. And now bank owned and asking $685 per square foot on high floor at The Metropolitan.

Bragging rights to the first plugged-in reader that can determine the pre-bank purchase price (or provide an accurate update on The Californian).

∙ Listing: 355 1st Street #S2003 (1/1) - $544,700 [MLS]
∙ The Lots Have Been Cleared For The Californian And More On Fremont [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (32) | (email story)

September 4, 2008

Another $1,000 A Day In “Built-In” Equity On Potrero Hill?

Purchased for $435,000 in July of 2005, the listing for 2225 23rd Street #310 has been advertising “Bank APPROVED SHORT SALE! JUST WRITE OFFER & CLOSE WITHIN 30 DAYS!! IMMEDIATE 10% BUILT-IN EQUITY!” for the past thirty days. Yesterday the list price was reduced from $363,000 to $333,000. Another 8.3% of “built-in" equity?

And then there’s 2225 23rd Street #218 in the same Potrero Court complex. Purchased in 1999 for $183,000, but refinanced in 2001, it’s simply a “Pre-foreclosre Opportunty!” [sic and sic] with a list price that has been reduced from $333,000 to $299,000.

A few other relatively recent sales of same sized condos (602 square feet) in the Potrero Court development: 2250 23rd Street #122, $385,000 on 4/11/08 (had previously sold for $457,000 in June of 2005); 2250 23rd Street #334, $400,000 on 5/22/08 (purchased for $180,000 in March of 1999); and 2225 23rd Street #318, $400,000 on 5/30/08 (purchased for $300,000 in July of 2002).

∙ Listing: 2225 23rd Street #310 (1/1) - $333,000 [MLS]
∙ Listing: 2225 23rd Street #218 (1/1) - $299,000 [MLS]

Posted by socketadmin at 11:23 AM | Permalink | Comments (23) | (email story)

September 2, 2008

Same Location And Size (And For The Most Part Price) As In 2005

Purchased for $633,000 in October of 2005, this Telegraph Hill single-family "cottage" failed to find a buyer when it was listed for $779,000 eighteen months ago. Back on the market in 2008. And now asking $629,000.

No word on whether or not the fair market value of the “magical transformation by renowned, interior designer, Linda Applewhite to resemble the cottages of napa valley bed & breakfast” will need to be backed out of the future sale price in order to establish an “apple.”

We won’t quibble over the value of the furniture (priced “fully furnished”).

∙ Listing: 1448 Kearny Street (0/1) - $629,000 [MLS]
∙ The Single Family Studio Home [SocketSite]
∙ 1906 earthquake refugee cottages [Presido of San Francisco]

Posted by socketadmin at 7:30 AM | Permalink | Comments (9) | (email story)

August 28, 2008

To Comp Or Not To Comp, The Question Of More Than The Day

Purchased for $789,000 in 2006, unit #421 at The Palms (555 4th Street) hit the market four months ago with a list price of $868,000. Unable to find a buyer, the asking price on the two-bedroom condo was eventually reduced to $750,000 “subject to lender’s approval.”

Last week the sale of 555 4th Street #421 closed escrow with a reported contract price or $700,000. Well let you do the math (and decide whether or not it’s a “real” comp).

∙ The Palms (555 4th St.): Secondary Market Slowdown And Short Sale [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (76) | (email story)

August 25, 2008

Let’s Do The Time Warp Again (In Glen Park): 461 Chenery

It’s a plugged-in tipster with a good memory that notes another price cut for the bank owned 461 Chenery in Glen Park. The property was first noted by a SocketSite reader in May soon after it was bought back by the bank on 5/12/08 for $601,343 and subsequently listed on 5/19/08 for $669,900.

After a month on the market the list price was reduced to $629,900, after another month to $599,900, and after another month (five days ago) to $539,900. As best we can tell, the pre-bank owner had purchased the property for $485,000 in January of 2003 (and had pre-spent a bit of that “appreciation”).

From our tipster (and prior to anyone wrongly screaming “schadenfreude!”):

Interesting to see what it goes for given that it is very much walking distance to BART.

Huge fan of the site and bought a house in the Glen Park area 13 months ago. Jealous of this listing price for sure but let’s see where the sale price comes in because it is still well above 2 bedroom rent for cash flow.

Oh, and the current Zillow “Zestimate”: $776,500 (with a “low” of $628,965).

∙ Listing: 461 Chenery (2/1) - $539,900 [MLS]
∙ March S&P/Case-Shiller: San Francisco MSA Declines, Top Tier Flat [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (98) | (email story)

August 21, 2008

Priced To Sell! Did We Mention Priced To Sell? (250 Clara Street #13)

Perhaps it’s not a perfect apple (“may be larger than tax record shows due to remodel by owner”), but 250 Clara Street #13, a District 9 loft, was just listed for $588,000. Top floor, lots of light, and apparently “pure energy.”

Purchased for $550,000 in December of 2004 and now advertising “priced to sell” (twice).

∙ Listing: 250 Clara Street #13 (1/1.5) - $588,000 [MLS]

Posted by socketadmin at 2:00 AM | Permalink | Comments (46) | (email story)

The Comps They Are A Changing: The Short Sale Of 2924 19th Avenue

Purchased for $1,030,000 in August of 2005, and establishing a new neighborhood comp at the time, 2924 19th Avenue (a single-family home in District 3) returned to the market two weeks ago with a list price of $988,000 and advertising “short sale.” And yesterday, the potential sale became a little shorter as the list price was reduced to $899,000.

Yes, the comps they are a changing. And once again, painting a very different picture of what's happening in the market versus any change in median sales price or even average dollars per square foot for homes sold in the neighborhood over the past three years.

∙ Listing: 2924 19th Avenue (3/2) - $899,000 [MLS]

Posted by socketadmin at 1:00 AM | Permalink | Comments (26) | (email story)

August 18, 2008

Four Years Of District 4 Equity Yet Pre-Foreclosure After Four Months

Purchased for $1,750,000 in May of 2004, 10 Fernwood Drive in Monterey Heights returned to the market almost four months ago asking the same.

Three months ago the list price was reduced to $1,650,000 where it currently stands after having been reduced down to as low as $1,550,000 for a period in between. Still available and advertising “Pre-Foreclosure Opportunity.”

Bets as to whether or not the sale of this "apple" will tell a very different story about what's happening in this market with respect to appreciation (or rather depreciation) versus the trends in median sales price and average dollars per square foot for sold properties in District 4 over the past four years?

∙ Listing: 10 Fernwood Drive (4/3.5) - $1,650,000 [MLS]

Posted by socketadmin at 2:00 AM | Permalink | Comments (90) | (email story)

August 7, 2008

A Noe Valley/Glen Park Apple In The Making And Neighborhood Inquiry

Purchased for $1,150,000 in September of 2005, a sale of 254 30th Street at the current asking price ($1,250,000) would represent average annual appreciation of 2.9% over the past three years (assuming no improvements) for this single-family home on the border of Noe Valley and Glen Park.

And a related reader inquiry:

I'd love to see some SocketSite regulars weigh in with predictions for the selling prices for some of the single-family homes on the market in Noe Valley. There are a bunch right now priced in the sweet spot between $900K and $1.2 million, and they all have parking, nice little yards, and bonus rooms or bonus-room potential.

They aren't fixers, but they have all have some (or much) potential for improvement. Such as 4090 25th St ($1.09M), 1617 Church ($995K), 3888 26th ($1.15M), 1308 Diamond ($949K). Then there's 1143 Diamond, which is perhaps overpriced at $1.398M. There are others, these are just the ones I've visited.

Also mentioned in our reader's inquiry was 4339 26th Street which hit the market in April for $1,650,000, was reduced to $1,450,000, and has now been withdrawn.

∙ Listing: 254 30th Street (2/2) - $1,250,000 [MLS]

Posted by socketadmin at 2:00 AM | Permalink | Comments (85) | (email story)

August 6, 2008

It's A Good Thing Those Bank Owned Comps Don't Matter, Right?

Let’s go straight to the SocketSite "apple in the making" archives:

Two months ago we noted the “Newest Comp For A Two-Bedroom Condo At 246 2nd Street” when the bank owned #1302 closed escrow with a reported contract price of $775,000 (roughly $125K below what #902 sold for late last year and exactly $220K below what the seller of #502 was asking at the time).

As we wrote at the time: Damn those unemotional sellers to hell. And once again, that’s not likely to be a neighbor(hood) pleaser.

And as a plugged-in reader notes today: 246 2nd Street #502 has returned to the market with a list price of $739,900. That’s a reduction of $255,100. And more noteworthy, that’s $210,100 less than what was paid for the condo over three years prior (12/9/05).

Now about whether or not those bank owned sales in San Francisco (however few and far between) are irrelevant or meaningless...

UPDATE: An excerpt from a plugged-in reader’s comment that shouldn’t be missed: "According to mls records that agents have records to. It sold for $950,000 in 12/05 but with a $110,000 credit to buyer at closing. I am quite sure this was never disclosed to the actual lending bank. NEVER would have flown."

And now we have our newest apple (and perhaps an answer to our previous "Can Bank Owned Comps Kill" headline): On 8/04/08 the sale of 246 2nd Street #502 closed escrow with a reported contract price of $700,000 (previous recorded sale price and building comp of $950,000 – or $840,000 if you back out the credit – in December of 2005).

UPDATE: Post being re-written, see comment below.

∙ Can Bank Owned Comps Kill (Values)? 246 2nd Street #502 Returns [SocketSite]
∙ The Newest Comp For A Two-Bedroom Condo At 246 2nd Street [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (40) | (email story)

August 5, 2008

An Early Withdrawal Of Lakeside Equity That Really Didn’t Exist?

Purchased in August of 2005 for $1,030,000 and establishing a Lakeside (District 3) neighborhood “comp,” 2924 19th Avenue returned to the market yesterday with a list price of $988,000.

Refinanced in November of 2006 with a total mortgage balance (first and second) of $1,087,000 (assuming PropertyShark is correct), a sale at up to 10% over asking will likely still be “short."

∙ Listing: 2924 19th Avenue (3/2) - $988,000 [MLS]

Posted by socketadmin at 9:30 AM | Permalink | Comments (4) | (email story)

July 29, 2008

When Life Gives Us Apples, We Make Apple Pie: 88 Hoff Street #206

While purchased two years ago for $637,500, it’s a plugged-in reader that notes 88 Hoff Street #206 in the Mission closed escrow earlier this month with a reported contract price of $580,000. That represents average annual depreciation of 4.8% over the past two years.

And while we never explicitly featured the listing, it was at the center of an interesting discussion and expectations debate.

∙ What Happens When Expectations Don’t Match The Market? [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (29) | (email story)

July 16, 2008

But It’s Glen Park And I’m Told The “Median Sales Price” Is Way Up!

On July 1st 2005 a “Stylish Light & Bright Elegant View Home” in Glen Park sold for $910,000. Three years and a $40,000 kitchen later, 24 Addison closed escrow (after 80 days) with a reported contract price of $975,000. As a plugged-in tipster notes:

So a gross increase of $25,000 in three years. Throw in 7% transaction fees and any concessions needed to get this beast closed. Who says you can't loose money in (fairly) prime SF real estate?

The kicker? Our tipster is the one who happily sold the place in 2005 (and who also adds, “the fireplace screen with a hole in it that a renter left me was highlighted in all the [listing] photos”).

Now granted, this sale still represents effective annual appreciation of just under 1% over the past three years for this single-family Glen Park home, but any guesses as to what’s happened to the neighborhood “median sales price” over that same period of time?

Posted by socketadmin at 12:45 AM | Permalink | Comments (40) | (email story)

July 15, 2008

Two Snaps Up In A Circle For A Plugged-In Reader (326 Valley Sells)

Purchased for $1,400,000 on 6/21/2005, the kitchen of 326 Valley has since been remodeled (at an “estimated” cost of $50,000) and the property next door has gone from eyesore to contextual infill condos, so it’s not a perfectly clean apple.

That being said, the sale of 326 Valley closed escrow today (7/15/08) with a reported contract price of $1,569,000. Ignoring the impact of remodeling (in terms of both cost and increased value), this represents annual appreciation of 3.8% over the past three years for this single-family home in Noe Valley (2.7% if you subtract $50,000 for remodeling).

That’s also an overall increase of 12.1% (8.5% subtracting that same $50,000) which is in line with the neighborhood's increase in average sales price per square foot for listed single-family homes since 2005 (11.3%), but significantly below the much ballyhooed increase in “median sales price” (23.5%). It's funny how that happens.

And two snaps up in a circle for a plugged-in “resp” who two months ago calculated an estimated contract price $1,548,000 (a difference of only $21,000 or 1.4%).

∙ A Neighbor Notices Another Noe Valley Apple On The Tree: 326 Valley [SocketSite]

Posted by socketadmin at 1:45 PM | Permalink | Comments (39) | (email story)

June 10, 2008

And On His Little Urban Farm He Grew A Little Apple...

Purchased for $749,000 in March of 2007, another one of the four little Donald MacDonald “Urban Townhouses” on Hermann (396) didn’t find a buyer at $795,000 (which would have represented annual appreciation of roughly 5%) and is now asking $779,000 (which would represent annual appreciation of closer to 3%).

And while these little homes aren’t everybody’s cup of tea, we do happen to like little spaces, big windows, and wood burning fireplaces (not to mention the neighborhood).

UPDATE: We also should have noted that 398 Hermann (the little blue one next door which benefits from one less shared wall and a few extra windows) closed escrow on 11/30/2007 with a reported contract price of $747,000.

∙ Listing: 396 Hermann (2/1) - $779,000 [MLS]
∙ One Of Four Little Donald MacDonald Urban Townhouses On Hermann [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (59) | (email story)

June 2, 2008

Speaking Of Downtown Views, Quick Sales, And Apples: 712 Wisconsin

Speaking of Downtown San Francisco views (not to mention quick sales), a plugged-in tipster notices that 712 Wisconsin in Potrero Hill is once again on the market.

We went to the open house last year when it was on the market and saw our first built-in espresso machine... have been dreaming of one ever since!

We do like our built-in espresso machines, but not nearly as much as our apples: closed escrow eleven months ago (7/19/07) with a reported contract price of $1,325,000, listed two weeks ago for $1,395,000. We’ll let you know where (and when) the apple lands.

∙ Listing: 712 Wisconsin (3/2) - $1,395,000 [MLS]
∙ Transbay Terminal Zoning Presentation And “Urban Form Simulations” [SocketSite]
∙ Don’t Ask Us (Or Bother To Run The Numbers): 455 27th Returns [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (10) | (email story)

May 27, 2008

A Neighbor Notices Another Noe Valley Apple On The Tree: 326 Valley

From a plugged-in tipster (who earns our accolades for thoroughness):

The stagers just left. Looks like my neighbors across the street are moving. 326 Valley St. Asking $1.495M.

Sales history: 6/21/2005 ($1,400,000); 11/02/2001 ($995,000); 1/16/1997 ($460,000); 7/24/1996 ($270,000) - contractor bought and put house through major renovations - added master suite (600 sq. ft.) on ground floor.

Improvements since 1997: upgraded kitchen cabinets and counters, better landscaping in the rear, but nothing major/structural. Worth noting: in 2007 the property next door went from eyesore teardown to new (contextual infill) condos.

It's not a perfectly clean apple (on account of the neighborhood improvement next door), but we'll consider it one nonetheless. So...Noe Valley, single-family, remodeled, "sweet spot" price point, predictions?

And once again, anybody care to acknowledge how the “median sales price” in Noe Valley has changed since the last sale of this home? The change in value should match, right?

∙ Listing: 326 Valley (3/2) - $1,495,000 [John Roach]

Posted by socketadmin at 1:00 PM | Permalink | Comments (80) | (email story)

May 23, 2008

The Apple Of The Day: Single-Family In Cow Hollow (3035 Scott)

Assuming our plugged-in tipster is correct (it's currently “pending” on the MLS), 3035 Scott Street has closed escrow with a contract price of $2,820,000 (5.8% under asking).

Purchased for $2,625,000 in October of 2005, a sale at $2,820,000 represents average annualized appreciation of 2.8% over the past thirty months for this remodeled single-family Cow Hollow home. Any guesses as to how that might compare to the change in neighborhood “median sales price” over that same stretch of time?

Posted by socketadmin at 1:30 AM | Permalink | Comments (65) | (email story)

May 22, 2008

Can Bank Owned Comps Kill (Values)? 246 2nd Street #502 Returns

Two months ago we noted the “Newest Comp For A Two-Bedroom Condo At 246 2nd Street” when the bank owned #1302 closed escrow with a reported contract price of $775,000 (roughly $125K below what #902 sold for late last year and exactly $220K below what the seller of #502 was asking at the time).

As we wrote at the time: Damn those unemotional sellers to hell. And once again, that’s not likely to be a neighbor(hood) pleaser.

And as a plugged-in reader notes today: 246 2nd Street #502 has returned to the market with a list price of $739,900. That’s a reduction of $255,100. And more noteworthy, that’s $210,100 less than what was paid for the condo over three years prior (12/9/05).

Now about whether or not those bank owned sales in San Francisco (however few and far between) are irrelevant or meaningless...

UPDATE: An excerpt from a plugged-in reader’s comment that shouldn’t be missed: “According to mls records that agents have records to. It sold for $950,000 in 12/05 but with a $110,000 credit to buyer at closing. I am quite sure this was never disclosed to the actual lending bank. NEVER would have flown.”

∙ The Newest Comp For A Two-Bedroom Condo At 246 2nd Street [SocketSite]
∙ Listing: 246 2nd Street #502 (2/2) - $739,900 [MLS]

Posted by socketadmin at 10:45 AM | Permalink | Comments (23) | (email story)

May 21, 2008

Two Apples Get Picked In May: 2021 Webster And 1024 Sanchez

After almost ten months on the market, 2021 Webster closed escrow yesterday (5/20/08) with a reported contract price of $2,425,000. And while that’s 30.6% under what was originally being asked, it’s also 5.7% over what was paid for the property on 1/27/07 ($2,295,000). The sale represents annualized appreciation of 4.3% over the past 16 months for this single-family home in Pacific Heights.

Over in Noe Valley, 1024 Sanchez closed escrow a few weeks ago (hey, we do our best) with a reported contact price of $991,000. Purchased for $965,000 on 8/4/06, the sale represents annual appreciation of 1.5% over the past twenty months.

And the change in Noe Valley's “median sales price” over that same period of time?

∙ From The Future To The Past (Tense): 2021 Webster Cuts Again [SocketSite]
∙ Is It Simply The New New Strategy, Or Is It Actually A(nother) Sign? [SocketSite]

Posted by socketadmin at 3:45 PM | Permalink | Comments (17) | (email story)

May 15, 2008

A Reader Reports: Apples To Apples On Potrero Hill (1304 De Haro)

From a plugged-in reader with respect to the listing for 1304 De Haro:

My wife and I were bidding on this exact condo a year ago and did not counter to the multiple bid. It is interesting to see it back on the market with no improvements or changes. Beautiful flat but I will say that it is concerning to see it on the market after exactly 1 year.

And if PropertyShark is correct: last changed hands on 6/11/2007 for $775,000.

∙ Listing: 1304 De Haro (3/2) - $749,000 [MLS]

Posted by socketadmin at 9:00 AM | Permalink | Comments (35) | (email story)

May 2, 2008

An Apple Is Withdrawn Without Selling (But Quickly Returns As New)

Yesterday, the listing for 1515 Lyon was withdrawn from the market after 62 days on the market (DOM) and a $20,000 (1.5%) reduction. Today, 1515 Lyon is back on the market with zero DOM and no mention of the reduction. And to be honest, we probably wouldn’t have noticed had it not been one of our apples.

Don’t forget to adjust your official industry DOM and SP/LP (selling price to list price) stats accordingly. Now about that MLS policy change back in 2007…

∙ Listing: 1515 Lyon (3/3) - $1,369,000 [MLS]
∙ A Single-Family Apple On The Tree In Lower Pacific Heights [SocketSite]
∙ A New New Policy Change For The MLS [SocketSite]

Posted by socketadmin at 3:34 PM | Permalink | Comments (69) | (email story)

May 1, 2008

An Update On Those Acronyms And An Apple In Pacific Heights

The list price for 1392 McAllister (which sports a great comment from a plugged-in previous tenant) was just reduced $99,000 (9.9%). While the list price on 2243 Franklin (an apple in Pacific Heights) was just reduced $80,000 (now listed at $1,195,000 while purchased on 5/31/07 for $1,250,500).

∙ A Couple Of Acronyms, But Lots Of Character/Space: 1392 McAllister [SocketSite]
∙ Apples To Apples To Be In Pacific Heights: 2243 Franklin Street [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (7) | (email story)

April 30, 2008

A Total Noe Fixer/Tear-Down (For A Little Less Than Two Years Ago?)

It’s a "total fixer" or "tear-down" which makes pricing a bit tricky as “potential” value is not only in the eyes, but also the hands of the beholder.

That being said, over in Noe Valley 1409 Sanchez was briefly in contract this past January when listed for $1,100,000. After falling out of contract, however, the list price for the property was subsequently reduced to $995,000 in February, to $940,000 in March, to $849,500 two weeks ago, and to $799,500 yesterday.

As a plugged-in reader notes, the property last changed hands on 12/30/05 for $868,000. But we don't know whether or not it would have been considered a "total fixer" or "tear-down" at the time. Or if anybody has attempted to pursue either path since.

UPDATE: From a plugged-in reader: "I really like this area of Sanchez and Duncan and remember when it was sold in late 2005. The owner had died and the place was a total mess. No garage, a small lot, and a complete tear down." And with that we have an apple.

∙ Listing: 1409 Sanchez (2/1) - $799,500 [MLS]

Posted by socketadmin at 6:00 AM | Permalink | Comments (44) | (email story)

April 29, 2008

Apparently The Market Couldn’t See Past The Paint (Or Could It?)

The original (and still active) listing photos for 402 Sanchez: Above
The new price: $1,234,050 (previously $1,299,000, originally $1,350,000)
The new notes: “Interior has been repainted with neutral colors” and “Now on lockbox!”
The last pre non-neutral paint and remodel sale: $1,200,000 (on 10/24/2006)

∙ Listing: 402 Sanchez (2/2) - $1,234,050 [MLS]

Posted by socketadmin at 3:48 PM | Permalink | Comments (13) | (email story)

April 23, 2008

Look At Those Stats! (Just Not That Previous Sale): 3324 Octavia #4

While the sellers of 3342 Divisadero are still seeking a buyer, 3324 Octavia St #4 has closed escrow a little to the east (on more stable ground in the Marina) with a contract price of $739,000. That’s just over $982 per square foot! And heck, had it been listed at $600,000 that would have been $139,000 over asking (and most likely with multiple offers)! It all sounds (or would sound) quite impressive.

Then again, a sale at $739,000 is $11,000 less than what the sellers paid for this District 7 condo almost four years ago (on 7/16/2004). Perhaps they simply "overpaid" at the time. Of course that would suggest anybody that relied on the sale as a comp four years ago probably overpaid as well. And so on. And so forth.

And in terms of the effective after-tax cost of owning this one-bedroom condo over the past four years, we’d estimate at least $3,300 a month. And that’s not including any transaction costs associated with buying or selling the property. Or the depreciation.

∙ An Apples To Apples Comp To Be Is Back On The Market In The Marina [SocketSite]
∙ An Update (And Reduction) For A Marina Apple To Be: 3342 Divisadero [SocketsSite]

Posted by socketadmin at 6:10 AM | Permalink | Comments (82) | (email story)

An Update (And Reduction) For A Marina Apple To Be: 3342 Divisadero

Two and one-half months ago 3342 Divisadero hit the market with a list price of $1,295,000. Two bedrooms (but only one bathroom), two car parking, top floor, remodeled, and in the heart of the Marina (District 7).

Five weeks ago the list price was reduced $46,000. And yesterday, the price was reduced another $44,000. Now asking $1,195,000. That is $45,000 more than the contract price of two years ago (which would suggest annual appreciation of 1.9% over the past two years). But if a plugged-in tipster is correct, both the kitchen and bath have been remodeled since (which might effectively suggest no appreciation at all).

∙ Listing: 3342 Divisadero (2/1) - $1,195,000 [MLS]
∙ Apples To Apples: 3342 Divisadero (2 Bedroom Condo In The Marina) [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (21) | (email story)

April 15, 2008

A Quick Tale Of Two Apples (And Noe Valleys): Modern Home Edition

As a reader has already noted, 576 30th Street closed escrow this past Friday (4/11/08) with a reported contract price of $2,195,000. Purchased for $2,125,000 in December of 2006, the sale represents annual appreciation of 2.4% over the past sixteen months.

That being said, do consider the words of a plugged-in (and perhaps pleasantly surprised) neighbor:

I'm betting it goes 1 to 2 percent less than what it sold for last time, neighborhood improvements essentially cancelling out market floundering.

I live at 30th and Noe, a block downhill from this place, and can honestly say I prefer it to 24th Street. We have a bunch of new restaurants like La Ciccia, Pescheria, and Toast, which have opened since this house last sold. We have Drewes Brothers and Church Street Produce, neighborhood institutions that just get better and better. At long last our new park -- the Upper Noe Valley Rec Center -- is nearly done. It's a $10 million project that includes new playgrounds, gyms, field, dogwalk, seating areas. The construction process has been painfully slow (One Rincon was built in less time) but I think the park, a full city block, will be one of the best rec centers in the city.

So I think you could argue that downtown Noe Valley -- which by the way is a leisurely 10-15 minute walk from our part of town-- has not improved one iota in the last five years while outer/upper noe has blossemed.

At the same time, and a few blocks closer to 24th Street, 1420 Douglass was withdrawn from the market after three months and a one hundred thousand dollar price reduction. Purchased for $1,945,000 on 8/09/2007, 1420 Douglass was last listed for $1,995,000 without finding a buyer.

∙ Another Modern Apple Is Up On The Noe Valley Tree: 576 30th Street [SocketSite]
∙ Another Look At 1420 Douglass (And A Reader's "Lazy Noe Indicator") [SocketSite]

Posted by socketadmin at 10:58 AM | Permalink | Comments (21) | (email story)

April 10, 2008

The Circle Of Life In Pacific Heights: 1817 California Street #2E

If you happen to be the tenant(s) of 1817 California Street #2E and you’re not yet aware, your days are likely numbered. Two bedrooms, one and one-half baths, 787 square feet, one parking space, and listed at $498,000. Only one showing (this Sunday 4/13 from one to three) and offers thereafter.

UPDATE: Make that circles (plural). From a plugged-in reader:

11/18/05: property listed at $750,000
1/11/06: listing expires
2/08/06: listing comes back on, now up to $799,000
7/08/06: listing expires
7/11/06: listing comes back on, still $799,000
9/05/06: price reduced (back) to $750,000
9/28/06: listing is withdrawn by agent (owner)
7/27/07: property listed at $710,000
8/27/07: price reduced to $699,950
1/01/08: property withdrawn by agent (owner)
2/13/08: property listed at $675,000
3/10/08: price reduced to $665,000
4/08/08: property withdrawn by agent (owner)
4/07/08(huh?): new listing! new agent! new price! $498,000.

UPDATE: And as another plugged-in reader ads, purchased for $650,000 on 9/23/05.

∙ Listing: 1817 California #2E (2/1.5) - $498,000 [Century 21 via Pacific Union] [Map]

Posted by socketadmin at 12:01 PM | Permalink | Comments (41) | (email story)

A Parkside Single-Family Home Today (For A Little Less Than Then)

If you purchased a single-family home in 2006 in District 2, or more specifically around 27th Avenue in Parkside, there’s a decent chance that 2100 27th Avenue was one of your, your agent's, or your appraiser’s “comps.”

Unfortunately 2100 27th Avenue is now owned by the bank. And while the home was purchased in May of 2006 for $805,000, it’s back on the market today for $674,628.

No word on where to file for your rebate (should it sell for less than $805,000).

∙ Listing: 2100 27th Avenue (2/1) - $674,628 [MLS]

Posted by socketadmin at 6:00 AM | Permalink | Comments (40) | (email story)

April 4, 2008

Apples to Apples: Pacific Heights Single-Family (2679 California)

From a plugged-in tipster: 2679 California was purchased on 10/21/2005 for $2,850,000, listed on 2/21/08 for $2,995,000, and closed escrow on 4/2/08 for $3,005,000.

Assuming all work was permitted, the only major improvements from 10/05 to 4/08 consisted of a few new windows and siding, and the average annual appreciation over the past thirty months for this six bedroom, three and one-half bath single-family home in Pacific Heights weighs in at around 2.2%.

Posted by socketadmin at 3:34 PM | Permalink | Comments (71) | (email story)

The Apple Is Picked Over At 480 Duncan: The Recap And The Result

The recap: Nice single-family home in Noe Valley. Purchased for $2,265,000 seventeen months ago (10/31/2006), listed for $2,249,000 one month ago, pending after 12 days.

The result: 480 Duncan closed escrow on 4/3/08 with a reported contract price of $2,200,000 (2.2% under asking and 2.9% under its last sale in 2006).

∙ Another Single-Family Apple On The Noe Valley Tree: 480 Duncan [SocketSite]

Posted by socketadmin at 11:50 AM | Permalink | Comments (67) | (email story)

March 31, 2008

Apples To Apples To Be In Pacific Heights: 2243 Franklin Street

Having last changed hands on 5/31/07 for $1,250,500 this apple has barely had a chance to ripen. Nonetheless, it’s back on the tree and looking to be picked.

Granted, 2243 Franklin is on a busy street. But then again, it’s no busier than it was ten months ago. And it is a rather nice top floor unit with some nice detailing and a great deck out back.

You know the drill. And the point isn't whether or not the sellers will make money on this transaction, it's how has the market moved since they were the buyers.

∙ Listing: 2243 Franklin (2/2) - $1,275,000 [MLS]

Posted by socketadmin at 1:35 AM | Permalink | Comments (7) | (email story)

March 27, 2008

Another Modern Apple Is Up On The Noe Valley Tree: 576 30th Street

If you’re still kicking yourself for missing 576 30th Street when it was listed for $2,195,000 in October of 2006, here's a second chance. Yes, fifteen months after closing escrow for $2,125,000, it's back on the market today. And they're asking $2,195,000.

Modern. Single-family. Noe Valley. It's time to go on record or forfeit the right to write, “I told you so!”

∙ Listing: 576 30th Street (4/3.5) - $2,195,000 [MLS] [Past Sale]

Posted by socketadmin at 5:58 PM | Permalink | Comments (54) | (email story)

March 24, 2008

Going Once, Going Twice (For Real?*) At Shore|Line: 41 Federal #42

From a list price of $939,000 to $869,000 to $850,000 to $830,000 to $813,400 to $797,150 to an auction this Wednesday (3/26/08) at 4:15 PM.

As you might recall, 41 Federal #42 had been offered by the developer for $850,000 sixteen (16) months ago before being purchased and then lost to the bank. The opening bid this week will be $100,000*. Care to forecast the final price?

And in case you didn't catch it, our 41 Federal headline almost three months ago: “Going Once, Going Twice…Going Five Times At Shore|Line: 41 Federal.” Boo.

*UPDATE (Redux): While we originally noted the lack of a “reserve” price and intimated that “it will sell,” it appears as though ex SF-er correctly parsed the auction's "subject to approval" language, and tipster demonstrates how being the highest bidder isn't always high enough.

∙ Real Estate Auction: 41 Federal #42 [williamsauction.com]
∙ Seller Motivated Drastic Price Reduction Penthouse Unit [SocketSite]
∙ And Now We’re Back Below Where We Started [SocketSite]
∙ Savings At Shoreline (41 Federal) [SocketSite]
∙ Going Once, Going Twice…Going Five Times At Shore|Line: 41 Federal [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (40) | (email story)

March 18, 2008

Apples To Apples: 3342 Divisadero (2 Bedroom Condo In The Marina)

It’s a top floor, two-bedroom, and seismically retrofitted condo with 2 car parking in the Marina. Its list price was recently reduced $46,000 (3.6%) after just over a month on the market. And a sale at its current list price of $1,249,000 would represent annual appreciation of 4.4% since its purchase for $1,150,000 on 4/14/2006.

Yes, it's almost apple time (which shouldn't be confused with Hammer time).

∙ Listing: 3342 Divisadero (2/1) 1,492 sqft- $1,249,000 [Monica Pauli] [MLS]

Posted by socketadmin at 2:15 AM | Permalink | Comments (65) | (email story)