CATEGORY ARCHIVE: Apples To Apples
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An Apple Is Withdrawn Without Selling (But Quickly Returns As New)
Yesterday, the listing for 1515 Lyon was withdrawn from the market after 62 days on the market (DOM) and a $20,000 (1.5%) reduction.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 (65) | (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 (37) | (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 (35) | (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 (68) | (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 (53) | (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)
