SocketSite™

CATEGORY ARCHIVE: Apples To Apples

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 (13) | (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 (54) | (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 (6) | (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 (4) | (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 (25) | (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 (30) | (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 (45) | (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 (135) | (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 (38) | (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 (11) | (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 (15) | (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 (27) | (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 (17) | (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 (19) | (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 (96) | (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 (49) | (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 (98) | (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 (17) | (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 (33) | (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 (14) | (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 (80) | (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 (21) | (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 (33) | (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 (55) | (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 (33) | (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 (60) | (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 (87) | (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 (60) | (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 (34) | (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 (23) | (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 (26) | (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 (46) | (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 (23) | (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 (30) | (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 (32) | (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 (17) | (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 (56) | (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 (20) | (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 (43) | (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 (39) | (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)