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CATEGORY ARCHIVE: RealRecentReductions

November 19, 2009

Two Years And A 46 Percent Drop In Expectations For 2100 Vallejo

Listed in December 2007 for $25,000,000, the asking price for 2001 Vallejo has been reduced a few times since. Now asking $13,500,000 (which includes the adjacent buildable lot), call it an effective 46 percent reduction in list price over the past two years.

As a plugged-in sleepiguy wrote in 2008:

I think the extra lot is a little confusing. This house is Historical with a capital H and I doubt the neighbors nor the Pac Heights Res. Association would support subdividing the lot and putting a building on it. Believe me, even billionaires are scared of the planning commission. It also doesn't help that the house next door has been for sale for well over a year for about 10 million less. Based on the Scott St. sales, I think this house would've sold for 18-20 earlier this year, but I'd wager that right now it's dead in the water.

As a plugged-in eddy added earlier this year:

Honestly, in re-reading my comments and sleepiguy's…I have to think that north of $15M is a stretch at this point. 10 for the house, 5 for the lot.... And that is a big Maybe. The craze of 2007/2008 at this end of the market is gone.

True dat with a capital T. And it's something that shouldn’t have caught any plugged-in readers by surprise. Now about the newest competition in the eight figure realm...

∙ Listing: 2100 Vallejo (5/5.5) - $13,500,000 [MLS]
∙ It Might Not Have A Name, But It’s A Vallejo Mansion Nonetheless [SocketSite]
∙ It’s Time For Another Industry Report Asterisk (2100 Vallejo Edition) [SocketSite]
∙ 2342 Broadway Returns Anew, "Green," And Asking $14,000,000 [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (10) | (email story)

November 18, 2009

A Rather Modern Listing (But Really Not So "New")

Back on the MLS and on tour "as new," the list price for 297 Cresta Vista Drive is down to $1,290,000. Asking $1,595,000 in June 2008 before being withdrawn that December and then listed again this past May at $1,495,000 before being withdrawn three weeks ago.

Built in 1991 and last sold for $789,000 in May of 1998, it’s now one day on the market for 297 Cresta Vista Drive according to those official industry statistics and market reports. And a sale at $1,290,000 would be another "100% of asking" data point.

UPDATE: As a plugged-in reader adds:

It is a crazy house...but also wonderful in its way. I knew the guy, Bill Deitch, who designed and lived in it initially. He was a San Francisco character who was trained as a structural engineer and worked [as] a residential building contractor. Knowing Bill, it is probably built to withstand the big one.

∙ Listing: 297 Cresta Vista Drive (3/4.5) 3,233 sqft - $1,290,000 [virtual tour] [MLS]

Posted by socketadmin at 11:00 AM | Permalink | Comments (21) | (email story)

Putting On The Ritz At 44% Under Original List (And $813 Per Square)

Asking $3,747,500 ($1,453/sqft) when it first hit the market two years ago, a plugged-in tipster notes that the three-bedroom and 2,580 square foot Ritz-Carlton Residences #1102 closed escrow on 11/3 with a reported contract price of $2,100,000 ($814/sqft).

It was three months ago we caught the sales office discounting list prices by up to 33 percent, but call it a closing at 44 percent under original asking for 690 Market #1102.

∙ Four More Listings! (And At Least One Reduction At The Ritz) [SocketSite]
∙ Ritz-Carlton Sales Office Pulls An Infinity In An Attempt To Sell Out [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (14) | (email story)

November 17, 2009

And On His Little San Francisco Farm He Grew...A Short Sale

As we wrote a year and a half ago:

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).

Withdrawn from the market a month later without a sale, 396 Hermann returned to the MLS three months ago asking $749,000. Two weeks later the price was reduced to $729,000. And yesterday the price was dropped to "$599,000" as a "short sale."

As a plugged-in tipster writes: "It's almost like they gave up on figuring out what the market price is -- let the bank and the buyer figure that one out." Of course that also might mean the bank will be figuring out how big a promissory note the seller will be saddled with for the shortfall (which we'll assume the agent has explained).

∙ Listing: 396 Hermann (2/1) - $599,000 [MLS]
∙ And On His Little Urban Farm He Grew A Little Apple... [SocketSite]
∙ Note to Short Sellers (And Their Agents): Read The Fine Print [SocketSite]

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

November 12, 2009

Apples To Apples For 188 King: 2006 To 2009 (Versus 2006 To 2008)

Purchased for $780,000 in August 2006, the "almost new" 188 King Street #309 returned to the market this past May asking $850,000. Reduced to $750,000 in June and then $629,000 in September, yesterday the asking price was reduced to $599,000.

A sale at $599,000 would represent a 23% drop in value for this South Beach condo over the past three years. But as we wrote in April of 2008:

As you might recall, it was eighteen months [now three years] ago that we calculated that only seven of the 44 condos that compose 188 King Street had been sold on the open market despite "multiple releases" and five additional units being advertised as "sold" for marketing purposes (but retained by the developers).

And keep in mind that unsold units ended up becoming rentals (which could affect financing), and a week after the sale of #305 closed escrow [for $925,000 in May of 2006] the developer cut prices by up to $100,000 (which still didn't manage to move the sales needle at the time).

The resale of 188 King Street #305 ended up closing escrow in June of 2008 for $795,000. No word on whether or not that 14% drop in value from 2006 was "the bottom" at the time.

UPDATE: After 184 days on the MLS listed as a one-bathroom, it's an hour before a plugged-in reader notices there’s two different bathrooms featured in the listing photos for #309. And PropertyShark confirms, it’s actually a two bathroom condo (as was #305).

∙ Listing: 188 King Street #309 (1/"1") - $599,000 [MLS]
∙ 188 King Street #305 Returns To The Market (And Is Quickly Reduced) [SocketSite]
∙ 188 King Street: Sales Update [SocketSite]
∙ 188 King Street: The Rents [SocketSite]
∙ The Scoop On 188 King Street: Now Selling Leasing [SocketSite]
∙ Price Reductions At 188 King [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (37) | (email story)

November 11, 2009

You Can, Can, Can (And A Grand Reduction) At 1805 Broadway

Purchased for $3,400,000 in November of 2006 (but with a bunch of work done since), the grand scale Victorian at 1805 Broadway returned to the market six days ago asking $4,859,900. Three days ago its list price was reduced to $4,199,000.

The listing notes "formally (sic) the residence of a prominent San Francisco family," bonus points for the full scoop.

UPDATE: And as a reader notes, yes you can, can, can in the newly remodeled kitchen:

Listing: 1805 Broadway (5/5.5) - $4,199,000 [Murphy & O'Brien via Pacific Union]

Posted by socketadmin at 8:30 AM | Permalink | Comments (22) | (email story)

November 10, 2009

Coming Up Short On Apparent Appreciation In Bernal: 3661 Folsom

Purchased for $685,000 in 2005 (10% over asking at the time), it’s a plugged-in reader that notes the buyers of the single-family Bernal house put nothing down (there’s nothing like overbidding with other peoples’ money) and financed the investment with two variable rate loans.

Returning to the market eleven months ago with a newly remodeled interior and asking $875,000, the list price has since been reduced three times, most recently to $749,000 at the end of August as which point it became a hopeful short sale at $488 per square foot.

Which leads our reader to wonder, how could a home that’s listed for $64,000 (9%) over its purchase price possibly qualify as a short sale? And while we can’t say for certain in this case, the newly remodeled interior is probably a good guess. Negative amortization or a home ATM scenario could also be at play.

UPDATE: A plugged-in agent adds:

The seller was forced to put a substantial amount of money into the home because damage was done to its foundation by a major renovation of the house next door. I believe those expenses have helped make this a short sale.

∙ Listing: 3661 Folsom (3/2) - $749,000 [MLS]

Posted by socketadmin at 7:30 AM | Permalink | Comments (68) | (email story)

November 2, 2009

Cubix Straight Scoop Redux: 766 Harrison Sales About To Resume

The Cubix sales office (766 Harrison) is about to re-open their doors. Lost to foreclosure in July, it’s no longer a HausBau property. And according to our sources it's still bank owned (although the paper has bounced from bank to bank via a number of acquisitions).

As a plugged-in tipster notes, a new banner now touts "from the high $100,000’s" versus the "starting from high $200K" of yesteryear (2008). And a new website sports a hyphen (now cubix-sf.com versus cubixsf.com).

As we reported in July when the bank took over, 80 of the 98 residential condos and the commercial space remained unsold. It was in January that the sales office had reduced prices by "up to 29.5%" with the goal of hitting 50 percent sold.

∙ SocketSite’s Straight Scoop On The Collapse Of Cubix (766 Harrison) [SocketSite]
∙ Cubix (766 Harrison) [cubix-sf.com]
∙ 766 Harrison: Condos Indeed And A Brand New Brand (“Cubix YB”) [SocketSite]
∙ Cubix (766 Harrison) Officially Cuts "Up To 29.5%" For Stimulus Sale [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (30) | (email story)

October 30, 2009

First Refreshed, Now Reduced For One Rincon Hill #806

Speaking of refreshed listings, withdrawn from the MLS in July after almost 120 days on the market at $945,000, the resale listing for One Rincon Hill (425 1st Street) #806 returned to the MLS two weeks ago asking $908,000.

Yesterday the list price was reduced to $899,000 for an official "15 days on the market" and a "$9,000" reduction from its "original" list. The resale of One Rincon Hill #1306 closed escrow in June with a reported contract price of $930,000 (tax records suggest an initial purchase from the developer at just over $975,000 in 2006).

If the sale of 425 1st Street #806 closed escrow tomorrow at its reduced ask, all MLS based aggregate statistics and market reports published by the San Francisco Association of Realtors, or Redfin, or Altos Research, or the likes of The RE Report would reflect a total of "16 days on the market" and a sale at "100% of list price" for this data point.

∙ Listing: 425 1st Street #806 (2/2) - $899,000 [MLS]
∙ An 06 Comp (In More Ways Than One) At One Rincon Hill [SocketSite]
∙ Quantifying The Impact Of Not Allowing Realtors To Reset DOM [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (71) | (email story)

October 29, 2009

Citadine Cuts Between Four And Ten Percent For Listed Condos

While at least one of its 26 condos appears to be in contract (one-bedroom #204), after a month on the market list prices for 1299 Bush ("Citadine") were just reduced between four ($70,000 off #802) and ten ($80,000 off #203) percent.

∙ The "Citadine" Flags Are Flying At 1299 Bush [SocketSite]
∙ Citadine (1299 Bush): Current Pricing And A Peek Inside [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (3) | (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 (32) | (email story)

October 15, 2009

It's Fall At The Four Seasons (765 Market Street) For #27B

With no reported or recorded purchase price we could find, the tax assessed value of $1,204,542 for The Four Seasons (765 Market) #27B would suggest a lowest possible original purchase price of just over a million dollars assuming a purchase from the developer in 2001 and maximum yearly reassessments.

Listed for sale at $1,695,000 this past March, the price was reduced to $1,595,000 in April, to $1,395,000 in June, to $1,325,000 in July, to $1,250,000 in September, and to $999,000 the day before yesterday.

That being said, we can’t call it year 2001 pricing for this Four Seasons condo, for as a plugged-in tipster notes, "Apartment is being sold furnished with classically designed furniture and lighting. Eclectic art collection included."

And as at least one voice is sure to shout out, it's still $995 per square foot! But that would be eight years without any effective appreciation. And a rather significant fall from peak.

∙ Listing: 765 Market #27B (1/1.5) - $999,000 [MLS]

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

829 Folsom: Starting From $550,000 $485,000 $399,000 $365,000

Listed for $399,000 in June, 829 Folsom #308 is back on the MLS with an official one day on the market and an asking price of $365,000. Studios in the building were expected to be priced around $550,000 two years ago. One bedrooms are now starting at $499,000.

And while we don’t have a confirmed sales count, one source calls it around ten (10) of the sixty-nine (69) units either in contract or closed.

∙ Listing: 829 Folsom #306 (1/1) – $499,000 [MLS]
∙ Listing: 829 Folsom #308 (0/1) – $365,000 [MLS]
∙ 829 Folsom: Listed And Starting From $550,000 $485,000 $399,000 [SocketSite]
∙ 829 Folsom Street: 69 Luxury Condominiums Coming In 2008 [SocketSite]

Posted by socketadmin at 5:15 PM | Permalink | Comments (27) | (email story)

October 8, 2009

Short And Shorter At The Beacon (250 King)

From the listing for The Beacon (250 King) #860:

Approved Short Sale 9/30/09 AT $470K!!! Should close VERY quickly at this point.

Originally listed for $488,888 at which point it didn't close very quickly (it’s been on the market for three months) and purchased in February of 2007 for $672,000. Call it an already approved reduction of 30%.

And while we doubt this one has been approved (i.e., good luck), another one-bedroom short sale at the Beacon was just listed for "$300,000." Purchased for $599,000 in September of 2006.

∙ Listing: 250 King Street #00045 (1/1) 800 sqft– “$300,000” [MLS]
∙ Listing: 250 King Street #860 (1/1) 909 sqft – $470,000 [MLS]

Posted by socketadmin at 11:00 AM | Permalink | Comments (41) | (email story)

October 7, 2009

Remodeled And Reduced Rooms With A View

Purchased for $2,442,000 in June of 2007 but then "remodeled by the current owners," the list price for 1100 Union #300 has been reduced to $2,695,000 after 111 days on the market at $2,995,000.

And as a plugged-in reader notes, the list price for the Stanley Saitowitz designed Marquee Lofts #702 has been reduced to $1,365,000. Purchased for $1,400,000 in November of 2004 and once asking $1,800,000 (197 days ago).

∙ Listing: 1100 Union #300 (2/2.5) - $2,695,000 [sfproperties.com] [MLS]
∙ Listing: 151 Alice B. Toklas Place #702 (2/2) - $1,365,000 [Alain Pinel] [MLS]
∙ Insert Your Head Here (From The Terrace Of 1100 Union #300) [SocketSite]
∙ Name Dropping Hollywood Style: Marquee Lofts #702 [SocketSite]

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

September 30, 2009

Kirk Hammett’s Pacific Heights Monster Is Back (2505 Divisadero)

As we wrote in October of 2008:

After an effective 1000+ days on the market, a few reductions [originally asking $12,500,000], and a remodeling, the listing for Kirk Hammett’s Pacific Heights mansion at 2505 Divisadero has been withdrawn from the market.

As we added in December:

Last listed for sale at $9,500,000 before being withdrawn, Kirk Hammett’s recently remodeled mansion atop Pacific Heights (2505 Divisadero) is now being offered for rent at $14,000 a month. Yes, that’s only $1,550 per bedroom (there are nine). [Editor's Note: Hmm...]

It never rented (in fact within an hour of our publishing the Craigslist post for 2505 Divisadero was quickly "deleted by its author"). And now as plugged-in readers and tipsters alike noted late last night (cheers), 2505 Divisadero is once again coming soon.

A new agent and a new new new asking price: $8,995,000. Floor plans via the old listing for those who just can't wait.

∙ The Monster Meets A Magnetic Death? (2505 Divisadero Withdrawn) [SocketSite]
∙ Some Kind Of Monster In This Kind Of Market (2505 Divisadero) [SocketSite]
∙ The Monster Comes Roaring Back (2505 Divisadero) [SocketSite]
∙ This Isn't Exactly How Mr. Hammett Used To Roll (2505 Divisadero) [SocketSite]
∙ Rent Kirk Hammett’s Mansion For $1,555 A Month (Split Nine Ways) [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (14) | (email story)

September 25, 2009

Another "Diabase LLC" Debacle As 1417 15th Street Returns?

Asking $3,750,000 for the one bedroom but 8,200 square foot BIG HOUSE studio in early 2007, but then subsequently reduced to $3,250,000, an off-the-MLS sale of 1417 15th Street was recorded in the amount of $3,065,000 to "Diabase LLC" at the end of that year.

Re-listed in November for $3,295,000 ("Buy, Sell, Repeat, Retire"), but it failed to sell. Back on the market in the Mission today and asking $2,750,000.

And perhaps it’s purely coincidence, but as a plugged-in reader notes, a "Diabase LLC" purchased 1756 North Point down in the Marina for $1,920,000 in April of 2007. It sold again for $1,575,000 in May of 2009.

∙ Listing: 1417 15th Street (1/2.5) - $2,750,000 [MLS]
∙ Picture This: One Big One-Bedroom [SocketSite]
∙ Two Relatively Big Reductions (Two Absolutely Big Properties) [SocketSite]
∙ Another "Real" Apple Closes Escrow In The Marina: 1756 North Point [SocketSite]
∙ A Rather "Real" Apple On The Tree In The Marina: 1756 North Point [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (6) | (email story)

September 23, 2009

Have We Seen This Marquee Lofts (#708) Movie Before?

As we wrote in July:

As a plugged-in reader notes, a fully remodeled and renovated Marquee Lofts (151 Alice B. Toklas Place) #708 has returned to the market asking $739,000 following its kitchen-less foreclosure sale for $580,000 in June of 2008.

Once again, Marquee Lofts #708 first changed hands on 9/30/04 for $607,500; sold on 10/05/06 for $865,000; and was bought back by Merrill Lynch Mortgage Lending for $708,933 on 1/9/08.

After 103 days on the market the list price for 151 Alice B. Toklas Place #708 has been reduced $40,000 (5%) to $699,000 and the listing now notes: "MOTIVATED SELLER!! Price reduction, make an offer!"

No word on how much was invested in the new kitchen, bathroom or rest of the renovation, but we'll be keeping an eye on Craigslist.

∙ Listing: 151 Alice B. Toklas Place #708 (1/1) - $739,000 [MLS] [YouTube]
∙ A Remodeled Marquee Lofts #708 Returns…With A Kitchen! [SocketSite]
∙ Change Of Heart, Cash Crunch, Or A Condo Sitter Gone Crazy? [SocketSite]
∙ From Foreshadowing To Foreclosure For A Marquee Loft Off Van Ness [SocketSite]
∙ Another Non-Comp Comp Along The Booming Van Ness Corridor [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (26) | (email story)

September 11, 2009

Can’t Sell Raffle? (1240 5th Avenue Returns)

The "$2.4 million San Francisco dream home raffle" grand prize (1240 5th Avenue), which the winner of the raffle turned down in exchange for $1.8 million in cash, is back on the MLS.

Last listed for $2,280,000 before being withdrawn prior to the raffle, and originally asking $2,389,000 this past September, they're asking $2,100,000 for the "$2.4 million dream home" today.

As we wrote in March: "We can’t argue with the Yerba Buena cause, but the market might argue with that "$2.4 million" valuation."

∙ Listing: 1240 5th Avenue (6/6.5) - $2,100,000 [MLS]
∙ Can’t Sell? Raffle! 1240 5th Avenue: The "San Francisco Dream House" [SocketSite]
∙ 1240 5th Avenue: Raffle Winner Chooses Reality Over The Dream [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (1) | (email story)

September 9, 2009

Tis’ The Season (September) To Return: 2011 Golden Gate Ave Edition

As we wrote about 2011 Golden Gate Avenue in May:

We can't be certain that it started out as a "flip" (or more accurately a speculative remodel), but 2011 Golden Gate Avenue is back on the market and asking $1,995,000.

Purchased for $1,350,000 in July of 2007, according to its new listing the 4,356 square foot home has been "elegantly remodeled" since. And according to its permits, that remodel included the addition of a couple of new bathrooms as well as legal square feet.

UPDATE: As a plugged-in reader notes, we should have put that "new listing" in quotes. Asking $2,395,000 in October of 2008 and $2,200,000 in November. But only 12 days on the market according to industry stats.

In and out of contract, reduced and then withdrawn from the market last month, as a plugged-in reader notes: back on the market with an “official” two days on the market (and one less official MLS bath) asking $1,799,000.

∙ Listing: 2011 Golden Gate Avenue (5/4.5) - $1,799,000 [MLS]
∙ Not To Be Flip, But If It Wasn’t A "Flip" It Looks Like One Now [SocketSite]

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

August 26, 2009

2006 Washington Number 4 Returns Asking 32 (Plus) Percent Less

While still noting "coming soon" on Malin’s San Francisco Properties site, 2006 Washington #4 has hit the MLS asking $8,500,000. As a plugged-in tipster adds, asking $12,500,000 with McGuire in March (and apparently $15,000,000 prior to that).

It’s a full floor in the classic, and überexclusive, Conrad Alfred Meussdorffer designed Pacific Heights cooperative building.

[2006 Washington] was designed to take advantage of 100 feet of open space to the west by facing towards the Golden Gate and so looks down on the George Applegarth-designed Spreckels Mansion.

Each of the main floors is about 5500 square feet…Originally ten apartments, the 2200 square foot penthouse has been separated from the tenth floor to create an eleventh apartment.

Number four includes four bedrooms (plus one for the maid), five full bathrooms (plus two half’s), and two terraces/parking spaces. We’ll let you know when/if interior photos arrive.

UPDATE (8/27): Still no interior shots, but we now have the full floor plan.

∙ Listing: 2006 Washington #4 (5/5.5) - $8,500,000 [sfproperties.com]
∙ Conrad Alfred Meussdorffer [sfhistoryencyclopedia.com]
∙ The Full Floor Plan Monty For 2006 Washington Number Four [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (20) | (email story)

August 24, 2009

From Three To One And Six-ish To Five-ish (So Far): 75 Folsom #1204

Originally three individual units, the National Landmark Hills Plaza (75 Folsom) #1204 is now one 3,300+ square foot condo with three parking spaces, and three terraces. That's 1.5 parking spaces (and terraces) per bedroom with HOA dues of $3,376 per month.

Purchased for $4,125,000 in September 2000, #1204 returned to the market this past February asking $6,200,000, but since reduced to $4,900,000. It’s also now available for rent fully furnished asking $12,000-$15,000 per month depending upon term.

∙ Listing: 75 Folsom Street #1204 (2/4) 3,384 sqft - $4,900,000 [ubayp.com]
∙ Hills Plaza #1204 - Furnished 2 Bedroom Condo for Rent [ubayp.com]

Posted by socketadmin at 10:00 AM | Permalink | Comments (12) | (email story)

Reductions Reach Below Market Rate Units On Ora Way (And Others)

Eight below market rate (BMR) condos on Ora Way are on the market up in Diamond Heights. Applicants can have household incomes of up to 120% of the Area Median Income and applications are "due on a rolling basis" with a two-bedroom for $350,000.

The rather unusual Mayor’s Office note on four of the Ora Way units that caught our eye: "REDUCED PRICE."

In addition to the eight (8) resales up in Diamond Heights, sixteen (16) other BMR resales are accepting applications on a rolling basis, upwards of twenty (20) new development units are either currently either accepting applications on a rolling basis or for a lottery, and thirty-two (32) new BMR’s are "upcoming."

∙ Listing: 85 Ora Way #E302 (2/1) 913 sqft - $350,000 (BMR) [85oraway.com]
∙ Mayor’s Office Of Housing: Current Below Market Rate Listings [SFGov]

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

August 19, 2009

The Listing For 1440 Kearny Sheds $100,000 Per Day! (Sort Of)

Perhaps it was simply a typo (or a successful attempt to catch our attention), but after 7 days on the MLS at $2,995,000 the list price for 1440 Kearny has been cut by $700,000 and is now back to where its previous listing left off ($2,295,000). Exuberance scratched.

∙ A New New New Listing (And Price Cut Bump) For 1440 Kearny [SocketSite]
∙ Sometimes It's Simply The View(s), And Sometimes It's Not [SocketSite]

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

August 17, 2009

Facing Foreclosure 3271 Baker Street Makes A Move In The Marina

As we wrote two weeks ago:

Listed for $3,395,000 a year ago but last asking $2,125,000, it’s a plugged-in tipster that notices 3271 Baker Street is now advertising "rent to own" for $8,995 a month. The advertised rent to own purchase price: $2,300,000.

As plugged-in reader added at the time, "Renting 3271 Baker Street is VERY risky...there was a Notice of Default filed on the property for $472,867 on May 21, 2009."

And additional details that have since rolled in: Notice of Trustee set for September 4th and back on the MLS for $1,969,000 ($331,000 under its advertised "rent to own" price and $657 per square foot for the extensively remodeled Marina single-family home).

∙ Listing: 3271 Baker Street (4/2.5) - $1,969,000 [MLS]
∙ Paying A Premium To Rent To Own: 3271 Baker Is Back [SocketSite]
∙ Spanish/Mediterranean Flair From Traditional To Modern: 3271 Baker [SocketSite]
∙ The Mysterious Case Of The Baker Street Trio: 3271, 3212 and 3520 [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (79) | (email story)

August 11, 2009

From Full Financial Monty To Dropping The Drawers For 135 Fernwood

The listing for 135 Fernwood has fallen out of contract and its list price has been reduced $600,000 (20%). Now asking $2,395,000 which is $605,000 (20%) under its purchase price in December of 2005 ($3,000,000) after which it was completely renovated and restored in 2007 (and after which they were asking $4,285,000).

From the listing prior to its latest reduction: "Home is priced at below $500 per sq ft & represents INCREDIBLE VALUE." Now priced at just under $400.

UPDATE: From a plugged-in reader with respect to 135 Fernwood:

NOD confirmed on SF Recorder's website. RealtyTrac appears to be showing an auction date of Sept. 23 with $2.4 million (Yahoo shows it as $2.845 million) set as the price (but I don't see a NOTS on the Recorder's website). And to think, I was worried about the neighbors defaulting...

∙ Listing: 135 Fernwood Drive (7/4.5) - $2,395,000 [MLS]
∙ The Full Plan Financial Monty For 135 Fernwood Drive [SocketSite]
∙ The Full Plan Monty (135 Fernwood Drive) [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (35) | (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 4, 2009

Ritz-Carlton Sales Office Pulls An Infinity In An Attempt To Sell Out

Asking $2,090,000 for the 1,545 square foot two-bedroom in January of 2008 ($1,352 per square foot), the Ritz-Carlton Residences sales office is now offering 690 Market #1701 for $1,399,000, that’s $906 per square foot and 33% off.

In related resale news, the listing for the 2,090 square foot three-bedroom #1404 is now advertising "Over $500K price reduction! Make an offer!" on an asking price of $2,590,000 ($1,239 per square foot).

∙ Listing: 690 Market #1404 (3/3) 2,090 sqft - $2,590,000 [MLS]
∙ Listing: 690 Market #1701 (2/2) 1,545 sqft - $1,399,000 [MLS]
∙ Reductions And Returns At The Ritz-Carlton Residences (690 Market) [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (23) | (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)

June 18, 2009

Confidentially Speaking About The Infinity

The re-sale of 301 Main Street #9E has fallen out of contract, its list price has been cut to $749,000 (asking just under $900,000 when the Infinity sales office first opened), and its listing now notes "Infinity's BEST 2BR VALUE."

According to a plugged-in tipster, however, at least one mid-rise Infinity two-bedroom, two-bath has been sold by the sales office for under $600,000. Unfortunately we can't officially confirm with details, and we’ll have to consider that nugget a "random rumor" for now, as apparently a confidentially agreement was attached to the sale.

That being said, we have no reason to doubt our tipster and based on what we’ve been hearing from other sources we have no reason to doubt that price.

UPDATE: Another plugged-in reader adds, "Not sure if this is the same unit, but I know someone who just closed on a 2 bedroom viewless unit for 605k with 2 years of Hoa dues included."

∙ Listing: 301 Main #9E (2/2) - $749,000 [MLS]
∙ Just Under $900,000 Originally, Asking Just Under $800,000 Today [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (116) | (email story)

June 17, 2009

First Feng Shuied Now Sai Wonged At Sutter Heights (1521 Sutter)

Listed for $879,000 when roughly half of the 28 "Feng Shuied" Sutter Heights condos were spoken for in April of 2008, 1521 Sutter Street #306 was relisted three days ago with a new “original” list price of $678,900 (a drop of 23%).

At the same time the listing for 1521 Sutter Street #305 is now asking $709,080 (a 27% drop in pricing since 2008), while 1521 Sutter Street #206 is in contract with a list price of $745,000, originally asking $879,000 (a drop of 15%).

According to the new listing Sutter Heights is now 66% sold. And on the positive side, perhaps it's a blessing in disguise for those who were previously "priced out forever."

∙ Listing: 1521 Sutter Street #306 (2/2) 930 sqft - $678,900 [MLS] [Floor Plan]
∙ Floor Plans And Feng Shui At Sutter Heights (1521 Sutter) [SocketSite]
∙ Sutter Heights (1521 Sutter) Update: Preview Showings And Pricing [SocketSite]
∙ Sutter Heights (1521 Sutter) Update: Construction Nears Completion [SocketSite]
∙ Chinese Idiom: Misfortune may be a blessing in disguise [asianresearch.org]

Posted by socketadmin at 12:30 PM | Permalink | Comments (7) | (email story)

June 15, 2009

Are The "Exceptions" (And Big Losses) Becoming A Palms Rule?

What some are wont to characterize as San Francisco "exceptions" are quickly becoming the rule for two-bedroom condo re-sales at The Palms (555 4th Street).

While #401 closed escrow with a reported contract price of $599,900 in January (purchased for $779,000 in October 2006), and #313 is still seeking a short sale at $599,900 (purchased for $800,000 in January 2007), the list price for #731 has been reduced to a "bank approved price" of $619,000 (purchased for $925,000 in August 2006).

555 4th Street #823 is currently in contract having been listed at $605,000 (purchased for $815,000 in January 2007). And the only other two-bedroom currently listed at The Palms is #309, purchased for $842,500 in September 2006 and currently seeking $670,000.

Once again, all two-bedroom condos with declines in value ranging from 23% to 33% since late 2006/early 2007. Of course that's assuming sales at list.

∙ Listing: 555 4th Street #309 (2/2) 1,113 sqft - $670,000 [MLS]
∙ Listing: 555 4th Street #313 (2/2) 1,111 sqft - $599,900 [MLS]
∙ Listing: 555 4th Street #731 (2/2) 1,052 sqft - $619,000 [MLS]
∙ Pushing Forward With Price Discovery At The Palms (555 4th Street) [SocketSite]
∙ A SoMa/Palms Wake Up Call (And Apple): 555 4th Street #401 [SocketSite]

Posted by socketadmin at 3:30 PM | Permalink | Comments (66) | (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 3, 2009

The Full Plan Financial Monty For 135 Fernwood Drive

As a plugged-in reader points out, 135 Fernwood Drive is back on the market and asking $2,985,000. Purchased for $3,000,000 in December of 2005, its 6,000 square feet were completely renovated, restored and returned to the market in 2007 asking $4,285,000.

Last listed at $3,095,000 before being withdrawn in April.

∙ Listing: 135 Fernwood Drive (7/4.5) - $2,985,000 [MLS] [Plans (pdf)]
∙ The Full Plan Monty (135 Fernwood Drive) [SocketSite]

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

May 29, 2009

Take Two (Or Three) For Five New Condos On Telegraph Hill

Originally priced "from $3.1 million to $7.5 million," all five condos at the newly built 567 Vallejo on Telegraph Hill remain available and are now listed with prices ranging from $2,250,000 to $4,750,000 for the penthouse (whose floor plan is below).

∙ Listing: 567 Vallejo #302 (2/2.5) - $2,250,000 [MLS] [567vallejo.com]
∙ Listing: 567 Vallejo #500 (3/3) - $4,750,000 [MLS] [567vallejo.com]

Posted by socketadmin at 5:30 AM | Permalink | Comments (25) | (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 20, 2009

Showcasing A Designer Price Cut: 2830 Pacific Sheds Another 29%

On the market but unlisted asking $15,500,000 seven months ago but then listed for $12,900,000 last month, it’s a plugged-in reader that notes the asking price for 2830 Pacific (a.k.a. the 2009 Decorator Showcase) has been cut to $9,995,000.

And speaking of designer digs, as noted by a number of readers the list price for the solar panel sporting 118-120 Cervantes has been cut from $3,000,000 to $2,850,000.

∙ Listing: 2830 Pacific Avenue (7/6) - $9,995,000 [MLS]
∙ 2009 Decorator Showcase (2830 Pacific) Opens Its Doors And Kimono [SocketSite]
∙ 118 Cervantes Boulevard: Listed, Numbers, And Your Peek Inside [SocketSite]

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

May 14, 2009

Contract Prices Behind Six Recently Closed Condos At The Hayes

A rundown of six condos at The Hayes (55 Page) that have closed escrow over the past couple of months suggests an average discount of around 13% from already reduced list prices at the beginning of the year. And discounts of up to 23% from peak:

∙ #426 (2/2) 993 sqft - listed for $799,000 on 5/13/08, sold for $612,000 (-23%)
∙ #513 (2/2) 1,037 sqft - listed for $719,000 on 12/4/08, sold for $630,500 (-12%)
∙ #312 (2/2) 1,008 sqft - listed for $775,000 on 12/4/08, sold for $670,000 (-14%)
∙ #824 (2/2) 1,023 sqft - listed for $799,000 on 1/6/09, sold for $685,000 (-14%)
∙ #811 (1/1) 646 sqft - listed for $585,000 on 1/6/09, sold for $525,000 (-10%)
∙ #311 (1/1) 646 sqft - listed for $525,000 on 2/13/09, sold for $510,000 (-3%)

That’s an average contract price of $640 per square foot for these two-bedrooms (versus $762 asking) and $801 per square for the one's ($860 asking).

And as has been previously noted, the sales office is currenlty advertising "only 2 homes remaining" which includes #329 at $799,000 ($280,000/26% under its peak list).

∙ Listing: 55 Page #329 (2/2) 1,143 sqft - $799,000 [MLS]

Posted by socketadmin at 2:15 PM | Permalink | Comments (32) | (email story)

May 7, 2009

Pushing Forward With Price Discovery At The Palms (555 4th Street)

Four months ago 555 4th Street #401 broke through the $600,000 mark on the downside for two-bedroom condos at The Palms and closed escrow with a reported contract price of $599,900 (purchased for $779,000 in October 2006). It was, however, a bank owned sale and lacking its kitchen appliances.

And while 555 4th Street #313 isn’t yet bank owned and its owner hasn’t yet "freaked out" (as far as we know), it did hit the market yesterday seeking a short sale at $599,900 ($540 per square foot). The two bedroom condo (with appliances intact) was purchased for $800,000 in January 2007.

With respect to one-bedrooms (six of which are currently listed), 555 4th Street #733 hit the market in February seeking $589,000. Currently listed at $469,000 ($679 per square foot) having been reduced four times since, the listing notes "VACANT" and "possible short-sale." The seller paid $645,000 in August 2006.

∙ Listing: 555 4th Street #313 (2/2) 1,111 sqft - $599,900 [MLS]
∙ Listing: 555 4th Street #733 (1/1) 691 sqft - $469,000 [MLS]
∙ A SoMa/Palms Wake Up Call (And Apple): 555 4th Street #401 [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (34) | (email story)

May 6, 2009

Not To Be Flip, But If It Wasn’t A "Flip" It Looks Like One Now

We can't be certain that it started out as a "flip" (or more accurately a speculative remodel), but 2011 Golden Gate Avenue is back on the market and asking $1,995,000.

Purchased for $1,350,000 in July of 2007, according to its new listing the 4,356 square foot home has been "elegantly remodeled" since. And according to its permits, that remodel included the addition of a couple of new bathrooms as well as legal square feet.

UPDATE: As a plugged-in reader notes, we should have put that "new listing" in quotes. Asking $2,395,000 in October of 2008 and $2,200,000 in November. But only 12 days on the market according to industry stats.

∙ Listing: 2011 Golden Gate Avenue (5/5.5) - $1,995,000 [MLS]

Posted by socketadmin at 12:00 PM | Permalink | Comments (45) | (email story)

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 4, 2009

Thirty Percent Of 767 Bryant Returns As REO (But Not Speedwagon)

In August of 2006 twenty apartments at 767 Bryant hit the market as condos. At the time list prices ranged from $676,920 to $1,850,000 including 767 Bryant #409 at $676,920 and 767 Bryant #210 at $1,200,000.

Despite a subsequent remodeling, reductions and incentives (including a free Prius or Mini Cooper), at least six of the units failed to sell and were lost to foreclosure.

On Friday 767 Bryant #409 returned to the market as a bank owned property (REO) asking $525,000 (23% less than in 2006) and 767 Bryant #210 returned to the market as an REO property asking $799,000 (33% less than in 2006).

∙ Listing: 767 Bryant #409 (1/2) 908 sqft - $525,000 [MLS]
∙ Listing: 767 Bryant #210 (2/3) 2,041 sqft - $799,000 [MLS]
∙ 767 Bryant: The Apartments Condominiums [SocketSite]
∙ Buy A Condo Get A Car At 767 Bryant [SocketSite]

Posted by socketadmin at 1:00 AM | Permalink | Comments (18) | (email story)

April 24, 2009

Fit For A King San Francisco Mayor (Or Getty): 1101 Green #2001

Five weeks after a plugged-in reader reported the Mayor’s Bellaire Tower penthouse condo was on the market for $3,200,000 (which Matier & Ross confirmed three weeks later), 1101 Green Street #2001 has been listed. The price, however, has been reduced to $2,995,000.

Once again, purchased from Peter Getty for $2,350,000 in February 2006 as a two-bedroom, but "completely remodeled & stripped to the studs & designed by Michael Agins & Assoc Interior Design" since.

Now a rather spectacular 1,693 square foot one-bedroom with one and one-half baths.

∙ Listing: 1101 Green Street #2001 (1/1.5) - $2,995,000 [MLS]
∙ It’s Three Weeks Later And They’re Still Asking Three Point Two [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (53) | (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 16, 2009

An Überprime Data Point Update: A Little Something Extra Off The Top

Tax records suggested an August 2000 purchase price of roughly $7,000,000 for 2306 Broadway while a plugged-in reader puts it at $6,600,500. Listed as expected for $6,495,000 twenty days ago, but recently reduced to $5,995,000.

Once again, updated since its last sale and the sellers are simply moving next door.

And in terms of photoshopping the views, let’s just say it’s already been a rough day on our tongues. Okay, and that we could have sworn that bridge and Palace were oriented a bit more to the west. Like they are below.

∙ Listing: 2306 Broadway (4/4.5) - $5,995,000 [Nina Hatvany] [MLS]
∙ Coming Soon And An Überprime Data Point To Be: 2306 Broadway [SocketSite]
∙ The Side Story (Quite Literally) For 2306 Broadway: 2310 Next Door [SocketSite]
∙ Why Stick With Just One Style When You Can Incorporate Them All [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (33) | (email story)

April 14, 2009

An Infinity "N" Of One (Or Two) But Still Significant At $650 Per Square

A plugged-in tipster in the market reports:

The ball is in my court on whether to accept a 2 Bed / 2 Bath condo at The Infinity for $650/sf. No water view however, but a good view of the Bay Bridge. This shows how quickly pricing are coming down at The Infinity. The unit is 1,309sf.

And while the aforementioned is an "n" of one, and we can't point to an exactly 1,309 square foot floor plan (other than over at One Rincon Hill), we'll also note the Infinity Tower Two listing for 338 Spear Street #5A asking $780,000 or $659 per square foot.

Infinity Tower Two corner two-bedrooms as pictured above are, however, presented at 1,316 square feet with an asterisk. Let's go ahead and make that an "n" of two.

∙ Listing: 338 Spear Street #5A (2/2) 1,184 sqft - $780,000 [MLS]
∙ Infinity Tower Two Sales Update: 50 Contracts Total Since January 1 [SocketSite]
∙ Infinity Sales Update: New Contracts Up But Driven By Discounts [SocketSite]
∙ The Infinity: Online Floor Plans And Condo Specifications [SocketSite]
∙ A Return To Reality For A One Rincon Hill "02" Stack Resale (#2202) [SocketSite]

Posted by socketadmin at 11:30 AM | Permalink | Comments (77) | (email story)

April 6, 2009

830 El Camino Del Mar Moves Away From 2008 And Closer To 2002

As a plugged-in reader notes, the asking price for 830 El Camino Del Mar has been reduced for the third time since being listed (for the twelfth time) two months ago.

Now asking $11,500,000. That's $3,500,000 (23%) under the expectations of early 2009 and $6,500,000 (36%) under those in the middle of 2008, but remains $2,500,000 (28%) over the asking in 2002.

∙ Listing: 830 El Camino Del Mar (2/2.5) - $11,500,000 [seacliffsentinel.com][MLS]
∙ Will The Twelfth Time Be The Charm? 830 El Camino Del Mar Returns [SocketSite]
∙ Behind The Great Wrought Iron Wooden Gate At 830 El Camino Del Mar [SocketSite]

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

March 30, 2009

SocketSite's San Francisco Listed Housing Update: 3/30/09

Inventory of Active listed single-family homes, condos, and TICs in San Francisco rose 3.3% over the past two weeks (versus an average of 4.7% for the same two week period over the previous three years) and is now running 26.8% higher on a year-over-year basis (up 18.2% for single-family homes and 32.7% for condos/TICs) and 72.6% higher than at the same point in 2006.

Twelve percent (12.1%) of listed inventory in San Francisco is known to either be bank owned (REO) or seeking a short sale including One Rincon Hill (425 1st Street) #2307, 1870 Jackson #701 in Pacific Heights, and 2510 Jackson (which we profiled last year when asking $14,900,000).

The standard SocketSite Listed Inventory footnote: Keep in mind that our listed inventory count does not include listings in any stage of contract (even those which are simply contingent) nor does it include listings for multi-family properties (unless the units are individually listed).

∙ SocketSite's San Francisco Listed Housing Update: 3/16/09 [SocketSite]
∙ Listing: 425 1st Street #2307 (1/1) - $649,000 [MLS]
∙ Listing: 1870 Jackson #701 (2/2) - $975,000 [MLS]
∙ Listing: 2510 Jackson (7/6.5) - $13,495,000 [MLS]
∙ Fortunes Can Be Fleeting (And Mansions Can Be Foreclosed Upon) [SocketSite]

Posted by socketadmin at 5:30 AM | Permalink | Comments (29) | (email story)

March 27, 2009

A Maybeck On The Market (And Display) Once Again: 270 Castenada

If you missed seeing 270 Castenada (a.k.a. 1916 Erlanger house) a year ago, don't let it happen again. In the words of its architect Bernard Maybeck (think Palace of Fine Arts):

The house is our attempt to suggest the idea of an English character in California. Although this house would never happen in England, it yet has an English feeling. The lower wing is a chapel form living room greatly used in an early period, the ceiling of this room is very similar to one in Sainesbury Hill Lancashire. The second story windows are of iron like their English prototypes. The building and its setting among the trees loudly proclaims the good taste of Mrs. and Mr. Erlanger from whom the suggestions came.

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.

∙ Listing: 270 Castenada (4/3.5) - $2,995,000 [MLS]
∙ Vernacular Language North: S. Erlanger house [VLN]
∙ Bernard Maybeck: California Architect [harvardsquarelibrary.org]
∙ A Peek Inside 270 Castenada (And Now About Those Drawings...) [SocketSite]
∙ 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 11:15 AM | Permalink | Comments (52) | (email story)

The Dow Continues To Move (While 2170 Pacific Still Hasn’t)

It’s at least the fourth time a listing for 2170 Pacific Avenue has touted "On Tour as New" and "1st OPEN!" Now asking $2,995,000 with an official one day on the market according to those industry stats.

Purchased on 5/27/2004 for $2,350,000. Once again, closing price for the Dow Jones Industrial Average on that day: 9,958. On October 10, 2008 when last listed at $3,250,000: 8,174. And currently: 7,787.

∙ Listing: 2170 Pacific Avenue (3/3.5) - $2,995,000 [MLS]
∙ At Least Some Of The Photos Look To Be "New" As Well: 2170 Pacific [SocketSite]
∙ It's Deja Vu (But Not DJIA) All Over Again: 2170 Pacific Avenue Edition [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (15) | (email story)

1333 Green Street Back In Black And White (And Now 1331 As Well)

As we wrote last July:

Added on to the front of the lot where Imogen Cunningham once had her home and studio (1331 Green). Designed by Paulette Taggart. And now on the market as a TIC.

Asking $979,000 for 1333 Green at the time, asking $850,000 today (still without interior shots unfortunately). And this time 1331 Green is on the market as well (with photos).

∙ Listing: 1331 Green Street (3/2) - $2,000,000 (TIC) [MLS]
∙ Listing: 1333 Green Street (1/1) - $850,000 (TIC) [MLS]
∙ The Imogen Cunningham Trust [imogencunningham.com]
∙ Paulette Taggart Architects [ptarc.com]
∙ 1331-1333 Green In Black And White (In Honor Of Imogen) [SocketSite]

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

March 23, 2009

From One Of Six To One Of Eight At The Hamilton (631 O’Farrell)

Listed for $379,000 last July then reduced to $369,000 and threatening "last chance before being withdrawn," 631 O’Farrell #504 was in fact withdrawn from the MLS.

Now back on the market in March asking $349,000. There were six studio condos in the Hamilton listed from $369,000 to $399,000 late last year, there are eight condos in the building priced from $289,900 to $399,000 listed today.

Purchased for $285,000 in January of 2005 (no word on improvements since). And the most recent sale in the building appears to be #1410: purchased for $360,000 in October of 2005, closed escrow on March 3, 2009 for a reported $270,000.

UPDATE: A sad bit of color on the recent sale of #1410:

#1410 was destroyed by someone who had a drug problem. The person owned the property, it was taken back by the bank, and then the person ended up squatting there. The person sold some of the items in the unit to pay for drugs. So, the unit was trashed, and it should not be used as a comparison for other units.

∙ Listing: 631 O’Farrell #504 (0/1) - $349,000 [MLS]
∙ Pay For 520, But Live Like 800 (With Bonus Points For “Trendyloin”) [SocketSite]

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

Three At Three Hundred Beale Priced At One Point Three (Nine Five)

Asking $1,595,000 early last October, Embarcadero Lofts #406 was re-listed in February asking the same, reduced by $100,000 two weeks later, and then by another $100,000 two weeks after that. Now asking $1,395,000 as are 300 Beale #609 (listed in February as well) and 300 Beale #611 (listed in March).

∙ Listing: 300 Beale #406 (2/2) 1,686 sqft - $1,395,000 [MLS]
∙ Listing: 300 Beale #609 (2/2.5) 1,899 sqft - $1,395,000 [MLS]
∙ Listing: 300 Beale #611 (2/2.5) 1,820 sqft - $1,395,000 [MLS]
∙ You’ve Seen Two, But You Haven’t Seen Them All: 300 Beale #406 [SocketSite]
∙ Loft By Nature, Luxury By Design: Embarcadero Lofts (300 Beale) [SocketSite]

Posted by socketadmin at 8:30 AM | Permalink | Comments (22) | (email story)

March 20, 2009

Non-Secret At One Rincon Hill: "Over 20% Off" And 4% Commissions

It shouldn’t seem like much of a "secret" (or come as any surprise) to the plugged-in people, but as a tipster notes the sales office at One Rincon Hill is now advertising (at least to the agent community) "Over 20% Discounts On Many New Homes" as well as a "4% Broker co-op" (buyer's agent commission) through the end of March.

∙ One Rincon Hill: From The $500's $700's $500's [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (54) | (email story)

March 10, 2009

A $3,000,000 Reduction (That Might Not Seem Like So Much To Some)

It was the 2007 Decorator Showcase Home and has been on the market for over two years (an "official" DOM of 690). It was initially listed for $55,000,000 in early 2007 and received a rumored four offers a few months later (which were all countered at asking and all walked away). And it was reduced to $48,000,000 on March 6, 2008.

Yesterday the list price for 2901 Broadway was reduced another $3,000,000 (now asking $45,000,000). And while a $3,000,000 reduction might normally drop some jaws, do keep in mind that's a little over 6%. And since March 6, 2008 the Dow has dropped 46 (percent).

∙ Listing: 2901 Broadway (7/7.5) - $45,000,000 [2901broadwaystreet.com] [MLS]
∙ If You Have To Ask (2901 Broadway) [SocketSite]
∙ Your Chance To Slip Inside 2901 Broadway [SocketSite]
∙ Go Ahead And Ask: 2901 Broadway Is Listed (And Priced) [SocketSite]
∙ Rumor Has It: Four Offers On The 2007 Decorator Showcase Home? [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (17) | (email story)

March 9, 2009

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 (61) | (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

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)

February 25, 2009

Riders On The Storm (The Doors Of 55 Buena Vista Terrace Reduced)

As we wrote in September of 2008 when listed for $3,395,000:

It’s a 1905 Edwardian that’s been redesigned by architect Jonathan Feldman and interior designer Joseph Oroza (the seller). Big glass doors with some big city views.

And it still is (and still has). But as a tipster notes today: 55 Buena Vista Terrace was re-listed last month and recently reduced to $2,695,000 (now 21% under original asking).

Purchased for $2,177,000 in April of 2006, but significantly remodeled since (including adding a new bathroom, turning outdoor space in, and remodeling the kitchen and dining).

∙ Listing: 55 Buena Vista Terrace (3/3.5) - $2,695,000 [MLS] [residentphotography.com]
∙ Big Swinging…Doors (And Here Comes The Competition) [SocketSite]

Posted by socketadmin at 4:15 PM | Permalink | Comments (23) | (email story)

February 24, 2009

Trying To Catch The Market Over At One Rincon Hill (425 1st #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 21 days ago asking $699,000, the list price for the northeast corner and 819 square foot 425 1st Street #2307 was just reduced to $649,000.

∙ Listing: 425 1st Street #2307 (1/1) - $649,000 [MLS]
∙ One Rincon Hill (425 First Street): Secondary Market Stumbles [SocketSite]

Posted by socketadmin at 4:30 PM | Permalink | Comments (49) | (email story)

February 18, 2009

Dear Diary, San Francisco Sure Has Changed For Royal Real Estate…

As a plugged-in sleepiguy notes, 2601 Lyon is back on the MLS and listed for $6,399,500 (versus $8,250,000 last August). Once again, purchased for $5,750,000 in March of 2000 and "renovated throughout" its 4,126 square feet in 2002.

Yes, loose ties to The Princess Diaries (and possibly the Luries as well). And we do love the location and roof deck.

∙ Listing: 2601 Lyon (4/3) - $6,399,500 [MLS]
∙ A Shorter Set Of Lyon Street Steps (And A Few Numbers): 2601 Lyon [SocketSite]

Posted by socketadmin at 12:15 PM | Permalink | Comments (37) | (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 17, 2009

A Street, Agent And Now A Price In Common Too: 4432 19th Street

While it took the listing for 4552 19th Street a few reductions to join the Eureka Valley chapter of the million dollar cut club, down the street 4432 19th has done so in one fell swoop: previously seeking $3,999,000, now listed for $2,999,000.

Extensively renovated [beware the background tunes] and retrofitted since purchased for $1,200,000 in 2001, this District 5 single-family home is currently asking $750 per square foot based on its reported 4,000 square feet.

It's worth noting that both 19th Street listings share the same agent. And while it could be a cosmic coincidence, and the public facing listing doesn’t note a licensed agent owner, it’s a data digging reader that notes the agent and owner (at least in trust) for 4432 19th Street do appear to share the same name.

∙ Listing: 4432 19th Street (5/5.5) - $2,999,000 [MLS] [4432-19thst.com]
∙ 4552 19th Street Joins The High-End Half Million Dollar Cut Club [SocketSite]
∙ 4552 19th Street Joins The High-End Half-Million Dollar Cut Club [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (20) | (email story)

February 13, 2009

Will The Twelfth Time Be The Charm? 830 El Camino Del Mar Returns

From a plugged-in reader last June:

I know this house and [had] spoken with this owner decades ago. Since 1998 he has put it on the market 11 times, each time with a [high-end/profile] realtor at an improbable price.

Make that twelve. 830 El Camino Del Mar is back on the market asking $15,000,000. And while that's $3,000,000 less than eight months ago, it's also $6,000,000 more than was being asked in 2002.

Once again, two bedrooms and under 4,000 square feet, but "approved plans for a huge [penthouse] addition sure to be the world's most dynamic master" are included.

Our estimated cost to actually affect said addition on this particular home? Priceless...

UPDATE: With new photos added to the listing since we first posted and an "interactive brochure" now online (complete with soothing wave sounds), our piece on 830 El Camino Del Mar heads back to the top of the page.

∙ Listing: 830 El Camino Del Mar (2/2.5) - $15,000,000 [seacliffsentinel.com] [MLS]
∙ Behind The Great Wrought Iron Wooden Gate At 830 El Camino Del Mar [SocketSite]
∙ Secluded Sea Cliff home on the market for $9 million [SFGate]

Posted by socketadmin at 10:30 AM | Permalink | Comments (74) | (email story)

An "Exciting New Price" (And Club Initiation) For 3577 Pacific Avenue

Touting an “Exciting new price!” of $5,995,000, the newly renovated 3577 Pacific Ave has just joined our quickly growing high-end million dollar cut club.

That’s assuming you count the three days at which it was originally listed for $7,700,000 (now 22% lower). If not, it’s now only $955,000 (14%) under its last price of $6,950,000.

UPDATE: And from a plugged-in reader, the full floor plan monty (pdf).

∙ Listing: 3577 Pacific Avenue (6/4) - $5,995,000 [MLS]
∙ 4552 19th Street Joins The High-End Half Million Dollar Cut Club [SocketSite]
∙ 3577 Pacific: Inside Its Newly Contemporary Soul (And Market's Mind) [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (23) | (email story)

A Plugged-In Reader’s Perspective On The Montgomery And Its Cuts

A plugged-in reader’s perspective on The Montgomery (74 New Montgomery) and its cuts:

I bought a 1-bedroom pre-opening in 2007…for over 100K more than the new pricing (although we did get about $35K in pre-paid HOA and upgrade credits plus the standard 3 yrs parking) ... oh well.

The building, by the way, is quite nice, and I love the location ... this is a second home for my wife and me so we plan to keep it long term but I'd hate to be someone who needs to re-sell right now.

The new starting prices from the sales office:

Studios starting from $383,000
Executive Studios starting from $462,000
One Bedrooms starting from $452,000
One Bedrooms with Den starting from $625,000
Two Bedrooms starting from $882,000
Two Bedrooms with Den starting from $1,350,000

And a few of their original price ranges from the first release in 2007:

Studios $379,000 to $540,000 (420-580 sqft)
Junior one bedrooms $598,000 to $655,000 (500-600 sqft)
One bedrooms $487,000 to $647,000 (600-750 sqft)
One bedrooms + den $745,000 to $850,000 (700-900 sqft)

And everybody’s favorite of which to be aware, “New 4.5% Broker Co-op" (for new contracts before 3/31/09).

∙ The Montgomery (74 New Montgomery): Pricing And Reservations [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (39) | (email story)

February 12, 2009

BLU Cuts Pre-Sale Required Green To $575,000 (And Up To 26%)

According to the sales office over at BLŪ, the "starting price" cuts of 17 to 22% as reported by SF New Developments are in direct response to a fast approaching 25% pre-sale requirement (currently 10% of 108 units in contract), and aren't expected to last past their first round of closings in 60 or so days. As always, time, the market and SocketSite will tell.

The pre-sale starting price adjustments according to SFND:

“A” Plans: Originally from $925,000, currently from $743,000 (down 20%)
“B” Plans: Originally from $809,000, currently from $631,000 (down 22%)
“C” Plans: Originally from $799,000, currently from $622,000 (down 22%)
“D” Plans: Originally from $930,000, currently from $743,000 (down 20%)
“E” Plans: Originally from $739,000, currently from $575,000 (down 22%)
“F” Plans: Originally from $809,000, currently from $673,000 (down 17%)

And it's a plugged-in tipster that points out some specific unit price cuts of up to 26%:

631 Folsom #3B: Originally $749,000, now $630,000 (down 16%)
631 Folsom #6A: Originally $985,000, now $799,000 (down 19%)
631 Folsom #PHE: Originally $2,527,358, now $1,862,358 (down 26%)

UPDATE: The 25% pre-sale requirement insight was added for additional color (and accuracy). And yes, it's officially turned into one of those days.

Full Disclosure: BLU currently advertises on SocketSite but provided no compensation for (nor had any prior knowledge of) this post. They did, however, inform our update.

∙ Listing: 631 Folsom #3B (2/2) - $630,000 [MLS]
∙ Listing: 631 Folsom #6A (2/2) - $799,000 [MLS]
∙ Listing: 631 Folsom #PHE (3/3) - $1,862,358 [MLS]
∙ A Reader Starts Singing The BLŪ’s (631 Folsom Website Now Live) [SocketSite]
∙ BLU Slashes Prices - now starting at $575,000! [SF New Developments]

Posted by socketadmin at 12:30 PM | Permalink | Comments (70) | (email story)

4552 19th Street Joins The High-End Half Million Dollar Cut Club

With a $300,000 cut late yesterday, the recently renovated 4552 19th Street in District 5 joins the high-end million dollar (and over 30%) price cut club. Now asking $2,999,000 or $1,300,000 less than what was expected in October.

Also reduced late yesterday, 3271 Baker Street is now listed for $2,275,000. Hitting the market last July asking $3,395,000, expectations for the recently renovated (hmm...) Marina home have been lowered by $1,120,000 or 33% over the past seven months.

Keep in mind that MLS based industry reports on the state of the San Francisco real estate market now reflect 33 days on the market and a 12% drop from its "original" list price of $2,595,000 in January for 3271 Baker Street.

But hey, what’s six months, $800,000 and 20% between friends?

∙ Listing: 4552 19th Street (6/4.5) - $2,999,000 [MLS] [4552-19thst.com]
∙ Listing: 3271 Baker Street (4/2.5) - $2,275,000 [3271bakerstreet.com]
∙ 4552 19th Street Joins The High-End Half-Million Dollar Cut Club [SocketSite]
∙ Spanish/Mediterranean Flair From Traditional To Modern: 3271 Baker [SocketSite]
∙ Less Great Expectations: 3271 Baker Drops Its New Year Asking 24% [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (43) | (email story)

February 10, 2009

St. Regis Penthouse Now $21,000,000 Off (And No, That’s Not A Typo)

It’s a plugged-in reader that catches a slight change to the asking price for the Penthouse atop San Francisco’s St. Regis (188 Minna). Asking $70,000,000 in August of 2008, now listed on the Sotheby’s website for $49,000,000.

Once again, 20,000+ square feet (including 2,900 of terraces); six bedrooms (including a 2,500 square foot master suite) and seven full baths (four half); a thirteen-seat home cinema designed by Keith Yates; 22 foot floor-to-ceiling glass walls; and six car parking.

Purchased for roughly $30,000,000 as a raw shell in 2005, it’s been three years in the making, and as far as we know there’s still 15% to go (i.e., it’s 85% complete).

Full Disclosure: The co-listing agent for the penthouse atop the San Francisco St. Regis advertises on SocketSite but had no knowledge of this post.

∙ Listing: St. Regis (188 Minna) Penthouse - $49,000,000 [Sotheby’s]
∙ St. Regis Penthouse Asking $70M: Is San Francisco All Growns Up? [SocketSite]
∙ Inside The St. Regis Penthouse: The Rendering Scoop And Details [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (45) | (email story)

February 6, 2009

Another Friday, Another New Price: 943 Church Street One And Two

On the market last August asking $2,395,000, the list price for 943 Church Street #2 (once known as “B”) was reduced down to $1,950,000 before being withdrawn in December.

Back on the market for $1,895,000 in January, it’s a plugged-in reader that notes the list price has been reduced to $1,795,000 (now 25% under its original original asking). And at the same time, the lower unit (943 Church Street #1) which was once in contract when asking $1,995,000 has been reduced to $1,595,000.

UPDATE: As noted by another plugged-in reader, 943 Church Street #2 is also available for rent and asking $6,500 a month.

∙ Listing: 943 Church Street #1 (3/3) - $1,595,000 [MLS]
∙ Listing: 943 Church Street #2 (3/3) - $1,795,000 [MLS]
∙ It’s Friday, So Insert Cheeky Comment Here (943 Church Street #B) [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (30) | (email story)

Rare, Refined And Reduced: Radiance At Mission Bay Official Cuts

Plugged-in people knew the Radiance at Mission Bay price cuts were coming, and now they’re here. Official reductions of up to $365,000 (26.5%) off of original prices plus two years of pre-paid HOAs. And now priced from $576 per square foot.

That being said, do keep in mind that according to a reader 330 Mission Bay Boulevard (Radiance) #116 has already closed escrow with a reported contract price of $960,000 ($557 per square foot) while originally priced at $1,390,000 (a reduction of 31%).

∙ The SocketSite Scoop: Radiance To Announce Price Cuts Next Week [SocketSite]
∙ Radiance At Mission Bay Phase I Update: 55% “Sold” And Closing [SocketSite]
∙ Radiance At Mission Bay Phase II Update: Officially "Suspended" [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (25) | (email story)

A Modern Day Price Cut For A Modern Home: 313 Duncan Reduced

After 105 days on the market the list price for the Owen Kennerly designed "Modern Victorian" at 313 Duncan has been reduced $201,000 (7%). Now asking $2,649,000.

∙ Listing: 313 Duncan (5/5.5) - $2,649,000 [313duncan.com]
∙ Coming Soon: Victorians Gone Modern! (313 Duncan) [SocketSite]
∙ 313 Duncan: Before, After, And All Its Insides Now “Online” [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (39) | (email story)

February 4, 2009

A Quick Change Of Expectations Strategy Price Up On The Gold Coast

After four days on the MLS the list price for 2712 Broadway up on San Francisco’s Gold Coast has been reduced from $9,495,000 to $7,750,000. It’s a big house with big views and still asking over $1,100 per square foot (down from $1,350).

∙ Listing: 2712 Broadway (7/5) - $7,750,000 [MLS]

Posted by socketadmin at 7:00 PM | Permalink | Comments (42) | (email story)

February 2, 2009

Soma Grand (1160 Mission): Reductions, Restaurant, And Inventory

Three months ago the three-bedroom/two-bath 1160 Mission #601 was listed for $999,000 or $751 per square for each of the 1,331 square feet. This weekend the Soma Grand condo #601 returned to the MLS with a list price of $765,000, a 23% reduction and now asking well under $600 per square foot ($574).

Also listed this weekend was 1160 Mission #1212 for $505,000/$759 per square foot. In August of last year 1160 Mission #1012 was asking $590,000 or $887 per square, an effective drop of at least 15% (i.e., not accounting for the higher floor premium).

At the same time Charles Phan’s Heaven’s Dog restaurant has opened its doors on the ground floor of the building (a nice amenity and addition to the neighborhood). And as best we can tell, Soma Grand is now roughly 60% sold (including 29 BMR units) with around a hundred (100) of the 246 units to go (up from 50% sold last May).

∙ Listing: 1160 Mission Street #601 (3/2) 1,331 sqft - $765,000 [MLS]
∙ Listing: 1160 Mission Street #1212 (1/1) - $505,000 [MLS]
∙ Soma Grand (1160 Mission) BMR Applications Are Now Available [SocketSite]
∙ SoMa Grand (1160 Mission) Update: Sales, Office, And Phan’s Food [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (56) | (email story)

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 23, 2009

Not Exactly A Slam Duncan: 1005 Duncan Returns (This Time Reduced)

Asking $1,238,000 in October of 2007 the agents for 1005 Duncan were unable to find a buyer. So they renovated (Eichler purists look away). And raised the price to $1,275,000.

Back on the market today once again as "new." And now asking $1,150,000.

UPDATE (1/26): From a plugged-in reader:

We looked at this house in '07 and seriously considered putting in a bid, but the agents told us that there were 7 other interested parties and we just weren't interested in putting up a fight….They allegedly got six bids on the offer date, but they declined to sell because they were looking for something over asking.

∙ Listing: 1005 Duncan (4/2.5) - $1,150,000 [MLS] [1005duncan.com]
∙ Duncan Chic (No, Not Sheik): An Eichler Up In Diamond Heights [SocketSite]

Posted by socketadmin at 5:15 PM | Permalink | Comments (24) | (email story)

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)

January 22, 2009

The Hayes 72-Hour Sale (And Up To 20% Off According To A Tipster)

According to their sales office The Hayes is holding a “72-Hour Sale” this weekend during which "twelve select homes at The Hayes will be offered at incredible prices-more than $2million in total price reductions."

According to a plugged-in tipster, think up to 20% off (but we don't know if that's on top of the reductions we previously reported in October). Regardless, we’re pretty sure this constitutes the "real" Hayes Valley (and San Francisco as far as we’re concerned).

UPDATE: A reader's comment we had to highlight: "Here's an idea: mount a rotating blue police light on a roller cart. Roll it into various units and announce that there is a special deal on that unit for a limited time only. Kart-MARkeTing."

∙ New Development “Closeout” Sales: The Potrero And 170 Off Third [SocketSite]

Posted by socketadmin at 2:45 PM | Permalink | Comments (46) | (email story)

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)

New Year, Listing, And Price (Same Sweet Loft): 540 Delancey #401

If you liked it at $1,150,000 in September, you’ll like it even more today. Now asking $1,098,000 for Cape Horn Lofts (540 Delancey) #401.

∙ Listing: 540 Delancey #401 (1/2) - $1,098,000 [MLS] [openhomesphotography.com]
∙ Cape Horn Lofts (540 Delancey) In General, And #401 In Specific [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (30) | (email story)

January 21, 2009

The SocketSite Scoop: Radiance To Announce Price Cuts Next Week

A plugged-in tipster reports on Radiance at Mission Bay:

I received an email from the sales person at Radiance "pre-announcing" a sales cut that will go out to the broker community next week. Looks like things aren't moving. On a similar note, I saw on sfgate.com that unit 116 (1722 SF, east facing) sold for $960K. Original asking? $1.39M.

As we noted in August, “while prices reductions haven’t officially been advertised, according to our sources there's definitely room for negotiation (especially on the mid-priced units).”

Yes, it's good to be plugged-in (and details on the "official" cuts when we have them).

∙ Radiance At Mission Bay Phase I Update: 55% “Sold” And Closing [SocketSite]
∙ Radiance At Mission Bay Phase II Update: Officially "Suspended" [SocketSite]

Posted by socketadmin at 9:45 AM | Permalink | Comments (6) | (email story)

January 20, 2009

Cubix (766 Harrison) Officially Cuts "Up To 29.5%" For Stimulus Sale

With around 24 of their 98 condos either closed or in contract, Cubix (766 Harrison) launches a four week “Economic Stimulus Sale” today with reductions of up to 29.5% off of their original list prices. The goal, “to reach 50% sold, at which time lenders can offer FHA financing to [Cubix Yerba Buena] buyers.”

Prices on select units offering the most significant savings range from $215,000 for a courtyard-facing studio with patio (savings of $90,000 off the original price of $305,000) to $279,000 for a penthouse level home with a city view (savings of $65,000 off original price of $344,000).

As you might recall we caught a couple of early reductions when the inventory first hit the MLS (again, above savings are off original prices). And no word on whether or not the twelve-ish buyers who have already closed escrow are feeling "stimulated" (or the love).

∙ 766 Harrison: Condos Indeed And A Brand New Brand (“Cubix YB”) [SocketSite]
∙ Cubix Yerba Buena (766 Harrison): Reader Perspective And Pricing [SocketSite]
∙ A Couple Of Cubix Condos Hit The MLS (Now Starting At $249,000) [SocketSite]
∙ The SocketSite Scoop: Millennium Cuts Prices 15% Across The Board [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (37) | (email story)

January 17, 2009

The SocketSite Scoop: Millennium Cuts Prices 15% Across The Board

From a plugged-in tipster with a unit in escrow at San Francisco’s Millennium Tower:

I have a deposit down in a unit in the Millennium and just received a call informing me that prices have been cut 15% across the board, including those already in escrow. They still intend to maintain their "no negotiating" policy and claim that this will be the last (only) drop for a very long time.

A tip of the hat to the Millennium team for taking care of their early adopters. And of course to our tipster, let's not forget those invitations to the housewarming.

∙ The Millennium: A Few Things You Might Know (And A Few You Don’t) [SocketSite]
∙ Millennium Tower Sales Watch: Rumors Of Day One Results [SocketSite]
∙ San Francisco Rising And A Fresh Perspective On Millennium Tower [SocketSite]

Posted by socketadmin at 4:00 PM | Permalink | Comments (207) | (email story)

January 15, 2009

Why Stop With Voyeurlicious, Let's Add Instastyle-istic (TM) As Well

It’s another cut in the New Year for the voyeurlicious St. Regis condo #23F. Listed for $2,595,000 three months ago, now asking $2,350,000 and including the Limn furniture.

Any interior designers, architects, or plugged-in power shoppers care to take a stab at the fair value of said furnishings? And if you buy it, do let us know if you don’t want the lamp.

∙ Listing: 188 Minna #23F ( 2/2.5) - $2,350,000 [Janet Krahling] [MLS]
∙ Voyeurlicious Design (TM) In More Ways Than One: 188 Minna #23F [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (49) | (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 12, 2009

Less Great Expectations: 3271 Baker Drops Its New Year Asking 24%

As we first wrote about 3271 Baker when it hit the market six months ago (and was staged a bit differently):

While the stucco, tiles, wrought iron railings, doorways, beamed ceilings and wooden trim of both the overhauled façade and second floor of 3271 Baker Street are all true to the traditional Spanish/Mediterranean ethos of the house, the new first floor master suite is a bit more Ibiza (and the kitchen Italian).

And for the record, we’re not complaining (about either the suite, the island or Italy).

Asking $3,395,000 ($1,125 per square foot) in 2008, asking $2,595,000 ($860 per square foot) today. And yes, "two days" on the market (at least according to those MLS reports).

∙ Listing: 3271 Baker Street (4/2.5) - $2,595,000 [3271bakerstreet.com] [MLS]
∙ Spanish/Mediterranean Flair From Traditional To Modern: 3271 Baker [SocketSite]

Posted by socketadmin at 4:15 AM | Permalink | Comments (117) | (email story)

January 5, 2009

New Year, New Listing, And New Price (But Old Victorian Grandeur)

It’s a new year, a new listing (now an official three days on the market), and a new price (now asking $300,000/15.4% less than its asking in early December) for 908 Steiner. But it's still the same old Victorian grandeur and detail which you'll either love or hate.

∙ Listing: 908 Steiner (4/3.5) - $1,650,000 [MLS]
∙ Victorian Through And Through (For The Most Part): 908 Steiner [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (12) | (email story)

December 24, 2008

One Rincon Hill: From The $500's $700's $500's

In the words of a plugged-in reader:

Has anyone noticed on One Rincon Hill's website, prices are stated as being from the "$500's" as opposed to the "$700's" a couple weeks ago? Not really a tip, but perhaps the developer is getting a bit more aggressive...

No word on when - or rather if - they'll be changing that "from the $700's" sign by One Rincon Hill drive. And do keep in mind that when the sales office first opened over two years ago there were at least a few units priced from the (high) $500's as well.

∙ First Impressions: One Rincon Hill Sales Center [SocketSite]

Posted by socketadmin at 8:15 AM | Permalink | Comments (21) | (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)

December 10, 2008

Chelsea Park Christmas Special (But Lump Of Coal If It's Your Comp?)

It’s a “Christmas special!” at Chelsea Park as the list price for 3620 19th Street #26 has just been reduced to $799,000 (previously listed for $899,000).

Originally asking $949,000 for this 1,332 square foot three-bedroom, two-bath condo, the reduction might seem more like a lump coal, however, if considered to be your comp.

∙ Listing: 3620 19th Street #26 (3/2) - $799,000 [MLS]
∙ Changing Chelsea Park Expectations Versus Eleven Months Ago [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (8) | (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)

December 3, 2008

Ritz-Carlton Residences Penthouse Shell: Now Seeking 2006 Price?

Another $600,000 (10%) has been cut from the list price for the staged penthouse shell resale atop San Francisco’s Ritz-Carlton Residences, now asking $5,395,000. That’s $1,105,000 less than was being asked this past June, and $25,000 less than was being sought by the sales office at the end of 2006 (we're not privy to the actual contract price).

UPDATE: Assuming a plugged-in reader is right, the current "asking price, minus commission, would still be above the original purchase price." By just how much will still don't know.

∙ Listing: 690 Market #2401 (3,595 square foot shell) - $5,395,000 [MLS]
∙ The Staging (And Reduction) Of That Ritz-Carlton Penthouse Shell [SocketSite]
∙ Ritz-Carlton Residences (690 Market): Listed [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (24) | (email story)

December 2, 2008

Fourteen Months Four Days On The Market For 7 Gaviota Way

Purchased for $933,000 in June of 2007 and then immediately remodeled (think new kitchen and bath on the main floor plus two new bedrooms and baths below), 7 Gaviota Way returned to the market three months later asking $1,498,000.

Now working on its fourth MLS number, and having lowered expectations at least five times over the past fourteen months but never quite enough, last week this Miraloma Park home was listed anew (now asking $1,198,000). And yes, it's an official four days on the market as far as any MLS based report or statistic is concerned.

∙ Listing: 7 Gaviota Way (4/4) - $1,198,000 [MLS]

Posted by socketadmin at 7:00 AM | Permalink | Comments (82) | (email story)

November 26, 2008

Warm Thoughts Of A Traditional Thanksgiving Dinner (2008 Edition)

We’re making it Thanksgiving time tradition: a recent reduction (listed on 11/06 for $1,175,000, reduced to $1,098,000 on 11/21) and a gorgeous old stove.

Here's to hoping your pantry is plentiful along with your family and friends. Safe travels if you are (traveling). And we'll see you next week.

∙ Listing: 956-958 Sanchez (4/2) - $1,098,000 [Virtual Tour] [MLS]
∙ Conjuring Up Warm Thoughts Of A Traditional Thanksgiving Dinner [SocketSite]

Posted by socketadmin at 1:00 PM | Permalink | Comments (11) | (email story)

New Woodwork (And Price?) To Rival That Of Old: 3960 20th Street

The woodwork (“vertical grain fir to complete the turn-of-the century craftsman design”) caught our fancy.

Was the recent reduction (from $2,295,000 to $1,995,000) enough to catch yours?

∙ Listing: 3960 20th Street (4/3.5) - $1,995,000 [MLS]

Posted by socketadmin at 12:30 PM | Permalink | Comments (26) | (email story)

November 25, 2008

Did We Mention How Much That Third Party Matters?

From the plugged-in listing agent for 835 Foerster:

We received an offer several months [ago] for $855,000. It took months to negotiate this sale price with the lenders (both a 1st and a 2nd), not to mention other costs such as back taxes, expenses, commissions, etc., etc...

The lenders unfortunately took too long to approve the payoff (and their losses), and the buyers just pulled out of the deal, citing personal and financing reasons. So yes, the lenders did approve the $855,000 price, but since the contract was submitted several months ago, we've experienced a big market shift.

We lowered to asking price to $788,000 [yesterday] and hope to take a new offer(s) to the lenders, and re-open negotiations.

As we said, while a seller and lender might agree, it's that third party (i.e., the buyer) that really matters. Once again, purchased with loans totaling $950,000 in July of 2006 up in Miraloma Park (District 4). And as always, thank you for plugging in.

∙ Listing: 835 Foerster (3/2.5) - $788,000 [MLS]
∙ While Those Two Agree, It’s A Third That Really Matters [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (13) | (email story)

November 20, 2008

From “Very” To “Extremely” For The Seller, Decoder Ring On The Way

Purchased in March of 2002 for $975,000 but then "extensively remodeled" in 2003, 1821-23 Lyon was listed two months ago for $3,295,500, reduced a month later to $2,995,500, and then cut to $2,695,000 the day before yesterday.

According to the listing(s), the seller of has gone from being very to extremely motivated (don't worry, a SocketSite decoder ring is on the way). And “OMC2” you ask? Owner may carry second (and not to be confused with OMD, they are back together you know).

∙ Listing: 1821-1823 Lyon (5/3.5) - $2,695,000 [McGuire] [MLS]
∙ A SocketSite Guide To Price Reductions [SocketSite 3/06]

Posted by socketadmin at 6:00 AM | Permalink | Comments (26) | (email story)

November 19, 2008

224 Twin Peaks Boulevard: A Study In Rising Prices Yet Falling Values

Purchased for $1,360,000 a year ago (11/2/07), 224 Twin Peaks Boulevard returned to the market in June asking $1,395,000 and was subsequently reduced to $1,249,000.

Unable to find its buyer, the property has since undergone a “fantastic transformation” with the exterior, front & rear decks, landscaping, kitchen, bathrooms and floor plan all having been “beautifully brought up to date for today's lifestyle.”

Listed once again two weeks ago for $1,749,000, reduced yesterday to $1,655,000, and touting a “Motivated seller!” We’ll let you figure out just how much so.

∙ Listing: 224 Twin Peaks Boulevard (3/2) - $1,655,000 [MLS] [Old Listing]

Posted by socketadmin at 8:30 AM | Permalink | Comments (78) | (email story)

November 18, 2008

The Noe Valley Summit Gets Closer Still (And Listings Anew For Two)

Listed five months ago and priced at $1,949,000, and then reduced to $1,649,000 three months after that, 4121 Cesar Chavez #6 was listed anew yesterday for $1,599,000. That's an "official" two days on the Noe Valley market according to those sell side stats.

Also "newly" added to the MLS, 4121 Cesar Chavez #2 with a list price of $998,000 ($778/sqft). In the words of a plugged-in laura four months ago:

These units are indeed spectacular, particularly the upper floor units 5 &6. These won't move at their current price point and my agent (who's VERY well connected to the SF agent network) advised me to sit back and wait til this drops to at least $800 per.

As always, it's good to be connected and plugged-in.

Oh, and while 4121 Cesar Chavez #1 is now in contract with an "original" list price of $1,198,000 ($771/sqft), it's a plugged-in tipster that reminds us they were once asking $1,349,000. Remember to adjust those industry reports accordingly.

∙ Listing: 4121 Cesar Chavez St #2 (2/2.5) - $998,000 [MLS]
∙ Listing: 4121 Cesar Chavez St #6 (3/2.5) - $1,599,000 [MLS]
∙ It Gets A Little Easier To Reach The Summit (4121 Cesar Chavez) [SocketSite]

Posted by socketadmin at 5:00 PM | Permalink | Comments (12) | (email story)

The Latest Listing Verbiage From Chelsea Park: "Prices Slashed"

The latest listing verbiage from the sales office at Chelsea Park: "Prices slashed for stunning homes in the heart of the Castro/Mission Dolores neighborhoods! $500/day bonus for quick escrows, free parking for 5 years."

At least 18% of the 39 units in the development remain available with 7 currently listed and prices reduced by up to $100,000 (9.5%). And while originally starting at $679,000, now available from $619,000 (down 8.8%).

UPDATE: Make that reduced by up to $150,000 (14.3%):

[T]he unit (#9) Socketsite lists as $949K seems to have dropped another $50K today, it's now showing $899K. The text of the listing still says "only" $949, but the top of the listing shows the reduced price.

∙ Listing: 3620 19th Street #9 (2/2.5) - $949,000 [MLS]
∙ Listing: 3620 19th Street #27 (1/1) - $619,000 [MLS]
∙ Chelsea Park (Phase I): On The MLS And Opening Tomorrow (1/27) [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (38) | (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

4552 19th Street Joins The High-End Half-Million Dollar Cut Club

It’s a plugged-in agent who suggests $500,000 cuts seem to be all the rage at the upper end of the market. And 4552 19th Street recently embraced the new new thing.

Completely redesigned by architect Chris McMahon and rebuilt with a few traditional touches (think new bay windows), but modern baths and solar panels "for six" up top.

A couple of big city views and a sweet little backyard retreat. Reduced from $4,299,000 after three weeks on the market, but still seeking $935 per square.

∙ Listing: 4552 19th Street (6/4.5) - $3,749,000 [4552-19thst.com] [MLS]

Posted by socketadmin at 2:30 PM | Permalink | Comments (80) | (email story)

208 Glenview: No Real Story, Simply A Bit Of Seasonal Color Flair

No real story, simply a bit of seasonal color flair. Oh, and recently reduced $92,000. Boo.

∙ Listing: 208 Glenview Drive (4/4) - $1,198,000 [MLS]

Posted by socketadmin at 2:15 PM | Permalink | Comments (5) | (email story)

October 27, 2008

Still Drawn To The Decks (Amongst Other Things) For A Third Time

We were first drawn to the decks a little over five months ago when it was priced at $2,535,000. It was two months ago that the asking price was adjusted down to $2,348,000. And as a reader noted this weekend, 4419 19th Street is “back on the market” and asking $1,995,000 (after a one day stint at $2,295,000).

And yes, an official three days on the market according to those industry/agent reports.

∙ Listing: 4419 19th Street (3/3.5) - $1,995,000 [moderncastrohome.com] [MLS]
∙ Drawn To The Decks (But Perhaps Not The Best For Entertaining) [SocketSite]
∙ A Couple Of Recent Reductions On Properties You Might Recognize [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (17) | (email story)

October 25, 2008

Price Cuts Of Up To 30% At Symphony Towers (750 Van Ness)

Plugged-in people knew the cuts were coming. And as one reports, they’re here. Prices at Symphony Towers (750 Van Ness) have been reduced by up to 30% or $136,000. A few examples:

∙ 750 Van Ness #T-405 (1/1) - $399,000 (was $535,000)
∙ 750 Van Ness #T-601 (1/1) - $459,000 (was $577,000)
∙ 750 Van Ness #T-602 (1/1) - $449,000 (was $565,000)
∙ 750 Van Ness #T-804 (0/1) - $295,000 (was $420,000)
∙ 750 Van Ness #T-806 (0/1) - $319,000 (was $455,000)
∙ 750 Van Ness #T-907 (0/1) - $419,000 (was $515,000)

Once again, currently around 55% sold. And with The Hayes cutting prices by up to 21%, the race for buyers in San Francisco is on. And it's plugged-in people that will win.

∙ Symphony Towers (750 Van Ness): Announcing Additional Cuts [SocketSite]
∙ Symphony Towers Update: Buying Love (But Dropping Prices Too) [SocketSite]
∙ New Development “Closeout” Sales: The Potrero And 170 Off Third [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (68) | (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 14, 2008

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)

Homes on Esprit Park Update: Another Round Of Reductions

In addition to rolling out (mostly) refundable purchase deposits, it appears that the Homes on Esprit Park sales office has rolled out another round of reductions as well.

The list price for 900 Minnesota #S503 has been reduced from $1,293,500 to $1,199,000 (7.3%), the list price for 900 Minnesota #S122 has been reduced from $781,000 to $740,000 (now under $600 per square), and the list price for 900 Minnesota #S116 has been reduced from $613,000 to $582,000 (now under six hundered thousand).

And if our counts are correct, roughly 35% of the 142 units are now in contract, up from 25% in May, and representing a little under three net new contracts a month (with just over 90 to go).

∙ Listing: 900 Minnesota #S116 (1/1.5) - $582,000 [MLS]
∙ Listing: 900 Minnesota #S122 (1/2) - $740,000 [MLS]
∙ Listing: 900 Minnesota #S503 (2/2.5) - $1,199,000 [MLS]
∙ Homes On Esprit Park: Now Offering Refundable Purchase Deposits [SocketSite]
∙ Homes On Esprit Park (900 Minnesota) Sales Update: 25% In Contract [SocketSite]

Posted by socketadmin at 7:45 AM | Permalink | Comments (14) | (email story)

October 8, 2008

Second Mover's Advantage In Noe Valley? (1278-1282 Church Street)

While 1278 Church Street closed escrow on 9/19/08 with a reported contract price of $1,368,000 ($27,000/2% under asking), the list prices on the other two new TIC's in the building have just been reduced: 1280 Church by $66,000 (5.3%) and 1282 Church by $70,000 (5.4%). Plus, "seller will [now] buy down your interest rate!"

And speaking of listings on Church Street...

∙ Newish Construction In Noe: Three TICs At 1278-1282 Church Street [SocketSite]
∙ Listing: 1280 Church Street (3/3) - $1,245,000 (TIC) [MLS]
∙ Listing: 1282 Church Street (3/2) - $1,365,000 (TIC) [MLS]
∙ It’s Friday, So Insert Cheeky Comment Here (943 Church Street #B) [SocketSite]

Posted by socketadmin at 1:15 PM | Permalink | Comments (34) | (email story)

October 3, 2008

Symphony Towers Update: Buying Love (But Dropping Prices Too)

Symphony Towers (750 Van Ness) is now offering brokers 4% commissions as well, with studios starting at $329,000 (down from around $350,000 when they first opened a year ago and buyers lined up to buy).

And in terms of sales, as best we can tell Symphony Towers is around 55% sold which would mean roughly 15 net new contracts over the past ten months. At this rate the development should be sold out by 2012.

∙ The SocketSite Scoop On Sales At Symphony Towers (750 Van Ness) [SocketSite]
∙ One Rincon Hill Update: Now Offering 4% Commissions [SocketSite]
∙ Symphony Towers: A SocketSite Reader Reports On Opening Day [SocketSite]
∙ Symphony Towers Update: 45% In Contract And Opening February 08 [SocketSite]

Posted by socketadmin at 2:00 PM | Permalink | Comments (28) | (email story)

October 2, 2008

One Of The Four Copper Clad Condos Atop 17th Street Hits The MLS

Seven months ago two for the four “copper clad condos” atop 17th Street hit the MLS. Listed for $1,399,000 ($774/sqft), 4588 17th Street closed escrow two months later on 5/20/08 with a reported contract price of $1,390,000 ($769/sqft). And at the time 4590 17th Street was listed for $1,349,000 ($785/sqft) but never sold.

Last week 4590 17th Street returned to the market with a new listing, an official seven days on the market, and now asking $1,299,000 ($756/sqft).

∙ Listing: 4590 17th Street (3/3.5) 1,718 sqft - $1,299,000 [MLS]
∙ Two Of The Four Copper Clad Condos Atop 17th Street Hit The MLS [SocketSite]
∙ Copper (And Wood) Clad And Coming Semi-Soon At 17th And Clayton [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (17) | (email story)

October 1, 2008

In Need Of Some Attention (In More Ways Than One): 1773 15th Ave

Down the street from 1915 15th Avenue (which has fallen out of contract) lies 1773. Listed in November of 2007 for $1,600,000 (amid a chorus of neighborhood high fives) the listing noted “A Must see!” and soon thereafter added “Motivated Seller! Bring in any offers!”

In December of 2007 the list price was first reduced to $1,550,000 and then to $1,499,000. In January of 2008 the list price was first reduced to $1,399,000 and then to $1,188,000. And in February the house was briefly in contract.

In early April 2008 “short sales, already have the 1st lender’s approval, and waiting for 2nd lender’s approval” was added to the notes as were two exclamation points after “Motivated Seller!!!” And two weeks later the property shed those pesky days on the market and reset the MLS clock with a new listing at $1,188,000.

Four days ago 1773 15th Avenue returned to the market once again. Now asking $949,000 and noting “an original condition property which needs some attention.” Agreed.

∙ Listing: 1773 15th Avenue (4/3.5) - $949,000 [Vanguard via Pacific Union]
∙ What’s 140 Days On The Market And $280,000 Between Friends? [SocketSite]

Posted by socketadmin at 6:15 AM | Permalink | Comments (23) | (email story)

September 29, 2008

A Quick Cut (And Case Of Cash Back?) For 310 Townsend #308

Priced by the developer at $611,000 when the building first opened in February of 2007, 310 Townsend #308 closed escrow in June of 2007 with a reported contract price of $617,500 (no word on whether we're talking upgrades or another case of “cash back”).

Back on the market two weeks ago with an asking price of $629,000 (a sale at which would have represented average annual appreciation of roughly 1.4% over the past sixteen months), the list price has since been cut to $599,000.

∙ Listing: 310 Townsend #308 (1/1) - $599,000 [MLS]
∙ 310 Townsend: Available And Selling [SocketSite]
∙ Can Bank Owned Comps Kill (Values)? 246 2nd Street #502 Returns [SocketSite]

Posted by socketadmin at 6:00 PM | Permalink | Comments (24) | (email story)

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

One Day On The Market (But You Might Have Seen This View Before)

Five months ago 175 Grand View Avenue hit the market with a list price of $1,200,000.

Reduced to $1,149,000 a month later (“New price! Condo alternative!”), and then to $1,090,000 about a month after that, it’s now back on the MLS with a new listing, one official day on the market (average DOM statistics anyone?), and asking $995,000.

∙ Listing: 175 Grand View Avenue (2/2) - $995,000 [MLS]

Posted by socketadmin at 12:15 PM | Permalink | Comments (13) | (email story)

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)

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 16, 2008

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 10, 2008

From Eight Eight Eight To Nine Nine Nine Nine For 76 Caselli

Last month 76 Caselli returned to the market on 8/8/08 with a list price of $2,288,800 ($269,200 under what it was listed for three months prior). Our questions at the time: "Will those triple eights be auspicious? Will it be enough to make tipster jump?"

Apparently not (on either account). As a plugged-in reader notes, yesterday the list price for 76 Caselli was reduced to $1,999,900. That’s what "tipster" gets for waiting.

∙ Listing: 76 Caselli (3/3.5) - $1,999,900 [MLS]
∙ Eight Eight Eight On Eight Eight Oh Eight: An Auspicious Return? [SocketSite]
∙ Our First And Second Thoughts For The Recently Reduced 76 Caselli [SocketSite]

Posted by socketadmin at 10:25 AM | Permalink | Comments (20) | (email story)

Never Mind The Nine Reductions, Focus On The Previous Sale (Comp)

Once again, a challenging Cow Hollow location (although no more so now than when purchased for $1,800,000 in October of 2005); briefly in contract earlier this year after being reduced from $2,195,000 to $1,745,000 (damn those wily buyers, or perhaps banks); and after nine reductions, now asking $1,595,000 (11.4% below its previous sale).

∙ Listing: 2243 Greenwich (6/5) - $1,595,000 [MLS]
∙ A Little Extra Perspective On The Listing Market? (2243 Greenwich) [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (33) | (email story)

September 9, 2008

Now Priced To Catch Your Attention (As It Did Ours): 1578 Indiana #8

Considering the size (1,410 square feet), layout (dual bathrooms and lofts), and upgrades (the glass railings are working for us), the current $600,000 list price for 1578 Indiana Street #8 caught our attention (as it was designed to do). Then again, so did the fact that it was originally listed for $735,000 four days ago (when we passed it by).

UPDATE: As a plugged-in reader notes, is $600,000 is the new “made you look” black?

∙ Listing: 1578 Indiana Street #8 (1/2) - $600,000 [MLS]

Posted by socketadmin at 7:45 AM | Permalink | Comments (37) | (email story)

September 5, 2008

It Gets A Little Easier To Reach The Summit (4121 Cesar Chavez)

List prices haven’t fallen to reader laura’s $800 per square foot target at The Summit, but the asking price for 4121 Cesar Chavez #6 has dropped from $1,949,000 ($1,029/sqft) to $1,649,000 ($871/sqft) over the past three months.

The list price for 4121 Cesar Chavez #3 has also been reduced (from $1,499,000 to $1,379,000). And while we don't know if any of the six condos have closed escrow, and if so at what prices, at least three of the Noe Valley units remain listed and available.

∙ Listing: 4121 Cesar Chavez St #6 (3/2.5) - $1,649,000 [MLS]
∙ Listing: 4121 Cesar Chavez St #3 (2/2.5) - $1,379,000 [MLS]
∙ Coming Soon: The Six Unit Summit In Noe Valley (4121 Cesar Chavez) [SocketSite]

Posted by socketadmin at 7:00 PM | Permalink | Comments (58) | (email story)

The Staging (And Reduction) Of That Ritz-Carlton Penthouse Shell

Plugged-in people might recall the empty 3,595 square foot penthouse shell at San Francisco’s Ritz-Carlton Residences known as 690 Market #2401. And as a tipster notes, while it's still a shell, it's no longer empty. Yes, it's been "staged."

And while some furnishings (and "un-fixed" fixtures) have been added, a half-million dollars have been taken away. Now asking $5,995,000 (down from $6,500,000 in June).

∙ Listing: 690 Market #2401 (3,595 square feet) - $5,995,000 [MLS]
∙ A Concerning Comp (And Empty Shell) At The Ritz-Carlton Residences [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (27) | (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)

August 25, 2008

Heritage Fillmore: And Then There Were Five (And Up To $230K Off)

From the Heritage on Fillmore sales office in June by way of a plugged-in reader:

Thank you to all who participated in our Heritage on Fillmore survey. The feedback we received was very informative. You spoke, and we listened. Price was your biggest concern, so we are answering this concern with some amazing pricing specials on our remaining 7 homes!

> 1104, 1 Bed/1 Bath, -$42,000, Now $695,000
> Penthouse 1-E, 1 Bed/1 Bath, -$40,000, Now $690,000
> 604, 2 Bed/2 Bath, -$46,000, Now $765,000
> 1003, 2 Bed/2 Bath, -$50,000, Now $825,000
> 1102, 2 Bed/2 Bath, -$40,000, Now $975,000
> Penthouse 2-C, 2 Bed/2 Bath, -$65,000, Now $905,000
> Penthouse 2-A, 2 Bed+/2 Bath, -$100,000, Now $1,125,000

To further increase the value of these homes, they've been upgraded to include hardwood flooring, designer carpeting, stainless steel appliances, large capacity washer & dryer, refrigerator, indoor exclusive use parking and much more!

It's two months later, and while two have sold, it's even more amazing pricing on the last five:

> 1104, Reduced another $45,000 and SOLD
> Penthouse 1-E, Reduced another $40,000, Now $650,000
> 604, SOLD
> 1003, Still asking $825,000
> 1102, Reduced another $25,000, Now $950,000
> Penthouse 2-C, Reduced another $15,000, Now $890,000
> Penthouse 2-A, Reduced another $130,000, Now $995,000

And yes, that's now a total of $230,000 off (plus upgrades) for Penthouse 2-A.

∙ Heritage On Fillmore Update: 90% Sold, Reductions And Incentives [SocketSite]

Posted by socketadmin at 10:00 AM | Permalink | Comments (36) | (email story)

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 22, 2008

If $550,000 Were A Rounding Error, Would $2,000,000 Be As Well?

Purchased for $9,500,000 last fall (including the lot next door), initially seeking $11,500,000 (according to its website) and then officially listed for $10,950,000 last month (with the later two prices not including the lot next door), the list price for 2151 Green Street has been reduced $2,000,000. Now asking $8,950,000.

The lot next door? It's no longer listed for $24,500,000 fully developed, but as a plugged-in reader notes, now asking $5,900,000 as an entitled lot.

∙ Listing: 2151 Green Street (6/5) - $8,950,000 [2151green.com] [MLS]
∙ Listing: 2157 Green Street (entitled lot) - $5,900,000 [MLS]
∙ But Hey, $550,000 Is Simply A Rounding Error To A Proper Industrialist [SocketSite]
∙ The Scoop On 2157 Green Street (Could You See The Foreshadowing?) [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (31) | (email story)

The "Best Deal" In SoMa Nine Months Ago, A "Motivated Seller" Today

About nine months ago 246 2nd Street #1306 hit the market with a list price of $939,000, quickly shaved $20,000 off the asking, and added the following line to the property description: "Now Best Deal in SOMA: GO!" As far as we know, nobody went.

Last week 246 2nd Street #1306 returned to the MLS with a list price of $859,000. The new line: "Motivated seller: priced to sell."

Now about those bank owned comps that "don't really matter"...

∙ Listing: 246 2nd Street #1306 (2/2) 1,101 sqft - $859,000 [MLS]
∙ Something Tells Us That “By Far” Wasn’t By Accident [SocketSite]
∙ It's A Good Thing Those Bank Owned Comps Don't Matter, Right? [SocketSite]

Posted by socketadmin at 5:00 AM | Permalink | Comments (73) | (email story)

August 21, 2008

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 19, 2008

The Hayes (55 Page): Current Pricing, Incentives And A Reduction

Current list prices for The Hayes (55 Page) above. And while developers do prefer to offer “incentives” (currently “up to” $25,000 at The Hayes, up from $20,000 in March) rather than to lower prices (it helps hide any reductions and keeps the comps up), we will note that 55 Page #611 was originally listed on the MLS at $599,000 (versus $579,000 above).

∙ The Building Through The Trees: The Hayes (55 Page) Opens Up [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (10) | (email story)

August 11, 2008

A Couple Of Recent Reductions On Properties You Might Recognize

As previously noted, 4419 19th Street returned to the market last week with the same list price of three months before. And after just five days back, said price has now been reduced $187,000 (7.4%). We remain drawn to the decks (and kitchen).

Over at Heritage on Fillmore (1310 Fillmore), while the listing for 1310 Fillmore #PH1E still notes, “Last opportunity! Only one left at the low price of $690,000,” on Thursday the price was reduced another $40,000 (5.8%). And the next day #1104 hit the MLS with a price $650,000 as well (so make that at least two).

In terms of two-bedrooms (of which at least four remain available), the list price on 1310 Fillmore #PH2A has been reduced another $130,000 (11.6%), now asking $995,000 or $230,000 (18.8%) below its original list price of $1,225,000 last year.

∙ Listing: 4419 19th Street (3/3.5) - $2,348,000 [MLS]
∙ Drawn To The Decks (But Perhaps Not The Best For Entertaining) [SocketSite]
∙ Listing: 1310 Fillmore #PH1E (1/1) - $650,000 [MLS]
∙ Listing: 1310 Fillmore #PH2A (2/2) - $995,000 [MLS]
∙ Heritage On Fillmore Update: 90% Sold, Reductions And Incentives [SocketSite]

Posted by socketadmin at 9:15 AM | Permalink | Comments (69) | (email story)

August 8, 2008

Eight Eight Eight On Eight Eight Oh Eight: An Auspicious Return?

From a plugged-in "tipster" when it was listed for $2,458,000 two months ago:

That's a first class job and a reasonable price in a great neighborhood. They really did everything well. The only thing missing is the market....If I didn't think I could get something like this next year for even less, I'd jump on it.

From one (not the) secret agent "sanfrantim" a few moments later:

Very nice. At the new price ($877 psf), this will sell fast (just not to tipster).

And from the newly minted listing today: $2,288,800 ($817 psf).

Will those triple eights be auspicious? Will it be enough to make tipster jump? We'll keep you posted. And of course, plugged in.

UPDATE: Although those beautiful rear stairs don't appear to have made the cut this time around, listing photos are now online.

UPDATE (8/9): The stairs are back (along with a handful of other photos).

∙ Listing: 76 Caselli (3/3.5) - $2,288,800 [MLS]
∙ Our First And Second Thoughts For The Recently Reduced 76 Caselli [SocketSite]

Posted by socketadmin at 2:25 PM | Permalink | Comments (87) | (email story)

August 7, 2008

We’ll Wait For The Closing To See (And Know) For Sure, But...

From a plugged-in "cornbread" with respect to 4086 25th Street two weeks ago: "It's going to need a 'very healthy level of demand' now to hit $2.4m in this market." Check.

From the MLS today: Reduced $396,000 (now asking $1,999,000).

∙ 4086 25th Street Is On The Market (And At Least We're On The Ball) [SocketSite]

Posted by socketadmin at 12:30 AM | Permalink | Comments (13) | (email story)

August 5, 2008

Same "Great Investment" (Only Now For $101,000 Less): 2136 18th

It still appears to be very much tenant occupied (and continues to tout “Location Location Location!”). And while it quickly went into escrow eleven months ago when listed for $750,000, it never closed. And the price was subsequently reduced (twice). Now asking $649,000).

The year old comment from reader Brad we just can’t shake:

My coworker (his wife is a realtor) just told me this was a great investment and I should buy up. I am not kidding.

Well, it's still the same "great investment," only now for $101,000 less. Wait a minute...

∙ Listing: 2136 18th Street (1/1) - $649,000 [MLS]
∙ Why Get All Gussied Up When It's "Location, Location, Location!" [SocketSite]

Posted by socketadmin at 10:15 AM | Permalink | Comments (26) | (email story)

A Shorter Set Of Lyon Street Steps (And A Few Numbers): 2601 Lyon

Purchased for $5,750,000 in March of 2000 and renovated "with quality and luxury" in 2002, the "Villa" at 2601 Lyon Street is once again on the market and asking $8,250,000.

A few other numbers to play with: $4,025,000 (the variable rate loan balance in 2000); 6.7% (the average 1-year mortgage rate in March of 2000); and 4,146 (the square footage of the renovated property).

As an aside and across the street, after a little over a year on the market (but "officially" only 88 days), 2500 Lyon is advertising a "New Price" (reduced to $7,950,000 two weeks ago, asking $9,800,000 in June of 2007) and a “New Look." Still seeking a "New Buyer."

∙ Listing: 2601 Lyon (4/3) - $8,250,000 [MLS]
∙ The Hanging Gardens Of San Francisco: 2500 Lyon [SocketSite]

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

August 1, 2008

Oh Jeeze, Here We Go Again (356 Santana Row #306 In San Jose)

Having hit the market two months ago for $4,000,000 and boasting $750,000 in upgrades, the asking price for 356 Santana Row #306 was quickly dropped to $3,500,000 after two weeks, and two days ago was dropped to $3,300,000.

And while Santana Row isn’t in San Francisco, it’s a plugged-in tipster that notes its “oh jeeze” San Francisco ties. Or should we say, oh “G’s”...

∙ Listing: 356 Santana Row #306 (4/4) 3,856 sqft - $3,300,000 [306villacornet.com]
∙ Infinity Penthouse Unit 37B: Before And After (And The Budget) [SocketSite]

Posted by socketadmin at 3:30 PM | Permalink | Comments (34) | (email story)

July 23, 2008

A Little Extra Perspective On The Listing Market? (2243 Greenwich)

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

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

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

∙ Listing: 2243 Greenwich (6/5) - $1,695,000 [MLS]
∙ A Little Extra Perspective On The Listing: 2243 Greenwich [SocketSite]

Posted by socketadmin at 12:00 PM | Permalink | Comments (24) | (email story)

Think Of The Decorating Damage You Could Do At DWR With 100 Grand

It’s a Henry Hill home up in Forest Hill that you’ve seen before. The only difference now? Expectations and asking price (just reduced $100,000 or 7%).

∙ Listing: 2245 9th Ave (3/2.5) - $1,295,000 [MLS]
∙ Flamboyant modernism: Henry Hill's stellar taste and love... [SFGate]
∙ And After the Power Outage And Subsequent Storm…A Pool! [SocketSite]

Posted by socketadmin at 10:40 AM | Permalink | Comments (22) | (email story)

July 21, 2008

Exceptional, Exquisite, And Impeccable...And Now Reduced As Well

719 Ashbury remains "exceptional," "exquisite," and "impeccable." And as of this afternoon, it's now “REDUCED!” – by $200,000 or 7.7% – as well.

∙ Listing: 719 Ashbury (5/3.5) - $2,395,000 [MLS]
∙ From Anarchists & Hell’s Angels To Exquisite And No Arguments Here [SocketSite]

Posted by socketadmin at 2:15 PM | Permalink | Comments (37) | (email story)

July 17, 2008

The Palms (555 4th St.): Secondary Market Slowdown And Short Sale

Of the 300 condos at The Palms (555 4th Street), sixteen (16) are currently listed for sale with none currently in contract.

Of those sixteen, four appear to be developer sales (through what’s left of the sales office), at least five have been reduced in price, and at least one (a two-bedroom) is soliciting a short sale (purchased for $789,000 in 2006, listed for $868,000 three months ago, and asking $750,000 “subject to lender’s approval” for the past five weeks).

We also can't help but note that while 555 4th Street #629 has been described as “The Palm's Largest Residence!” with “Over 2100 square feet of luxury” for 111 days, ten days ago 555 4th Street #107 hit the market advertising a “spacious 2585 square feet.”

∙ Listing: 555 4th Street #107 (3/3) - $1,759,000 [MLS]
∙ Listing: 555 4th Street #421 (2/2) - $750,000 [MLS]
∙ Listing: 555 4th Street #629 (4/3) - $2,395,000 [MLS]
∙ Apparently Only Eight Condos Left At The Palms (555 4th Street) [SocketSite]

Posted by socketadmin at 2:00 AM | Permalink | Comments (56) | (email story)

July 14, 2008

At Least Some Of The Photos Look To Be "New" As Well: 2170 Pacific

Having been listed at $3,445,000 and $3,345,000 earlier this year, the new listing for 2170 Pacific isn’t entirely (new that is). But along with the asking price ($3,250,000) and "days on the market" (two), a few of the photos are (with details we can’t help but admire).

∙ 2170 Pacific Avenue (3/3.5) - $3,250,000 [MLS]

Posted by socketadmin at 1:00 PM | Permalink | Comments (9) | (email story)

July 8, 2008

It’s Time For Another Industry Report Asterisk (2100 Vallejo Edition)

On Sunday the listing for 2100 Vallejo “expired” along with its 214 days on the market (DOM), original list price of $25,000,000, and subsequent $2,000,000 reduction. On Monday, however, a new listing appeared.

Official MLS days on the market for purposes of industry reporting: one (1). And its new "original" list price: $23,000,000 (which includes the garden/lot next door).

∙ Listing: 2100 Vallejo (5/5.5) - $23,000,000 [MLS]
∙ It Might Not Have A Name, But It’s A Vallejo Mansion Nonetheless [SocketSite]

Posted by socketadmin at 6:30 AM | Permalink | Comments (17) | (email story)

June 23, 2008

A Concerning Comp (And Empty Shell) At The Ritz-Carlton Residences

Last week #1805 at San Francisco’s Ritz-Carlton Residences (690 Market) closed escrow with a reported contract price of $1,300,000. Not too shabby considering it’s a one-bedroom. But perhaps a bit concerning considering the sales office was asking $1,505,000.

It’s definitely something to consider if you’re interested in #1905 one floor above (still listed by the sales office for $1,525,000), or #1705 one floor below (which “motivated sellers” are now offering for $1,450,000, down from $1,499,000 five months prior).

Also back on the market, the 3,595 square foot penthouse shell known as #2401. Current asking price: $6,500,000 (offered by the sales office for $5,420,000 in 2006).

UPDATE: From a trusted plugged-in tipster: "I've heard that one-third of the Ritz units fell out of escrow. I gather some buyers were upset that the retail space, which was supposed to be a restaurant, will instead be spun off as a commercial condo and sold to a bank. Also, gym has been delayed by quite a bit."

∙ Listing: 690 Market #1705 (1/1.5) - $1,450,000 [MLS]
∙ Listing: 690 Market #1905 (1/1.5) - $1,525,000 [MLS]
∙ Listing: 690 Market #2401 (3,595 square feet) - $6,500,000 [MLS]
∙ Reductions And Returns At The Ritz-Carlton Residences (690 Market) [SocketSite]
∙ Ritz-Carlton Residences (690 Market): Listed [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (62) | (email story)

June 11, 2008

Will A Winner's Curse (And Subsequent Relocation) Be Your Reward?

From a plugged-in tipster two weeks ago: "This house was sold in late March for 1.4 million and is back on the market for 1.45 million. The owner is relocating. It's beautiful but no parking..." Last week the list price was reduced $50,000.

From the listing today: "Price reduced an additional $50,000! Motivated sellers are ready for offers."

There's nothing quite like more perfect information. And if you really wanted it three months ago (but lost out to a higher bidder), consider this your reward today. Just don't forget those invitations to the housewarming (or to hire a valet we'll take Muni).

∙ Listing: 1081 Church (2/2) - $1,350,000 [1081church.com] [MLS]

Posted by socketadmin at 9:30 AM | Permalink | Comments (138) | (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 9, 2008

Our First And Second Thoughts For The Recently Reduced 76 Caselli

Our first thoughts upon noticing the $100,000 (3.8%) reduction for 76 Caselli: Tips From Brokers on How to Renovate [a NYC] Apartment. (Ironically, “Sellers are licensed real estate agents.”) Our second thoughts? We’re rather enamored with those rear stairs.

∙ Listing: 76 Caselli (3/3.5) - $2,458,000 [MLS]
∙ Tips from brokers on how to renovate [a NYC] apartment: Start in Neutral [NYTimes]

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

June 6, 2008

At Least Five Condos Remaining At Park Terrace And Cuts Up To 11%

While we don’t have an official update (readers?), we have a feeling there might be more inventory remaining at Park Terrace than just the five units listed above. Regardless, published reductions of up to 11% (and perhaps more not in writing).

UPDATE: And a plugged-in reader kindly responds: "Last I heard they had 14 units left, so if two sold, then that leaves ~12 units in their inventory..."

∙ Park Terrace (325 Berry) Sales Update: Now 70% Sold? [SocketSite]

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

June 5, 2008

Perhaps The Views Aren’t The Only Thing To See: 3911-17 19th Street

It’s not exactly an apple but it is kind of interesting (and perhaps the views and architecture aren’t the only things to “see”). From a plugged-in reader seven weeks ago:

It's not quite a tip, but 3911 19th Street is on the market now. 3917 19th street, designed by the same architect [James Shay] with essentially the same floor plan, and built at the same time, sold in December for 2.095. 3911 is listed for 2.295. My agent says the additional 300 sqft (over four levels?) justifies the higher price, and that the seller will be reviewing offers on Wednesday [4/16]. I guess we'll see.

A week later the list price was reduced $100,000. And a month after that (two days ago) the list price was reduced another $100,000. Currently asking $2,095,000 (additional 300 square feet and all).

No word on what our reader's agent is saying now.

∙ Listing: 3911 19th Street (4/3) - $2,095,000 [MLS] [Virtual Tour]

Posted by socketadmin at 9:00 AM | Permalink | Comments (7) | (email story)

May 28, 2008

Noise, Dust, Or Design In Noe Valley? Or Could It Be Something Else?

While 326 Valley will most likely benefit from the past tense construction next door, the rather beautiful 1217 Dolores might be suffering a bit from the future tense construction next to it (the list price was recently reduced $225,000 or 8.7%). From our tipster:

[1217 Dolores] was well received but no offers….All agree the house is great but the construction scheduled for the lot next door has scared away potential buyers. Surprising it hasn’t sold.

So is it noise, dust, or neighboring design? Who’s got the drawings? And is it possible that the surprise could actually be symptomatic of something else?

UPDATE: Still no drawings, but from a plugged-in reader: "I did some research on the next door development. It appears that someone (not me...) bought 1225 Dolors for $1.05M in Aug '06 and filed two permits: one to demolish the garage, which was approved and another one to erect 4 story building with 3 condos. The 2nd permit is still pending approval."

∙ Listing: 1217 Dolores (5/3.5) - $2,375,000 [1217dolores.com] [MLS]
∙ A Neighbor Notices Another Noe Valley Apple On The Tree: 326 Valley [SocketSite]

Posted by socketadmin at 7:30 AM | Permalink | Comments (35) | (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)

Perhaps It Wasn’t Just Marketing: 1635 Castro Sheds Another $100K

If you liked it or expected it to fly at $1,495,000, perhaps you’ll love it or really expect it to fly at $1,400,000. The latest listing language for 1635 Castro: “The deal of the year!”

∙ Listing: 1635 Castro (3/2) - $1,400,000 [MLS]
∙ It Might Just Be Marketing, But What The Heck: 1635 Castro Street [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (64) | (email story)

May 19, 2008

310 Townsend Update: 93% "Sold" (And Reductions Of Up To 23%)

While originally priced from $869,000 to $975,000 fifteen months ago, the three “remaining new homes” at 310 Townsend were recently listed from $750,000 to $775,000 (representing reductions of between fourteen and twenty-three percent). All three listings are also advertising $20,000 in additional incentives (another 2-3% of the purchase price).

No word on how many/if any of the other forty-three (43) units have been retained by the developer rather than sold.

∙ Listing: 310 Townsend #105 (2/2) - $750,000 [MLS] [Floor Plan]
∙ Listing: 310 Townsend #209 (2/2) - $750,000 [MLS] [Floor Plan]
∙ Listing: 310 Townsend #310 (2/2) - $775,000 [MLS] [Floor Plan]
∙ 310 Townsend: Available And Selling [SocketSite 10/07]

Posted by socketadmin at 11:30 AM | Permalink | Comments (15) | (email story)

May 7, 2008

It Might Just Be Marketing, But What The Heck: 1635 Castro Street

With only two weeks on the market it might just be marketing, but the list price on 1635 Castro (Noe Valley) was just reduced $100,000 (6.3%) and the listing now notes, “Owner is motivated, has bought another house.”

If nothing else, we are quite enamored with that sunroom and deck. And okay, perhaps the kitchen too.

∙ Listing: 1635 Castro (3/2) - $1,495,000 [MLS]

Posted by socketadmin at 9:28 AM | Permalink | Comments (11) | (email story)

May 5, 2008

Reader’s Reports: Homes On Esprit Park Now Starting From $549,000

A plugged-in reader in the market for a home at Homes on Esprit Park receives an email from the sales office alluding to some new pricing (“can't release the pricing via email”) with a request to call.

I just spoke with them, and found that some 855 SqF units have just been released for $549k, well under the $600k they were asking for similars across the courtyard just a few weeks ago when I went on a hard hat tour of the site.

Interested parties (and price guarantee holders) take note (or action).

∙ 900 Minnesota: Now And Then [SocketSite]
∙ Homes On Esprit Park: The Foreshadowing Comes To Fruition [SocketSite]
∙ A Price Guarantee From (And Proof Of Price Reductions At) Esprit Park [SocketSite]

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

May 1, 2008

The Potrero Update: 85% Sold And Offering 12 Months Paid Mortgage

According to a plugged-in tipster, The Potrero has moved roughly 25 units over the past five months (~5 per month) and is now 85% sold with 25 condos left to move. And as of today, the sales team is offering twelve months of paid mortgage payments on any of the remaining units (versus only six months on one-bedrooms earlier this year).

The Potrero Sales Team is proud to announce an unbelievable, limited-time incentive - No Mortgage Payments for 1 Year* on any of our 25 remaining homes! This offer starts May 1st and must end June 15th, so don't miss the chance to take advantage of our attractive prices and this special incentive.

A bit of the fine print: first mortgage only with a maximum loan to value of 80%. No word on what happens if you're currently in contract but haven't already closed (although we can probably guess). And once again, don't forget to adjust those future median sales price and comp calculations accordingly (as they'll be overstated by somewhere around 6%).

∙ A New Incentive At The Potrero: Six Months No Mortgage Payment [SocketSite]
∙ The Potrero (451 Kansas) Update: Now 70% In Contract Or Closed [SocketSite]

Posted by socketadmin at 1:16 PM | Permalink | Comments (10) | (email story)

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 25, 2008

Symphony Towers: 65% Sold / “Penthouse” Release This Weekend

According to the sales office, Symphony Towers is currently 65% sold (or in contract), 50% occupied, and will be releasing their “penthouse” units this weekend. That’s roughly 26 net new sales over the past four months with 46 left to move.

And while we missed it when it was originally reduced, and it’s now in contract, we’ll note that the list price on 650 Turk Street #T204 was reduced $40,000 (7.6%) which might suggest some room for negotiation on the remaining Symphony Tower’s inventory (which consists of both 750 Van Ness and 650 Turk).

UPDATE (4/28): According to a plugged-in reader the list price on 650 Turk Street #T204 was reduced $40,000 to reflect the unbundling of a deeded parking space (rather than a reduction in unit pricing).

∙ Symphony Towers Update: 45% In Contract And Opening February 08 [SocketSite]

Posted by socketadmin at 10:30 AM | Permalink | Comments (7) | (email story)

April 23, 2008

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 21, 2008

A Plugged-In Reader Reports: Mission Valencia Reduction/Impression

Initially priced at $659,000 as part of “Valencia Triangle” (subsequently reduced to $585,000), and then initially priced at $599,000 as part of “Mission Valencia,” a plugged-in reader notes that 3184 Mission Street #302 is now on the market for $549,000 and offers some thoughts and impressions.

I wanted to post my recent impressions of Mission Valencia since some of the only info I could find about the place came [from this site]. I saw several of the units at an open house last week and was most interested in #302, which is currently on the market for $549K (reduced price) with 2 yrs paid HOA. This is one of the smaller, cheaper units.

The unit was very nice and new with a great kitchen and living room. However, the bedrooms were tiny and the bathroom layout seemed odd with the washer/ dryer taking up a lot of the space. The unit also overlooks busy Mission St. and the BART grates, and when the trains went by (which is very often) it was quite loud. There was almost no storage space in the unit, just small closets in the bedrooms. I did not see evidence of the pigeon problem that I had read about [here], but there was a fake owl on the balcony. The balcony was really small and not very usable--I would've rather had storage space.

You have to make your own decision about the neighborhood and how safe you feel there, so I won't go into that. The parking is secured and overall the building seemed secure. You can walk to 24th St. BART and there is bus service on Mission right outside the building. But other than the bars and restaurants in the immediate vicinity of the building, I don't think you'd be able to walk to very many fun places (Noe Valley, Bernal Heights) very easily. But they would be a short drive/trip away.

Overall, the building is nice and new, but the unit still seemed overpriced for what you get even with the incentives and price reductions. However, if you are looking in this price range, it is one of the nicer things I have seen for below 600K. If the price comes down another 50K, I think it would be a great buy. Hopefully, this will help someone out there.

UPDATE: And from another: "Word is that they are really willing to negotiate on these prices. For those interested in 2BR 2BA 1Pkg, it's probably difficult to find a better deal. I think you could get most of the units for 10% less than the listed price, which is already reduced. And don't be bamboozled by the realtor telling you only a few are for sale- they're all for sale. I think only the 2BMR units closed and one unit is in contract. This project has been a financial disaster for the builder as a result of having the condo approvals pulled in spring 2006."

∙ Listing: 3184 Mission #302 (2/1.5) - $549,000 [MLS]
∙ Take Two For Valencia Triangle Mission Valencia (3184 Mission) [SocketSite]
∙ Valencia Triangle (3184 Mission) [SocketSite]

Posted by socketadmin at 3:00 PM | Permalink | Comments (54) | (email story)

April 11, 2008

Homes On Esprit Park: A Two-Bedroom (With Timbers) "Right Pricing"

While the first round of reductions might have been limited to new construction one-bedroom units at Homes on Esprit Park, we can confirm that's no longer the case.

Yesterday the list price for 900 Minnesota #S320 was officially reduced $61,620 (5.8%) and the list price for 900 Minnesota #S322 (above) was officially reduced $51,972 (4.9%).

No word on any new price guarantees (or recent references to those of yore).

∙ Listing: 900 Minnesota #S320 (2/2) - $991,830 [MLS]
∙ Listing: 900 Minnesota #S322 (2/2) - $1,007,478 [MLS]
∙ Homes On Esprit Park: The Foreshadowing Comes To Fruition [SocketSite]
∙ A Price Guarantee From (And Proof Of Price Reductions At) Esprit Park [SocketSite]

Posted by socketadmin at 11:00 AM | Permalink | Comments (26) | (email story)

April 7, 2008

Sleepiguy Says: “5.9 Might Be A Possibility” Listing Says: “New Price!”

From a plugged-in “Sleepiguy” last month: "The long expected price reduction [for 3400 Clay] is here! They knocked off about 700k. It's now $6,295,000. Honestly, that's still not enough. 5.9 might be a possibility, but that's pushing it."

From the listing today: “New price reduction!” Now listed at $5,800,000 (a reduction of $495,000 and now $1,300,000 under original asking).

∙ Listing: 3400 Clay Street (4/5) - $5,800,000 [MLS]
∙ Nothing But Numbers (And A Pretty Picture): 3400 Clay Street [SocketSite]

Posted by socketadmin at 10:57 AM | Permalink | Comments (11) | (email story)

April 2, 2008

188 King Street #305 Returns To The Market (And Is Quickly Reduced)

Originally offered by the developer in May of 2006 for $925,000 (and purchased for said amount according to tax records), 188 King #305 returned to the market a month ago with a list price of $869,000. And two weeks later, that list price was reduced down to $849,000.

As you might recall, it was eighteen months ago that we calculated that only seven of the 44 condos that compose 188 King Street had been sold on the open market despite “multiple releases” and five additional units being advertised as “sold” for marketing purposes (but retained by the developers).

And keep in mind that unsold units ended up becoming rentals (which could affect financing), and a week after the sale of #305 closed escrow the developer cut prices by up to $100,000 (which still didn't manage to move the sales needle at the time).

∙ Listing: 188 King Street (1/2) 1,123 sqft - $849,000 [MLS]
∙ 188 King: Phase I Pricing [SocketSite]
∙ 188 King Street: The Rents [SocketSite]
∙ The Scoop On 188 King Street: Now Selling Leasing [SocketSite]
∙ Price Reductions At 188 King [SocketSite]

Posted by socketadmin at 1:19 PM | Permalink | Comments (11) | (email story)

March 28, 2008

A SocketSite Reader Reports: 65 Caselli Returns With Just One DOM

As we wrote a little over two weeks ago:

The listing for 65 Caselli expired without generating a sale (as far as we know). If the seller is in fact "motivated" to sell, we wouldn't be surprised to see the properties return under a new broker. (And perhaps another new price...)

As a plugged-in Trip writes today:

I see that 65 Caselli, oft-featured here for the, um, interesting, bathroom, and significant price reductions is newly listed again. I believe it's now at an even further reduced price, and, of course, "officially" now on the market for 1 day.

And in summary: Originally listed a little over four months ago at $2,295,000, expired a few weeks ago at $1,699,000, and back on the market today at $1,649,000.

∙ Listing: 65 Caselli Avenue (3/4) - $1,649,000 [MLS]
∙ And Sometimes It’s Simply The Sinks (65 Caselli Avenue) [SocketSite]
∙ We Have A Motivated Seller! (But Still Seeking A Motivated Buyer!) [SocketSite]

Posted by socketadmin at 8:57 AM | Permalink | Comments (16) | (email story)

March 21, 2008

An Admittedly Incomplete Update For A Few Featured Properties

From $992,000 in December, to $895,000 in January, to $825,000 today, a short sale at the current list price for 1150 Folsom #1 would represent no appreciation for this Sternberg-Benjamin designed loft since October 2005.

Over in Lower Pacific Heights the list price on the already bank owned 1944-1948 Buchanan has been reduced $100,000 (5.6%), while a few blocks up the hill the listing for 2021 Webster has been withdrawn. And in Noe, one apple is now in contract (480 Duncan) while another is still on the tree (1420 Douglass).

∙ Listing: 1150 Folsom #1 (2/2.5) - $825,000 [MLS]
∙ A Folsom Rausch Lofts Short Sale (Assuming 3.3% Appreciation) [SocketSite]
∙ A “Bitter” Renter Reports: Repossessed In Lower Pacific Heights [SocketSite]
∙ Listing: 1944-1948 Buchanan - $1,695,000 [MLS]
∙ From The Future To The Past (Tense): 2021 Webster Cuts Again [SocketSite]
∙ Another Single-Family Apple On The Noe Valley Tree: 480 Duncan [SocketSite]
∙ Another Look At 1420 Douglass (And A Reader's "Lazy Noe Indicator") [SocketSite]

Posted by socketadmin at 12:30 PM | Permalink | Comments (37) | (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)

March 17, 2008

After Two Months Five Cuts On The Condos At 84 Vandewater

With zero (0) of the five (5) condos at 84 Vandewater in contract after almost two months on the market, the list prices on the units have been reduced from $26,000 (2.8%) to $124,000 (9.9%).

∙ 84 Vandewater #201 (2/2.5) 1,109 sqft - $925,000 $899,000
∙ 84 Vandewater #202 (2/2) 986 sqft - $945,000 $900,000
∙ 84 Vandewater #301 (2/2.5) 1,039 sqft - $1,049,000 $950,000
∙ 84 Vandewater #302 (2/2) 1,009 sqft - $975,000 $915,000
∙ 84 Vandewater #401 (3/2.5) 1,253 sqft - $1,249,000 $1,125,000

∙ 84 Vandewater [84vandewater.com] [Floor Plans] [Photos]
∙ Five New North Beach Condominiums Hit The Market: 84 Vandewater [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (16) | (email story)

March 11, 2008

A Million "Motivated" Reasons To Get That New Album Out The Door

After 330 days on the market at $10,500,000, and a little de-rockstaring, the asking price on 2505 Divisadero has been reduced $1,000,000 (9.5%). And while a year on the market at this price point isn’t too unusual, do keep in mind that it was also on the market for another 475 days at $12,500,000. And the listing now notes, "Motivated!"

On a somewhat related note (the relation being big houses), and as “sleepiguy” noted a few days ago, the list price on 3400 Clay Street has once again been reduced (this time by $700,000 or 10%).

∙ Listing: 2505 Divsisadero (9/7) - $9,500,000 [MLS]
∙ The Monster Comes Roaring Back (2505 Divisadero) [SocketSite]
∙ This Isn't Exactly How Mr. Hammett Used To Roll (2505 Divisadero) [SocketSite]
∙ Rock Star Floor Plan Porn [SocketSite]
∙ Nothing But Numbers (And A Pretty Picture): 3400 Clay Street [SocketSite]

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

March 7, 2008

Another Look At 1420 Douglass (And A Reader's "Lazy Noe Indicator")

Another plugged-in reader already stole our thunder (and pretty much all our lines), but to sum it all up: 1. Eight months ago 1420 Douglass was purchased for $1,945,000 ($250,000 over asking); 2. Two months ago it returned to the market with a list price of $2,095,000 (and a few “I don't think it will be on the market for very long” type comments); and 3. Last night the list price was reduced $100,000 (5%).

Granted, the sellers are still asking for $50,000 more than they purchased it for just seven months ago, and we don’t yet have a final sale price, but as our reader notes: "[O]riginally sold 8/09/07, GOOG: $514.73. Today - Not sold, (perhaps) languishing, GOOG: $433.35. Maybe dub dub is on to something with his "lazy indicator"!"

∙ Listing: 1420 Douglass (3/2) - $1,995,000 [MLS]
∙ Not Overheard Everyday (Again): Five Months After Closing, It’s Back [SocketSite]

Posted by socketadmin at 6:27 PM | Permalink | Comments (14) | (email story)

It’s Really Not Often We Get To Write…Reduced Seven Million Dollars

If you missed last year’s Decorator Showcase, we just noticed that the listing for 2901 Broadway now features the newly decorated shots (and the virtual tour before and afters).

And there’s good news if you’ve been thinking, “fifty-five is ludicrous, but maybe at forty-eight.” After 322 days on the market, the list price has just been reduced $7,000,000.

Perhaps countering those four offers at fifty-five wasn’t the way to go. Live and learn.

UPDATE: From a plugged-in reader's comment: "I spoke to a contractor about this property who estimated the substructure and engineering work alone on this house could cost 10 million."

∙ Listing: 2901 Broadway (7/7.5) - $48,000,000 [MLS] [Virtual Tour]
∙ Your Chance To Slip Inside 2901 Broadway [SocketSite]
∙ Rumor Has It: Four Offers On The 2007 Decorator Showcase Home? [SocketSite]

Posted by socketadmin at 4:15 AM | Permalink | Comments (18) | (email story)

February 28, 2008

From The Future To The Past (Tense): 2021 Webster Cuts Again

From “seller relocating” in October, to “seller relocated” today, the list price for 2021 Webster was just reduced another $150,000 (its third cut).

And while it’s now listed at a "drastic" $796,000 (29.5%) under its original asking price of seven months ago, do keep in mind that it’s still priced at $404,000 (17.6%) over what the now relocated seller paid just five months prior to that.

As we wrote in late 2006 (prior to its last sale): “It’s not the ideal block (a lack of single family homes/residential), but the house is stunning and it honestly doesn’t feel narrow in the slightest.” And we're still fans of the ceilings.

UPDATE (5/20): 2021 Webster closed escrow on 5/20/08 with a reported contract price of $2,425,000 (30.6% under orignial asking, but 5.7% over what was paid 16 months prior).

∙ Listing: 2021 Webster (4/3.5) – $2,699,000 [MLS]
∙ RealRecentReductions: You’ve Seen These Before (Will You Again?) [SocketSite]
∙ As Far As We Can Tell, Not Much Has Changed (Other Than The Price) [SocketSite]
∙ Mass Appeal (2021 Webster) [SocketSite]

Posted by socketadmin at 7:49 AM | Permalink | Comments (29) | (email story)

February 20, 2008

Only Eight Five Six Left At The Palms (555 4th Street)

Six months ago the sales office at The Palms (555 4th Street) was advertising “Only 8 Left!” and 3.875% financing. Two months later five new condos magically appeared on the MLS. And since then, four more units (#705, #814, #833, and #907), 2.875% financing (no details on the terms), and a few reductions (from $39,200 to $56,200) have come to be as well (along wih the words “BUILDER CLOSEOUT!!”).

∙ Apparently Only Eight Condos Left At The Palms (555 4th Street) [SocketSite]
∙ The Palms Finds More Inventory And A Resale Hits The Market [SocketSite]

Posted by socketadmin at 7:55 AM | Permalink | Comments (12) | (email story)

February 15, 2008

Okay, So The Fifth Time Wasn’t A Charm But Perhaps The Sixth…

Having just recorded its sixth price reduction, the resale list price for 41 Federal #42 has dropped from $939,000 to $869,000 to $850,000 to $830,000 to $813,400 to $797,150 to $781,200 over the course of the past eleven months. It’s now listed at $68,800 (8.1%) under the reduced price that was last being asked by the developer fourteen (14) months ago. And it had better sell soon because we’re running out of images to accompany the updates.

∙ Listing: 41 Federal #42 (1/1.5) - $781,200 [MLS]
∙ Seller Motivated Drastic Price Reduction Penthouse Unit [SocketSite]
∙ And Now We’re Back Below Where We Started [SocketSite]
∙ Going Once, Going Twice…Going Five Times At Shore|Line: 41 Federal [SocketSite]
∙ Savings At Shoreline (41 Federal) [SocketSite]

Posted by socketadmin at 8:43 AM | Permalink | Comments (13) | (email story)

February 11, 2008

Another Apple Is Ripening On The Tree In District Nine: 701 Minna #19

Three months ago we received the following note from a plugged-in reader:

I used to live at [701 Minna #19]. In April 06 I had it listed for $930k and ended up selling for $890k, thinking I made a good choice. Though at the current asking (already been lowered from $1195k to $1095k), it would give the owner about $200k appreciation for only spending maybe $2 to $3k for the motorized sunshade/skylight, maybe the paint job cost an arm and a leg.

And while our reader might have been second guessing himself in November, a tip we received yesterday might put his mind at ease (and some others' not):

Check this one out - first listed early Nov. for $1,195,000 then dropped to $1,095,000, then dropped to $899,000 for a few days and now available for $700,000. Purchased in 2006 for $889,000. It's loaded with loans (check out Property Shark) and sits in the glutted cookie cutter loft ghetto. Looks like a desperate short sale.

And speaking of "others," we'll note that the list price on 701 Minna #3 (about 600 square feet smaller than #19) was recently reduced from $664,900 to $629,900 (the listing still notes: “Seller wants this off the books for jan. Fax any offer today.”).

∙ Listing: 701 Minna #19 (2/2.5) 1,781 sqft – $700,000 [Prudential via Pacific Union]
∙ Listing: 701 Minna #3 (1/1.5) 1,173 sqft – $629,000 [MLS]

Posted by socketadmin at 11:09 AM | Permalink | Comments (38) | (email story)

February 1, 2008

A Folsom Rausch Lofts Short Sale (Assuming 3.3% Appreciation)

After just under two months on the market, the list price for 1150 Folsom #1 has been reduced $97,000 (9.8%) and the listing now notes: “Subject to lenders approval of short sale.” Keep in mind, however, that a sale at the reduced asking price of $895,000 would still represent annual appreciation of 3.3% over the past couple of years (purchased for $829,000 in October of 2005). And yes, you can figure it out.

∙ Listing: 1150 Folsom #1 (2/2.5) - $895,000 [MLS]

Posted by socketadmin at 2:45 AM | Permalink | Comments (15) | (email story)

January 30, 2008

We Have A Motivated Seller! (But Still Seeking A Motivated Buyer!)

While the sinks in this single-family home on Caselli Avenue (65) weren’t all that warmly received two months ago (at least in terms of practicality), the overall house, location and price reduction ($295,001 or 12.9%) were. Or as “movingback” commented at the time, “this is a great house - should sell now that the price has been adjusted.”

And while it hasn’t yet sold, the price has been reduced another $300,999 ($200,999 three weeks ago and then by $100,000 yesterday). And yes, the seller remains "motivated!"

∙ Listing: 65 Caselli Avenue (3/4) - $1,699,000 [MLS]
∙ And Sometimes It’s Simply The Sinks (65 Caselli Avenue) [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (23) | (email story)

January 28, 2008

An Investor/Contractor (And Perhaps Attorney) “Special” In Bernal

638 Banks in Bernal Heights changed hands in September of 2005 for $780,000 and then again August of 2006 for $658,744 (likely a sale to the bank). And after a month on the market at $549,000, the list price has been reduced $100,000 (now asking $449,000).

Do keep in mind that according to the listing it’s an “investor/contractor special” and there’s a “non permitted garage conversion.” And while not mentioned in listing (at least to the public), there’s a protected tenant as well. Now about those "comps" back in 2005...

∙ Listing: 638 Banks (2/1) - $449,000 [MLS]

Posted by socketadmin at 8:10 AM | Permalink | Comments (14) | (email story)

January 24, 2008

32 Carson Returns To The Market Having Shed A Little Winter Weight

A listing for 32 Carson has returned to the MLS having shed a little winter weight ($15,000 on top of the previous $50,000 reduction) and a few months on the market.

Considering the views, location, and income unit generating $1,800 a month, we’re guessing the renovation (which some will love and some will hate) and “easy street parking” (a.k.a. no garage) might be two of the property specfic things keeping buyers at bay.

To quote the quote over the stove, “If life gives you limes, make margaritas.” (And then don't forget to invite us over.)

∙ Listing: 32 Carson (2/2) - $1,3250,000 [MLS]

Posted by socketadmin at 11:02 AM | Permalink | Comments (17) | (email story)

January 23, 2008

Back On The Market (But Not The MLS) In Bernal Heights: 330 Banks

On the market without finding a buyer at $649,000 last fall, 330 Banks is back on the market (but not the MLS) with a list price of $599,000.

Included in the sale are approved plans to add an additional “art studio” and half-bath on first floor. And while it’s usually “showings by appointment only,” it will be open this Sunday (1/27) for just one half-hour (from 2:00 to 2:30) if you want to take a peek.

Keep in mind that this single-family Bernal Heights home was purchased two and one-half years ago for $700,000 (on 6/8/2005). And yes, the sale at $700,000 was likely used as a local comp a couple of years ago. And so on. And so forth.

∙ Listing: 330 Banks (1/1) - $599,000 [330banksstreet.com]

Posted by socketadmin at 3:30 AM | Permalink | Comments (32) | (email story)

Homes On Esprit Park (888 Minnesota): A Two Joins The Ones

Last week we wrote, “No word, however, on any movement (either in terms of sales or reductions) for the two and three bedroom units [at Homes on Esprit Park].”

And today we note, the list price on 888 Minnesota #S322 (two bedroom/two bath) has been reduced $52,000 (4.7%).

∙ Homes On Esprit Park: The Foreshadowing Comes To Fruition [SocketSite]
∙ Listing: 888 Minnesota #S322 (2/2) - $1,053,450 [MLS]

Posted by socketadmin at 3:05 AM | Permalink | Comments (5) | (email story)

January 21, 2008

The Backside, View, And Rather Big "Right Pricing" Up On Miguel

After a little over two months on the market, the list price on 73 Miguel has been lowered $420,000 (12.7%). No word on what’s happening with number 71 next door (which was originally listed for $2,995,000 or $300,000 less than number 73).

And if nothing else, we’re using this as an excuse to finally run a photo of the house’s backside (and the view through all that great glass).

UPDATE (1/24): The list price on 71 Miguel has been reduced $346,000 (now listed at $2,649,000).

∙ Listing: 73 Miguel (4/3.5) - $2,875,000 [MLS] [71-73miguel.com]
∙ A Peek Inside (And Prices For) The Modern Duo On Miguel [SocketSite]

Posted by socketadmin at 3:15 AM | Permalink | Comments (2) | (email story)

January 16, 2008

Seriously Seeking Rejected Offers (To Save Someone Else The Effort)

It’s a single-family home in Bernal, its list price has been reduced from $950,000 to $889,000, and it's now advertising “All Offers Will Be Considered Seriously.”

Obviously “considered” isn’t the same thing as “accepted.” So if you’ve taken the time to make an offer that wasn’t “considered seriously enough,” perhaps you’d be so kind as to share (and save someone else some wasted effort).

∙ Listing: 247 Gates (2/2) - $889,000 [MLS]

Posted by socketadmin at 12:39 PM | Permalink | Comments (19) | (email story)

Bank Owned And Back On The Market In Bayview: 1570 Underwood

Purchased for $825,000 in September of 2006, it appears that the bank bought 1570 Underwood Avenue for $697,471 in August of 2007. And while the home was back on the market for two weeks at $779,700, the list price has now been cut to $445,000 (plus "the bank will credit $10,000 towards closing costs and [pay] a $3,000 bonus to [the] selling agent”).

And while it’s entirely possible that this was simply a sale to someone who couldn’t actually afford the payments in the first place, what happens to those who can afford their payments and relied on this sale as a friendly neighborhood “comp” not too long ago?

UPDATE: And the inside scoop from the plugged-in Realtor:

Yes it sold for $825,000 in September 2006. 100% financing. Had other inflated comps at the time to support the appraisal. Buyers probably could not afford it and were put into a loan product that was too good to be true. It went into foreclosure, the lender for the 2nd lost everything, the 1st lender took back the property for the value of their original loan plus legal costs and lost interest..and property taxes that will be collected through escrow on the sale. I saw the house and actually live about 5 blocks away. It is beaten up and shows very poorly. The bank needs to dump it to get the nonperforming asset off of its books. Thus the $435K asking price. My guess is that it will sell for around $400,000. But as a long-term buy and hold, it is THE time to buy. Things will come around, part of the economic cycles. But it very well could go lower in the shorter term. Impossible to time the bottom of any market.

[UPDATE (2/26): 1570 Underwood Avenue closed escrow on 2/22/08 with a reported contract price of $445,000 (not including the $10,000 credit towards closing costs).

∙ Listing: 1570 Underwood Avenue (3/2) - $445,000 [MLS]

Posted by socketadmin at 2:30 AM | Permalink | Comments (32) | (email story)

January 15, 2008

Homes On Esprit Park: The Foreshadowing Comes To Fruition

Two months ago we noticed (and plugged you in to) a subtle change on the Homes on Esprit Park website: The "Anticipated Price Range" for 1 bedroom/1.5 bath homes was changed to start from the “Low $600,000’s” versus the original “Upper $600,000’s.” And at the time, we also called your attention to the introduction of “price guarantees” against future price reductions.

And while the Esprit Park website continues to read from the “Low $600,000’s,” it could technically be changed again to read from the "High High $500,000’s” as the list price for 888 Minnesota #S102 was reduced again late last week, this time from $626,240 to $594,928 (a reduction of 5.0%). And the list price for 888 Minnesota #S115 was also reduced from $635,420 to $603,649 (a 5.0% cut as well).

No word, however, on any movement (either in terms of sales or reductions) for the two and three bedroom units. Or whether of not the offering of price guarantees will be extended (originally for condos placed into contract through December 15, 2007).

∙ A Price Guarantee From (And Proof Of Price Reductions At) Esprit Park [SocketSite]
∙ Listing: 888 Minnesota Street #S102 (1/1.5) - $594,928 [MLS]
∙ Listing: 888 Minnesota Street #S115 (1/1.5) - $603,649 [MLS]

Posted by socketadmin at 5:00 AM | Permalink | Comments (20) | (email story)

January 14, 2008

Reductions And Returns At The Ritz-Carlton Residences (690 Market)

Eight months after advertising “sold out” (at least with regard to the original 52 condos), just over 20% of the Ritz-Carlton Residences (690 Market) are officially back on the market. And at least seven of those original fifty-two are currently available through the sales office (which would suggest a contract fall out rate of at least 13%).

Of the twelve listings, three are for one-bedrooms: #1605 which is a resale and asking $1,497,000; #1705 which is a resale and asking only $2,000 more; and #1805 which is being offered directly from the sales office, but for $2,000 less ($1,495,000).

And while a price reduction on a resale unit is one thing (the list price on #2104 was just reduced by $252,000 (6.7%) after two months on the market), it’s another when the reductions are on units being offered through the sales office itself (the list price for #1103 has been reduced by $104,000 (4.5%) since hitting the MLS five months ago).

∙ The Ritz-Carlton Adds Five More Private Residences (Now 57) [SocketSite]
∙ Listing: 690 Market #1605 (1/1.5) - $1,497,000 [MLS]
∙ Listing: 690 Market #1705 (1/1.5) - $1,499,000 [MLS]
∙ Listing: 690 Market #1805 (1/1.5) - $1,495,000 [MLS]
∙ Listing: 690 Market #1103 (2/2.5) - $2,195,000 [MLS]
∙ Listing: 690 Market #2104 (3/3) - $3,498,000 [Sotheby’s] [MLS]
∙ Four More Listings! (And At Least One Reduction At The Ritz) [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (56) | (email story)

Mission Valencia (3184 Mission): Priced From $599,000 $585,000

While first priced at $659,000 as part of “Valencia Triangle” in June of 2006, and then at $599,000 when when the building re-released as “Mission Valencia” this past November, the list price for 3184 Mission Street #302 was just reduced $14,000 (now "Priced from $585,000"). At the same time, the list price for #401 (which represents the upper end of the twenty condos in the building) was reduced from $799,000 to $749,000.

∙ Take Two For Valencia Triangle Mission Valencia (3184 Mission) [SocketSite]
∙ Valencia Triangle (3184 Mission) [SocketSite]
∙ Listing: 3184 Mission Street #302 (2/2) - $585,000 [MLS]
∙ Listing: 3184 Mission Street #401 (2/2) - $749,000 [MLS]

Posted by socketadmin at 3:00 AM | Permalink | Comments (21) | (email story)

January 11, 2008

Figure Out How To Fix The Façade And You’ll Probably Fare Quite Well

Compared to 2045 Quesada, it’s really not that bad. But then again, that’s not saying too much (or a design benchmark to which we would aspire). And perhaps that’s part of the reason the list price for 2550 Greenwich was just dropped $550,000 (15.7%).

And while we’re still trying to decipher the listing, it does appear that in addition to the three bedroom two and one-half bath main home (with elevator), the list price includes a guest cottage of 2,068 square feet as well (not to mention five parking spaces).

Figure out how to fix the façade and you’ll probably fare quite well (and garner the gratitude of more than one neighbor on the block).

UPDATE (2/22): 2550 Greenwich closed escrow on 2/21/08 with a reported contract price of $2,850,000.

∙ Listing: 2550 Greenwich (3/2.5) - $2,950,000 [MLS]
∙ At Least It Has The Requisite Bay Windows, Right? [SocketSite]

Posted by socketadmin at 3:45 AM | Permalink | Comments (21) | (email story)

January 7, 2008

If You’re Going To Live At The Summit, You Might As Well Live Large

What once was a two-bedroom is now a one-bedroom at The Summit (999 Green #1204).

And while the listing (which was recently reduced by $55,000) includes two proposed floor plan alterations for reclaiming the second bedroom (although at least one appears to omit a requisite closet), we’ll also note that #1205 is on the market as well.

Forget trying to reclaim that second bedroom, if you’re going to live large at The Summit, why not buy both condos and figure out a way to make them one? And at the very least, might we suggest investigating alternate fire rated glass solutions for the dining room?

It’s a crime to taint that view. (Or should we say it feels almost criminal...)

∙ Listing: 999 Green #1204 (1/2) - $2,195,000 [999Green1204.com] [MLS]
∙ Listing: 999 Green #1205 (1/1) - $1,275,000 [MLS]

Posted by socketadmin at 1:05 PM | Permalink | Comments (8) | (email story)

Thirteen More "Anecdotes" Of Distressed Listings In Districts 8 And 9

From a plugged-in Damion Matthews at LiveInSF:

I did just do some research last night on Short Sale and REO listings in districts 8 and 9 – there’s quite a bit. Not as much as in other parts of the state, of course, but more than we’ve seen in those neighborhoods before. I found 13 listings, and 8 of them are lofts. They’re all under $1 million.

Included in the mix is 950 Harrison Street #202 which is 1,120 square feet, has been on the market for two months, and is currently listed for $575,000 (“sold last year for $699,000”). And #S2303 at The Metropolitan (355 1st Street) which is now bank owned, 691 square feet, and listed at $519,000 $599,000 (see UPDATE below).

And no, neither of those two "anomalies" we noted last week (246 2nd Street #1302 and 41 Federal #42) are included in Damion’s thirteen. Nor are any of these in District 10.

UPDATE: Since publishing this story this morning the list price on 355 1st #S2303 has in fact been raised from $519,000 to $599,000. Sorry about that folks.

∙ Distress Deals [LiveInSF]
∙ Listing: 950 Harrison Street #202 (1/1.5) - $575,000 [MLS]
∙ Listing: 355 1st Street #S2303 (1/1) - $519,000 $599,000 [MLS]
∙ One Part Bank And One Part New Building, But Any Parts New Market? [SocketSite]
∙ Going Once, Going Twice…Going Five Times At Shore|Line: 41 Federal [SocketSite]

Posted by socketadmin at 9:40 AM | Permalink | Comments (26) | (email story)

January 4, 2008

One Part Bank And One Part New Building, But Any Parts New Market?

It was a little over a month ago that the listing for the bank owned 246 2nd Street #1302 was touting “By far, the best value in soma!” and “Priced $80K Below Last Sales Comp in Building!” And while it’s still advertising “the best value in soma!”, the price has been reduced $42,000 (5%) and it’s now “Priced $120K Below Last Sales Comp in Building!” That’s not likely to be a neighbor(hood) pleaser.

And while that’s the current view from the condo above, plugged-in people know what's happening in the market (and can plan accordingly): “When I first saw the listing I assumed that the owner saw the proposed building at 222 Second Street (see virtual view from 555 Mission posted here last week) and decided to sell before the "commanding view of downtown" became a commanding view of some dude's office.”

∙ Listing: 246 2nd Street #1302 (2/2) 1,049 sqft - $802,900 [246-2nd.com]
∙ Something Tells Us That “By Far” Wasn’t By Accident [SocketSite]
∙ The Things You Can See From Those Virtual Views (222 2nd Street) [SocketSite]

Posted by socketadmin at 11:45 AM | Permalink | Comments (29) | (email story)

Going Once, Going Twice…Going Five Times At Shore|Line: 41 Federal

We didn’t bother to mention it when the list price on "penthouse" unit #42 at Shore|Line (41 Federal) was dropped from $830,000 to $813,400 this past November. But along with its fifth price reduction yesterday (from $813,400 to $797,150), comes another mention today.

To recap, over the course of the past ten months the list price for this modern condo “in the heart of South Beach” has dropped from $939,000 to $869,000 to $850,000 to $830,000 to $813,400 to $797,150. And apparently it ended up being owned by the bank (REO) along the way.

And once again, while asking 15.1% less than ten months ago might simply speak to a change in expectations, it’s the fact that it’s now listed at $52,850 (6.2%) under what was last being asked by the developer fourteen (14) months ago that just might speak to a change in the market.

∙ Listing: 41 Federal #42 (1/1.5) - $797,150 [MLS]
∙ And Now We’re Back Below Where We Started [SocketSite]
∙ And Now We’re Back Where We Started At (41 Federal) [SocketSite]
∙ Seller Motivated Drastic Price Reduction Penthouse Unit [SocketSite]
∙ Savings At Shoreline (41 Federal) [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (81) | (email story)

December 28, 2007

Another Chance To Get In Good With The Neighbors?

Purchased three years ago for $658,000 (with a variable rate first mortgage of $526,400 and a fixed rate second mortgage of $131,600), 689 Brunswick has been on the market for 71 days and is currently listed for $699,000 (having been reduced from $714,417 two weeks ago and $704,407 the week after that). A sale at asking would represent annual appreciation of 2.0% over the past three years.

According to the listing the house is being used as an "unofficial" boarding house "but the owner, who lives there, will turn it over vacant" (perhaps another chance to get in good with the neighbors). And yes, "may require lender's approval of a short payoff."

And as an aside, we can't help but imagine how the addition of just a tiny bit of grass might enhance the curb appeal of the home (and would welcome any others' Photoshopping handiwork with open arms):

UPDATE: Okay, so we have to admit we were thinking more along the lines of photochopping the landscaping or façade to improve the curb appeal (and greenness of the home), but then again it is Friday:

"In preservationist-happy SF, houses with history hold extra appeal. A historic photo and a bit of history (possibly the one-time love nest for Mayor Schmitz) add a bit of dash to this otherwise Caspar Milquestoastesque dwelling."

∙ Listing: 689 Brunswick (3/1) - $699,996 [MLS] [Map]

Posted by socketadmin at 9:32 AM | Permalink | Comments (34) | (email story)

December 18, 2007

San Francisco Idea House Update: Open Into January And A Reduction

As a plugged-in reader noted last week, Sunset’s San Francisco Idea House webpage has been updated to read:

The San Francisco Idea House will be open from 11/30/2007 through 1/27/2008 Friday, Saturday, and Sunday 9am-4pm. PLEASE NOTE THE HOUSE WILL BE CLOSED THE WEEKEND OF 12/21 and 12/28 due to the holidays. After the holidays we will resume our open schedule the weekend of 1/4/2008.

And if you were interested in 1303 Alabama but didn't think it was worth more than a million, we’ll note that it was just reduced $94,000 (or 8.6%) and is now listed (along with some new interior photos) at $995,000.

∙ Sunset’s 2007 San Francisco Idea House Officially Opens Its Doors [SocketSite]
∙ Sunset’s 2007 San Francisco Idea House: A Few Facts [SocketSite]
∙ Listing: 1303 Alabama (2/2.5) -$995,000 (TIC) [MLS]

Posted by socketadmin at 9:10 AM | Permalink | Comments (5) | (email story)

December 10, 2007

The Potrero (451 Kansas): Now From Under $400,000 (Just Barely)

It was over a year ago that The Potrero (451 Kansas) began advertising “New homes in old San Francisco from the low $400,000s.” But this weekend (and roughly two months after we noted at least one official price reduction) the prices on a “new release” of studios slipped below $400,000 (okay, so $399,000). And two-bedrooms are now starting "under $700,000" (yes, $699,000).

∙ The Potrero (451 Kansas): From The Low $400,000s [SocketSite]
∙ A Few More Small (But Interesting) Reductions In New Developments [SocketSite]

Posted by socketadmin at 3:15 AM | Permalink | Comments (2) | (email story)

December 5, 2007

Another Apples To Apples Comp In The Making (In The Marina)

The list price for 3324 Octavia #4 was reduced for the second time yesterday and the sellers of the “[f]abulous one bedroom condo located in the highly desirable marina district” are now asking $749,000 (which is $50,000 less than the original list price of 48 days ago).

And yes, $749,000 is $1,000 less than what the sellers paid for the condo three and one-half years ago (7/16/2004).

∙ Listing: 3324 Octavia Street #4 (1/1) - $749,000 [MLS]

Posted by socketadmin at 2:45 AM | Permalink | Comments (43) | (email story)

December 3, 2007

Do You Think They Thought They Paid Too Much For It At The Time?

As both readers and tipsters alike note, the list price on 1580 Masonic has once again been reduced (this time by $400,000 or 11.8%). And it’s now listed for $704,000 (19.0%) below its original asking price and $505,000 (14.4%) less than what the sellers paid twenty (20) months ago ($3,500,000).

∙ Could “Priced Right” In Ashbury Heights Be Less Than What Was Paid? [SocketSite]
∙ Listing: 1580 Masonic (3/2.5 and 1/1) - $2,995,000 [1580masonic.com]
∙ Sometimes It’s Simply The Small Things: 1580 Masonic [SocketSite]

Posted by socketadmin at 2:55 AM | Permalink | Comments (32) | (email story)

November 28, 2007

And Sometimes It’s Simply The Sinks (65 Caselli Avenue)

It’s hard to tell if the quick price reduction ($295,001 or 12.9% after twenty days on the market) has more to do with marketing or the “motivated seller!” Regardless, it’s actually the bathroom sinks that first caught our attention. Now if only we could figure out where to keep our toothbrushes and toothpaste (without messing up the aesthetic).

∙ Listing: 65 Caselli Avenue (3/4) - $1,999,999 [MLS]

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

November 27, 2007

Could “Priced Right” In Ashbury Heights Be Less Than What Was Paid?

A plugged-in tipster notes another price reduction on the listing for 1580 Masonic (this time by $200,000 or 5.6%). And while the price reduction might not be all that telling (in and of itself), and perhaps it simply wasn’t “priced right” to begin with (as some like to say), our tipster also notes that this nicely finished Ashbury Heights home is now listed for $105,000 less than what the sellers paid for it in March of 2006 ($3,500,000).

And no, asking price and selling price aren't the same thing. But we will keep you posted (and plugged-in).

∙ Listing: 1580 Masonic (3/2.5 and 1/1) - $3,395,000 [1580masonic.com] [Alain Pinel]
∙ Three Good Sized Homes, Neighborhoods, And (Mostly) Reductions [SocketSite]
∙ Sometimes It’s Simply The Small Things: 1580 Masonic [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (72) | (email story)

November 26, 2007

Since It’s Family, Might We Suggest An Early Holiday Present?

The list price on 2104 24th Street was reduced $105,000 in August, $100,000 in September, and $20,500 in November (now listed at 20.5% below the original asking). And considering the “[a]gent is related to owner,” we can only imagine the delicate conversation around the dinning room table this past Thanksgiving.

And while the interior sounds quite nice (“Renovated kitchen, teak floors and fireplace in living room…Mexican tile in kitchen and bath…2nd fireplace in front large bedroom, [and] hardwood floors.”), the lack of pictures in the listing leaves us only guessing (rather than actually inquiring).

And it also leaves us wondering if an early holiday present (in the form of a new camera) might be in order. After all, it is family (and it is Cyber Monday).

∙ Listing: 2104 24th Street (3/1.5) - $874,500 [MLS]

Posted by socketadmin at 10:19 AM | Permalink | Comments (19) | (email story)

The Cost Of Failing To Accurately Manage (Market?) Expectations

It was almost two months ago that we noted the ceiling of 723 Bay Street (with which we were quite enamored along with the master bath and patio).

And while we didn’t point out the $155,000 (7.2%) price reduction last month, we are pointing out the additional $220,000 (11.0%) price reduction that occurred last week. And the situation (which might make it an opportunity, and also serve as a warning, for a truly plugged-in person): “…must sell…owner in escrow on another property….”

∙ Listing: 723 Bay Street (2/1.5 and 1/1) - $1,775,000 [MLS]
∙ What Can We Say, We’re Suckers For A Nice Ceiling (723 Bay) [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (4) | (email story)

November 16, 2007

A Price Guarantee From (And Proof Of Price Reductions At) Esprit Park

While the Homes on Esprit Park website was originally advertising 1 bedroom, 1.5 bath homes from the “Upper $600,000’s,” we note that it now reads from the “Low $600,000’s.” And in fact, according to a sales office email forwarded from a plugged-in tipster, they are now starting “around $626,000.”

And while we were going to call it foreshadowing (prior to noticing that “upper” to “lower” change), the Homes on Esprit Park sales office is now offering price guarantees (against future price reductions):

The team at Homes on Esprit Park and Build, Inc. want to ensure our future homeowners their investment in our wonderful community is secure and represents very good value in today’s dynamic marketplace. To bring you that confidence, through December 15th of this year, any home placed in contract will come with a price guarantee that assures you of the value of your investment near the close of escrow on your home.

When you purchase a home in our community, we will assign one or more similar properties in the project to your purchase contract. Should any of those assigned homes reduce in price or be sold at a lesser price than originally listed, we will reduce the price of your home as well by the same percentage amount prior to your close of escrow. No questions asked.

We understand that in uncertain markets, even exceptional communities like Homes on Esprit Park need to address the investment concerns of their clientele, and with this price guarantee we hope to do so for you. With our model units expecting to be delivered at the beginning of the year, a rebound in the lending market (already underway) and much greater progress on construction, we anticipate vibrant activity and sales in the new year. That’s why this offer is extended only through the pre-holiday season and only to our registered customers.

And no, we don’t know if the price guarantee applies to those who are already in contract (or whether or not we should have filed this one under "trends").

∙ Sales Office For Esprit Park (888 Minnesota) Opens Tomorrow (10/5) [SocketSite]
∙ Homes on Esprit Park: Pricing [espritpark.com]

Posted by socketadmin at 3:00 AM | Permalink | Comments (31) | (email story)

November 9, 2007

Citrino (566 South Van Ness): Two Bedrooms Now From $599,000

A tipster forwards the latest from the sales office at Citrino now advertising two-bedrooms from $599,000 (including two years of pre-paid HOA dues and parking) and one-bedrooms from $449,000.

As you might recall, it was two months ago that Citrino was advertising two-bedroom homes “starting at $675,000” and one-bedrooms “starting at $475,000.” And prior to that it was simply “in the $500’s - $700’s.”

∙ Reductions (And A New Release) At Citrino (566 South Van Ness) [SocketSite]
∙ New San Francisco Condo Developments: Citrino & The Lambourne [SocketSite]

Posted by socketadmin at 2:30 PM | Permalink | Comments (18) | (email story)

November 5, 2007

An Opportunity To Try Before You Buy In The Making? (338 Holladay)

While the list price on 338 Holladay has once again been reduced (this time by $50,000 or 5.6%), a tipster notes that it’s now being offered for rent as well ($4,000 a month). And if you're tempted to buy, but not entirely sold, perhaps a lease option might be in order.

And once again, it’s now officially (in terms of MLS statistics) 30 days on the market (despite first being listed for $1,279,000 fifteen months ago). And if it sells for $850,000, it will be yet another example of a property selling for "over asking!"

∙ Listing: 338 Holladay (2+/3) - $849,000 [338holladay.com]
∙ $4000 / 3br - Fabulous, New Eco-friendly, 3 Level…“Green Home” [Craigslist]

Posted by socketadmin at 3:00 AM | Permalink | Comments (4) | (email story)

October 31, 2007

Those Aren’t “Reductions," They’re “Flex Purchase Incentives”

Two months ago the sales office at 170 Off Third was “excited to offer a 5.625% interest rate on all remaining two-bedroom residences!” Today they are offering “a $15,000 Flex Purchase Incentive on all two- and two-plus residences sold through year end” which can be used on “a wide array of interior upgrade options, HOA credits or closing costs.”

Remember buyers/neighbors, they’re “Flex Purchase Incentives” (and not “Reductions”).

∙ A Few New Incentives For Both Buyers And Brokers In San Francisco [SocketSite]

Posted by socketadmin at 9:30 AM | Permalink | Comments (37) | (email story)

October 24, 2007

300 Sea Cliff: $3,900,000 Reduction (After An $8,000,000 Renovation)

57 months (no not days) after first hitting the market for $23,500,000, and nine months after undergoing an $8,000,000 renovation (and subsequently raising its asking price by $2,400,000), the list price on the Captain's House (300 Sea Cliff) has been reduced by $3,900,000 and it’s now listed for $22,000,000. And yes, we liked the brick better as well.

∙ Listing: 300 Sea Cliff Avenue (5/5.5) - $22,000,000 [Sotheby's] [MLS]
∙ Top Five San Francisco Trophy Homes [SocketSite]
∙ The $8,000,000 Man Renovation [SocketSite]
∙ Another Chance At (For?) The Captain's House (300 Sea Cliff Ave) [SocketSite]
∙ Checking In On 300 Sea Cliff Ave [SocketSite]

Posted by socketadmin at 10:24 AM | Permalink | Comments (27) | (email story)

October 19, 2007

A Few More Small (But Interesting) Reductions In New Developments

That small reduction on the studio (#2E) at 1234 Howard just went from $10,000 (2.3%) to $30,000 (7.0%). And forget the free appliances, pre-paid HOA dues and“free interior designer consultation,” we’re focused on the first evidence of an “official” price reduction at The Potrero.

After six months on the market, the list price for 451 Kansas #492 has been reduced by $15,000 (1.8%). And yes, it’s still advertising “2 years paid hoa + appliances!!!” The free designer consultation? Ask nicely and we bet they’ll throw that in as well.

∙ Listing: 1234 Howard #2E (0/1) - $399,000 [MLS]
∙ Listing: 451 Kansas #492 (2/2) - $829,880 [MLS]
∙ 1234 Howard: A Sales Update (And At Least One Small Reduction) [SocketSite]
∙ Those Amazing Automated Aluminum Louvers On 1234 Howard [SocketSite]
∙ The Potrero (451 Kansas): Now 60% “Sold” And Closing Contracts [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (6) | (email story)

October 17, 2007

Six New Condos (And At Least One New Price): 1335 Fulton Place

1335 Fulton Place (at Divisadero) consists of six new condos, three of which are "now available," and only one of which (#201) is currently listed on the MLS. And although the website for 1335 Fulton Place advertises “starting at $849,000,” we will note that the list price for the aforementioned #201 was just reduced by $54,000 (6.4%) after a little under a month on the market. And it's now listed at $795,000.

The development features new construction, parking, and a large shared roof deck with elevator access (don't get us started). And while it might not be the same for all six of the units, do keep in mind that while the property website notes “2 baths,” according to the MLS listing for #201 one of those two baths is actually a “powder room” (i.e., half bath).

UPDATE: And for those of you who don't bother to peruse the comments: "Heard a rumor that a Bar Crudo will be opening in the area soon. Fingers crossed."

UPDATE: Feel free to uncross those fingers: "Bar Crudo is opening in the space across from the independent."

∙ 1335 Fulton Place [1335Fultonplace.com]
∙ Listing: 1335 FULTON ST #201 (2/1.5) - $795,000 [MLS]

Posted by socketadmin at 10:00 AM | Permalink | Comments (47) | (email story)

October 16, 2007

Fast Sale Wanted! Must Sell. All Offers Considered. Or Not.

A month ago (and after two months on the market) 1255 California #603 was listed as: “Reduced! Fast sale wanted! Vacant! Gorgeous view! Renov kitchen! Fabulous opportunity. Owner is in contract on house purchase in palm springs. Must sell. All offers considered.”

And today it’s still a “Fabulous opportunity,” but apparently it’s “Also available for rent!” (long gone are the references to a fast sale, “must sell,” and “all offers considered”).

Purchased for $975,000 three years (and three days) ago, a sale at the reduced price of $1,099,000 (originally listed at $1,168,000) would represent average annual market appreciation of 4% over the past three years for this Nob Hill condo with views. And yes, that average includes a strong 2005.

Oh, and if you’re looking for the wood burning fireplace it’s hidden behind the television (naturally).

UPDATE: A plugged-in reader picks it out of the Craigslist rental line-up. They're asking $4,500 a month which would pencil to a cap rate of roughly 3%.

∙ Listing: 1255 California Street #603 (2/2) - $1,099,000 [MLS]

Posted by socketadmin at 8:52 AM | Permalink | Comments (13) | (email story)

October 11, 2007

A Case Of Premature Reduction At 1751 Beach In The Marina?

Perhaps it’s simply a case of premature reduction. (And yes, we’re sure that’s never happened before.) Regardless, after three weeks on the market the list price for 1751 Beach Street was reduced from $1,595,000 to $1,445,000.

We’ll note that this 1,440 square foot condo in the Marina last changed hands two years ago (9/30/2005) at a contract price of $1,400,000. A sale at the original list price would have represented annual appreciation of 6.6% over the past two years. A sale at the reduced list price would represent annual appreciation of closer to 1.6%.

Yes, the master suite could benefit from a few more windows. Yes, you're welcome (if not encouraged) to wager amongst yourselves. And yes, we’ll keep you posted.

∙ Listing: 1751 Beach Street (3/2) - $1,445,000 [MLS]

Posted by socketadmin at 3:00 AM | Permalink | Comments (13) | (email story)

October 10, 2007

RealRecentReductions: You’ve Seen These Before (Will You Again?)

As a number of readers have noted, the list price on 1307 Bay Street #3 in the Marina has been reduced for a fourth time (now listed at $1,069,000). Why’s that relevant? Well, you might want to look at the comps.

A new addition to the listing for 2021 Webster: "seller relocating.” And another new addition (or perhaps subtraction): a "drastic" price reduction of $499,200 (14.3%). Yes, even with the reduction it’s still listed at $700,800 over what the seller paid eight months ago. And no, it still doesn’t appear that any major work was done on the house during that time.

And while it’s still $495,000 over what one reader would consider a “grand slam” price (for the sellers), the price on 3383 Clay Street has been reduced another $500,000 (now listed at $3,495,000). Oh, and the asking price for the bones of 646 Balboa has been reduced $346,000 (26.7%). It's now listed at $949,000.

And while we haven’t actually mentioned 2502 Leavenworth before, we can’t help but note last month's “Dramatic price reduction!” of $955,000 (14.8%). We probably would have gone with a reduction of $1,000,001 and "Over a million off!", but hey, that's just us.

∙ Damn Those Direct Comps In The Marina (1307 Bay Street) [SocketSite]
∙ As Far As We Can Tell, Not Much Has Changed (Other Than The Price) [SocketSite]
∙ Three Good Sized Homes, Neighborhoods, And (Mostly) Reductions [SocketSite]
∙ That’s A Lot Of Lot Value (646 Balboa) [SocketSite]
∙ Listing: 2502 Leavenworth (5/4.5) - $5,495,000 [MLS]

Posted by socketadmin at 9:41 AM | Permalink | Comments (152) | (email story)

October 8, 2007

Just In Time For The Holidays 338 Holladay Returns (For Even Less)

And speaking of Holidays, 338 Holladay is back on the market. As you might recall, this modern Green home first hit the market in July of 2006 for $1,279,000 and was systematically reduced down to $994,000 before being withdrawn. It was an outcome that caused the owner/developer to decree that people "couldn't care less” about being green.

And while we don’t (and didn’t) agree (that people could care less), we continue to believe that very few people are willing to go green at the expense of design or location. And while neither of those two things have changed for this property, we will note that the price once again has (now asking $899,000 or 30% below the original list).

And yes, it's now officially four days on the market and a new new "original list" price of $899,000 (at least in the eyes of the MLS and their reported statistics).

∙ Listing: 338 Holladay (3/3) - $899,000 [Zephyr]
∙ Not Our Cup Of Tea [SocketSite]
∙ RealRecentReduction: Previously Featured Edition [SocketSite]
∙ A Tale Of Two Green Houses [SocketSite]

Posted by socketadmin at 10:40 AM | Permalink | Comments (32) | (email story)

October 3, 2007

A Rare Opportunity Returns In Bernal (368 Prentiss)

It was “a rare opportunity to own sunny cottage with separate artist studio in desirable Bernal Heights neighborhood” for $599,000 in July. And while it’s still “a rare opportunity” (their words, not ours), it’s now for “the creative handyman” (euphemism alert) and available for $569,000. Oh, and on lock box and “offers anytime.”

∙ Listing: 368 Prentiss (2/1) - $569,000 [MLS]

Posted by socketadmin at 3:00 AM | Permalink | Comments (15) | (email story)

October 2, 2007

And Now We’re Back Below Where We Started

The floor plan above might look familiar as "penthouse" unit #42 at Shore|Line (41 Federal) has returned to the market. And yes, the asking price has now dropped from $939,000 to $869,000 to $850,000 to $830,000 over the course of the past seven months.

And while asking 11.6% less than seven months ago might speak to a change in expectations, it’s the fact that it’s now listed at $20,000 (2.4%) under what was last being asked by the developer eleven (11) months ago that might speak to a change in the market.

∙ Listing: 41 Federal #42 (1/1.5) - $830,000 [MLS]
∙ Seller Motivated Drastic Price Reduction Penthouse Unit [SocketSite]
∙ And Now We’re Back Where We Started At (41 Federal) [SocketSite]
∙ Savings At Shoreline (41 Federal) [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (14) | (email story)

October 1, 2007

1234 Howard: A Sales Update (And At Least One Small Reduction)

A few plugged-in tipsters note that “just three 2-bedroom homes” (out of the original six) remain available at 1234 Howard. And while relatively small (but big enough to fund the purchase of a Le Corbusier or two), the price on the studio (#2E) has been reduced $10,000 (2.3%). No word on any other reductions (or sales).

∙ Listing: 1234 Howard #2E (0/1) - $419,000 [MLS]
∙ QuickLinks: 1234 Howard: A Few List Prices (And A Reader’s Review) [SocketSite]
∙ Those Amazing Automated Aluminum Louvers On 1234 Howard [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (7) | (email story)

September 28, 2007

The Irony Continues: Another $400,000 Off Of The Old Droubi HQ

As a plugged-in tipster notes, the list price on 4128 24th Street (the former home of Droubi Real Estate) was just reduced another $400,000 (13.4%). It’s now listed at $2,595,000 (25.8% below original) and advertising: "Seller will carry second deed of trust."

And while it might simply have been priced too high to begin with, we once again find ourselves biting our tongues. Oh, and re-reading a few of the comments the last cut evoked in a whole new light.

∙ Listing: 4128 24th Street (4/2) - $2,595,000 [droubiteam] [MLS]
∙ The Droubi Noe Valley Victorian (4128 24th): Coming Soon [SocketSite]
∙ From No Real Story To A Bit Of Understated Irony (4128 24th) [SocketSite]

Posted by socketadmin at 2:40 PM | Permalink | Comments (22) | (email story)

Take Two For Twenty-Seven Twenty-Two Sutter Street

And speaking of new beginnings, 2722 Sutter Street has quickly returned to the market (after being withdrawn) with a new website (2722sutterst.com), a new price (reduced $116,000), and (perhaps not too surprisingly) a new agent.

And yes, it's also a new start for its days on the market and the baseline from which they'll measure "over asking." So if you thought it was well priced earlier this month…

∙ Listing: 2722 Sutter (4/2.5) - $1,579,000 [2722sutterst.com] [MLS]
∙ A San Francisco Edwardian With An Asian Influence (2722 Sutter) [SocketSite]

Posted by socketadmin at 2:10 AM | Permalink | Comments (6) | (email story)

September 26, 2007

What Ever Happened To That New Attitude Up In Noe?

We found it so much more interesting when the listing for 4733 25th Street up in Noe noted: “NEW PRICE! NEW ATTITUDE!” After all, the list price has been dropped $184,000 (15.6%) over the past two months. And “classic single story home on prime noe valley block” is just so generic (and so much less telling).

∙ Listing: 4733 25th Street (2/1) - $995,000 [MLS]

Posted by socketadmin at 7:00 AM | Permalink | Comments (20) | (email story)

September 25, 2007

Damn Those Direct Comps In The Marina (1307 Bay Street)

Three of four nearly identical Marina condos have sold over the past 29 months in a classic five-unit building at 1307 Bay. Unit #1 sold $1,110,000 in April of 2005. Unit #2 (which is above #1) sold for $1,142,000 in April of 2006. And in November of 2006, unit #4 (which is next to unit #1) sold for $1,170,000.

As such, pricing unit #3 (which is above unit #4 and features a much nicer kitchen and bathrooms than unit #2) at $1,229,000 (as it was almost four months ago) would make perfect sense. Of course that's assuming home values in the Marina have continued to rise.

And yet unit #3 hasn’t sold. Not after the price was reduced to $1,195,000 a month later. Not after subsequently being reduced to $1,179,000. And not since being reduced to $1,139,000 two weeks ago.

Damn those comps.

∙ Listing: 1307 Bay Street #3 (2/2) - $1,139,000 [MLS]

Posted by socketadmin at 4:15 AM | Permalink | Comments (32) | (email story)

September 14, 2007

21 Buena Vista Returns With A Fifth (And Final?) Reduction

Sixteen months ago 21 Buena Vista Avenue was listed for $5,475,000. Fourteen months ago it was $4,950,000. Nine months ago it was $4,495,000. Five months ago it was $4,250,000. And today, it’s $3,900,000. That’s $1,575,000 (or 28.8%) under the original asking price (and yet officially "1 day on the market").

Regardless, we’re still fans (and wouldn't mind spending a weekend in that cellar).

∙ Listing: 21 Buena Vista Avenue (6/6) - $3,900,000 [MLS]
∙ 21 Buena Vista Avenue By The Numbers [SocketSite]
∙ A Little Off The Top Of The Witches Hat (21 Buena Vista Ave) [SocketSite]
∙ Reduced Again: Round Two For Two Near The Top [SocketSite]

Posted by socketadmin at 8:45 AM | Permalink | Comments (28) | (email story)

A Quick Update On A Couple Of Comps In The Making

It was a month ago that we pointed out 525 Gough Street #203 as a potential “apples to apples” two-year comp in the making in Hayes Valley. Having first sold for $849,000 in 2005, the condo was listed 50 days ago for $899,000. And a week ago the list price was reduced to $879,000. A sale at asking would now represent annual market appreciation of roughly 1.5% over the past two years.

And while we first pointed out potential price reductions (and incentives) over at 310 Townsend over four months ago (and provided additional evidence two months after that), it wasn’t until last week that four of the listings officially acknowledged “Price reduced” (with reductions ranging from $25,000 to $45,000).

And then there’s the newly (and quite nicely) renovated building at 1865 Clay in Pacific Heights (and more specifically unit number six). From the listing agent on August second:

Unit #6 was the first to be renovated, so it was listed first on MLS. However, once buyers walked through the building we allowed them to write an offer [on] any of the available flats, pending completion. They sold for: #1-$1,075,000, #2-$1,075,000, #3 $1,160,000, & #5 - $1,150,000 and have all closed. (#4 was pre-sold before we took the listing). To move the last unit, we reduced the price from 1,199,000 to $1,099,000, and then did a second, market-based reduction to its current price of 1,044,000.

The list price on 1865 Clay Street #6 was subsequently reduced another $45,000 (4.3%). It remains active and available for $999,000 (and not what you like to see as a neighbor).

∙ 310 Townsend: Available And Selling [SocketSite]
∙ 310 Townsend: Two New Listings, (At Least) One New Price [SocketSite]
∙ 310 Townsend: Additional Evidence Of Price Reductions [SocketSite]
∙ Another Two-Year Comp In The Making (525 Gough #203) [SocketSite]
∙ Listing: 525 Gough #203 (3/2) - $879,000 [MLS]
∙ Reductions On A Comp In The Making On Clay (1865 Clay Street) [SocketSite]
∙ Listing: 1865 Clay Street #6 (3/2) - $999,000 (TIC) [MLS]

Posted by socketadmin at 7:00 AM | Permalink | Comments (17) | (email story)

September 12, 2007

Three Good Sized Homes, Neighborhoods, And (Mostly) Reductions

Four days ago, and after a little less than a month on the market, the price on 3383 Clay Street in Presidio Heights was reduced $390,000 (8.9%). While two days ago, and after a little over a month on the market, the list price on 2801 Lake Street in Sea Cliff was reduced $605,000 (16.8%).

And then there’s 1580 Masonic. Yesterday, and after three months on the market, the list price was dropped...$4,000 (0.1%).

UPDATE: We just received word that the list price on 1580 Masonic has actually been reduced by $104,000 (2.8%). And although we should have caught it, it does appear that a data entry error (although not on our part) was to blame for the confusion.

∙ Listing: 3383 Clay Street (4/3.5) - $3,995,000 [MLS]
∙ Listing: 2801 Lake Street (5/5.5) - $2,995,000 [MLS]
∙ Sometimes It’s Simply The Small Things: 1580 Masonic [SocketSite]

Posted by socketadmin at 6:42 AM | Permalink | Comments (12) | (email story)

September 4, 2007

Just Ignore The Music And Focus On The Photos (666 Post #404)

666 Post Street #404 (background music warning) is a 1,750 square foot half-floor conversion of two units in the Crown Towers (a 16-Story Coop built in 1926).

We take note for a number of reasons: after three months on the market the list price has been reduced $93,000 (8.5%); in terms of downtown living, it's interesting perspective on the attempted resale of 150 Powell #310; and we're enamored with the wood burning fireplace, lighting, and actual dinning room (although the kitchen not so much).

∙ Listing: 666 Post Street #404 (2+/2) 1,750 sqft - $995,000 (Music Warning) [McGuire]
∙ A Big Bold (Attempted) Flip At Odeon? (150 Powell Street #310) [SocketSite]

Posted by socketadmin at 8:10 AM | Permalink | Comments (10) | (email story)

August 28, 2007

Apples To Oranges Within The Same District Block Building Condo

Two weeks ago $196,000 (16.4%) was shaved off the asking price of 2040 Franklin #1207. And as best we can tell, the grand views (and “Euro Style” remodel) remain available.

On the surface, a sale at the reduced list price of $999,000 would appear to represent annual appreciation of 10.4% a year ($230,500 over its purchase price of $768,500 in January 2005). Of course that wouldn’t account for any of the time, energy, or expense invested by the sellers in a “sparing no expense” remodel of the condo (think Sub-Zero, Miele, built-ins, and marble).

A remodeling budget of $100,000 would cut that "appreciation" in half. An even larger budget and…well, you get the idea. And yes, we'll keep you posted.

∙ Listing: 2040 Franklin #1207 (1/2) - $999,000 [MLS]

Posted by socketadmin at 9:59 AM | Permalink | Comments (32) | (email story)

August 27, 2007

Where Would It Appraise Today? (And What’s That Really Mean?)

It was over two months ago that 350 Broderick #209 was “Appraised at $717,000” and identified as a “Rare opportunity [that] won't last.” And it was yesterday (after 66 days on the market) that the list price for this Broderick Place resale was reduced from $689,000 to $675,000.

∙ Why Not Include The Living Room And Just Call It An Even Three? [SocketSite]
∙ Listing: 350 Broderick #209 (“2”/1) - $675,000 [MLS]

Posted by socketadmin at 3:00 AM | Permalink | Comments (4) | (email story)

August 16, 2007

Not A Big Reduction (3208 Pierce #407) So Only A Little Mention

It’s true, a price reduction on a property without a sales history isn’t necessarily the most telling. And $1,070 per square foot isn’t exactly on the cheap. Regardless, we do note the recent $30,000 (2.3%) price reduction on 3208 Pierce Street #407.

∙ Listing: 3208 Pierce Street #407 (2/2.5) - $1,249,000 [MLS]
∙ Another Chance To Buy In The "Sold Out" 3208 Pierce [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (0) | (email story)

August 8, 2007

Four More Listings! (And At Least One Reduction At The Ritz)

Four of the five newly converted residences in the new Ritz-Carlton have been listed:

∙ 690 Market Street #1101 (2/2.5) 1,785 sqft - $2,490,125 ($1,395/sqft)
∙ 690 Market Street #1102 (3/3) 2,580 sqft - $3,747,500 ($1,453/sqft)
∙ 690 Market Street #1103 (2/2.5) 1,680 sqft - $2,309,000 ($1,374/sqft)
∙ 690 Market Street #1105 (2/2.5) 2,090 sqft - $3,021,500 ($1,446/sqft)

While the list price on at least one early resale has been reduced $200,000 (8%).

∙ Listing: 690 Market Street #2203 (2/2.5) 1,440 sqft - $2,295,000 [MLS]
∙ The Ritz-Carlton Adds Five More Private Residences (Now 57) [SocketSite]

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

From No Real Story To A Bit Of Understated Irony (4128 24th)

After almost a month on the market the list price on 4128 24th Street has been reduced $500,000 (14.3%). Yes, this was the former home of Droubi Real Estate. Yes, it’s a Droubi Team listing. And yes, we’re biting our tongues.

∙ Listing: 4128 24th Street (4/2) - $2,995,000 [droubiteam]
∙ The Droubi Noe Valley Victorian (4128 24th): Coming Soon [SocketSite]
∙ As Promised: From Coming Soon To On The Market (4128 24th Street) [SocketSite]

Posted by socketadmin at 3:00 AM | Permalink | Comments (36) | (email story)

August 3, 2007

And Now We’re Back Where We Started At Shore|Line (41 Federal)

A little over two months ago we noted that 41 Federal #42 (at Shore|Line) was advertising “Seller Motivated Drastic Price Reduction.” And that the list price had been reduced from $939,000 to $869,000 (7.5%).

And while the listing is no longer marketing “Seller Motivated,” yesterday the price was reduced another $19,000 (2.2%). And yes, the developer was advertising $850,000 eight months ago.

∙ Listing: 41 Federal #42 (1/1.5) - $850,000 [MLS]
∙ Seller Motivated Drastic Price Reduction Penthouse Unit [SocketSite]
∙ Savings At Shoreline (41 Federal) [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (26) | (email story)

August 2, 2007

Reductions (And A New Release) At Citrino (566 South Van Ness)

Originally advertised as priced “in the $500’s - $700’s,” a tipster notes that Citrino has started advertising one-bedrooms “now starting at $475,000,” two-bedrooms “now starting at $675,000,” and a “New Release!!!”

And we note reductions on listed units ranging from $10,000 (1.4%) on 566 South Van Ness #1, to $24,000 (4.6%) on 566 South Van Ness #12.

∙ Listing: 566 South Van Ness #1 (2/2) - $729,000 [MLS]
∙ Listing: 566 South Van Ness #12 (1/1) - $495,000 [MLS]
∙ New San Francisco Condo Developments: Citrino & The Lambourne [SocketSite]
∙ Citrino (566 South Van Ness): Website Update And A Few Prices [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (57) | (email story)

August 1, 2007

Reductions On A Comp In The Making On Clay (1865 Clay Street)

1865 Clay Street is a newly renovated and converted six-unit TIC building in Pacific Heights that first hit the market at the beginning of the year. And while it appears that five of the units were sold, a reader notices that after 152 days on the market, and two price reductions (down a total 12.6%), 1865 Clay #6 remains active, available and offering a “fractional loan!”

And while the price reduction is being viewed as a positive thing by our interested reader (and perhaps yourself), we do have to wonder if it's being viewed as positively by those other five (at least in relation to their new “comp” in the making).

∙ Listing: 1865 Clay Street #6 (3/2) - $1,044,000 (TIC) [MLS]

Posted by socketadmin at 11:52 AM | Permalink | Comments (30) | (email story)

Some Extra Bread To Go With That Cake At 2090 Vallejo

After a quiet reduction (of $1,550,000) in April, the asking price for 2090 Vallejo was reduced another $1,000,000 (6.2%) yesterday. And it’s now listed at $15,250,000 (or 14.3% below its original asking in February).

∙ Listing: 2090 Vallejo (6/7) - $15,250,000 [2090vallejo.com]
∙ A Little More Cake For Everyone At 2090 Vallejo [SocketSite]
∙ Versailles On Vallejo (At Least Inside) [SocketSite]

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

July 27, 2007

We Know You Can, But Will They? (Actually Accept It That Is)

The list price for 2412 Harrison #106 was last reduced (for the third time) in June. It’s currently listed for $799,000 ($80,000 (9.1%) under its original list price in April). And it's currently advertising “NAME THE PRICE! Bring ANY Offer!"

If you do, let us know what happens (and if it's accepted, don't forget those invitations to the loft warming). And regardless, do keep in mind that this condo last changed hands almost two years ago (November 2005). And at the time it sold for $820,000.

∙ Listing: 2412 Harrison Street #106 (2/3) - $799,000 [MLS] [Monica Pauli]

Posted by socketadmin at 4:00 AM | Permalink | Comments (87) | (email story)

July 25, 2007

We Have To Wonder: What's The Seller Saying Now?

The listing for the 355 1st Street #1907 (in the Metropolitan) notes, “MAJOR REDUCTION: Seller says sell now!” It was, however, about a month ago (and after a month on the market) that the price was reduced $61,000 (4.6%).

∙ Listing: 355 1st Street #1907 (2/2) - $1,338,000 [MLS]

Posted by socketadmin at 2:30 AM | Permalink | Comments (55) | (email story)

July 23, 2007

310 Townsend: Additional Evidence Of Price Reductions

Five months ago 310 Townsend #412 hit the market at $970,000 (with the option of purchasing parking for an additional $20-25,000). Three days ago it was listed on the MLS for $895,000 (including parking).

That’s an effective reduction of $95,000 (10.6%). And yes, they’re still offering “Special 3.875% financing.”

UPDATE (9/7): Closed escrow on 9/5/07 for $890,000 (8.2% under original asking, and not accounting for any parking).

∙ Listing: 310 Townsend #412 (1/1) - $895,000 [MLS]
∙ 310 Townsend: Available And Selling [SocketSite]
∙ 310 Townsend: Two New Listings, (At Least) One New Price [SocketSite]

Posted by socketadmin at 3:30 AM | Permalink | Comments (13) | (email story)

July 20, 2007

One Of The Infamous Watermark Eight (And A Number Eight As Well)

To be honest, we don’t know what happened to the other six seven “relatively quick flips at the sold out Watermark” that we highlighted this past February. We did, however, notice that Watermark (501 Beale) #7B was relisted yesterday at $999,000 (as opposed to $1,049,000 five months ago). Any tipsters have the scoop on the other seven?

And while it wasn’t one of the infamous eight, the asking price on 501 Beale #8C was reduced $15,000 (1.7%) the day before yesterday (and after being listed for $880,000 in June). And yes, it still offers the same spectacular bridge views (above) that we highlighted last September (at which point it was listed at $912,000).

∙ Listing: 501 Beale Street #7B (2/2) - $999,000 [MLS]
∙ Listing: 501 Beale Street #8C (1/1) - $865,000 [MLS]
∙ Six Relatively Quick Flips At The Sold Out Watermark (501 Beale) [SocketSite]
∙ Watermark Update: 85% Sold [SocketSite]

Posted by socketadmin at 8:09 AM | Permalink | Comments (12) | (email story)

June 20, 2007

A Neighborhood Comp, And So On, And So Forth (48 Cayuga)

After two weeks on the market, the list price on 48 Cayuga Avenue in Mission Terrace was dropped by $100,000 (12.5%). And it’s now listed at $699,000. It’s not the “Major price reduction!” that caught our attention, however, but rather the “Please note purchase may be a short sale and subject to lender approval.” It’s recorded as last selling on 5/31/06 for $825,000.

And never mind the challenged location. Keep in mind that for the past twelve months, this property has been a local market/neighborhood “comp.”

∙ Listing: 48 Cayuga Ave (2/1) - $699,000 [MLS]

Posted by socketadmin at 3:00 AM | Permalink | Comments (24) | (email story)

June 19, 2007

Less “Uber Cool” Cash For An "Uber Cool" House (745 Detroit)

Our original mention generated a bit more debate and controversy than we expected, and we’re really not trying to stir the pot, but we do have to note that the asking price on 745 Detroit was just dropped another $100,000 (now listed $205,000 or 12.1% below original asking). And a general note to all: hate the game, not the player(s).

UPDATE: Closed escrow on 8/24/07 for $1,445,000 (15% under original asking).

∙ Listing: 745 Detroit (3/2.5) - $1,495,000 [Sotheby’s] [MLS]
∙ Not Just Cool But “Uber Cool” In Sunnyside [SocketSite]

Posted by socketadmin at 3:25 AM | Permalink | Comments (7) | (email story)

Reductions On Two Two-Bedrooms Approaching Two Months

At one end of the spectrum there’s 1487 McKinnon Avenue, a two bedroom single-family home in Bayview which is currently listed as “below market value!!” and “wont last!” It’s been on the market for 46 days. Now listed at $559,000, it was reduced by $20,000 (3.4%) after two weeks.

Near the other end is 2340 Larkin #2, a two bedroom condominium in “Prime Russian Hill.” The sfnewsletter was betting it wouldn’t last a month at $2,295,000. So far it’s been on the market for 53 days. And two weeks ago it was reduced by $296,000 (12.9%).

∙ Listing: 2340 Larkin #2 (2/2) - $1,999,000 [MLS]
∙ Bettin’ Fools [sfnewsletter]

Posted by socketadmin at 3:15 AM | Permalink | Comments (28) | (email story)

June 8, 2007

Not Quite Sold Out (And In Fact A Little Reduction) At 329 Bay

While the other 20 units at 329 Bay Street sold rather quickly, the price on #206 was just reduced $36,000 (4.3%).

∙ Listing: 329 Bay Street #206 (2/2) - $799,000 [MLS]
∙ Big Demand For The Bay (329 Bay) [SocketSite]

Posted by socketadmin at 3:20 AM | Permalink | Comments (0) | (email story)

June 6, 2007

A Bulk Featured Properties Update: 6/6/07

It has been a busy week (or two) for properties we have recently featured on SocketSite.

Both 3130 Pacific (listed at $12,495,000) and 355 Bryant #409 (listed at $1,395,000) went into contract (within days); while 2200 Sacramento #108 closed escrow (contract price of $975,000 or 5% over asking) along with 99 Surry (contract price of $573,000 or 4.3% under asking), 1326-28 15th Avenue (contract price of $1,610,000 or 16.2% over asking), and 4065 25th Street (for an undisclosed amount but with multiple offers).

At the same time, 601 Van Ness #808 was reduced another $19,100 and is now listed at 6.7% below what was paid seven months ago. Anything we missed? And yes, we’re evaluating a number different ways of to keep you “plugged-in” to any (and all) properties we feature on the site.

∙ From Renderings To Reality (3130 Pacific) [SocketSite]
∙ An Ubermodern Renovation In A Classic Conversion Building [SocketSite]
∙ Modern High-Rise Living In Older Pacific Heights [SocketSite]
∙ Larger Than It Looks (Although Not By Much) [SocketSite]
∙ Before And After And On The Market (1326-28 15th Avenue) [SocketSite]
∙ Or At The Very Least, Not All Caps [SocketSite]
∙ Shouldn’t A Rising Tide Raise All Boats? [SocketSite]

Posted by socketadmin at 3:05 PM | Permalink | Comments (9) | (email story)

June 5, 2007

Asking Under A Million (Wanting A Couple Hundred Thousand More)

After two months on the market, the list price for 428 28th Street was reduced from $1,199,000 to $999,000. A month after that, the price was bumped back up to $1,195,000. And today the property remains available. As a reader recently wondered about another property, could this be an example of betting on a bidding war which fails to materialize?

∙Listing: 428 28th Street (3/2) - $1,195,000 [MLS]

Posted by socketadmin at 9:04 AM | Permalink | Comments (22) | (email story)

June 4, 2007

A Potential Short Sale (And Food For Thought) In Bayview

A year ago 1477 Hudson Avenue in Bayview sold for $760,000 and became a “local market comp.” Two months ago the house hit the market for $788,000. And after a couple of reductions, the house is now listed at $670,000 (“This is a short sale subject to lenders approval”).

∙ Listing: 1477 Hudson Avenue (4/2) - $670,000 [MLS]

Posted by socketadmin at 3:28 AM | Permalink | Comments (22) | (email story)

May 25, 2007

Real Estate Numerology: The Numbers Seven And Two

According to one tipster, there were seven (7) offers on 3040 Pacific and “almost all were north of $6 million.” And according to yet another reader, the final contract price is ~$7 million (okay, so $6.6M).

And while seven (or six) might have been the magic number for 3040 Pacific, it appears that 1703 Octavia is all about the number two. The property features a double parlor living room, 2 bathrooms on upper level, 2 decks, 2 car side by side parking and 2 Viking stoves. And after just about two months on the market, the price was reduced by a little over two hundred thousand dollars ($245,000) and is now listed at just under two million ($1,950,000). It’s definitely a sign (of a long week).

∙ Gardens To Left Of Me, Gardens To The Right Of Me [SocketSite]
∙ Listing: 1703 Octavia (4/3.5) - $1,950,000 [MLS]

Posted by socketadmin at 10:32 AM | Permalink | Comments (8) | (email story)

May 22, 2007

Was It The Views Or Simply The Bidding? (141-143 Willard)

Two months ago two new construction TICs hit the market in Lone Mountain. The lower unit (141 Willard) was priced at $1,280,000 and offers four bedrooms, three and one half baths, and a “deck, patio, & garden” off the master suite. The upper unit (143 Willard) was priced at $1,295,000 and offers four bedrooms, three and one half bath, and a “sitting area & spectacular view deck” off master suite.

According to a “plugged-in” tipster, a bidding war erupted on the upper unit (currently in contract) and on 4/9/07 the sellers raised the asking price on the lower unit $75,000 to $1,355,000 (which might suggest a contract price of around $1,370,000 on the upper). On 5/11/07 the price on the lower unit was reduced $45,000 to $1,310,000. And as of today, it’s still available.

The question of the day: were the views of the upper unit simply undervalued relative to the garden below, or is this commentary on what happens when the bidding breaks out?

∙ Listing: 141 Willard (4/3.5) - $1,310,000 (TIC) [MLS]
∙ Listing: 143 Willard (4/3.5) - $1,295,000 (TIC) [MLS]

Posted by socketadmin at 8:19 AM | Permalink | Comments (11) | (email story)

May 21, 2007

A Number Of Notable Reductions (For One Reason Or Another)

After just over a month on the market, three recent reductions caught our attention (for one reason or another):

1. 745 Detroit was reduced $105,000 (6.2%)
2. 3840 Market Street #301 was reduced $200,000 (12.1%), and
3. 20 Villa Terrace was reduced $780,010 (31.2%)

The reasons? The great (and sometimes not so great) neighborhood debate, an agent owner, and just one honkin big reduction. Yes, in that order.

∙ Listing: 745 Detroit (3/2.5) - $1,595,000 [Sotheby’s]
∙ Listing: 3840 Market Street #301 (3/2.5) - $1,450,000 [MLS]
∙ Listing: 20 Villa Terrace (4/3.5) - $1,719,990 [MLS]
∙ Not Just Cool But “Uber Cool” In Sunnyside [SocketSite]

Posted by socketadmin at 8:52 AM | Permalink | Comments (7) | (email story)

May 17, 2007

Then Again, You Can Probably Afford A Driver (Or Two)

It’s a beautiful Julius Kraft home in Presidio Heights with nine bedrooms, stunning Golden Gate views, and a $745,000 (10%) price reduction. The one thing that’s conspicuously absent? A single parking space.

Then again, any potential buyer/bidder will likely be able to afford a driver (or two). Hey, it's just like New York! (Sorry, we couldn't resist.)

∙ Listing: 3512 Clay Street (9/4.5) - $6,750,000 [MLS]

Posted by socketadmin at 2:30 AM | Permalink | Comments (4) | (email story)

May 15, 2007

Seller Motivated Drastic Price Reduction Penthouse Unit

Over the past three months the list price on the resale of Shoreline condo #42 (41 Federal) has been reduced from $939,000 to $869,000 (7.5%) and the listing is now advertising: “Seller Motivated Drastic Price Reduction Penthouse unit.” The unit was last listed six months ago at $850,000 (by the developer).

∙ Listing: 41 Federal #42 (1/1.5) - $869,000 [MLS]
∙ Shore|Line: Unit #42 Floor Plan and Overview [shorelinesouthbeach.com]
∙ Savings At Shoreline (41 Federal) [SocketSite]

Posted by socketadmin at 8:16 AM | Permalink | Comments (15) | (email story)

May 7, 2007

310 Townsend: Two New Listings, (At Least) One New Price

Two new listings for condos at 310 Townsend have hit the MLS. Both are advertising “Special 3.875% financing,” and the list price on at least one (#411) appears to have been reduced $45,000 (5.2%) since first hitting the market earlier this year.

Any "plugged-in" readers care to share the scoop on sales to date and availability?

UPDATE (5/8): If one “plugged-in” reader is correct, a total of nine sales to date (which would be an effective 3 sales over the past 11 weeks). And the scoop on the “special financing” from another.

∙ Listing: 310 Townsend #405 (2/2) - $1,100,000 [MLS]
∙ Listing: 310 Townsend #411 (1/1) - $820,000 [MLS]
∙ 310 Townsend: Available And Selling [SocketSite]

Posted by socketadmin at 11:26 AM | Permalink | Comments (10) | (email story)

The Royal San Francisco Reductions

Last October we first reported struggling sales at The Royal in San Francisco. Today, we report what appear to be a number of significant price reductions. For example, while two story townhouses were originally “priced from $1,575,000,” townhouse #804 was just listed at $1,400,000 (a reduction of at least $175,000 or 11.1%). And while two-bedrooms were originally “priced from $940,000,” two-bedroom #602 was just listed at $915,000 (a reduction of at least $25,000 or 2.7%).

And then there’s a one-bedroom (#503). It was just listed at $650,000 or $870 per square foot. As you might recall, a flipper appeared to be having difficulty selling another one bedroom (#604) late last year. And while it was slightly larger (771 versus 747 square feet), a floor higher, and an end unit (although it has one less window than #604), it had also been reduced to $1,023 per square foot after failing to sell at $1,049 per square foot. It was originally priced by the developer at $940 per square foot ($725,000).

∙ 201 Sansome #503 (1/1) - $650,000
∙ 201 Sansome #602 (2/2) - $915,000
∙ 201 Sansome #804 (2/3) - $1,400,000

∙ The Royal San Francisco: An Update (And A Flip) [SocketSite]
∙ The Royal San Francisco [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (3) | (email story)

May 3, 2007

Million Dollar Views (For A Million Dollars Less)

After a little over three months on the market, the list price for 2663 Divisadero was just reduced $1,150,000 (10.5%). That’s right, million dollar views for a million dollars less (now listed at $9,850,000).

∙ Listing: 2663 Divisadero Street (5/5.5) - $9,850,000 (pdf) [Sotheby's]
∙ 2663 Divisadero (And A Coveted View) Is Up For Grabs [SocketSite]

Posted by socketadmin at 2:32 AM | Permalink | Comments (1) | (email story)

May 1, 2007

767 Bryant: A Sales Update (And Reduction)

After 8 months on the market, a remodel, and a number of reductions - including a $151,000 (8.2%) drop on #203 - there are now “8 units left” 10 units left at 767 Bryant (out of 20). And according to a couple of listings, the sellers appear to be “MOTIVATED" (and then some).

UPDATE (5/2): Although the listing for #203 indicates "only 8 units left," we just noticed that there are actually 10 units listed on the MLS as active and available.

∙ Listing: 767 Bryant (2/3) 3,496 sqft - $1,699,000 [MLS]
∙ 767 Bryant: The Apartments Condominiums [SocketSite]
∙ Take Two For A Few Of The Condos At 767 Bryant [SocketSite]

Posted by socketadmin at 9:03 AM | Permalink | Comments (6) | (email story)

April 27, 2007

Two Relatively Big Reductions (Two Absolutely Big Properties)

As you know, the list price on 10 Hastings was reduced ten percent ($1,250,000) last month. And yesterday, the price was lowered another $505,000 (4.8%). We have to wonder how close they are to ‘the price they wish.’ (“If we are not successful at selling this at a price that we wish … we’ll just move into it,” said the owner.)

And while it’s roughly the same size, 1417 15th is a completely different kind of property (and perhaps the largest "one-bedroom" on record). At the same time, it does have at least one thing in common: recently reduced $500,000 (13.3%).

∙ Listing: 10 Hastings (6/6.5) - $10,500,000 [tenhastings.com]
∙ Ten Percent Off At Ten Hastings [SocketSite]
∙ Legal eagles selling $12M high-tech home [Examiner]
∙ Picture This: One Big One-Bedroom [SocketSite]
∙ Listing: 1417 15th Street (1/2.5) - $3,750,000 [Zephyr] [Virtual Tour]

Posted by socketadmin at 4:00 AM | Permalink | Comments (7) | (email story)

April 23, 2007

Not Quite “Instant Equity” (But Close)

It was on the market for a month before being reduced $30,000. And yet according to the listing, it’s now priced at “30K under Market Value!!” We’re still scratching our heads. And wondering when the market stopped determining "Market Value."

∙ Listing: 1310 Minnesota Street #206 (1/2) - $609,000 [MLS]
∙ An Inman Instant Equity Reality Check [SocketSite]

Posted by socketadmin at 6:00 AM | Permalink | Comments (11) | (email story)

April 18, 2007

The Monster Comes Roaring Back (2505 Divisadero)

If the planters above looks familiar, they should. Three weeks after being withdrawn from the MLS 2505 Divisadero is listed once again. Gone, however, are 475 days on the market and $2,000,000 (16%) of the original list price (now asking $10,500,000).

And while we’d normally raise an eyebrow (or two) to the “refreshing” of a listing within 30 days of being withdrawn, keep in mind that it's now listed with a new broker (albeit the same agent). Mark Allan Levinson has moved from Alain Pinel to Sotheby’s.

∙ Some Kind Of Monster In This Kind Of Market (2505 Divisadero) [SocketSite]
∙ A New New Policy Change For The MLS [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (6) | (email story)

April 13, 2007

Reduced Again: Round Two For Two Near The Top

Take another $350,000 (8.5%) off of the “two for one” listing at 1 Florence (now 16.7% below the original asking), and another $245,000 (5.5%) off the top of 21 Buena Vista Avenue (now 14.1% below the original asking). And in either case, don’t forget to our invitations to the housewarmings. We do like big views.

As an aside, currently over a quarter of all active single family/condo/TIC listings in San Francisco have been reduced at least once. And almost half of those have price tags of under $700,000.

UPDATE (4/14): The sfnewsletter sends us a tip that 21 Buena Vista was listed for as much as $5,475,000 last May. If that’s the case, then consider it “22.4% below the semi-original asking.”

∙ Listing: 21 Buena Vista Avenue (6/6) - $4,250,000 [MLS]
∙ Listing: 1 Florence #6 and #1 (2/2.5 and 0/1) - $3,750,000 [MLS]
∙ San Francisco Luxury: Up In General, Down In Specific [SocketSite]
∙ A Little Off The Top Of The Witches Hat (21 Buena Vista Ave) [SocketSite]

Posted by socketadmin at 9:00 AM | Permalink | Comments (0) | (email story)

April 11, 2007

Betting On A Bidding War? (Once Again)

After two weeks on the market the list price on 841 Webster was reduced $50,000 (4%). Two weeks later, it was reduced another $59,000 (5%). And a week after that (yesterday), it was reduced another $201,000 (17%). Perhaps they're betting on a bidding war. Or perhaps expectations have actually changed (apparently it's now "priced to sell!").

Regardless, and once again, we can't help but note that if 841 Webster one sells for one dollar over $989,000 (which is $310,000 less than the original list price) it will be recorded as selling for “over asking” and quite possibly with “multiple bids!” Ah, those wacky little marketing statistics (and tactics).

∙ Listing: 841 Webster (3/1.5) - $989,000 [Zephyr] [MLS]
∙ Betting On A Bidding War? [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (4) | (email story)

April 5, 2007

A Little More Cake For Everyone At 2090 Vallejo

Say what you will about the ornate interior of 2090 Vallejo, we still have a serious crush on the house. And as we mentioned in February, “2090vallejo.com should be delivering some guilt-free voyeuristic pleasure in the not too distant future.” And that it is. Complete with additional photos, floor plans and history.

Oh, and after less than two months on the market it appears that the price has been quickly and quietly reduced $1,550,000 (8.7%).

∙ Listing: 2090 Vallejo (6/7) - $17,800,000 $16,250,000 [2090vallejo.com]
∙ Versailles On Vallejo (At Least Inside) [SocketSite]

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

March 28, 2007

More Apples In Hayes Valley (525 Gough)

In July 2005, 525 Gough #105 sold for $881,000. Early last month, the Hayes Valley condo was listed for $929,000. And yesterday, it was reduced to $899,000. In related activity, 525 Gough #405 appears to have fallen out of contract and is now back on the market.

Is it something about the "05" units? The building? The block? The neighborhood?

∙ Listing: 525 Gough Street #105 (2/3) - $899,000 [Pacific Union]
∙ Apples To Apples In Hayes Valley (525 Gough #405) [SocketSite]

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

March 26, 2007

Take Two For A Few Of The Condos At 767 Bryant

Last August we had a chance to walk through the apartments turned condos at 767 Bryant. Our seven month old summary:

…while we found the sales team to be quite friendly, the soundproofing from street noise to be surprisingly good, and a number of the units to be quite spacious (and bright), we’re struggling to rationalize the “value” of these condos.

Irrespective of the location, the quality of the finishes in the units we toured are not competitive with other million dollar (plus) condos on the market. The bathrooms are a far cry from “luxury,” the kitchens didn't strike us as being particularly “chic,” and in the tri-level units, the scale of the lower levels seemed off.

For the most part these units are large and functional. But at these price points, we’re wondering if buyers won’t demand more.

Well, after being withdrawn from the market at least four units have now returned sporting new appliances, incentives, and lower prices (reduced up to 7%). Oh, and a “MOTIVATED SELLER!” (but no word on the bathrooms).

∙ Inside 767 Bryant [SocketSite]
∙ Listing: 767 Bryant #206 (2/3) - $889,000 [MLS]
∙ Listing: 767 Bryant #207 (2/3) - $889,000 [MLS]
∙ Listing: 767 Bryant #405 (1/2) - $629,000 [MLS]
∙ Listing: 767 Bryant #406 (1/2) - $629,000 [MLS]

Posted by socketadmin at 4:30 AM | Permalink | Comments (2) | (email story)

March 22, 2007

Ten Percent Off At Ten Hastings

After six months on the market, the list price for 10 Hastings has just been lowered $1,250,000 (10.6%). And while we have to admit that it’s the reduction that caught our attention, it’s the virtual tour that’s keeping us captivated. We’re particularly enamored with the interactive floor plans. Every listing should have them. No, really.

∙ Listing: 10 Hastings (6/6.5) - $10,500,000 [tenhastings.com] [MLS]
∙ Not Any More (Secret That Is) [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (14) | (email story)

A Slightly Smaller Ten Percent

While we note a fairly sizeable ten percent reduction, a tipster notes a slightly smaller one. Over the past two weeks the price on 1448 Kearny has been reduced $80,000 (10.3%).

∙ Listing: 1448 Kearny Street (0/1) - $699,000 [MLS]
∙ The Single Family Studio Home [SocketSite]
∙ Ten Percent Off At Ten Hastings [SocketSite]

Posted by socketadmin at 3:45 AM | Permalink | Comments (0) | (email story)

March 21, 2007

Truth In Advertising: Price Substantially Reduced!

Prices on four of the five newly converted condos at Glassworks (207 King) have been reduced (again), and this time “substantially” (as in up to another $200,000). Total reductions now range from 10% ($100,000) to 26% ($395,000), and the price per square foot has dropped from as high as $1,104 to as low as $764.

∙ Listing: 207 King Street #411 (1/2) 1,461 sqft - $1,195,000 [MLS]
∙ Listing: 207 King Street #412 (1/2) 987 sqft - $895,000 [MLS]
∙ Listing: 207 King Street #414 (1/2) 1,172 sqft - $1,050,000 [MLS]
∙ Listing: 207 King Street #415 (1/2) 1,440 sqft - $1,100,000 [MLS]

∙ The Glassworks (207 King Street) [SocketSite]
∙ Glassworks (207 King): 3 Years Paid HOA And Further Reductions [SocketSite]

Posted by socketadmin at 4:00 AM | Permalink | Comments (12) | (email story)

March 14, 2007

San Francisco Luxury: Up In General, Down In Specific

In general, sales activity in San Francisco’s luxury real estate market has been heating up. Then again, activity and appreciation aren’t necessarily the same thing. And “in general” isn’t necessarily all that comforting when you’re “in specific.”

A few specific reductions for properties that might look familiar: 1 Florence Street #6/1 – just reduced $400,000 (8.9%); 990 Green Street #6 – recently reduced $505,000 (7.8%) and now listed 12.9% under original asking; and 1800 Gough Street Penthouse – recently reduced $255,000 (5.4%) and now listed 23.2% under original asking.

∙ Listing: 1 Florence Street #6 & #1 (2/2.5 & 0/1) - $4,100,000 [McGuire]
∙ Listing: 1800 Gough #PH (3/4.5) - $4,495,000 [pacificheightspenthouse.com] [MLS]
∙ Listing: 990 Green #6 (4/6.5) - $5,995,000 [990Green.com] [Payton Stiewe]
∙ First Republic Prestige Home Index for San Francisco [First Republic]
∙ Buy One Get One Free! [SocketSite]
∙ Inside 990 Green Street #6 [SocketSite]
∙ Speaking Of Relisting (And Reductions) [SocketSite]

Posted by socketadmin at 5:00 AM | Permalink | Comments (6) | (email story)

March 9, 2007

The Condos At 520 Chestnut: Three (Plus) Left

Only three condos are currently listed as “Active” at 520 Chestnut (with ten others in contract). And if you’re looking for a reason to take another look, unit #201 was recently reduced ($50,000 or 4%). They way we look at it, that savings could cover one heck of a housewarming party. And if so, let’s not forget our invitation.

∙ 520 Chestnut: “Grand Opening” (And Lower Prices) [SocketSite]
∙ Listing: 520 Chestnut #201 (2/2) - $1,099,000 [MLS]

Posted by socketadmin at 6:00 AM | Permalink | Comments (2) | (email story)

February 27, 2007

The Hayes (55 Page): Now Starting In The $300,000s ($399,000)

A year ago we broke the news that The Hayes (55 Page) would be offering condos in Hayes Valley “starting in the $400,000s.” In August, The Hayes sales center was advertising studios “from the $430,000’s.” And in December, six condos in The Hayes hit the MLS with the least expensive unit priced at $431,375.

Yesterday, a studio condo in The Hayes (55 Page #322) was listed on the MLS for $399,000. And once again, don’t forget to ask about the incentives.

∙ New Condos Starting In The $400,000s? [SocketSite]
∙ Arterra and The Hayes: Sales Centers [SocketSite]
∙ The Hayes (55 Page) Hits The MLS [SocketSite]
∙ Listing: 55 Page #322 (0/1) - $399,000 [MLS]
∙ Incentives At The Hayes (And Bonuses At Arterra) [SocketSite]

Posted by socketadmin at 6:10 AM | Permalink | Comments (14) | (email story)

February 26, 2007

More Listings, Reductions, And Opportunities On Berry Street

Eight months ago we caught some flak for pointing out a potential “troublesome trend” at 255 Berry (and then again two months later). And today, we can’t help but notice that of the four Active listings in 255 Berry three have been reduced (as were the two that are currently Active Contingent).

Of the three reduced listings, one in particular caught our attention: 255 Berry #512. It’s a nicely upgraded two-bedroom/two-bath on a high floor with courtyard views; it has been reduced three times (for a total reduction of $80,000 or 8.2%); and it’s now listed at just under $700 per square foot (in an upscale building that’s barely two years old). Perhaps there is something to be said for the relationship between supply, demand, and pricing.

A recap of the neighboring new developments: 235 Berry is roughly 40% sold and available for occupancy; Park Terrace (325 Berry) is approximately 10% sold and should be available for occupancy by the end of the summer (2007); and Arterra (300 Berry) should be ready for occupancy early next year (2008), appears to have already reduced some prices, and is offering additional buyer incentives.

∙ A Troublesome Trend? [SocketSite]
∙ More “Pseudo-Omniscient Pretense” (And 255 Berry) [SocketSite]
∙ Listing: 255 Berry #512 (2/2) - $899,000 [Pacific Union] [MLS]
∙ 235 Berry Street: 40% Sold (Really) [SocketSite]
∙ Park Terrace (325 Berry): A Little Over 10% “Sold”? [SocketSite]
∙ Evidence Of A Price Reduction At Arterra? [SocketSite]
∙ Incentives (And Insight?) At Arterra (300 Berry) [SocketSite]

Posted by socketadmin at 7:00 AM | Permalink | Comments (11) | (email story)

February 12, 2007

Glassworks (207 King): 3 Years Paid HOA And Further Reductions

Last November we first noticed a subtle round of price reductions for the five new conversion condominiums at The Glassworks (207 King). And as best as we can tell, all five condos remain available, the developer is now offering a “Limited Time Offer” of 3 years paid HOA fees, and prices have been reduced by as much as $200,000 (15.4%).

∙ Glassworks (207 King): Listings And Reductions [SocketSite]
∙ The Glassworks (207 King Street) [SocketSite]

Posted by socketadmin at 8:00 AM | Permalink | Comments (24) | (email story)

February 9, 2007

2130 24th Street #A: It’s On (Again)

2130 24th Street #A returns to the market with more pictures and a slightly lower price (reduced $16,000).

UPDATE (5/16): After falling in and out of contract a couple of times, it finally closed escrow on 5/7/07. Selling price: $1,274,000.

∙ Listing: 2130 24th Avenue #A (3/2) - $1,279,000 [MLS] [Droubi]
∙ 2130 24th Street #A: It’s On [SocketSite]

Posted by socketadmin at 5:04 PM | Permalink | Comments (0) | (email story)

February 6, 2007

Eight Reductions (But Two Increases)

According to ZipRealty, the list price on 1755 Filbert #2D has been changed ten times over the past five months (eight reductions and two increases).

It’s currently listed at $136,000 (12.7%) below its original list price. And apparently the seller remains “very motivated!” (but perhaps a wee bit schizophrenic).

∙ Listing: 1755 Filbert #2D (2/2) - $939,000 [MLS]

Posted by socketadmin at 10:00 AM | Permalink | Comments (3) | (email story)

February 5, 2007

2786 Broadway: Reduced 12.8% (Again)

We didn’t mention it in November when the list price for 2786 Broadway was reduced 12.8% (from $12,500,000 to $10,900,000). On Friday, however, the price was reduced another 12.8% (from $10,900,000 to $9,500,000). And so now we’re mentioning it.

∙ Listing: 2786 Broadway (4/4) - $9,500,000 [MLS]

Posted by socketadmin at 12:05 AM | Permalink | Comments (7) | (email story)

January 31, 2007

Will We See Six Seven?

The asking price on 65 St. Germain was recently reduced for the sixth time (yes, sixth). And with the most recent cut of $200,000, the home is now listed at just about half (56%) of its original list price ($6,750,000). One word: staging.

∙ Listing: 65 St. Germain (5/5.5) - $3,750,000 [Hill & Co.]
∙ Will We See Six? [SocketSite]

Posted by socketadmin at 9:51 AM | Permalink | Comments (4) | (email story)

January 30, 2007

It’s Not Just Condos That Are Going Rental

After 138 days on the market, and three price reductions (now $505,000 or 15% below its original list price), 2523 Steiner is still on the market. But now it’s also testing the waters as a rental ($10,000 per month). We’ll let you run the numbers.

∙ Listing: 2523 Steiner (3/3.75) - $2,795,000 [McGuire]
∙ For Rent: 2523 Steiner (3/3.75) - $10,000/mo. [Joel Goodrich]
∙ Contemporary Luxury On Sale [SocketSite]

Posted by socketadmin at 3:53 PM | Permalink | Comments (17) | (email story)

January 29, 2007

A Little Off The Top Of The Witches Hat (21 Buena Vista Ave)

We loved it at $4,950,000. And now six months later (and for $500,000 less) we can't help but love it even more.

∙ Listing: 21 Buena Vista Avenue (6/6) - $4,495,000 [21buenavista.com]
∙ 21 Buena Vista Avenue By The Numbers [SocketSite]

Posted by socketadmin at 9:56 AM | Permalink | Comments (17) | (email story)

January 24, 2007

Another Try (And Reduction) For 868 Arkansas

An eagle-eyed (and elephant-minded) tipster notices that 868 Arkansas is back on the market. As you might recall (as did our tipster), 868 Arkansas was the focus of a somewhat controversial Chronicle article last October.

"[The Seller] was considering taking a job in Seattle last year and put the house on the market last fall. After just two weeks, she received two offers, including one for $975,000. She decided against the new job and turned down the bidder. Now, she's decided to move to Europe and is asking $949,000 for her house [which was originally listed for $989,000]."

"If she hasn't received any offers by month's end, Nakajima said she'll stop trying to sell the house, which she bought 2 1/2 years ago." They aren't building single-family homes up on the hill in San Francisco any more,'' said Nakajima. "If I absolutely had to sell, that would be one thing. But...just breaking even is not really what I had in mind." (Home prices slip after 4 hot years)

With regard to the new listing, we can’t help but notice some great new photos (we’re particularly drawn to the leaded glass windows, hardwood floors, and French doors). And yes, a great new price ($899,000). "Twilight Showing" (with wine and cheese) this Friday (1/26/07) from 5:30-7:30pm.

∙ Listing: 868 Arkansas (3/2.5) – $899,000 [Paragon]
∙ The Article (And The House) [SocketSite]
∙ Home prices slip after 4 hot years [SFGate]

Posted by socketadmin at 12:15 AM | Permalink | Comments (9) | (email story)

January 23, 2007

New Year, New Price For 34 Presidio Terrace

After a brief respite, 34 Presidio Terrace is back on the market. And once again, you're $500,000 (4.8%) closer to being able to call it home (for a total reduction of $1,100,000 (10%) from the original list price of 593 days ago).

∙ Listing: 34 Presidio Terrace (6/6.5) - $10,400,000 $9,900,000 [Joel Goodrich]
∙ Another Reduction In Uberexclusive Presidio Terrace [SocketSite]

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

January 10, 2007

Evidence Of A Price Reduction At Arterra?

On the heels of advertised incentives, five listings for condos at Arterra have been added to the MLS (#303, #411, #446, #521 and #1113). And we can’t help but notice that while unit #303 was originally listed for $539,000 in December, it was relisted yesterday for $509,000 (an apparent drop of 5.6%).

∙ Listing: 300 Berry #303 (1/1) - $509,000
∙ Listing: 300 Berry #411 (2/1) - $713,000
∙ Listing: 300 Berry #446 (2/2) - $825,000
∙ Listing: 300 Berry #521 (1/1) - $599,000
∙ Listing: 300 Berry #1113 (2/1) - $799,000

∙ Incentives (And Insight?) At Arterra (300 Berry) [SocketSite]
∙ Arterra (300 Berry) Hits The MLS [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (39) | (email story)

January 8, 2007

Speaking Of Relisting (And Reductions)

The Penthouse at 1800 Gough Street has returned to the market $245,000 (4.9%) under its last list price of late last year (2006), and $1,100,000 (18.8%) below its original list price of $5,850,000 (months before that). MLS statistics now reflect three (3) days on the market for this property, and if it sells for $4,750,000, it will be recorded and reported as having sold for 100% of asking.

Regardless, it's still a stunning property. And as some might say, hate the game, not the player…

∙ Listing: 1800 Gough #PH (3/4.5) - $4,750,000 [pacificheightspenthouse.com] [MLS]
∙ A Second Round Of Luxury Home Reductions [SocketSite]
∙ Resetting the DOM to sell "stale fish" [SFGate]
∙ Sorry NAR, But No [SocketSite]

Posted by socketadmin at 12:20 AM | Permalink | Comments (12) | (email story)

December 20, 2006

Did You Say No Heat?

Well, the list price on 1374 Fulton has been reduced twice again (now $1,599,000 or $296,000 (15.6%) off the original list). And as a couple of readers note, it's probably not the paint job that’s making this one a tough sell. Especially this week. (Somebody cue the Snow Miser…)

∙ Don’t Blame Us If The Theme Song Gets Stuck In Your Head [SocketSite]
∙ Listing: 1374 Fulton Street (6/2) - $1,599,000 [BJ Droubi]

Posted by socketadmin at 12:10 AM | Permalink | Comments (6) | (email story)

December 15, 2006

English Country In The City (San Francisco)

We like unique (and not only modern). Built in 1894 and designed by renowned architect Ernest Coxhead, 2940 Jackson boasts “beautiful carved wood details, lovely leaded windows, high peaked roof and dormers [that] boldly separates itself from the ubiquitous Victoriana of the city.” (Not that there’s anything wrong with “Victoriana.”)

And if the history, description, and pictures aren’t enough to catch your attention, perhaps the $200,000 (6.9%) price reduction will.

∙ Listing: 2940 Jackson Street (4/2.5) - $2,695,000 [Sotheby’s]
∙ Ernest Albert Coxhead [Encyclopedia of San Francisco]

Posted by socketadmin at 12:10 AM | Permalink | Comments (7) | (email story)

December 14, 2006

We’ll Translate: Motivated

The list price for 75 Waller has been dropped to a magical $999,000. And while that’s $100,000 (10%) off the “original list price” of almost two months ago, do keep in mind that it was listed under a different MLS number the month before that for $1,149,000. (Would that be the original original list price?)

Oh, and the listing notes “**vacant/lockbox**”. It’s been that way (vacant) for at least a couple of months. And apparently even the cupboards are bare.

∙ Listing: 75 Waller (3/2) - $999,000 [Coldwell Banker]

Posted by socketadmin at 12:29 AM | Permalink | Comments (15) | (email story)

December 12, 2006

Your Dream Home Is Getting Cheaper

For the past 106 days the listing for 4251-53 23rd Street in Noe Valley has been advertising “Opportunity to create your dream home for less than $2.5 million and have it the way you want it!”

Seeing as how the list price has been reduced three times (total reduction of $271,000 or 16%), perhaps that should now read “for less than $2.229 million.”

∙ Listing: 4251-53 23rd Street (3/2) - $1,424,000 [MLS]

Posted by socketadmin at 12:00 AM | Permalink | Comments (4) | (email story)

December 6, 2006

Coach, First Class Or Private Plane?

After 110 days on the market, the price on 250 King Street #1116 (The Beacon) has just been reduced $100,000 (7.2%). Think of it as spending money for the “5 day aspen/snowmass stay in condo for four people (flight included) for buyer closing escrow before january 31st!” Did we happen to mention how much our Editor enjoys skiing?

∙ Listing: 250 King Street #1116 (2/2) - $1,288,000 [Sotheby’s]

Posted by socketadmin at 12:10 AM | Permalink | Comments (15) | (email story)

December 5, 2006

Immediate (Give Or Take A Few Months)

While it’s not much in terms of curb appeal, we’re digging the decks, greenhouse, and eucalyptus trees behind 1028 Ashbury (and it’s not looking too shabby on the inside either). On the market for six months, it’s been reduced twice (total of $296,000 or 15.6%) with the last reduction occurring two months ago (advertising “New value pricing for immediate sale!”).

∙ Listing: 1028 Ashbury Street (4/2.5) - $1,599,000 [Hill & Co.]

Posted by socketadmin at 1:10 AM | Permalink | Comments (2) | (email story)

December 1, 2006

1810 Polk Street: Reduction And Release

We’re still looking for a reader to send us the inside scoop on 1810 Polk Street. (Bueller? Bueller? Bueller?) We can, however, report that the price on condo #306 was just reduced $84,000 (7.1%), and that #308 has been added to the MLS at $1,125,000 (advertising “Newest and Final Release!”).

∙ 1810 Polk Street: New Condominiums [Socketsite]
∙ Listing: 1810 Polk Street #306 (3/3) - $1,095,000 [Vanguard]
∙ Listing: 1810 Polk Street #308 (3/3) - $1,125,000 [MLS]

Posted by socketadmin at 10:55 AM | Permalink | Comments (3) | (email story)

November 22, 2006

Inside (and Outside) 234 Valley

We’re setting the Thanksgiving table (and kicking off a long weekend) with a bit of eye candy. Think of it as our little gift to you. Speaking of which, we couldn’t help but notice that 990 Green #6 was just reduced $385,000 (5.6%). Don't forget to invite us to the housewarming.

UPDATE: It’s still very much eye candy, but apparently we should have subtitled this one, “See What $2,685,000 Will Buy.”

∙ Listing: 234 Valley (4/3.5) - $2,750,000 (SOLD $2,685,000) [234valley.com]
∙ Inside 990 Green Street #6 [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (1) | (email story)

November 15, 2006

Under A Million You Say?

After two smaller cuts over the past two months ($31,000 and $45,000), the sellers of 2721 Bush Street have just dropped their asking price by another $150,001 (13%). Lo and behold, it’s now under that magical million mark (by a buck).

∙ Listing: 2721 BUSH ST (2/1.5) - $999,999 [Zephyr] [MLS]

Posted by socketadmin at 12:20 AM | Permalink | Comments (1) | (email story)

November 13, 2006

Glassworks (207 King): Listings And Reductions

Of the five recently converted condos in the Glassworks building (207 King), two have been added to the MLS at reduced prices (from $16,000 to $55,000 off). And while it might not be too much of a reduction in terms of percentage (1.6% to 3.3%), it's definitely another data point (and perhaps a signal that there’s room for negotiation on all five).

∙ The Glassworks (207 King Street) [SocketSite]
∙ Listing: 207 King Street #414 (1/2) - $979,000 [MLS]
∙ Listing: 207 King Street #413 (2/2) - $1,595,000 [MLS]

Posted by socketadmin at 12:15 AM | Permalink | Comments (4) | (email story)

November 10, 2006

Three Houses Within Three Blocks In Noe

Of the three houses currently for sale over on 22nd street in Noe Valley, two have been reduced. The price on 3963 22nd was just reduced by $80,000 (5.6%) after 44 days on the market, while after a month on the market, the price on 3704 22nd was reduced by $146,000 (9.2%). The one holdout: 3647 22nd (which has been on the market for almost three months).

∙ Listing: 3963 22ND ST (3/3) - $1,349,000 [McGuire]
∙ Listing: 3704 22ND ST (3/3) - $1,449,000 [BJ Droubi]
∙ Listing: 3647 22ND ST (3/2) - $1,385,000 [Coldwell Banker]

Posted by socketadmin at 12:05 AM | Permalink | Comments (5) | (email story)

November 8, 2006

Keeping Our Eyes On The Upper End Of The Market

We’re not going to belabor the point, but regardless of your budget, we think it’s worth keeping an eye on the multi-million dollar properties we often feature on SocketSite.

The reasons stretch beyond design and decorating inspiration, beyond hints for marketing your property when the time comes, and beyond pure escapism. If for no other reason, keep in mind that the upper end of the market is often a leading indicator for the broader market in general.

Gathering accurate sales data for the upper end of the market, however, can be a challenge. Consider a note we received from a Realtor:

…the current trend among high-end realtors [is] to encourage clients to keep the sales prices of their purchases “confidential.” When this is done, the sale is marked as the listing price with an asterisk [in the MLS]. High-end properties (above 4 million) RARELY sell for full price. But realtors use the confidential sale stats in their analysis so the cost per square foot of many district 7 and 8 properties have been skewed.

This is not a trivial point. If the practice is prevalent, it not only skews MLS reported cost per square foot, but the median sales price (and implied appreciation) for luxury properties, and the reported “percentage over/under” asking for the market as a whole. And of course, it skews expectations.

Perhaps that’s part of the reason that half of the top 2% of active listings in San Francisco (ranging in price from $4,000,000 to $65,000,000) have undergone at least one price reduction. And that on average, these properties have been reduced by a total of 12.2% (a median reduction of 11.9%). Then again, it might just be the market.

Posted by socketadmin at 2:11 PM | Permalink | Comments (12) | (email story)

November 6, 2006

Reductions At The Infinity?

Three months ago, two listings for condos in The Infinity were added to the San Francisco MLS (301 Main Street #6G and 318 Spear Street #4A). This evening, the prices were reduced: #6G was lowered $90,000 (7.4%) and #4A was lowered $70,000 (9.3%). We’re trying not to read too much into the reductions, at least until we’ve had a chance to chat with a number of insiders and tipsters. "Plug in" tomorrow for an update and the inside scoop.

In related news, new content has been added to The Infinity’s website since our last visit. The addition of live-action/rendered video clips once again raises the bar for other new developments about town. And yes, we’re biting our tongues with respect to the all too obvious real estate “porn” remarks (see “Residences: Bathrooms”).

UPDATE (11/07): According to a tipster, as of last month the sales office had contracts in hand for ~30% of the development. That’s in contrast to the ~90% figure for One Rincon, but in and of itself, isn’t necessarily a sign of weakness. With well over a year until occupancy of either new development, it’s possible that The Infinity is simply taking a long position that demand (and prices) will increase as the condos become more tangible.

UPDATE (11/07): An HTML glitch truncated a great comment from a recent buyer at The Infinity, “Appliances are now included (washer/dryer/frig) and the prices are a little soft. I got a 1 bdrm [for under] $800 sq/ft. 1 Rincon has a 1 bdrm on the 17th floor (700 sq/ft) for 625K, which is pretty cheap.”

UPDATE (11/07): And now we're trying not to read too much into the fact that the list prices were returned to their pre-reduction levels the very next day...

∙ The Infinity: A Study In Contrast [SocketSite]
∙ The Infinity Hits The MLS [SocketSite]
∙ The Infinity Website [the-infinity.com]

Posted by socketadmin at 9:30 PM | Permalink | Comments (40) | (email story)

Savings At Shoreline (41 Federal)

No need to wait until Christmas “Shoreline Watcher,” prices on the five listed Shoreline condominiums were reduced between $25,000 and $55,000 (3-5%) last Friday. (Would that make it coal in the stockings of the other four?)

∙ Listing: 41 Federal #31 (1/1.5) 1,060sqft - $895,000 [MLS]
∙ Listing: 41 Federal #32 (1/1.5) 921 sqft - $825,000 [MLS]
∙ Listing: 41 Federal #33 (2/2) 1,423 sqft - $1,325,000 [MLS]
∙ Listing: 41 Federal #41 (1/1.5) 956 sqft - $895,000 [MLS]
∙ Listing: 41 Federal #42 (1/1.5) 921 sqft - $850,000 [MLS]
∙ A Shoreline (41 Federal) Update: Comments [SocketSite]

Posted by socketadmin at 12:10 AM | Permalink | Comments (1) | (email story)

Since You Mentioned It (2600 Lyon)

As a number of readers referenced 2600 Lyon in the discussion of 3299 Baker, we thought we’d add a link (and a little background). Listed with Coldwell Banker for $8,485,000 over seven months ago, 2600 Lyon has since had a change of brokers (now Sotheby’s) and expectations (currently listed at $6,500,000).

“Plug in” tomorrow to find out why we keep highlighting these multi-million properties (and why you should take notice). And yes, there’s more to it than that whole “real estate porn” thing.

∙ Listing: 2600 Lyon (5/4.5) - $6,500,000 [Sotheby’s] [MLS]
∙ Another Facet Of The Jewel (3299 Baker Street): Comments [SocketSite]

Posted by socketadmin at 12:08 AM | Permalink | Comments (12) | (email story)

November 3, 2006

Another Facet Of The Jewel (3299 Baker Street)

The “crown jewel of the Marina,” 3299 Baker Street is “directly across from the Palace of Fine Arts, with an Italian-imported upright brick façade, arched windows, wrought-iron balconies and plaques depicting scenes from Roman mythology.” And although it garnered a fair amount of attention when it hit the market for the first time since 1947 (and with a price tag of $6,000,000), yesterday the price was reduced by $200,000 (3.3%).

And while we have no reason to doubt the number of people that have declared, “I want that house,” this just might help illustrate the difference between desire (“I want”) and demand (“I will buy”) [more on this next week]. And not that you asked, but we happen to be partial to the house next door.

∙ Marina home leaves the light on [Examiner]
∙ Listing: 3299 Baker Street (5/5.5) - $5,800,000 [oboe.com] [McGuire]

Posted by socketadmin at 12:41 AM | Permalink | Comments (15) | (email story)

Okay, So Perhaps Not The Final Final

While advertising a “Third and Final Price Reduction” on 9/25/06, the list price on 593 Missouri Street in Potrero Hill has since been reduced. Twice. And while the first four reductions ranged from one to two percent each, wednesday’s fifth (and final final?) reduction lopped another 15% ($70,000) right off the top (now asking $399,000).

Keep in mind that it’s a TIC but “Individual Loans Available Thru Sterling Bank,” “seller will provide interim financing for quick close,” and “no evictions.” Plus “all new systems…stainless kitchen appliances, washer dryer hook ups in unit, [and] refinished original softwood wide plank floors.”

∙ Listing: 593 Missouri (2/1) - $399,000 [anthonykoutsos.com] [MLS]

Posted by socketadmin at 12:00 AM | Permalink | Comments (3) | (email story)

November 2, 2006

A Second Round Of Luxury Home Reductions

On the heels of the 3800 Washington’s $3,300,000 list price reduction, the list price for 2525 Webster was reduced for a second time (a total reduction of $500,000 or 7%).

Other recent second round reductions for luxury properties include the penthouse at 1800 Gough Street (a total reduction of $855,000 or 14.6%; and another great Resident Photography presentation), and 2881 Vallejo (a total reduction of $801,000 or 13.8%).

∙ A Little Lot Off The Top At The Top [SocketSite]
∙ Inside 2525 Webster [SocketSite]
∙ Listing: 1800 Gough Penthouse (3/4.5) - $4,995,000 [pacificheightspenthouse.com]
∙ Listing: 2881 Vallejo (5/5.5) - $4,999,000 [Sotheby’s]

Posted by socketadmin at 12:10 AM | Permalink | Comments (0) | (email story)

November 1, 2006

A Little Lot Off The Top At The Top

“Modeled on Madame Pompadour's Petit Trianon (circa 1768, and considered among the most perfect buildings in France), and built by San Francisco's Koshland family (circa 1904), 3800 Washington offers an extraordinary blend of architectural history and social prominence. With its lush gardens, Le Petit Trianon represents San Francisco's most majestic estate.”

For those who are interested (or care to dream), pictures, floor plans (pdf), and virtual tours (the best of the bunch) are all available online. Don't miss the Baccarat chandeliers, Bruce Porter stained glass windows, and seven (7) car parking.

And good news if you’ve been waffling, after 460 days on the market, the asking price has been reduced $3,300,000 (14.5%).

∙ Listing: 3800 Washington (8/7) - $19,500,000 [lepetittrianon.com]

Posted by socketadmin at 12:10 PM | Permalink | Comments (8) | (email story)

October 23, 2006

Will We See Six?

65 St. Germain was originally listed for $6,750,000 at the end of last year. On Friday, the price was reduced for the fifth time and it’s now listed for $3,950,000 (41.5% under the original asking).

UPDATE: Curbed adds some additional color with a mini run-down of a couple of other houses on the block.

∙ Listing: 65 St. Germain (5/5.5) - $3,950,000 [Hill & Co.]
∙ It’s Tough At The Top [SocketSite]
∙ This Weekend On St. Germain [Curbed SF]

Posted by socketadmin at 12:25 AM | Permalink | Comments (1) | (email story)

October 19, 2006

Another Reduction In Uberexclusive Presidio Terrace

Once one of the “Top Five San Francisco Trophy Homes” (as measured by list price), 34 Presidio Terrace quietly slipped out of the Top 10 this week with a price reduction of $600,000 (5.5%). And while we’d still very much consider it a trophy (and great viewing), did we happen to mention the uberexclusive history of Presidio Terrace?

∙ Top Five San Francisco Trophy Homes [SocketSite]
∙ Listing: 34 Presidio Terrace (6/6.5) - $10,400,000 [Joel Goodrich]
∙ Tainted Love Of Presidio Terrace [SocketSite]

Posted by socketadmin at 2:11 AM | Permalink | Comments (6) | (email story)

October 18, 2006

The Royal San Francisco: An Update (And A Flip)

The word on the street is that The Royal San Francisco is struggling to close on their “pre-sales.” At the same time, unit #604 (which looks to be a flip) has just been reduced (“for quick sale [with a] highly motivated seller”) from $809,000 to $789,000. According to the Royal’s website, #604 was originally offered by the developer for $725,000.

∙ The Royal San Francisco [SocketSite]
∙ Listing: 201 Sansome Street #604 (1/1) - $789,000 [Prudential via Pacific Union]
∙ The Royal: Pricing [theroyalsf.com]

Posted by socketadmin at 12:56 AM | Permalink | Comments (10) | (email story)

October 17, 2006

A Data Point On Fillmore

Last October, 2929 Fillmore sold for $1,425,000. Last month, the condo hit the market for $1,475,000. Last Friday, the price was reduced to $1,435,000.

In no way, shape, or form are we suggesting that anyone should evaluate a real estate investment based on a one year return. We are suggesting, however, that same home sales – assuming no remodeling or renovation between those sales, or significant changes in the neighborhood – can provide a relatively good measure of actual market appreciation (unlike changes in “Median Sales Price”). Now we just need some more data points.

∙ Listing: 2929 Fillmore (2/2) - $1,435,000 [Virtual Tour]

Posted by socketadmin at 12:10 AM | Permalink | Comments (6) | (email story)

October 16, 2006

Don’t Blame Us If The Theme Song Gets Stuck In Your Head

Perhaps it’s just the transition into the holiday months, but ever since we caught a glimpse inside 1374 Fulton we just can’t get the Snow Miser’s theme song (from A Year Without A Santa Claus) out of our heads. (For the record, we're partial to the Heat Miser.) Oh, and “Price reduced $150,000-Motivated Seller has purchased new home.”

∙ Listing: 1374 Fulton Street (6/2) - $1,749,000 [BJ Droubi]

Posted by socketadmin at 12:28 PM | Permalink | Comments (12) | (email story)

Contemporary Luxury On Sale

Two new contemporary homes. Two hundred thousand off. Each.

∙ Listing: 1598 SHRADER ST (4/3.5) - $3,295,000 [Coldwell Banker via Pacific Union]
∙ Listing: 2523 STEINER ST (3/3.75) – $3,100,000 [McGuire]

Posted by socketadmin at 12:15 AM | Permalink | Comments (0) | (email story)

October 13, 2006

First 2825 Pine And Now 1331 Noe

The asking price for 1331 Noe has been reduced by $100,000 (7.7%). Perhaps blue skies and fluffy white clouds just aren’t going for as much these days.

∙ Listing: 1331 Noe Street (2/2) - $1,198,000 [BJ Droubi]
∙ Where Do You Draw The Line(s)? [SocketSite]
∙ Sometimes It’s All About The Presentation (2825 Pine) [SocketSite]

Posted by socketadmin at 10:45 AM | Permalink | Comments (1) | (email story)

October 11, 2006

Motivated And Priced To Sell

Remember that $1.00 (0.00005%) reduction that we refused to include in our tally of reduced listings earlier this week? Well, yesterday the list price on 2148 Pine Street was reduced $50,000 (2.3%) and “Motivated seller!” was pinned on the listing. It's back in the tally.

And even though it's so last month, we couldn’t help but notice the description from the recently reduced listing for 1310 Minnesota Street #110: “Reduced from $634,000 - seller relocating out of state. Comparable unit in this building recently closed for $630,000! Priced to sell at $618,000.”

∙ SocketSite’s San Francisco Inventory Mini-Update: 10/09/06 [SocketSite]
∙ Listing: 2148 Pine Street (5/3.5) - $2,099,000 [Zephyr]
∙ “Priced To Sell” Is So Last Month [SocketSite]
∙ Listing: 1310 Minnesota Street #110 (1/2) - $618,000 [MLS]

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

October 9, 2006

“Priced To Sell” Is So Last Month

It’s so hard to keep up with these damn fads. While “Priced to sell” was our catchphrase of the month this past August, it’s looking like “Motivated” is giving it a run for its money in October:

1. "Very motivated seller....Bring offers now!" (On the market for a little over two months, and already reduced four times, 225 26th Ave #3 is now being offered at $130,000 (12%) below its original list price)

2. "Price reduced $120000..Owner motivated" (2186 Sutter has been on the market for 70 days and reduced twice – now 10% below original list)

3. "Seller motivated!" (After just two weeks on the market the list price for 647 29th Ave was reduced $100,000 or 8%.)

UPDATE (9/10/06): Right after we published this post the listing for 225 26th Ave #3 was withdrawn and relisted under a new MLS number and price ($975,000). Gone are the references to the “Motivated Seller” and past reductions. Now about that so-called MLS policy on "refreshing"...

∙ Catchphrase Of The Month: “Priced To Sell” [SocketSite]
∙ Listing: 225 26th Ave #3 (3/2) - $970,000 [Vanguard] [MLS]
∙ Listing: 2186 Sutter Street (4/2.5) - $1,075,000 [MLS]
∙ Listing: 647 29th Ave (2/2.5) – $1,090,000 [MLS]

Posted by socketadmin at 12:00 AM | Permalink | Comments (3) | (email story)

October 6, 2006

It’s Feeling A Wee Bit Like Scotland

It might have started as a “pocket listing” (i.e., not on the MLS) at $5,750,000, but 2714 Pacific has since been listed at $4,995,000 (a 13% reduction).

And perhaps it’s just the weather over the past couple of days, but we can’t stop fixating on the four working fireplaces (especially the one “imported from a castle in Scotland”). Yet again, the pictures don’t do it justice. (Yes, we’ve been.)

∙ Listing: 2714 Pacific (4/4.5) -$4,995,000 [Coldwell Banker]

Posted by socketadmin at 12:28 AM | Permalink | Comments (3) | (email story)

September 28, 2006

RealRecentReduction: Previously Featured Edition

It might not have any views, but we’re still fans of the remodel (especially the “Hers” master bath and French doors off the living room). And after 24 days on the market, we’re now $300,000 (4.2%) closer to being able to afford 2525 Webster.

At the other end of the spectrum, and after five months on the market, at least three of the four units still listed at 776 Tehama/1277 Howard have been reduced for a second time. This time around, reductions were between $20,000 (2.7%) and $40,000 (5.4%).

And apparently Green still doesn’t mean go for 338 Holladay as the list price has been reduced for a third time ($55,000 or 5.2%) and is now below a million ($994,000). That’s 22.3% below its original list price of three month ago.

∙ Inside 2525 Webster [SocketSite]
∙ Listing: 2525 Webster (7/6.5) - $6,850,000 [2525Webster.com]
∙ They’re Back! [SocketSite]
∙ Listing: 776 Tehama #17 (2/2) - $715,000 [Vanguard]
∙ Listing: 1277 Howard #5 (2/2) - $699,000 [Vanguard]
∙ A Tale Of Two Green Houses [SocketSite]
∙ Listing: 338 Holladay (3/3) - $994,000 [Zephyr]

Posted by socketadmin at 1:35 AM | Permalink | Comments (1) | (email story)

September 21, 2006

Alamo Square: Five Condos Left?

The sales office has been turned back in to a condo, and it’s looking like there might be just five of the 63 units left for sale at Alamo Square. At least two of them (#116, #243) have been reduced by $56,000 (8.5%). That’s equal to about 12 years of “pre-paid HOA Dues."

UPDATE (9/22): While there are five units for sale by a single broker, a commenter notes that it’s possible that they are “officially” resales (i.e. flips). Another possibility is that the original developer offloaded the five condos to a third party. Regardless, all five were reduced by ~$25K this afternoon.

∙ Listing: 988 Fulton Street #116 (1/1) - $599,000 [MLS]
∙ Listing: 988 Fulton Street #243 (1/1) - $599,000 [MLS]
∙ Listing: 988 Fulton Street #325 (0/1) - $450,000
∙ Listing: 988 Fulton Street #331 (2/2) - $755,000
∙ Listing: 988 Fulton Street #335 (2/2) - $755,000
∙ Free Plasmas Coming Soon? [SocketSite]

Posted by socketadmin at 12:27 AM | Permalink | Comments (5) | (email story)

September 20, 2006

A Number Of Notable Reductions

After two weeks on the market, prices at Francisco Palms in the Marina have been reduced. 1239 Francisco has been reduced $151,000 (15.9%) and 1247 Francisco has been reduced $151,000 (14.4%). It looks like the market has spoken with regard to pricing these individually financed TICs in line with condos.

Also after two weeks on the market, 355 Bryant #102 has been reduced $200,000 (9.1%). However, before you decree the end of 355 Bryant, keep in mind that #105 ($1,125,000) went in to contract after seven days.

And after three months on the market, two top floor units at The Brannan have been reduced by $100,000. 219 Brannan #18K was reduced 4.7%, while 219 Brannan #18A was reduced 3.7%.

∙ The Francisco Palms (1229 Francisco) [SocketSite]
∙ Listing: 1239 Francisco (3/1) - $899,000 [MLS]
∙ Listing: 1247 Francisco (2/1) - $799,000 [MLS]
∙ Listing: 355 Bryant Street #102 (2/2) - $1,995,000 [Gomez & Patton]
∙ The Live/Work Lofts Of 355 Bryant [SocketSite]
∙ The Brannan: Four Months Later [SocketSite]
∙ Listing: 219 Brannan Street #18K (2/2) - $2,025,000 [Coldwell Banker]
∙ Listing: 219 Brannan Street #18A (2/2) - $2,625,000 [Coldwell Banker]

Posted by socketadmin at 12:10 AM | Permalink | Comments (3) | (email story)

September 18, 2006

Three Of Four For Sale At 1081 Pine

Two days after 1081 Pine Street #301 hit the market for $1,375,000 (and “Priced to Sell”), the listing price on number #201 was reduced another $75,000 to $1,250,000 (for a total reduction of $235,000 or 16%). Keep in mind that while both units share the exact same floor plan, #301 has one more (tandem) parking space, and that #301 originally sold for $1,270,000 two years ago, while #201 sold for $1,149,000. And while it’s not officially listed, #401 is still available for $2,095,000 sold last week (anyone familiar with the contract price?).

UPDATE (9/19): If Sean is correct, the current owner of #301 purchased #401 for $2M (31% below the original asking price of $2.895M, and only $75K over the original sale price in early 2004). Not a bad move.

∙ Listing: 1081 Pine Street #301 - $1,375,000 [Pacific Union]
∙ Listing: 1081 Pine Street #201 - $1,250,000 [Joel Goodrich]
∙ 1081 Pine Street Redux [SocketSite]
∙ Not Huge (But Not Bad) [SocketSite]
∙ 1081 Pine Street Overview [louis-silcox.com]

Posted by socketadmin at 1:17 PM | Permalink | Comments (15) | (email story)

September 14, 2006

The Brannan: Four Months Later

In May we explored “The State Of The Brannan.” At the time there were 12 Active listings in the three upscale modern buildings that make up The Brannan (219-239 Brannan). And as we noted, “from what we’re told it’s taking 60% longer to sell a unit in The Brannan this year versus last year (70 days on the market versus 42), but we believe that this reflects an overall slowing of the market rather than any particular weakness in The Brannan.”

Today, 18 of the 336 units in The Brannan are Active listings (plus 3 in contract). And of those 18 units, at least five (28%) have been reduced from between $20,000 (2.7%) and $128,000 (9.9%), while one is offering “2 Years of HOA Dues PAID by Seller or Interest Rate Buy Down Option!" And once again, we believe that this reflects an overall slowing of the market rather than any particular weakness in The Brannan.

Somewhat ironically, the least expensive unit currently available in The Brannan is 219 Brannan #9B ($689,000), which has not been reduced, and is presented with some of the best photography of all 18.

∙ The State Of The Brannan [SocketSite]
∙ Listing: 219 Brannan #1G (1/1.5) - $729,000 [Coldwell Banker]
∙ Listing: 219 Brannan #8K (2/2) - $1,449,000 [Coldwell Banker]
∙ Listing: 219 BRANNAN #9B (1/1) - $689,000 [Pacific Union]
∙ Listing: 219 Brannan #12A (1/1) - $850,000 [Coldwell Banker]
∙ Listing: 239 Brannan #5C (2/2) - $1,149,000 [Coldwell Banker]
∙ Listing: 239 Brannan #8C (2/2) - $1,160,000 [MLS]

Posted by socketadmin at 11:34 AM | Permalink | Comments (13) | (email story)

Sorry, No Neighborhoods Are Immune

Lest you have been led to believe that some San Francisco neighborhoods are somehow immune to price reductions, take note of the fact that 3 of the current 22 listings in the Marina (District 7A) were reduced over the past two days.

After a month on the market, the listing price for 3201 Divisadero #305 has been reduced by $24,000 (3%); after almost two months on the market, 2258 Beach Street has just reduced its price for a second time (total reduction of $150,000 or 5%); and after almost four months on the market, 3747 Fillmore has just reduced its price for the second time as well (total reduction of $124,000 or 9%).

∙ Listing: 3701 Divisadero #305 (1/1) - $725,000 [Paragon]
∙ Listing: 2258 Beach Street (3/4.5) - $2,700,000 [Coldwell Banker]
∙ Listing: 3747 Fillmore (2/1.5) - $1,225,000 [MLS]

Posted by socketadmin at 12:10 AM | Permalink | Comments (36) | (email story)

September 12, 2006

255 Berry: Seven Percent Active

We couldn’t help but notice that 255 Berry #513 is now in contract, and that #317 has been reduced another $24,000 (a total reduction of $100,000). In addition, four new units (#116, #401, #414, and #610) have been added to the MLS since our last update (7% of the building is now “Active”).

∙ More “Pseudo-Omniscient Pretense” (And 255 Berry) [SocketSite]
∙ Listing: 255 Berry Street #317 (2/2.5) - $1,225,000 [McGuire]
∙ Listing: 255 Berry Street #116 (3/3) - $1,299,000 [McGuire]
∙ Listing: 255 Berry Street #401 (2/2) - $1,029,000 [MLS]
∙ Listing: 255 Berry Street #414 (2/2) - $949,000 [MLS]
∙ Listing: 255 Berry Street #610 (3/2.5) - $1,950,000 [Pacific Union]

Posted by socketadmin at 12:07 AM | Permalink | Comments (27) | (email story)

September 11, 2006

It’s Tough At The Top

The 2006 Decorator Showcase property (3701 Washington) has been reduced $1,250,000 (8%). If you missed the Showcase tour, be sure to check out the online photos, floor plans, and features. And 65 St. Germain has instituted yet another “Fantastic Price Reduction” of $250,000 (5.5%). For those of you keeping track at home, 65 St. Germain has now been reduced a total of $2,500,000 (37%) off its original listing price. Wonder if there’s a trend in here somewhere…

∙ Now That’s How To Flip Renovate! [SocketSite]
∙ Listing: 3701 Washington Street (6/5.5) - $14,250,000 [Olivia Decker] [MLS]
∙ Listing: 65 Saint Germain (5/5.5) – $4,250,000 [MLS]
∙ We’ve Added “Fantastic” To The List [SocketSite]

Posted by socketadmin at 12:07 AM | Permalink | Comments (1) | (email story)

September 8, 2006

Two Beautiful (But Expensive) TICs

Speaking of TICs, a tipster notes that two units in Jordan Park (824-832 Euclid) have been reduced and relisted. If memory serves, these units were once the most expensive TICs for sale in the city (originally $2,075,000 and $2,275,000), but at $1,798,000 and $1,998,000 respectively, 824 Euclid is only the third most expensive and 832 Euclid is just $53,000 away from losing the overall title (2061 Hyde is listed at $1,945,000).

∙ The Odds Of Winning A Coveted Golden Ticket [SocketSite]
∙ Listing: 824 Euclid Ave (4/3.5) - $1,798,000 [MLS]
∙ Listing: 832 Euclid Ave (4/4) - $1,998,000 [MLS]
∙ Listing: 2061 Hyde (4/2.5) - $1,945,000 [Coldwell Banker]

Posted by socketadmin at 12:48 PM | Permalink | Comments (0) | (email story)

12% Is So Last Month

The price tag on the Verdier/Scholes Mansion (1001 Vallejo) has just been reduced $2,000,000 (14.3%). And while it's still just a bit out of our reach, we love it (and the views) nonetheless.

∙ Listing: 1001 Vallejo - $12,000,000 [McGuire] [MLS]
∙ Add Your Name To This Mansion [SocketSite]
∙ A Much Bigger 12% [SocketSite]

Posted by socketadmin at 10:35 AM | Permalink | Comments (6) | (email story)

August 29, 2006

More “Pseudo-Omniscient Pretense” (And 255 Berry)

We can’t help but notice that since our last update on 255 Berry (which caused a commenter to accuse us of “pseudo-omniscient pretence” and “dramatiz[ing] a most benign situation”), the following has transpired:

∙ Unit #307 was withdrawn
∙ Unit #309 was reduced $50,000 (now listed at $1,100,000)
∙ Unit #317 was withdrawn but has been relisted at $1,249,000 (reduction of $76,000)
∙ Unit #321 was reduced $14,500 to $875,000 and sold for $865,000
∙ Unit #408 was listed for $749,000
∙ Unit #513 was withdrawn but has been relisted at $739,000 (total reduction of $110,000)

At its new price, unit #317 (which is very much "waterfront" and advertising “$120k [in] upgrades”) is now listed at $787/sq.ft. Waterfront unit #113 sold for $837/sq.ft. three months ago. Damn it, there we go again...

∙ A Troublesome Trend? [SocketSite]
∙ Listing: 255 Berry #309 (2/2) - $1,100,000 [MLS]
∙ Listing: 255 Berry #317 (2/2.5) - $1,249,000 [McGuire]
∙ Listing: 255 Berry #408 (1/1) - $749,000 [Coldwell Banker]
∙ Listing: 255 Berry #513 (2/2) - $739,000 [Pacific Union]

Posted by socketadmin at 2:31 AM | Permalink | Comments (6) | (email story)

August 25, 2006

A Much Bigger 12%

After a “three-year total renovation,” and then 6 months on the market, the price on 2266 Vallejo has been reduced $1,775,000 (12%). Perhaps a 12% reduction is the new black across all price points...

∙ Listing: 2266 Vallejo (6/7.5) - $12,975,000 [Coldwell Banker] [MLS]
∙ Price Reductions At 188 King [SocketSite]

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

August 24, 2006

Price Reductions At 188 King

If you’ve been “plugged in” to SocketSite over the past couple of months this shouldn’t come as any big surprise (if not, well...): As of today, 188 King Street has officially dropped the prices on at least four units by $100,000 (or up to 12%) and removed a number of their listings from the MLS (only seven of what we estimate to be 30+ available units are currently listed). The recent reductions include:

∙ 188 King Street #201: Reduced from $825,000 to $725,000 (12.1%)
∙ 188 King Street #203: Reduced from $925,000 to $895,000 (3.2%)
∙ 188 King Street #301: Reduced from $825,000 to $725,000 (12.1%)
∙ 188 King Street #306: Reduced from $895,000 to $795,000 (11.2%)
∙ 188 King Street #404: Reduced from $925,000 to $825,000 (10.8%)

We're guessing this isn't exactly what they (or the buyers in "Phase I") had in mind for "Phase II" pricing.

UPDATE (8/25): Units #208 ($850,000) and #504 ($950,000) were just listed on the MLS. Deductive reasoning would suggest that the original target price for #504 was at least $1,025,000 (the original list price for #506).

∙ 188 King Street: Sales Update [SocketSite]

Posted by socketadmin at 12:43 PM | Permalink | Comments (29) | (email story)

August 17, 2006

Still No Pictures Of Gore

Two weeks ago another condo in the St. Regis hit the market. And while 188 Minna Street #23F was originally priced $155,000 above #24F (which we featured four months ago), yesterday the price was reduced $100,000. Perhaps they need to add a picture of that Lamborghini. (And no, the Mangusta doesn’t count.)

∙ Listing: 188 Minna St #23F (2/2.5) - $2,250,000 [Coldwell Banker]
∙ What, No Pictures Of Gore? [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (0) | (email story)

August 15, 2006

Not Our Cup Of Tea

We like modern, but we’re really not so hip on this one. And apparently we’re not alone. 338 Holladay was originally listed at the beginning of last month for $1,279,000. Two weeks later the price was dropped $84,000 and the statement revised to note, “Motivated Seller! Bring Any & All Offers.” Apparently none were brought, becuase today the price was dropped another $146,000 (the listing notes: “MUST BE SOLD! Seller has purchased”).

∙ Listing: 338 Holladay (3/3) - $1,049,000 [Zephyr] [MLS]

Posted by socketadmin at 2:08 PM | Permalink | Comments (12) | (email story)

August 11, 2006

Below Developer Pricing At The Beacon

There are currently 25 Active listings for condos in The Beacon (250/260 King Street). A few that caught our attention (and seem to be telling a story):

1. 250 King Street #1018 has been on the market for almost five months, has been reduced in price by $215,000 (18.7%), and is advertising “Below developer pricing!!!”

2. 260 King Street #1409 and #1509 are both advertising “Free parking & hoa dues for 2 years!!” (Both have also been reduced: #1409 by $90,000 or 10.3%, and #1509 by $80,000 or 9.2%.)

3. 260 King Street #369 is still available but it’s no longer advertising “Final Price Reduction!” or “Need to Sell Soon!”; and after four months on the market and three price reductions, 260 King Street #555 (“Won’t last long”) has traded in its old MLS number for a shinny new one (without any of that pesky baggage) and lowered its price...$500 (0.08%).

And let’s not forget, the sales office at The Beacon is still working to close out their inventory at “developers” pricing.

∙ Listing: 250 King Street #1018 (2/2) - $935,000 [Coldwell Banker] [MLS]
∙ Listing: 260 King Street #1409 (1/1) - $779,000 [MLS]
∙ Listing: 260 King Street #1509 (1/1) - $789,000 [MLS]
∙ Listing: 260 King Street #369 (1/1) - $499,000 [MLS]
∙ Listing: 260 King Street #555 (1/1) - $608,500 [MLS]
∙ Bonuses At The Beacon [SocketSite]
∙ New Sales Force At The Beacon: Your Neighbors [SocketSite]

Posted by socketadmin at 2:49 PM | Permalink | Comments (4) | (email story)

August 8, 2006

A Hidden Opportunity, Another Data Point, Or Both?

Last November, 88 King Street #116 (a two-level, 1,500+ sqft condo at The Towers) hit the market for $1,110,000. At the time, it probably seemed like a relatively reasonable list price. Heck, according to public records 88 King Street #117 (a two-level, 1,500+ sqft condo at The Towers) sold for $1,066,000 the month prior (10/21/05). And yet nine months and five price reductions later, #116 is still on the market and is now listed for $927,000 (a reduction of $183,000 or 16.5% from the original listing price).

We know, we know, it’s hardly a fair comparison between these two units. Then again, #117 is back on the market (shown above). And today they’re asking $949,000.

∙ Listing: 88 King Street #116 (2/3) - $927,000 [McGuire] [MLS]
∙ Listing: 88 King Street #117 (3/3) - $949,000 [Pacific Union]

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

August 7, 2006

The Lansing (50 Lansing): Reductions And Recent Sales

We’re still looking for the inside scoop on the number of units that have actually sold at The Lansing (email tips@socketsite.com). We did, however, notice that there are at least six units currently listed by the developer. And while only two of the units (#302 and #305) show a history of being reduced (by $41,000 (5.5%) and $62,300 (8.1%) respectively), we’re confident they’re not alone. Either that, or for once it’s actually cheaper to live on the higher floors of a building (#305 was originally listed at $745,000 while #405 was just listed at $725,000).

We also couldn’t help but note that unit #303 closed for $755,000, while the unit above (#403) closed for $720,000, and the unit above that (#503) is currently listed for $725,000. And while #202 closed for $735,000, the unit above (#302) is currently listed for $699,000. Once again, we’re willing to bet that this is not exactly a reassuring trend for many recent buyers (in fact, some might say it’s actually troublesome).

∙ Even More Value At The Lansing! [SocketSite]

Posted by socketadmin at 12:09 AM | Permalink | Comments (1) | (email story)

August 2, 2006

Three Blasts From The Not So Distant Past

1. Despite a comment that 2760 Sacramento #11 garnered four “competitive offers," it’s back on the market and has been reduced another $6,000 (now listed at $749,000).

2. “Lefty” just might be in luck as 1081 Pine Street #401 was reduced another $200,000 this morning (now listed at $2,095,000). That’s a total reduction of $800,000 (27%) from the beginning of the year, and only $170,000 (10%) over what it first sold for in early 2004.

3. There might only be “three homes left!!” at the brand new Glen Park Market Place, but at least two of them have been reduced (#301 down $40,000; #202 down $50,000). Nothing quite like being in contract only to find out that the unit next door was just reduced $50K...

∙ But Isn't The Median Sales Price Up? [SocketSite]
∙ Listing: 2760 Sacramento Street #11 (1/1) - $749,000 [Coldwell Banker]
∙ Comments: 1081 Pine Street Redux [SocketSite]
∙ Not Huge (But Not Bad) [SocketSite]
∙ Listing: 1081 Pine Street #401 (3/3) - $2,095,000 [MLS]
∙ Glen Park Market Place: Range Of Prices And BMR Deadline [SocketSite]
∙ Listing: 53 Wilder #202 (2/2) - $739,000 [MLS]
∙ Listing: 53 Wilder #301 (2/2) - $739,000 [MLS]

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

July 31, 2006

Save $1,600,000 At 1750 Taylor

Four months ago we highlighted 1750 Taylor #1301, a stunning six million dollar condo that left us salivating (and no, we still haven’t had a chance to wake up in that bed). At the time, the unit directly below (#1201) was being offered for half a million less, but really wasn’t remodeled to our tastes (marble floors just aren’t our thing).

Today, #1301 might have sold, but #1201 is still available and its price has been reduced three times for a total savings of $1,600,000 (“Great price!! Motivated seller” and now listed at $3,950,000). The way we figure it, you can buy #1201, spend a million dollars on a stunning remodel, fill the three parking spaces with a brand-new Bentley, Aston Martin, and Range Rover, and still come out ahead…

∙ Truth In Advertising: 1750 Taylor (Royal Towers) [SocketSite]
∙ Listing: 1750 Taylor #1201 (3/3.5) - $3,950,000 [Coldwell Banker] [MLS]

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

July 28, 2006

Watermark Update: 78% Sold (And Discounting)

Okay, while these aren’t official sales office sanctioned statistics, they’re also not just some wild ass guesses. (We like to think of it as deductive reasoning.) That being said, here’s our take on the current state of affairs at the Watermark:

Prices and Discounting: At the low end, $695K will now get you a 15th floor one bedroom “F” floor plan, while three months ago it would only buy a 4th floor unit. At the high end, both three bedroom “K” floor plan penthouses remain priced at $3.2M and $3.3M. In the middle it’s a bit more convoluted.

It appears that two bedroom units on the lower floors have been reduced by up to $140K (11.5%). For example, the only remaining “A” floor plan unit on the 4th floor is now advertised at $1.06M (was $1.2M) and the 4th floor “G” floor plan unit is now $1.04M (was $1.15M). Not as much discounting (or inventory) on the higher floors. That being said, $1.7M will now get you a three bedroom “M” floor plan on the 19th floor, while in April they were asking $1.73M for units on the 17th floor.

Inventory and Sales: We estimate that roughly 30 of the 136 condos are still available (78% sold). That would suggest an average of about six sales a month over the past three months.

No word on whatever happened to unit #6C (which is no longer active in the MLS), and as far as we know, no new resales have hit the market.

∙ Watermark [501 Beale]
∙ Handy Hint Of The Day: Wash The Windows [SocketSite]
∙ Watermark Signs Of Weakness? [SocketSite]

Posted by socketadmin at 1:25 PM | Permalink | Comments (10) | (email story)

July 21, 2006

But Isn't The Median Sales Price Up?

Last November, 2760 Sacramento #3 (a 1,220 sqft. first floor, one bedroom, one bath condo without parking) sold for $827,000. Three days ago, the asking price for 2760 Sacramento #11 (a 1,220 sqft. top floor, one bedroom, one bath condo with parking) was reduced $40,000 after failing to sell at $795,000.

If you assume parking is worth $50K (which is probably conservative), a selling price of $755,000 is effectively $575/sqft., or about 15% less than the buyers of #3 paid ten months ago ($677/sqft.). Either we're missing something (so let's hear it), or once again, this might be evidence of a potentially troublesome trend.

Regardless, if you’re planning on hitting the open house this weekend, bring your trunks/bikini and a towel. The building has a sweet little pool…

∙ Listing: 2760 Sacramento Street #11 (1/1) - $755,000 [Coldwell Banker] [MLS]
∙ A Troublesome Trend? [SocketSite]

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

July 19, 2006

A Promotion (From Comment To Post)

While the listing for 321 Langton might have been withdrawn from the MLS, an eagle-eyed reader comments, “This morning, 321 Langton #11 was listed on craigslist at $599k (a $50K reduction) yet doesn't seem to be present on the MLS, cleanoffer, or the Urban Bay properties site, although a UB agent is listed as the contact person.”

ReyEstate pegged this one months ago. And in the immortal words of Yogi Berra, it’s “deja vu all over again.”

∙ Listing: 321 Langton #11 - $649,000 [Urban Bay]
∙ $599000 - Modern, Chic and Unique [craigslist]
∙ Get Comfy... [ReyEstate]
∙ Bait And Switch On MLS? [SocketSite]

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

July 13, 2006

Now We’re Cooking

While we might not share the same taste in décor (or wallpaper), the listing for 1216 Haight Street caught our eye. Believe it or not, it’s not because of the three months on the market and a price reduction of at least $100,000 each month ($500,000 in total), but rather because it boasts a “gourmet kitchen” (and actually seems to mean it).

∙ Listing: 1216 Haight Street (4/3.5) - $1,995,000 [Pacific Union] [MLS]

Posted by socketadmin at 10:09 AM | Permalink | Comments (5) | (email story)

July 12, 2006

Loft Style Living In Pacific Heights

If you have a hankering for loft style living, but want a Pacific Heights address, you might consider taking a look at 2140 Bush. It’s an old-school style loft building (i.e., industrial conversion versus new construction) and sits just a half block off of Fillmore. The only unit currently on the market is #5 (listed for $1,195,000 or about $600/sqft) which has been reduced by $100,000 since hitting the market two months ago.

Of course we can’t help but notice that unit #8 sold for $1,168,000 (or about $650/sqft) in July of 2005. And despite the fact that it’s listed on the MLS as a two bedroom, it’s actually only one.

∙ Listing: 2140 Bush Street #5 (1/2) - $1,195,000 [Hill & Co.] [MLS]

Posted by socketadmin at 12:05 AM | Permalink | Comments (6) | (email story)

July 11, 2006

Bonuses At The Beacon

So while it’s not fifty percent, forty-three percent of the current re-sale listings for 260 King Street (The Beacon) have seen at least one price reduction. Unit #369 is advertising its “Final Price Reduction!” (there have been three) and “Need[s] to Sell Soon!” (it’s been on the market for two months); while unit #555 (floor plan above) “Won’t last long” (although it’s been on the market for four months and has been reduced three times as well).

And as Curbed notes, things might be slowing down at the sales office as The Beacon is now offering “a $2,500 Best Buy Gift Card in addition to our standard 2.5% broker commission fee” for brokers who can help close out the remaining new units. Nothing like a little friendly competition between the sales office and current owners/sellers to keep things interesting.

∙ The Cost Coming Down? [SocketSite]
∙ Listing: 260 King Street #369 (1/1) - $499,000 [MLS]
∙ Listing: 260 King Street #555 (1/1) - $609,000 [MLS]
∙ Walk Away with a Flat Screen TV [Curbed SF]

Posted by socketadmin at 2:39 PM | Permalink | Comments (1) | (email story)

Going Once, Going Twice…

Somehow we missed it when the price on 1200 Indiana was reduced another $200,000 (so many reductions, so little time…), and now it just might be too late. As Greg & Garrett note, it’s back in contract. [We just hope the new buyers aren’t counting on that $11,500 per month in rent to cover the mortgage, for as we understand it, the current owner is effectively “renting” to himself (i.e., business expense) and might not have negotiated the best of deals.] Now about that housewarming...

∙ 1200 Indiana: Flip Or Folly? [SocketSite]
∙ Add “Dramatic” To The Guide [SocketSite]
∙ 1200 Indiana--Will it Stay in Escrow??? [Greg & Garrett's]

Posted by socketadmin at 2:05 PM | Permalink | Comments (0) | (email story)

July 10, 2006

The Cost Coming Down?

Perhaps some homeowners (or agents…) in zip code 94114 (Noe Valley/Castro) let that 2005 Forbes ranking go to their heads. Or perhaps fewer properties are being “reasonably priced” in 2006. Either way, as of today, fifty percent of the single family homes listed in 94114 are now sporting a “Great New Price!” (or similar variant).

For example, 965 Elizabeth (“New Price!”) has been on the market for 74 days and reduced by $200,000; 893 Elizabeth (“GREAT NEW PRICE!”) has been on the market for 100 days and been reduced by $100,000; and 3777 22nd (“New Price”) has been on the market for only 33 days but has already been reduced by $105,000.

∙ The Cost of Living in Noe [Noe Valley Voice]
∙ Listing: 965 Elizabeth (2/2) - $1,195,000 [Coldwell Banker] [MLS]
∙ Listing: 893 Elizabeth (4/3) - $1,395,000 [Coldwell Banker] [MLS]
∙ Listing: 3777 22nd Street (3/1.5) - $1,545,000 [Pacific Union] [MLS]

Posted by socketadmin at 12:20 AM | Permalink | Comments (10) | (email story)

July 7, 2006

Welcome Back Sweet 519 Natoma

Perhaps Zephyr’s loss is your gain. 519 Natoma is back on the market with BJ Droubi, and while the location hasn’t changed and it’s still a TIC, the prices on the four units have been reduced from $30K to $70K. We're fans of the renovation, and if the glamour shots should tempt you, it’s open this Sunday (7/9) from 1-4 pm.

∙ 519 Natoma Overview [BJ Droubi]
∙ Listing: 519 Natoma St #A - $529,000 [MLS]
∙ Listing: 519 Natoma St #B - $539,000 [MLS]
∙ Listing: 519 Natoma St #C - $489,000 [MLS]
∙ Listing: 519 Natoma St #D - $419,000 [MLS]
∙ You Almost Had Us At Hello [SocketSite]

Posted by socketadmin at 3:29 PM | Permalink | Comments (5) | (email story)

1081 Pine Street Redux

1081 Pine Street is back on the market (or at least the MLS), has been reduced another $70,000 (now listed at $1,325,000), and is “On Tour as New.” And thanks to our research department (i.e., Google), we just discovered the original marketing site (floor plans!) for the entire building, and noted that #201 first sold for $1,149,000 in early 2004.

∙ Listing: 1081 Pine Street #201 (3/2) - $1,325,000 [Coldwell Banker] [MLS]
∙ Huge Reduction(s) At 1081 Pine Street [SocketSite]
∙ 1081 Pine Street Overview [louis-silcox.com]
∙ First Quarter 2004 Comps [ubayp.com]

Posted by socketadmin at 9:31 AM | Permalink | Comments (2) | (email story)

July 6, 2006

Even More Value At The Lansing!

It appears that The Lansing (“Where quality meets value!”) recently (i.e., yesterday) joined the Watermark, 776 Tehama, and 69 Clementina in discounting prices on brand-new condominiums. According to ZipRealty, the list prices for units #305 and #410 in The Lansing were reduced by $31K and $25K respectively.

∙ The Lansing (50 Lansing Street) [SocketSite]
∙ Watermark Signs Of Weakness? [SocketSite]
∙ They’re Back! [SocketSite]
∙ Price Reductions At 69 Clementina [SocketSite]

Posted by socketadmin at 8:33 AM | Permalink | Comments (1) | (email story)

June 29, 2006

Opportunity, Funk, And The Color Purple

Back in April, 2415 Van Ness #606 was advertised as a “rare opportunity” but failed to sell at $549,000. We’re hoping they used the past couple of months to remodel, because it’s back on the market, it’s still being advertised as a “rare opportunity,” and it’s now $579,000.

Speaking of random pricing strategies, we’re guessing that a bidding war failed to materialize for 142 Saturn. The “Offers on 6/21” deadline has come and gone, it’s still active, and now they’ve raised the price by $251,000. As ReyEstate notes, something smells a bit funky.

And finally, we’d like to think of it as evidence of some cosmic pricing karma rather than evidence of a changing market, but either way, the list price for 321 Langton #11 (“Bait And Switch On MLS?”) has been reduced by $30,000. This time for real.

∙ Tip Of The Day [SocketSite]
∙ Listing: 2415 Van Ness Ave #606 (1/1) - $579,000 [MLS]
∙ Betting On A Bidding War? [SocketSite]
∙ Listing: 142 Saturn (3/2) - $1,250,000 [MLS]
∙ What's That Smell Coming From Uranus? [ReyEstate]
∙ Bait And Switch On MLS? [SocketSite]
∙ Listing: 321 Langton #11 - $649,000 [Urban Bay]

Posted by socketadmin at 12:00 AM | Permalink | Comments (3) | (email story)

June 28, 2006

What’s After Anxious?

According to the listing for 855 Oak Street, the “Seller [is] anxious!” That might explain the $701,000 (41%) price cut a month ago (and yet it's still on the market).

∙ Listing: 855 Oak Street - $999,000 [MLS]

Posted by socketadmin at 8:00 AM | Permalink | Comments (1) | (email story)

June 26, 2006

Irony Or Foreshadowing?

It probably didn’t seem quite so ironic to have originally included “Sellers to remain on the property at no cost until 9/29” in the listing for 1141-1145 Filbert. But after two months on the market, and a $1,250,000 (25%) reduction, it's looking like the sellers just might have an opportunity to “remain on the property” even longer.

∙ Listing: 1141-1145 Filbert Street - $3,700,000 [Coldwell Banker]

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

June 19, 2006

Betting On A Bidding War?

A tipster notes that after two weeks on the market, the list price for 142 Saturn was reduced $124,000 (8.8%). Three weeks later, the price was dropped another $276,000 (27.6%). With “Offers on 6/21,” we’re guessing that they’ve changed pricing strategies from “reaching for the stars” to “betting on a bidding war.” And let’s not forget, if this one sells for $1 over $999,000 (which is $400,000 less than the original list price) it will be recorded, and touted, as “Sold for over asking!”

∙ Listing: 142 Saturn (3/2) - $999,000 [MLS]
∙ The Neighborhood Smackdown Starts [SocketSite]

Posted by socketadmin at 11:21 AM | Permalink | Comments (1) | (email story)

June 16, 2006

Free Plasmas Coming Soon?

Two months ago we introduced you to Alamo Square at which time the sales office was reporting “approximately 60% sold” with one-bedrooms from $535,000 and two-bedrooms from $695,000. Well, it appears that selling at least a portion of that last 40% is proving to be a bit of a challenge as Alamo Square is now advertising one-bedrooms from $519,000, two-bedrooms from $659,000, and “2 Years of HOA Dues Paid!”

∙ Semi-New Development: Alamo Square [SocketSite]

Posted by socketadmin at 12:15 AM | Permalink | Comments (0) | (email story)

June 15, 2006

RealRecentReductions: Twofer

After over a year on the market (listed 5/9/05), 3367 Washington has just reduced their asking price by $250,000 (4.2%). While on the same day, and after only a month on the market (listed 5/10/06), 765 Market #22A reduced their asking price by $200,000 (5.2%). And if for some strange reason 765 Market seems familiar but you just can’t seem to place it…it’s the Four Seasons.

∙ Listing: 3367 Washington (5/4.5)- $5,700,000 [Sotheby’s] [MLS]
∙ Listing: 765 Market #22A (3/3.5) - $3,595,000 [Coldwell Banker] [MLS]

Posted by socketadmin at 1:20 AM | Permalink | Comments (0) | (email story)

June 12, 2006

Krafft Work

A turn of the century condo at 2616 Jackson, and which is “attributed to renown [sic] architect” Julius E. Krafft, has been on the market for three months and has just undergone a second “Unbeatable price reduction!” of $405,000 (first reduction was $200,000). The condo is now listed at $3,995,000 (believe it or not, a relative bargain for a Krafft home). Which brings us to our handy hint of the day: “renown” is a noun; “renowned” is an adjective.

∙ Listing: 2616 Jackson (4/3.5) - $3,995,000 [californiamoves.com] [MLS]

Posted by socketadmin at 12:15 AM | Permalink | Comments (0) | (email story)

June 8, 2006

Even More Instant Equity!

In April we alerted you to the “instant equity” over-promise of 618 Precita Ave. And now a tipster points out that the property was re-listed at a reduced price two weeks ago, and was then reduced yet again last Friday (now listed at $799,000). For those of you who are keeping track, that’s a total of six reductions and a new RealRecentReductions record!

∙ Instant Equity! (a.k.a. Free Money) [SocketSite]
∙ Listing: 618 Precita Avenue (3/1.5) - $799,000 [Home 4 Less]
∙ Yet Another Cut [SocketSite]

Posted by socketadmin at 12:05 AM | Permalink | Comments (0) | (email story)

June 7, 2006

Not Huge (But Not Bad)

Despite a “Huge Price Reduction of $406,000!" this past April, 1081 Pine Street #401 failed to sell and has since changed brokers and been reduced by another $194,000 (7.8%).

∙ Huge Reduction(s) At 1081 Pine Street [SocketSite]
∙ Listings: 1081 Pine Street #401 (3/3) - $2,295,000 [MLS]

Posted by socketadmin at 12:05 AM | Permalink | Comments (0) | (email story)

June 6, 2006

That's $50,000 Per Week

After less than two weeks on the market, 1515 Lyon Street has been reduced $100,000 (6.9%). Apparently people are getting jumpy out there. And the market has most definitely changed.

∙ Listing: 1515 Lyon (3/3) - $1,350,000 [McGuire] [MLS]
∙ A Premature Reduction? [SocketSite]

Posted by socketadmin at 12:00 AM | Permalink | Comments (0) | (email story)

June 5, 2006

They’re Back!

As we expected, at least 7 of the listings in the 776 Tehama/1277 Howard development are back on the MLS with…wait for it…new pictures, new MLS numbers, and new prices. So while it might appear like the units have only been on the market for a week, they’ve actually been on the market for two months. And their prices have been reduced from 2% (#3) to 13% (#15).

∙ When “SOLD!” Really Isn’t Sold [SocketSite]
∙ 776 Tehama/1277 Howard: Pricing [SocketSite]
∙ Listing: 1277 Howard #3 (2/2) - $735,000 [Vanguard] [MLS]
∙ Listing: 776 Tehama #6 (1/1) - $469,000 [Vanguard] [MLS]
∙ Listing: 776 Tehama #10 (1/1) - $515,000 [Vanguard] [MLS]
∙ Listing: 776 Tehama #11 (2/2) - $695,000 [Vanguard] [MLS]
∙ Listing: 776 Tehama #13 (1/1) - $529,000 [Vanguard] [MLS]
∙ Listing: 776 Tehama #15 (1/1) - $479,000 [Vanguard] [MLS]
∙ Listing: 776 Tehama #17 (2/2) - $749,000 [Vanguard] [MLS]

Posted by socketadmin at 12:10 AM | Permalink | Comments (1) | (email story)

May 30, 2006

We’ve Added “Fantastic” To The List

Not “Dramatic”, “Drastic”, “Big”, “Major”, or "Huge"; but rather a “FANTASTIC PRICE REDUCTION!” for 65 Saint Germain (reduced by $625,000 (11.1%) and now listed at an even $5,000,000).

Update: A day after we noted the "FANTASTIC" $625,000 reduction, Hill & Co. dropped the price by another $500,000 (now listed at $4,500,000). And as Curbed SF points out, 65 Saint Germain is now listed at $2,250,000 below its original list price of $6,750,000.

∙ Add “Dramatic” To The Guide [SocketSite]
∙ A SocketSite Guide To Price Reductions [SocketSite]
∙ Listing: 65 Saint Germain (5/5.5) - $5,000,000 [Hill & Co.] [MLS]
∙ Price Choppers! Where are they Now? [Curbed SF]

Posted by socketadmin at 8:40 AM | Permalink | (email story)

May 19, 2006

When “SOLD!” Really Isn’t Sold

Despite being marketed as “SOLD!” over the past six weeks, we recently noticed a listing for 776 Tehama #9. As we previously noted, #9 is a Below Market Rate (BMR) unit and will be offered through the Mayors Office of Housing for $247,566. Not a bad deal considering that unit 6 (same floor plan on the floor below) was originally listed for $519,000.

Then again, according the 776 Tehama website only two of the 15 market rate units in the development (776 Tehama/1277 Howard) have actually sold (#7 and #13); prices have been reduced across-the-board (unit 6 was lowered $50K to $469,00); the listings are now advertising “Seller will pay HOA dues for a year”; and as best we can tell, all of the active listings for 776 Tehama and 1277 Howard were recently removed from the public MLS (usually an attempt to obscure inventory levels, days on the market, or price cuts).

∙ Listing: 776 Tehama #9 (1/1) - $247,566 (BMR) [Vanguard]
∙ 776 Tehama/1277 Howard: Pricing [SocketSite]
∙ Mayor’s Office of Housing [SFGov]
∙ 776 Tehama & 1277 Howard [776 Tehama]
∙ Listing: 776 Tehama #6 (1/1) - $549,000 [Vanguard]

Posted by socketadmin at 3:48 PM | Permalink | Comments (0) | (email story)

May 18, 2006

A Premature Reduction?

After a whopping eight days on the market, the asking price for 32 Arnold Avenue was reduced 5% from $875,000 to $829,000 (according to ZipRealty). We can’t help but wonder: a lack of patience, a lack of pricing acumen, or a lack of reality?

Listing: 32 Arnold Avenue (2/2) - $829,000 [Zephyr]

Posted by socketadmin at 12:08 AM | Permalink | Comments (0) | (email story)

Is It The Location, Market, Or Peskin?

When two months on the market and $30,000 in reductions (per unit) doesn’t get it done, perhaps another round of “MAJOR” reductions (between $30,000 and $70,000) and a deadline (“OFFERS DUE FRIDAY MAY 26 by 5:00PM”) will do the trick. Rest assured, we’ll be checking in on the 27th…

• Listing: 744 Clementina #1 (1/1) - $279,000 [MLS]
• Listing: 744 Clementina #2 (2/1) - $299,000 [MLS]
• Listing: 744 Clementina #3 (2/1) - $299,000 [MLS]
• Listing: 744 Clementina #6 (2/1) - $299,000 [MLS]

Posted by socketadmin at 12:07 AM | Permalink | Comments (0) | (email story)

May 15, 2006

Yet Another Cut

Ladies and gentlemen, it looks like we have a new RealRecentReductions record! The asking price for 1106 Shotwell #A has been reduced for a 5th time (now $280,000; down $19,900, or 6.6%). And no, no Ellis Act or Owner Move In (OMI) evictions on record (according to the listing).

We’re guessing this isn’t especially welcome news to the folks that are (or perhaps were…) in contract on the rest of the units in the building (TIC).

∙ Listing: 1106 Shotwell #A - $280,000 [MLS]
∙ Four Paper Cuts [SocketSite]

Posted by socketadmin at 12:19 AM | Permalink | Comments (0) | (email story)

May 11, 2006

On To Plan R

When a “cleverly disguised remote controlled hidden bed” doesn’t get the job done, perhaps a “HUGE PRICE REDUCTION!” and “SELLER CREDIT TO BUYER 1 YEAR HOA DUES” might help. Then again, when the "HUGE PRICE REDUCTION!" is only $20K (or 4%), maybe not. (And it's a sure sign they're not 'plugged in' to the SocketSite Guide To Price Reductions.)

∙ But What About The Television? [SocketSite]
∙ Listing: 1255 California #102 - $467,000 [MLS]
∙ A SocketSite Guide To Price Reductions [SocketSite]

Posted by socketadmin at 2:01 PM | Permalink | Comments (0) | (email story)

May 9, 2006

New York Times Not Fact Checking?

The New York Times pronounces “A Chill Is in the Air for Sellers,” especially in San Rafael. In principle we agree, but based on what we know about the market, something just didn’t jibe with at least one part their article. So we did some quick fact checking. From the Times:

A house at 57 Marina Boulevard in San Rafael, across the bay from San Francisco, was originally listed at $1.45 million. The owner recently dropped the price to $949,000 when a competing house on the same street lowered its price to $959,000, from $989,000.

It’s true, the list price of the house at 57 Marina Boulevard has been reduced (in fact, twice). But the original listing price, back in March, was $1,045,000 (not $1,450,000). After a month on the market it was reduced 4.5% to $997,500, and then again by 4.9% to $949,000 last week (for a total reduction of about 9%).

And yes, a 9% reduction is noteworthy, but it’s a far cry from the 34% drop the New York Times is reporting. As far as the rest of the article, it seems right, but we're still checking...

[Update: Rest assured, the principal in charge of proof reading for SocketSite will be reprimanded for not catching that 'principle' blunder...]

∙ A Chill Is in the Air for Sellers [NYT]

Posted by socketadmin at 5:28 PM | Permalink | Comments (4) | (email story)

April 17, 2006

Huge Reduction(s) At 1081 Pine Street

We’ve often wondered what lies hidden beneath the relatively modern exterior of 1081 Pine Street, and thanks to Joel Goodrich, now we know.

Unit #401 is currently listed at $2,489,000 and boasts a “Huge Price Reduction of $406,000!”, while unit #201 (currently listed at $1,395,000) is apparently a bit more demure and doesn’t even mention the $90,000 reduction that occurred over a month ago.

∙ Listing: 1081 Pine Street #201 (3/2) - $1,395,000 [Joel Goodrich] [MLS]
∙ Listing: 1081 Pine Street #401 (3/3) - $2,489,000 [Joel Goodrich] [MLS]

Posted by socketadmin at 11:32 AM | Permalink | Comments (0) | (email story)

Four Paper Cuts

Perhaps a new record (and trend?): four price reductions over two months.

Part of a newly formed four unit TIC, 1106 Shotwell Street first hit the market almost five months ago on 11/21/05. Unit A was originally listed at $360,000 and was reduced to $349,000 in January; to $339,000 in February; to $325,000 at the beginning of March; and then to $299,000 on March 17th. As of today, it’s still available.

∙ Listing: 1106 Shotwell Street #A - $299,000 [MLS]

Posted by socketadmin at 10:10 AM | Permalink | Comments (0) | (email story)

April 14, 2006

Eighteen Percent Of (The) Midtown For Sale

Sporting a “New Price” (originally $1,200,00), new paint (we’re biting our tongues), and a new MLS number (soon to be filed under ‘trends’), unit #21 in The Midtown (1452 Bush Street) joins the three other units (#3, #9, #16) currently for sale in the twenty-two unit building.

∙ Listing: 1452 Bush Street #21 (3/3.5) - $1,125,000 [MLS]
∙ Locking In Gains At The Midtown? [SocketSite]

Posted by socketadmin at 11:53 AM | Permalink | Comments (4) | (email story)

April 13, 2006

Those Damn Neighbors Redux?

What to do when another condo in your building (1755 Jackson) hits the market for $150K less than you're asking, offers the same square footage is larger (1985 versus 1906 sqft) and configured as a 3/3 (versus a 2/2.5), and boasts two in-building (versus down the block) parking spaces? Perhaps drop the price by $100K.

And if possible, re-list on the MLS without the unit number in order to obscure the DOM and price reduction (1755 Jackson #303 was originally listed at $1,495,000 $1,625,000).

In either case, and as always, don't forget to invite us to the housewarming(s).

UPDATE: Apparently the most recent reduction to $1,395,000 wasn’t the first as #303 was listed at $1,625,000 back in January, and #303 is actually 79 sqft smaller than #201 (thanks Kimberly).

∙ Listing: 1755 Jackson St. #303 - $1,395,000 (2/2.5) [BJ Droubi] [MLS]
∙ Listing: 1755 Jackson St. #201 - $1,345,000 (3/3) [Coldwell Banker] [MLS]
∙ The original Those Damn Neighbors [SocketSite]

Posted by socketadmin at 4:56 PM | Permalink | Comments (1) | (email story)

April 3, 2006

Add “Dramatic” To The Guide

The infamous 1200 Indiana has undergone a “Dramatic Price Reduction” of $190,000 (8.6%) and can now be yours for $1,998,000.

Before you call your broker, keep in mind that this is a commercially zoned building which means a traditional mortgage isn’t going to fly (think commercial loan or all cash). Then again, if you're looking for a super swanky business expense...

∙ A SocketSite Guide To Price Reductions [SocketSite]
∙ Listing: 1200 Indiana - $1,998,000 [MLS]
∙ 1200 Indiana: Flip Or Folly? [SocketSite]
∙ Speaking Of Bachelor Pads… [SocketSite]

Posted by socketadmin at 8:20 AM | Permalink | Comments (0) | (email story)

March 31, 2006

2576-2580 Washington: RE-PRICED TO SELL NOW!!!

From the same people who brought you a "Huge price reduction!!!" of $252,000 (7.8%), we now have 2576-2580 Washington “RE-PRICED TO SELL NOW!!!” at $2,889,000.

That’s right, take another $109,000 (or 3.6%) off the list price, and add another entry to the SocketSite Guide to Price Reductions, and re-ink the exclamation point key on the old typewriter.

∙ Listing: 2576-2580 Washington - $2,889,000 [MLS]
∙ A SocketSite Guide To Price Reductions [SocketSite]

Posted by socketadmin at 12:51 PM | Permalink | Comments (0) | (email story)

March 20, 2006

Update: 2257 Green Sells (Spoiler Alert…)

Our previous coverage of 2257 Green Street generated a fair amount of buzz, intrigue, and speculation. You might remember that this house was originally listed at $5.2M, was later reduced to $3.495M, and was finally reduced to $2.595M.

We also reported that according to Zillow, the house last changed hands on 5/15/2000 for $3.0M. And that Zillow estimated that the house should be worth approximately $3.77M.

Well, according to our sources, the actual contract price appears to be…$2.9M. And while it’s sure to be reported as ‘12% Over Asking!’, it’s also $100K below what the sellers paid in 2000, 44% below it’s original asking price, and approximately $870K, or 23%, below Zillow’s estimate.

Somebody A lot of people have got some a lot of explaining to do. [Note to buyer: don't forget to invite us to the housewarming.]

∙ Did Somebody Just Get Zillowed? [SocketSite]
∙ Third Time (And 50% Off) Is Definitely A Charm [SocketSite]

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

March 15, 2006

A SocketSite Guide To Price Reductions

Ever since we pointed out that $24,000 “drastic” price reduction, we’ve been wondering: what’s the difference between a “drastic”, “big”, “major” and "Huge" price reduction? Well, we now have answers!

Based on current listings, it appears that while a “drastic” price reduction is $24,000, a “BIG REDUCTION!” is $51,000, a “Major Price Reduction!” is $101,000, and a "Huge price reduction!!!" is $252,000. (Due to data limitations, however, we’re still unable to isolate how ALL CAPS and exclamation points play into the equation.)

And interestingly enough, the biggest reductions ($2,000,000) all seem to go unadvertised…

∙ Listing: 1452 Bush Street #21 - $1,149,000 [MLS]
∙ Listing: 1330 Chestnut Street - $1,149,000 [MLS]
∙ Listing: 2576-2580 Washington - $2,998,000 [MLS]
∙ Listing: 2700 Broadway - $12,500,000 [MLS]

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

March 13, 2006

One Listing, Two Perspectives

We’ve had our eye on 1001 California #7 for quite some time (and not because it has two fireplaces). One, because it’s just plain gorgeous; two because it was marked down from at least $3,675,000; and three, because the listing was recently advertising “Seller will pay two years of Home Owner Association Dues for Buyer.”

Although two years of HOA wouldn’t normally be much to celebrate, when the monthly HOA is $4,450 (which doesn’t include parking), it definitely catches your attention. And while it seems that the listing has either recently been withdrawn from the MLS, or perhaps sold, the most recent listing price was actually $3.4M (not $3.5M).

Let's just consider that $100k a little gift from us to you...

∙ Listing: 1001 California Street #7 - $3,400,000 [MLS] [Listing Agent]
∙ Curbed SF Three-Pack: Let's Get Fireplaced [Curbed SF]

Posted by socketadmin at 12:10 AM | Permalink | Comments (0) | (email story)

February 8, 2006

Did Somebody Just Get Zillowed?

According to Zillow.com, the house at 2257 Green Street last sold on 5/15/2000 for $3,000,000 and should now be worth (approximately) $3,770,914 (give or take half a million).

What's interesting is that 2257 Green failed to sell when it was listed at $3,495,000, and was recently reduced to $2,595,000 (now in contract). Sombody's got some explaining to do.

And this might be premature, but it's possible somebody just got Zillowed!

UPDATE: 2257 Green Street sold for $2,900,000 on 2/22/06.

∙ Third Time (And 50% Off) Is Definitely A Charm [SocketSite]

Posted by socketadmin at 2:58 PM | Permalink | Comments (2) | (email story)

January 31, 2006

Third Time (And 50% Off) Is Definitely A Charm

A reader’s tip (thank you!) led us to dispatch a team to 2257 Green Street for this morning’s broker’s tour. We’re not sure if it was the free catered brunch, the property itself (gorgeous views and a fantastic remodeling), or the fact that the listing price has just been reduced for the third time, but brokers were swarming the house.

A little history: the original listing price was $5.2M, which was then reduced to $3.495M by McGuire, and has now been reduced to $2.595M by Ritchie-Hallanan. After three brokers and a 50% price reduction, this one might actually be priced right. So go get it. And as always, don’t forget to invite us to the house warming.

∙ Listing: 2257 Green Street - $2,595,000 [MLS]

Posted by socketadmin at 12:25 PM | Permalink | Comments (0) | (email story)

January 30, 2006

Single Price Reductions Are Just So Early January

Guessed wrong Overly optimistic about the value of your listing? You’re not alone. Looks like “Second Price Reductions” might be a growing trend as you can add 897 Hayes Street (reduced $200K and advertising: “Second Price Reduction - - Bring all offers") to the list.

∙ Listing: 897 Hayes Street - $1,095,000 [MLS]

Posted by socketadmin at 1:17 PM | Permalink | Comments (0) | (email story)

Update: 2918-2924 Pine Street Price Reduction

The information continues to flow with regard to the recent price reduction of 2918-2924 Pine Street. Apparently it was Hill & Co. that lost the listing, and this is actually the second time the price has been reduced (from an original $1.6m). Despite what the listing advertises, it’s now a $300k (19%) reduction off the original asking price.

Let's just consider that extra $50k a little gift from us to you...

∙ Another Broker Kicked To The Curb [SocketSite]

Posted by socketadmin at 12:19 PM | Permalink | Comments (0) | (email story)

January 29, 2006

Another Broker Kicked To The Curb

2918-2924 Pine is back on the market with a new broker, and a new price to match. The property is now listed at $1.3M, a $250K (16%) drop from the original asking price of $1.55M. And insiders tell us that the owners walked away from a below asking offer late last year.

∙ Listing: 2918-2924 Pine Street - $1,300,000 [SF MLS]

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

January 27, 2006

RealRecentReductions: 1914 Greenwich Street

“Reduced $155K – Look Again” the listing begs (that's a discount of 6.6% on a new listing price of $2.195m). The house is in a great location, and it’s spacious, but it still needs a lot of updating (just take a look at the kitchen). And only one parking space?

∙ Listing: 1914 Greenwich Street - $2,195,000 [SF MLS]

Posted by socketadmin at 8:12 PM | Permalink | (email story)

January 24, 2006

Inconceivable!

The listing for 66 Cleary Court #708 reminds us of that immortal quote from Inigo Montoya in The Princess Bride: “You keep using that word. I do not think it means what you think it means."

This listing touts a “$24K drastic price reduction!” on a listing price of $675k. That’s right, a “drastic price reduction” of 3.4%. And it’s still available? Inconceivable!

∙ Listing: 66 Cleary Ct #708 ($675k) [SFMLS]

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

January 23, 2006

2967 Pine Street: New Broker, New Price

It might be listed as “On Tour as New”, but we know better. 2967 Pine Street is back on the market with a new broker and a new price. Apparently Sotheby’s has been kicked to the curb (the property is now listed with Brown & Co.), and the price has been reduced $225k (it was $1.65m, now $1.425m).

∙ Listing: 2967 Pine Street - $1.425m [Broker's Site], [MLS Listing]

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

December 19, 2005

Those Damn Neighbors

The listing price for the two bedroom house at 2401 Vallejo has been reduced $230,000 (to $1.99m). The property had been sitting on the market at $2.25m when their next-door neighbors put their more modern house on the market for $1.95m. Those damn comps (and neighbors).

∙ Listing: 2401 Vallejo, $1.99m [Pacific Union]

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

October 14, 2005

You Can Relist, But You Can’t Hide

It’s a dirty little secret of the real estate trade: relist (or in this case, change agents) in order to obscure a dramatic price reduction for a property. And it probably worked a lot better before SocketSite (and our readers) joined in the fun. From a reader’s tip:

"240 - 242 Roosevelt Way was listed at $2.1 million. It dropped to $1.9+ million. Then got relisted with another agent (likely to not show a huge price reduction) currently at $1.575 million."

And yes, listed as "On Tour as New" in the MLS. Excellent, let’s keep ‘em coming. And oh, we almost forgot the best part of the tip: “Love your site.” Aww, shucks...

∙ Listing: 240-242 Roosevelt Way, $1.575m [SF MLS]

Posted by socketadmin at 10:58 AM | Permalink | (email story)