CATEGORY ARCHIVE: RealRecentReductions
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 (15) | (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.
∙ 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 (28) | (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]
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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]
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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 (20) | (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 (26) | (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 (3) | (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