| What Sits, What Sells, What’s Been Pulled Off The Market | December 20th, 2007 |
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This leaves us with fewer homes for buyers to choose from right now. It leaves me mildly frustrated—I have serious buyers ready to go, but very little to show or sell them. The shortage of properties for sale this year seems worse than usual. I think it’s because homes that haven’t sold are going off the market. Some of these properties are being rented out—others will be back up for sale next year. The upside is that much of the inventory left right now can be had at a good priceMany of the homes going into contract right now have worn-out sellers who are ready to move on after undergoing a series of price reductions. This morning I checked on the status of properties I’ve previewed over the past couple of months. What follows are “tales from the trenches” about properties that sit then sell, sit then get pulled off the market, or sell right away A “Sit then Sell” Story Two lofts– at 322 6th Street, unit #8 and unit #12–came on the market a week apart in late September/early October. This part of 6th Street is three long blocks away from the grit, grime and vagrancy you get up near Mission Street. Built in 2001, the lay-outs are typical for buildings of this vintage, with an open living/dining/kitchen down and generous loft space upstairs. #12 had the benefit of being one floor higher than #8, with some good views back towards downtown. Unit #8 was listed for $679,000. #12 came on right afterwards for $649,000. After that the agents began reducing their prices to stay competitive with each other. Unit #8 was more aggressive with price reductions and dropped its price to $629,000 before going into contract on November 10. Unfortunately the deal fell apart and the unit came back on the market two weeks later at a still lower price of $619,000. There was one more price drop to $609,000 before the property went back into contract just a few days ago. Unit #12 also found a buyer a few days ago but only went through one price reduction to $639,000. The sales prices for both units can’t be revealed until after they close. Please email me if you would like further information. A “Sit and Then Withdrawn Story”– 2479 Diamond Street I’m actually sort of surprised that this 5br/3ba Glen Park house didn’t sell. It had great square footage, a cool open floor plan and three generously proportioned bedrooms upstairs. Maybe it was because the location seemed a little remote from Glen Park. Or maybe it was because the two bedrooms on the lower levels were so very (very!) small. There’s also a giant vacant lot in back that didn’t come with the property—right now it creates a lush setting for the home, but makes you wonder what it will feel like if and when the parcel is built on. The home hit the market in late July for $1,758,000. The timing couldn’t have been worse. The mortgage meltdown had just hit, and even in a hot market it would have been a really high price. Two months later the seller tried to catch up with his competition by dropping the price to $1,498,000, but by then it was too late. Today, the property was formally withdrawn from the market and leased out. The new tenants are advertising for roommates on Craigslist. A “Sell Right Away” story 1330 Greenwich — a funky cottage condo with parking on one of Russian Hill’s best blocks. The listing photos reveal a home heavy on charm with an enchanting garden, unusual wood trim and a period stone fireplace. The listing photos do not reveal the home’s poor condition or the wacky layout that that requires an entire gut and redo. Listed for $849,000 in early November, a lot of people couldn’t imagine the place going for much over $900,000. Even so, the home went into contract right away and closed escrow yesterday for $1,015,000. This is a prime example of how an emotional property can command a spectacular price, regardless of its condition. There were more “sell right away” properties this month than you might think– Media gloom and doom stories are eclipsing tales of well-priced properties that sell quickly like 1245 Anza, (condo listed for $599,000—sold for $637,500), 39 Ord (two units listed for $1,888,000—sold $2,189,000) and 568 29th Avenue (listed for $895,000—sold for 1,010,000). ************************************ See a sign on a home and want to know more? Want to know what happened to that place you saw on the market awhile back? Call me and I’ll fill you in on the details. I also love hearing from you no matter what the reason—so please don’t hesitate to get in touch! Your friendship, support, referrals and business has meant a lot to me over the past year. I look forward to seeing more of you in 2008! |
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