The Week from July 20, 2015

The Bay Area is still on our minds as we’re among the red brick and sand of the Bay State       

Greetings from Provincetown and Boston — the land of ‘chowda’ stunningly cute New England houses with thriving gardens and flowers, amazing Beacon Hill Federalist row houses and cobblestone streets and a place where the last of the record-setting 10 feet of snow literally melted away just last week. Really. So while we’re out of town until Wednesday we’re staying on top of our clients’ business, helping a wonderful couple close of their Noe Valley penthouse condo, another family close on that large Noe Valley fixer and others bid on properties in the City. But seeing other parts of the country reminds us of how different the Bay Area really is and it’s also a nice break from seeing our stucco-clad homes revealing the wonders of red brick and they do love their black doors here! And yes, prices here are lower than prices back in the 415 but real estate here too is humming as cranes abound all around Boston and their analogous redevelopment project of their waterfront and the vacation homes in Provincetown that harken to wine country properties too. 

 

From Acorn Street in Boston’s Beacon Hill

 
Data of the Week

Over the past 7 days (July 12-July 19, 2015) we saw a modest 124 listings close escrow (as reported on the MLS). Again this reflects the typical range we’ve been seeing from 105-150 closings per week for the past year or two. Specifically:

  • 45 Single-family homes (only 2 sold under),
  • 71 Condos/TICs or co-ops,
  • 6 2-4 Unit buildings, and,
  • 1 lot and 1 commercial sale

This week’s Most-Over-Asking-Price Award for a single-family house goes to 2400 Pacheco, a corner Parkside home with 2 bedrooms, 1.25 baths with ocean and mountain views. With 1200 sqft of area the property also sits on a smaller-sized 2000 sqft parcel. There was a full basement with one car parking, laundry area, lots of storage area and 10+ foot ceilings with potential to develop. Listed at $799,000 the property closed at $1.2M (@$1000/sqft) or at 150% of list after getting 14 offers with a financed offer winning in the end.