The Great Egg Edition: Easter 2012 in SF Real Estate
The Egg-strodinary State of SF Real Estate This Week:
Inventory is low, buyers are eager, plentiful and qualified and offers are a plenty.
In sum, it’s rolling and moving:
For example: 1225 Quintara, the restored single family home in the Parkside, list at $788,000, owners would have accepted $800,000 before the first open house – when nobody acted, it went into contract well-above that $800k pre-sale price closer to the $900k region.
The 2 unit, 1 commercial, corner lot building at 18th Street and Clover in Eureka Valley, listed at $599,000 received 22 offers – yes – 22!
The 2 bedroom, double loft at 701 Minnesota listed at $849,000 received two offers and went into contract above the list price.
The last of the Penthouse Units at Esprit Park in Dogpatch went into contract and the sales office is no longer negotiating on price at the development.
The single family home in Miraloma listed at $679,000 that I offered a sneak peak preview of a couple of weeks ago received 7 offers with the parties ratifying above the asking price. And just think people said that no house in Miraloma would be worth more than $700,000. Who has egg on their face now?
The 2 bedroom condo in Bernal Heights at 611 Peralta went well over its $545,000 asking price. Consider this: a nearly identical unit there sold at $515,000 a year ago while this unit was listed at $545,000, ratified closer to $600,0000 and did so with less than 10 days on the market.
Even in the Bayview a home that was listed on Palou for $320,000 went over over the asking with multiple offers.
How can you unscramble this egg-strodinary market?
1Buyers need to be able to perform right away: We are in a for-profit world now and the ‘list price’ is only the price of admission to the bidding process in many cases. Therefore, buyers must be well-qualified and ready to go to table. Analysis paralysis and indecision will lead you to having egg all over your face.
2This market changes every week – there’s no rhyme or reason why. It’s just how the egg rolls.
3The only thing that is certain: Us real estate types can handle it for you. Yes, we’re going to work our tails off for you, but the blossom in the bloom is out there!
About to Hatch: Sneak Peaks & Advances
My sources have told me the following homes are coming on the market – if you want to act on the, then hop into action right away!
Mission Dolores – 100 block of Landers Street, off of 15th St, between Church and Dolores, 2 bedroom, 2 level, bright, sky light, patio condo with parking in a strong association that has private out door space with common amenities. The home is a perfect gallery-style house with chic white interiors. Expected list price $799,000, on the market within 2 weeks.
Mission/Media Gulch 600 block of Alabama St., newer large condo development unit on the third floor with courtyard views, 2 bedroom, 2 bath, 1 parking condo with modern kitchen with fantastic location and HOA dues that are expected to come down by the time escrow closes. Expected list price $649,000+, on the market within 2 weeks.
SoMa the Palms, 555 4th St., third-floor 2 bed, 2 bath condo with parking in the iconic SoMa building, corner unit facing Fourth Street, expected list price $720,000, on the market within the next 2 to 3 weeks.
North Beach 1 bedroom TIC no parking in 8-unit building coming for $299k
Pac Heights 1+ bedroom with possible 2 car parking at 1856 Franklin St., $499k with 1 car $550k with 2 spaces
Buena Vista Heights 2 vacant flats on Buena Vista Terrace, remodeled 2 bedroom 1 baths with fireplaces and separate garages. Around $1.6M