The rule of thumb in San Francisco real estate is that if you’re sitting on the market for a very long period of time—and the holidays are approaching—-it’s highly likely you’ll eventually sell for significantly less than your original list price. Though most sales in our city are closing for above list price, I did find some recent sales that wrapped up after Thanksgiving.
In other words, the sellers came to grips with the reality of their home’s worth, and got it all done before the end of the year:
Original List Price: $1,950,000
Sale Price: $1,410,000
Days on Market (DOM): 57 days
Views certainly count for something in San Francisco, but so do the number of bedrooms, parking availability and location. 21 Laidley doesn’t have parking, and though it’s in a nice part of Glen Park, the two-bedroom limit and a tucked-away locale didn’t quite merit an almost $2M price tag. I think the buyer paid an appropriate price for 21 Laidley.
1081 Pine #401
Original List Price: $3,125,000
Sale Price: $2,300,000
1081 Pine #401 is a two-level townhome with a nicely remodeled kitchen, private balcony, three bedrooms/baths, and two-car parking. It also carries a $900/month HOA fee and is situated on a busy street. So the $3M+ starting point did seem wildly ambitious. But hey, if you’re a seller who’s not in a hurry, you can list in the summer and wait around for a buyer to pay your price. That didn’t happen, but they sorted things out in early December, probably dreading making a go of it in 2014 with an overpriced downtown condo listing. And the buyer paying all cash undoubtedly greased the wheels.
Original List Price: $4,500,000
Sale Price: $2,900,000
DOM: 234 days
Located on a prime Nob Hill street, 1350 Jones is a London townhouse-style single-family home with interesting architectural details. But it basically needs to be completely updated, so the more palatable $2.9M selling price will most likely allow the buyers to invest in some remodeling and create a very cool home.