The 4BR/3BA home at 112 Lunado Way in Ingleside Terrace first came on the market in February at $1,650,000—potentially ready to ride the coattails of the April 2009 sale of neighbor 25 Mercedes. The latter had sold for $1,765,000 after 112 days on the market. But it was also the most expensive home sold last year within the confines of Ingleside Terrace.
However, no buyers materialized for Lunado at its initial list price, and after a series of reductions, the property sold last week for a more realistic $1,289,000. Indeed, the median price for the area over the past year was $1,083,800.
So buyers, it goes to show you that, given enough time and sufficient reality doses, some sellers will sign on the dotted line for significantly less than asking. But it just may take time (about four months, in the case of Lunado). And make no mistake: There are seemingly plenty of buyers looking for $1M+ homes in San Francisco. But many of them are sitting on the sidelines, waiting to make the right move at the right time.