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October 28, 2013

Luxury Home Buyers Land Cash Discounts—Finally

It’s been a while since we’ve seen substantial discounts on San Francisco luxury properties. Many have sold for over the list price, and in rapid-fire fashion. But I found three homes that sold for significantly under their list prices, and which were also paid for in cash.

This trio of homes had been on the market a while, which lends credence to my belief that you shouldn’t discount properties with lengthy days on market (DOM) if you’re…looking for a discount.

Here’s the story behind the latest crop of bargain luxury properties:
167 Buena Vista
Buena Vista/Ashbury Heights

4BR/3.5BA, 5500 sq ft
DOM: 151
List Price $4,995,000
Sale Price $3,850,000
Sold 10/22/13

167 Buena Vista first came on the market for around $5M in the Spring. It’s on a double lot, and has city views, with a top floor “flex space” that can be used for a gym and office. Even so, this was a home that had potential, which means someone could come in and spend another half million to really kick things up a notch. At $3,850,000, there’s now some room to spend even more cash and achieve that potential.

341 Filbert
Telegraph Hill

3BR/3BA, 2890 sq ft
DOM 192
List Price $4,250,000
Sale Price $3,425,000
Sold 10/18/13

Offering a garden setting at the base of Coit Tower, 341 Filbert is a four-level home built in 1995 that has Bay and city skyline views. There’s also an elevator in the building, in case you get tired of running to all the different levels. No charming period details, but those views are incredible. The only downside is a smallish kitchen with turquoise cabinetry. But with the $825,000 chop off the original price, it may be time to update the kitchen.

101 Lombard #414E
North Waterfront

2BR/2BA, 1550 sq ft
DOM 28
List Price $1,798,000
Sale Price $1,610,000
Sold 10/16/13

The sale of 101 Lombard #414E wasn’t as dramatic as the previous two. But $188,000 off the list price these days is nothing to scoff at. This is the penthouse corner unit, with direct views of the Bay Bridge, Transamerica Building, Downtown, Treasure Island and Coit Tower from most rooms. There’s an impressive master suite and two walk-out view decks, as well as a private and exclusive-use roof terrace. HOA dues are $1166/month and include a pool and 24-hour concierge.

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