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August 31, 2011

Market Mood Swings: Pacific Heights

Two recent sales in Pacific Heights exemplified buyers’ extreme purchasing activities. It just goes to show you that buyers really will determine market value.

First up is 68 Presidio at Jackson:

The 4BR/3.5BA home was originally listed in March for $3,750,000. It sat on the market until this month, when the property changed hands for $3,382,500. It pays to wait around sometimes in the luxury market. Last sold for $2,750,000 in 2007, it’s nice to see that the sellers might have made a profit.

At the other end of the spectrum was the sale at 2440 Vallejo at Pierce:

The 5BR home was listed in early July for $4,750,000, and closed escrow in mid August for $5,250,000. In 18 days. So when you ask your agent how the market is doing, and whether most buyers are lowballing sellers these days, the answer is “no.”

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