The media and local blogs love to grab headlines by touting the latest crazy overbids made by buyers who don’t think much of throwing hundreds of thousands of dollars at sellers. (Yes, I cover these overbids occasionally, as well, because they’re an intrinsic part of the current market here.) Homeowners love those headlines, but would-be buyers cringe.
But the latest news is that there are certain segments of the market that are softening, as evidenced by several July sales.
2M+ Single-Family Homes: Houses in this price range are spending an average of 51 days before they go into contract. Several buyers got pretty good deals in July on these properties:
324 3rd Avenue (5BR/4.5BA)
Inner Richmond
List Price: $2,995,000 Sale Price: $2,900,000
1926 Lake Street (5BR/3.5BA)
Lake District
$2,895,000 / $2,850,000
271 Upper Terrace (1BR/1BA)
Ashbury Heights
$2,995,000 / $2,200,000
1450 Masonic (6BR/5.5BA)
Buena Vista/Ashbury Heights
$5,995,000 / $5,375,000
1909 Vallejo (4BR/3.5BA)
Pacific Heights
$3,750,000 / $3,625,000
68 Presidio Avenue (5BR/5.5BA)
Presidio Heights
$8,995,000 / $7,750,000
2602 Pacific (6BR/6.5BA)
Pacific Heights
$8,995,000 / $8,250,000
Condos in Big Buildings: Units in larger properties in South Beach and Mission Bay are definitely seeing a fair amount of under-asking sales. Buyers should target The Beacon, Metropolitan, Infinity, The Brannan and Watermark, particularly at the $1.5M+ price point. Here’s a lineup of sales that probably weren’t what their sellers had hoped for:
260 King #509
List Price: 665,000 Sale Price: $659,000
250 King #706
$749,000 / $723,000
207 King #512
$1,325,000 / $1,125,000
435 China Basin #444
$1,399,000 / $1,350,000
300 3rd Street #1007
$759,000 / $750,000
333 Main #7H
$679,000 / $650,000
355 1st Street #S807
$1,195,000 / $1,120,000
501 Beale #12D
$1,488,000 / $1,450,000
338 Spear #14F
$1,525,000 / $1,465,000
229 Brannan #12G
$1,629,000 / $1,525,000
501 Beale #18D
$1,885,000 / $1,860,000
338 Spear #41E
$2,690,000 / $2,600,000