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May 6, 2013

Mission Condo Seller Cuts to the Chase


I do appreciate when sellers of desirable properties situated in white-hot neighborhoods like the Mission bring their homes on the market for a price that at first seems aggressive, but on second glance, is actually probably dead on. In other words, why list low when you’re confident there are enough buyers out there looking for the type of home you have for sale—and willing to pay top dollar to beat out their competition?

Case in point: 736 Valencia #201, a 2BR/2BA condo with 1365 square feet, listed late last week for $1,550,000. The unit features an additional 1,000-square feet of outdoor space, and is situated in an eight-unit building constructed in 2010. The property is located right in the heart of the Valencia stretch at 20th Street. Boasting a spacious chef’s kitchen and other high-end finishes, 736 Valencia #201 has one-car parking and HOA dues of $436/month.

The current owner purchased the unit new in 2010 for $1.2M, and is now seeking a price that clocks in at $1135/square foot. This may seem eye popping. But if you’ve been closely been following the Mission market and new construction in San Francisco, prices are roughly $1000-$1200/sq foot, depending on the exact location, quality of finishes and overall amenities. Yes, 736 Valencia was built in 2010, and if this seller could get $350,000 more than he paid for it, props to him. But I won’t be surprised if someone pays that price or more, particularly with the continued low inventory in the Mission. There doesn’t seem to be any shortage of buyers willing to throw money at desirable properties in the neighborhood.

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