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March 23, 2015

Opportunities Abound in High-End Market


There are plenty of homes that have been sitting on the market in San Francisco for 21 days or more—especially for home buyers in the $2M+ range.

Of course, the buyer pool is smaller in this range. And in the same way that some sellers in lower price ranges set a list price that misfires, high-end homeowners can do the same thing. Buyers at all price ranges can be price sensitive; just because you’re ready and able to spend $6,000,000 doesn’t mean you’ll fork over that amount for a house that isn’t worth that price.

There are currently 50 single-family homes and 34 condos available in the $2M range. 32 of those houses and 21 condos have been sitting on the market for 21 days or more. In a booming market with limited inventory, it surprises me that any homes are sitting on the market at all.

Bottom line? There’s a good chunk of high-end inventory with a very narrow buyer pool—and good deals may not be far behind.

Take 908 Ashbury (see photo) originally listed for $3,995,000 at the end of February. It’s a big 4BR/3.5BA house with a legal one-bedroom apartment in the Buena Vista/Ashbury Heights neighborhood. The price was recently reduced to $3,595,000, and a glance at the comparable sales in the neighborhood makes me think that the value is there.

Don’t overlook the market sitters. They could be your best bet in a market where competitive buyer situations, multiple offers and overbidding are the norm.

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