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July 19, 2010

Presidio Terrace, Bernal Homes Sell at Heavily Reduced Prices

One is a multi-million dollar 5BR home in a gated enclave in Presidio Heights, the other is a sub-$1M house on the edge of Bernal Heights that could use updating. Two worlds collided last week when these respective sales were reported—good examples of price flexibility in today’s market.

28 Presidio Terrace (below) was initially listed at $5,395,000. The home had 6,500+ square feet, an elevator to all floors, a pool table room and a park-like setting. By June, the price had been reduced to $4.6M. Final all-cash selling price: $4.4M. (Reported price was $4,287,000, but the buyer’s agent apparently waived commission. But that’s a whole other story.)

On the other end of town is 44 Crescent:

The 2BR/2BA south Bernal home was listed in April for a whoppin’ $849,000, and was down to a more palatable $749,000 earlier this month. Final price? $660,000.

So buyers, if you like a property out there that may seem way beyond your budget—stick with it. You never know what’s possible. And sellers, best strategy is to price your house realistically. It’ll cut to the chase more quickly and you can move on.

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