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October 30, 2015

Price Reductions Creep Into San Francisco Market

Price reductions aren’t too common in the go-go market we’re experiencing in San Francisco right now. But they do happen occasionally. Savvy buyers know that price-reduced properties could be great opportunities to avoid multiple-offer situations and way-over-asking bids. Behind every price reduction is a motivated seller.

Of the 284 houses available now, only five have had recent price reductions. And only 14 of 354 active condo listings have chopped their list prices.

Here are my picks for three condos that are ready for offers now.

557 Birch / Hayes Valley
3BR/3BA, 1635 sq ft
1 pkg
557 Birch is a two-level penthouse in a two-unit building built in 2001. The property is situated on a small street in the heart of Hayes Valley, just a few blocks from the Hayes retail corridor. Birch came on the market at the end of September for $1,625,000. It’s now listed for $1,575,000. As a comparison point, the new construction condos at 555 Fulton nearby are selling for roughly $1300/sq foot; 557 Birch clocks in at just under $1,000/sq foot.

145 Gardenside #7 / Twin Peaks
2BR/1.5BA, 1014 sq ft
1 pkg
View condos are what you get in Twin Peaks, and 145 Gardenside #7 is no exception. This is another two-level unit and it’s well appointed, with nice finishes and laundry on site. The sellers aren’t wasting any time sitting on the market; they came on in mid October for $899,000 and have just cut their price by $100,000 to $799,000.

999 16th Street #17 / Potrero Hill
1BR/1BA, 1097 sq ft
1 pkg
Want a loft that’s near Potrero restaurants, shops, services, and tech businesses? 999 16th Street #17 is perfect, and includes in-unit laundry, a deck and a top-floor position in this 20-unit building. The property hit the market in early October for $998,000, had its price cut to $949,000 and is now being offered at $899,000.

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