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July 13, 2011

Sellers in Parkside, Nob Hill Adjust to Market Realities

It’s always a pleasure to report sales that have finally happened after umpteenth days on market (otherwise known as “DOM” in Realtor speak). I spotted a couple such sales that closed last week, and wanted to share the deets with you.

We stop out in the Parkside for the first sale–on the Great Highway, to be precise:

The lucky buyers of 2518 Great Highway can now lay back in bed and watch HBO against the ocean view backdrop, knowing that they paid substantially less than the original list price. The 3BR/2BA single-family home at Great Highway and Vicente was first listed in March 2011 for $1.4M. The property had been nicely remodeled and feature three levels with good space. But $1.4M for the Great Highway? Buyers thought otherwise, and the house sat on the market for 112 days before a buyer paid cash and closed the sale for $990,000. You go, buyer.

Next up is 1201 California #705, a condo in the Cathedral Tower:

This 2BR/2BA unit had city, Bay and Golden Gate Bridge views, along with an open floor plan, spacious master bedroom and one-car parking (not to mention leased parking fees of $240/mo and HOA dues of $1640/month). First listed way back in November 2008 at $1,195,000, the economy progressively didn’t cooperate. The sale closed last week for $750,000. Woo-hoo.

But buyers, don’t let these sales trick you into thinking that you can easily write a lowball offer in the first couple months of a property coming on the market. In most cases, sellers with wildly overpriced properties will need much time (see the above cases) to relent. Their situations can change, and other comparative sales can end up convincing them to let go of their pipe dreams. If a home in San Francisco is priced well (i.e., in line with comparative sales over the past three- to six months), that home will likely go into contract and sell within a very reasonable period of time.

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