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May 2, 2011

The Highs & Lows of SF Real Estate

The San Francisco market certainly has its ups and downs like any other. And what’s driving sales are buyers and sellers who are able to come to agreement on price. For every property that sells for under its asking price, there seems to be one that swings in the opposite direction and raises eyebrows.

So I like to periodically present snapshots of sales that exemplify our current mood swing market. I noticed a couple highs and lows this week in Noe Valley and Ingleside Terrace that are worth a look:

High: 557 Hill, Noe Valley

557 Hill was last sold in 2005 for $2,275,000. The 3BR/3.5BA, 3,000-square foot home with two-car parking was listed again in mid March  at $2,485,000. It was on the market for five days and closed escrow in mid April for $2.6M. So much for the widely held beliefs that properties have lost value since the go-go years of 2005.

Low: 230 Urbano, Ingleside Terrace

230 Urbano is a 3BR/2BA, almost 4,000 square foot home near the neighborhood’s Sun Dial (a nice stretch of green). It was pretty basic inside–perfectly liveable, but could use some updates. The property was listed in September 2010 for a whoppin’ $1.4M. It was reduced a month later to $1.2M and then to $1,139,000 before going into contract and selling for…$973,000 last week for all cash.

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