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July 1, 2013

Underbidding in this Market? Why, Yes!

It’s not news that most properties in San Francisco have been selling for more than their asking prices. However, I managed to find three properties that sold in the past two weeks for substantially less than their list prices:

1070 Green #1501
Russian Hill Condo

3BR/3.5BA, 2456 sq ft
1-car pkg
HOA dues: $2315/mo
List Price: $3,400,000
Sale Price: $3,075,000
Days on Market: 29

Green Hill Tower at 1070 Green is the first condo project built in California. #1501 occupies the entire north side of the building and has stunning views from every room, along with two balconies. This is all about the views, as the finishes in the kitchen and baths are pretty basic. The building offers a door person, security service, and elevator. The unit closed on 6/21 for $325,000 under asking in an all-cash sale.

751 10th Avenue
Inner Richmond House

5BR/2.5BA, 3,000 sq ft
1-car pkg
List Price: $2,349,000
Sale Price: $2,300,000
Days on Market: 40

751 10th Avenue is an award-winning, designer-owned home with four levels on a nice tree-lined block in the Inner Richmond. The home features a chef’s kitchen, three fireplaces, and guest quarters. No big drama here; the property simply sat on the market a bit, priced at the top tier for the neighborhood. But even with the $49,000 knocked off the original list price, 751 10th Ave is the most expensive house to sell in the Inner Richmond over the past year.

1 Clarence Place #9
South Beach Condo

1-car pkg
HOA Dues: $630.55
List Price: $1,499,000
Sale Price: $1,410,000
Days on Market: 103

Initially listed in February for $1.6M, 1 Clarence #9 is an end unit with a private attached garage and own entrance. The unit has nice finishes and approximately 1700 square feet, as per tax records. Six weeks after the $1.6M debut, the sellers reduced the price to $1.5M, and ended up accepting $90,000 less. This is a good example of a condo finding its property value in the market.

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