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February 5, 2014

What You Could’ve Bought: For Under List Price

It’s unusual in the current San Francisco market for buyers to be able to purchase a home for less than the list price. Most of the time, a property has to be on the market for at least a couple months, and even then, there’s no guarantee the seller will be willing to take less. But here are three homes that changed hands for substantially less than asking:

1966-68 Greenwich
Cow Hollow

List Price: $3,900,000
Sale Price: $2,650,000
Days on Market (DOM): 99
1966-68 Greenwich was billed as a family compound, and consisted of two condos. There was a 3BR/2BA home with two-car parking at the front of the lot, and a rear 2BR/1.5BA cottage with one-car parking (which the seller was renting on a short-term basis for an income of $100,000/yr). Both buildings were extensively remodeled, and the cottage had its own private entrance. The seller also included plans for enlarging the rear unit by 2500 square feet. Great location near Union Street shops and restaurants, as well as 101.

21 Laidley
Glen Park

List Price: $1,950,000
Sale Price: $1,410,000
Days on Market (DOM): 57
This 2BR/3BA, deco-style single-family home on a quirky street in Glen Park had nicely landscaped gardens, a view deck, and an artist studio. It was all about the large lot, and there was no garage. The new owners are now just up the hill from the 30th Street and Church Street corridors, which feature restaurants such as La Ciccia, as well as the J Muni line to downtown.

345 Richland
Bernal Heights

List Price: $849,999
Sale Price: $750,000
Days on Market (DOM): 55
Though the final selling price of the 3BR/1BA single-family house at 345 Richland didn’t sell for dramatically less than asking, it kind of is dramatic when you consider that buyers have been paying an average of 12% over asking since November 2013 in Bernal Heights (with six homes selling for 25%+ over the list price). 345 Richland wasn’t in a prime Bernal location, as it’s fairly far south of Cortland. And the house is a fixer. But kudos to the buyers for bucking the throw-money-at-Bernal-houses trend.

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