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July 8, 2019

What You Could’ve Bought: Houses For Under The List Price

The Spring and early summer markets were business as usual in San Francisco, with most properties selling for top dollar and well over their list prices. However, I found some recent single-family home sales that didn’t turn out that way.

It’s worth noting that most under-asking sales don’t happen out of the gate. Weeks typically go by before sellers are willing to negotiate. And a bulk of single-family home sales that sell for less than asking have recently been in the $4M+ range.

Here’s a look at what you could’ve bought recently for under list price:

2531 McAllister
Lone Mountain
List Price: $1,795,000
Sale Price: $1,500,000
Days on Market (DOM): 46

2531 McAllister was a large, four-bedroom house with bonus rooms in a central Lone Mountain location near USF, Golden Gate Park and Clement Street restaurants and shops. But it could’ve used a facelift, so starting at $1.8M didn’t go over well with buyers.
[Listing courtesy of Marin Land Company]

43 Edna
List Price: $1,800,000
Sale Price: $1,740,000
DOM: 86

Last sold in January 2018 as a small two-bedroom house, 43 Edna was renovated into the 4BR/3.5BA house that it is today. Finishes were lovely, though the floor plan had two bedrooms and one bath up, a master on the main level and another bedroom on the garage level—not ideal for families with small children. Location was also closer to 280 and City College than some might like.
[Listing courtesy of Compass]

100 Whitney
Glen Park
List Price: $1,590,000
Sale Price: $1,525,000
DOM: 45

100 Whitney was a very cute house with two good-sized bedrooms, a yard and parking in a nice Glen Park location. So it was puzzling to me that it took longer than usual to sell. There was some price hopscotching, with the original list price at $1,395,000. When that didn’t attract suitable offers, the sellers decided to boost the price to what they wanted—$1,675,000. That didn’t work, either, and they they dropped the list to $1,590,000. Given that there are plenty of condos in the area that sell for more than $1.6M, I thought 100 Whitney was a pretty good deal.
[Listing courtesy of Zephyr Real Estate]

256 Waterville
Silver Terrace
List Price: $2,300,000
Sale Price: $1,800,000
DOM: 50

In a neighborhood where the most expensive house sold in the past year was just under $1.4M, 256 Waterville was a tough sell. The 5BR/3BA Craftsman-style home sits on a 7500 square foot lot, and has front lawns and a yard. Finishes were dated, but the house had good bones. And there were four bedrooms all on the same level upstairs. But 256 Waterville was an example of a house that was a challenge to comp due to its unique size and style. I think the sellers did really well on price in the end.
[Listing courtesy of Zephyr Real Estate]

4100 20th Street
Eureka Valley
List Price: $2,995,000
Sale Price: $2,900,000
DOM: 47

Any house that’s two blocks from Dolores Park typically sells quickly with multiple offers—especially one with three private garages. That being said, it took a while for a buyer to step up and get into contract. The corner house had a floor plan that wasn’t family friendly, with bedrooms scattered across three levels, as well as scattered outdoor areas vs a private rear yard. But the sellers ultimately did well, fetching a price within shouting distance of the original list price.
[Listing courtesy of Polaris Realty]

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