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February 12, 2018

What You Could’ve Bought for Below The List Price

Yes, most San Francisco homes sell for more than their list price. But not always, especially when there are some challenges involved. Busy locations? Poor overall presentation? Those factors end up thwarting sellers every time. Here are three properties that didn’t slam into contract for way over the list price:

688 Clipper
Noe Valley
List Price: $2,250,000
Sale Price: $2,150,000
Days on Market (DOM): 128

688 Clipper technically shouldn’t be here, as it was originally listed for below $2M. The story is that the property came on the market in August 2017 for $1,999,999, and the sellers raised the price to $2.3M twenty days later. No buyers came along, so they reduced the price to $2,275,000 and received an offer shortly thereafter. That fell out of contract, and the price then slid further to $2,250,000. Challenges here were a very vertical floor plan, a location on a trafficked street that’s more Diamond Heights than Noe Valley, and a lack of staging that other properties at this price point often have.

3900 California #3
Lake Street
List Price: $1,249,000
Sale Price: $1,100,000
DOM: 95

The intersection of California and Arguello is one of the busier ones in the city, with traffic coming in all directions. That didn’t help the sale at 3900 California #3, an ’80s condo in an eight-unit building. Though the unit offered two bedrooms and one bath across a spacious 1406 square feet (plus parking), buyers had a hard time with the carpeting and dated finishes.

415 De Haro #407
Potrero Hill
List Price: $1,850,000
Sale Price: $1,800,000
DOM: 58

The Onyx was built only a few years ago as part of a two-building project on De Haro in Potrero. (You know the one, it looks like an Apple store inside.) The 2BR/2BA, 1317-square foot corner unit at #407 was purchased in May 2014 for $1,725,000, so it didn’t seem too out of bounds to list for $1,850,000. But the market wasn’t there for $1400/square foot in Potrero.

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