What Happened This Past Egg-straordinary week
Your Egg-tradinary Holiday Weekend Open House Guide
Your agent, returned safe and sound, tan and is ready to go.
Happy Holiday Weekend Real Estate Fans.
The numbers still continue to surprise us with ratified transactions and final sales figures that closed this and last week among my fellow Vanguard agents. While sales data figures are strong, don’t feel too disconcerted if you’re a buyer as interest rates fall back down to the 3.5% neighborhood after a brief spike. Also, while many houses are selling over list prices take note that some are selling at or slightly under —yes, under— list price. So there is opportunity out there.
Trends This Week:
For Sunset and Richmond homes, simply add 15% to the list price no matter what, where and for how much to get your final closing price.
Looking at the sales figures from the MLS for homes closing this week, a swath of homes out in the Outer Richmond and Sunset closed this past week and no matter which house nor what original list price there was, nearly all of the homes nevertheless close an average of 15% over the asking price with a range from 8% to 27% in some cases where the property trust sale was subject to court supervision.
Fixers are expensive in San Francisco
One 4-unit fixer at 1812 Lyon Street listed for $1.6M sold for $1.9M — for a fixer! The trend is prevalent throughout the city (see Stories of the Week below)
You will have to pay at least $1M for a single family home in the Mission and Inner Mission.
One preemptive offer for a home my colleagues were going to put on the market on San Bruno Avenue near 26th Street on a ‘so-so’ block with 1200+ sqft. pushed well beyond the suggested list price of $879,000 to enter into contract at more than $1M with a backup too. Essentially, $800 per square foot is now the price of admission.
It’s a lighter week: There are a trio of smaller homes in Bernal on the market this week. Nothing new in District 1, few new in District 2.
Stories of the Week
Here is a sampling of some last week’s happenings
128 Laidley, a single-family home viewed by most as a fixer listed at $1.299M received multiple offers and is in contact for 20% over the list price with an all-cash, short-close offer.
23rd floor condo at The Infinity, a South Beach chic condo with 2 bedrooms and 2 baths at 1150+ sq ft, got 13 offers — including some all-cash offers — but the winning offer, which will be financed thanks to the buyer’s in-depth pre-qualification with Citibank, beat out an all-cash offer with a 10-day close. Listed at $999,000 the property is in contract for at least 16% over its list price.
232 Ellsworth, some of you may remember the pre-market opportunity for a detached home just three up from Corltand in the sunnier part of Bernal Heights with 4 bedrooms, garage, small yard and cute upgrades that was going to be on the market for $1.198M. Well after two weeks and no open houses the sellers accepted an offer for just a little over $1.2M for the property.
350 Broderick, 4th floor, one bedroom, one bath listed at $599K. This condo was cute and nice. But after only 1 open house the property solicited 8 offers with the accepted offer touching the $650K region to make this 14-day close the highest sale price for a one bedroom ever in the development. The listing agent said that he would have gotten 20 offers but for potential buyers self-selecting themselves out of the running by not submitting an offer.
400 block of Noe at 18th Street, the vacant, 2-unit fixer with location and potential listed at $899K received 20 offers and most likely is in contract over its asking price.