Vallejo home not in MLS up for sale ($6MM), and our lips are sealed.

We know of a property on Vallejo that just came up for sale, but is not in MLS that would appeal to many a contractor. Asking price is $6MM. We have been asked not to post the location at this time, but you are free to contact us if you are a serious buyer, and we’ll gladly give you the details, or get you in to see the property.
We’re sure word will leak to some other blogs, but we won’t be leaking it, and out of respect for our colleagues, we won’t be posting it.
“Sleepiguy”, it is not the property we mentioned in our Property Pipeline on May 14th, but we wouldn’t be surprised if that leaked out soon too. It’s killing us not to be able to announce that one either.
We apologize for not being able to post on these, but think this is a fair solution to those we know read this site for information about purchasing properties of that caliber, and those sources that give us information asking for confidentiality.

3130 Pacific, priced to sell at $12,495,000.00, and almost sold

We almost can’t keep up with some of the brisk sales we’re seeing. 3130 Pacific is “pending”, after 7 days in MLS. Remember 3100 Pacific (next door), the $15,000,000 home that never made it to MLS, received two offers and is sold.
A quick explanation of “pending”. In MLS, and real estate in general, there are four steps to tracking the sale with MLS data. First a property is “active”, meaning on the market and very much for sale. Then, if/when an offer is accepted and there are contingencies (loan, inspections, appraisal, etc.) the property will be listed as “active contingent”. Once contingencies have been removed a property will be listed as “pending”, and this usually means it’s as good as sold, but not quite there. Then, of course, it is “sold” (no explanation needed).
With a property like this that basically goes from “active” to “pending” (skipping “active contingent”), it could mean any number of things, but generally there were no contingencies, meaning the buyers are comfortable with the home just the way it is, and nothing else is really negotiable. It is also a pretty good bet that the sale will be a cash sale. Not always, but basically obtaining financing is not a problem.
So, it’s a good day for everyone involved with the two newest homes on Pacific that have sold in practically the blink of an eye.

1326-28 15th Avenue: A Done Deal in the Inner Sunset

We showed it to you first, and before and after, then we bet on it, and now it’s closed…1326-28 15th Avenue is a done deal, and none of our readers guessed the sales price. In fact, we didn’t even come close, either. It might not actually be marked sold in MLS yet, but we know the scoop, and unfortunately we can’t give you all the dirt. What we can tell you is that they were asking $1,385,000, it went for over $1.6MM, received 11 offers and was only on the market 5 days.

-Some makeup (a little), some elbow grease (a lot), some action (a ton) [sfn BLOG]
-99 Surrey, A Done Deal in Glen Park for UNDER ASKING [sfn BLOG]

1326-28 15th Avenue: an update, and wager

Following up to our previous post about 1326-28 15th Avenue (awesome before shots, so make sure to click that link), we know it received multiple offers, and it is scheduled to close June 4th, 2007.  We thought we’d do another little wager. We’re staying out of this one. We leave it up to you. Here are some photos, and here’s the MLS Fact Sheet, and some Inner Sunset comps to help you make a more educated decision. In case you don’t click those links, they’re asking $1,385,000.  What do you think it will sell for?
Pass this around your office and amongst your friends, post your answers in the comments, and feel free to change your guess as much as you like. Just let us know how much you win. A sort of March Madness in May.

Update: It might not actually be marked sold in MLS yet, but we know the scoop, and unfortunately we can’t give you all the dirt. What we can tell you is that they were asking $1,385,000, it went for over $1.6MM, received 11 offers and was only on the market 5 days.

-4065 25th Street: a done deal, and our fun spoiled [sfn BLOG]
-Some Makeup…a little… [sfn BLOG]

[Before photos provided by seller to us exclusively, after photos taken from MLS.]

Stats & Numbers

Thanks to “Boom”, who commented on one of our posts, and provided us with this link to the latest Bay Area Home Sale Activity for April 2007, which we copied below to show you just how San Francisco stacked up to the same month last year.

Our problem with relying on zip code data for median prices and market trends in San Francisco is the fact that the zip code doesn’t necessarily jive with the neighborhood and common type of property being purchased in those areas.  Examples: 94115 is Pacific Heights, but it also includes Lower Pacific Heights and the Western Addition; 94110 is the Mission, but also Bernal Heights; 94121 is Central and Outer Richmond, but also Sea Cliff.  See where we’re going with this?  

Regardless, here are some cool “real time” graphs you might find interesting as well. (Graphs are only for Single Family Residences.)

Innner Richmond, Laurel/Presidio Heights

Central/Outer Richmond, Sea Cliff

Marina/Cow Hollow

Parkside

Pacific Heights, Lower Pacific Heights, Western Addition

Mission, Bernal Heights,

Noe Valley, Corona Heights, Duboce Triangle

Mission Bay/Potrero Hill/SOMA, South Beach

South Beach, SOMA, Financial District

Sunset (added 6/10/07 per request by a reader)

If you’d like your zip charted, contact us.

-Your chance at fame…or missed fortune [sfn BLOG]
-More Stats & Numbers [sfn BLOG]
[image sources: Data Quick; and Altos Research]

1771 North Point: A First Look ™, Before-After, and Walkthrough of the 2007 Pacific Coast Builders Conference Eco-Friendly Marina Green Showcase Home

It’s not everyday a home comes along that truly makes our jaws drop, but we were given a preview of 1771 North Point , and now you’re getting a preview too. Of course, there is a story to everything, but we’ll just give you a taste.
Purchased in March of 2006 (spent 104 days on the market, zoned RH-2, 1965 sq/ft, built in 1932), this home has been completely, and we mean completely, gutted and renovated. From what we can tell, the only thing that was spared was the facade, the chimney and accompanying arches in the front room.

BEFORE:

Now…it is a truly amazing home with every conceivable convenience you could possibly want and all the custom detailing to match…including a 5 car garage. We were only able to take a few “after” shots because they were still setting up furniture and artwork, which will all be auctioned off by the way, but here’s a taste.
AFTER:

This home is amazing! Yes…we’re calling it amazing. The details are incredible! The flow and functionality of the home is awesome! There is so much light coming in, you might as well forget about buying lightbulbs for years. The south facing yard is perfect. The home is NOT on landfill, and frankly there is way too much for us to describe here. You owe it to yourself, and the Northern California Cancer Center to go visit before it hits the market.
(Disclaimer: We have no affiliation with this project at all. We were simply invited to go check it out before it was finished, and we’re glad we did.)

Seriously…go check it out.

-Pacific Coast Builders Conference 2007 [website]
-Start Drooling Now…a before, after and First Look at 4065 25th. St. [sfn BLOG]
-Some make-up (a little), some elbow-grease (a lot), some action (a ton) [sfn BLOG]
-3711 Clay…and Another Heart Broken [sfn BLOG]
-1771NorthPoint.com [new site up!]

Learning Something about BMRs for Infinity and 888 Seventh

Recently, we reported about the brisk selling of the BMR (Below Market Rate) units at 888 Seventh Street, and how they were snatched up in a matter of seconds. Thanks to a reader’s inquiry in the comments of that post, we dug a little deeper and learned that of those 170 BMR units, only 27 are the BMRs for 888 Seventh, the other 143 are the BMRs for the The Infinity. Translation: The Infinity has put all it’s BMR’s off site in 888 Seventh Street. Certainly didn’t know this, but now we do, and so do you.

-Mayor’s Office of Housing [website]
-1 Part Infinity, 1 Part Dwell, 2 Parts You! [sfn BLOG]

4065 25th Street: A Done Deal, and Our Fun Spoiled

It appears our little Wager on 4065 25th Street, and how much over the $2,750,000 asking price it will sell, will be foiled. The parties involved have signed a confidentiality agreement, and the price will not be disclosed through MLS. (Our price guess was $2,895,900, but know it went closer to $2,950,000.) To all those that participated in our wager, thank you.  We’re calling the winners Eddy ($2.9975) and Cece ($2.9)…send us your mailing address, and we’ll send you a couple of “free drink” cards for Blue Bottle Coffee…the best tasting coffee in town. (Hayes and Embarcadero locations).

-Start Drooling Now…A before, after, and First Look at 4065 25th St. [sfn BLOG]
-Is what we’ve been saying for months finally catching on? [sfn BLOG]

218 Cole: Damnit! It happened Again

Recently, I wrote an offer for some clients on 256 Page, and if you click that link, you’ll see we got completely blown out of the water. Well, we just wrote another offer on 218 Cole, and again got blown out of the water.

Here’s the story: The property is a nice…nothing stellar…3 bed, 1 bath condo on Cole between Hayes and Fell. It has parking, a tiny deck (more like large stair landing), is on the top floor of a three unit building, and has tons of charm and old-school detail. But again…nothing stellar. Asking $849,000, on the market a few days..maybe a week, took offers, and received nine of them! Our offer was $895,000, 30 day close, 5 day appraisal, 21 day financing, and at least 20% down. Not happening…. “$1,005,000. no contingencies. 18% over! There were two offers in the high range, the other had contingencies. This is the price after the counters and dust settled.”
Do we need to say more? Never saw that price coming. If anyone was a bit uncertain about the market, there’s a pretty good example. And as someone said, “One buyer out…8 more to go.” Meaning there were nine offers, one found a place, the other 8 that wrote an offer are still out there.

[update 6/7/07:] Our source was dead on correct.  Closed escrow this week for $1,005,000. 

-218 Cole [MLS]
-Why’s This Keep Happening to Me? [sfn BLOG]

Cut/Paste: Another Follow Up to Senate Bill 464 (Ellis Act)

“SB 464 (the anti-Ellis Act bill) still is awaiting a vote on the Senate floor. The speculation is that the bill’s author, Sheila Kuehl of Santa Monica, does not have the votes she needs for passage.
Currently, virtually all of the Republicans and several key Democrats are opposing SB 464. If these keys Democrats reverse their positions on the bill, Kuehl may secure the votes she needs to pass SB 464.” -SFAR Advantage Online

-Previous Follow up post [sfn BLOG]
-Ellis Act a la SB 464 [sfn BLOG]
-Ellis Act getting tougher or easier [sfn BLOG]
-Leland Yee [website]
-San Francisco Tenant’s Union [website]
-the legal part of evictions [Sirkin Paul Associates]
-the low down [Senate Judiciary Committe]
-Rent vs. Buy, the old debate…in an interactive graph [sfn BLOG]

3711 Clay…Last Update…Since You Asked

As if you’re not getting tired of hearing about this place already…we are. This will be the last update to this previous post, 3711 Clay…and Another Heart Broken, and the update that followed. Sales Price: $2,825,000 (we’re told) from a $1,950,000 asking…and it was a “total fixer”. Done Deal.

733 Front Street, A Walkthrough, Details, and Opinion

This post and all posts related to 733 Front have moved to theFrontSteps. Please visit us there, search 733 Front, and see all kinds of good stuff.

thank you

3711 Clay…and Another Heart Broken: An Update and Done Deal in Presidio Heights

3711 Clay the 4 bed, 4 bath, 3700 (approx) square foot home in Presidio Heights that was built in 1891, listed at $1,950,000. They handed out 30 disclosure packages, set an offer date of May 1st. They received 10 offers. Turns out the parties involved have decided not to share the final sales price with us via MLS. Thankfully, you’re on the inside, and we can tell you it probably sold for at least $2,775,000, and it sold quickly…19 days on the market.

-3711 Clay…and Another Heart Broken [sfn BLOG]
-More fun with 4065 25th Street…and a Wager? [sfn BLOG]

More Fun With 4065 25th Street…and a Wager?

Our post about 4065 25th is getting such good “traffic”, I thought it might be fun to place a little wager. The sale is set to close on Monday (5/21/07), and if you’ve been following, you’ll know that not many people felt the price was justified.  But we know they received 3 pre-emptive offers and that usually indicates a pretty hot property, and that the price is….well….justified.

Now….who’d like to wager? I’m saying $2,895,900.  What about you?  Just give us your price by commenting, and have fun.  There may be something in it for the reader that says the correct price.

-Start Drooling Now…a Before, After, and First Look ™ at 4065 25th Street [sfn BLOG]
-Some Makeup (a Little), Some Elbow Grease (a lot)… [sfn BLOG]

[DISCLAIMER: This has absolutely nothing to do with the listing agent, or any other agents associated with sfnewsletter. If you want to gripe about it, gripe to me, Alex Clark.]

Property Pipeline

We know of a very beautiful, very big, very expensive home on Washington Street that will be coming on the market very soon. And no, it’s not Joseph Satriani’s. So check back. 

-First Look [sfn BLOG]

4065 25th Street: An Update

Normally, we don’t update all the properties we feature, because…well, honestly, we lose track. But when we post about a property (sweet before/after pics there) and several other blogs then post about it too, and the chatter is so negative about it not selling for this, not worth that, bad bathroom this, dark kitchen that… we have to update:

Three pre-emptive offers, and it has been on the market less than a week. Yeah, Noe Valley has cooled…and we would have to assume it will sell OVER $2,750,000. 

-Start Drooling Now…a Before, After, and First Look ™ at 4065 25th Street [sfn BLOG]
-Some Makeup (a Little), Some Elbow Grease (a lot)… [sfn BLOG]

3711 Clay…and Another Heart Broken

This just hurts, because anytime you have someone with $3MM cash burning a hole in their pocket that they’d like to dump into…well, a dump, you gotta shake your head in disbelief when the property is just not there for the taking.
But then the shining star, 3711 Clay (maybe not totally shining) comes along and you think you’re in there. This is a 4 bed, 4 bath, 3700 (approx) square foot home in Presidio Heights that was built in 1891.
Listed at $1,950,000, they handed out 30 disclosure packages (when someone takes a disclosure package they’re usually pretty interested in making an offer), set an offer date of May 1st. They received 10 offers. Now it gets good.
This buyer’s offer was $2,700,000 (already $750,000 above asking), no contingencies, close in two weeks. They were one of two offers countered by the sellers, and what this buyer saw in their counter was $2,750,000, seven day close. This buyer then went back to the seller even higher to $2,775,000, two day close…obviously all cash…and they didn’t get it!
Under-pricing aside, there are 9 or more buyers out there interested in properties like this “total fixer”. Got one?
[Update:Selling for $2,825,000...so we're told.]

-3711 Clay, Last Update…Since you Asked [sfn BLOG]
-How to Sell a Home in Today’s Market [sfn BLOG]
-“Good Bones” [sfn BLOG]
-20 on 40 [sfn BLOG]

Soma Grand, First release May 12th, 2007

Just got word of the first release (waiting for details, but scheduled for May 12th) of one of the city’s newest developments, Soma Grand.  Pricings start in the $500,000, and if you’d like to know the skinny, well…we did that a long time ago.  They’ll gladly take that 3% deposit now.  They would have loved it in April (previous planned release), but hey!  May is just as good, if not better. 

[Update: "We were doing a "soft opening". May 12th is the first release & the first day we will take reservations/deposits.
The first release is preferred pricing on the entire building, starting at $500,000. After that we will release in stages. Also, potential buyers need to be pre-qualified by one of our in house lenders to be on the list for the 12th. (BofA, Wells, Country Wide)."]

-Skinny on the Grand [sfn BLOG]
-Soma Grand [website]

More Incentives at the Potrero (2 yrs. HOA, Fridge, W/D)

“Limited Time Offer for The Potrero Homebuyers
Get Two Years Paid HOA,
plus refrigerator, washer and dryer!”

-Potrero Developer’s Specials [sfn BLOG]
-The Potrero [website]

Some Makeup (a little), Some Elbow-Grease (a lot), Some Action (a ton)

Way back in 1999, the now owners of 1326 15th Avenue saw gold in that thar pink (or is that peach) wreck of a home. Purchased for $490,000 (roughly 10% below asking), it is now a beautiful 5 bed, 3.5 bath, single family/2-unit (depending on how you look at it) and on the market for $1,385,000. But now it looks more like this:

We’re bettin’ this one flies off the shelf, because there has already been an attempt at a pre-emptive offer and only on the market 3 days. That is usually a pretty good indication of what’s to come. This place has it all: location; amenities; upgraged; space; sunny east facing yard; income potential; parking; yada, yada. Don’t wait. It won’t last.

Update: It might not actually be marked sold in MLS yet, but we know the scoop, and unfortunately we can’t give you all the dirt. What we can tell you is that they were asking $1,385,000, it went for over $1.6MM, received 11 offers and was only on the market 5 days.

-Property Photos
-Start drooling now…a before, after, and First Look at 4065 25th Street [sfn BLOG]
-1326-28 15th Ave. [MLS]
-Bettin’ Fools [sfn BLOG]