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]

3130 Pacific, Priced to sell at $12,495,000

Since its neighbor at 3100 Pacific was asking $15,000,000, received 2 offers and just closed escrow for a price we’re not disclosing, it is only fitting the other newest new home in Pacific Heights, 3130 Pacific right next door, should come on the market too (hit MLS).   It is asking a bit less than 3100 Pacific, and a bit more than we were previously told ($12MM), but who’s counting? We are…counting the days before it is sold. We’re bettin’ not many. 

[update 6/6/07: In contract after seven days on the market and looking pretty solid for a quick sale.]

3100 and 3130 Pacific [Sotheby's]
-3130 Pacific [MLS]

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]

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

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]

170 Off Third, Sales Update

We’ve been told that 170 Off Third has placed over 99 of their 198 homes into contract (50%) since they began accepting deposits in early March. (Sales office opened March 10th.) That’s pretty impressive, to say the least. 

-Pricing and Scoop for 170 Off Third [sfn BLOG]
-Art Selling Condos at 170 Off Third [sfn BLOG]
-170 Off Third [website]

It’s Madness! (no, not the band)

By now you’ve probably heard about 3840 Clay (pictured above), the Pacific Heights fixer that was asking $3,000,000 and sold for $4,020,000 in less than a blink of an eye. (In MLS on 4/12, 30 disclosure packages were handed out, offers reviewed on 4/16, in contract 4/19, sold 4/25… we’re told for cash.) The home was a “scary fixer”, and “needed at least $2MM in renovation”. Those darn fixers.

But you probably haven’t heard about -451-453 Roosevelt (pictured below), and so we’d like to share:

Asking $1,895,000, this 2 unit (with bonus illegal third unit and tenant(not illegal)), needs a new retaining wall (notice the views, we’re thinking that ain’t gonna be cheap), [mis-information] received 5 offers within the first week of being on the market, two of those offers were countered above $2.1MM, and well, they’re probably in contract above that. We’ll just have to wait and see the outcome, so remind us to update you.

And you certainly haven’t heard of this little gem of a 3 bed, 1.5 bath, Victorian condo in Buena Vista Park at 27 Divisadero (pictured below).

Asking $915,000 and also received five offers, a couple of which were well over $1,050,000. We’re thinking it sells around $1.1MM+/-? Just a hunch. We’ll have to watch this one too. Remind us.

Weee’ve got more, but that’s enough for today. Since you’re here, you might as well check out some interesting before and afters.

-3840 Clay [MLS]
-Good Bones [sfn BLOG]
-451-453 Roosevelt [MLS]
-27 Divisadero [MLS]
-before and afters [sfn BLOG]

Hurry up…and wait

2214 Clay…one day showing…one offer…rumored to be going over asking (go figure) from a $4,998,000 asking price…now we wait to see the outcome.
The vitals: 6 bed; 5 bath; 4989 square feet; built in 1890; $1001/ppsf; horrible colors in the living room, and definitely not my tastes for interior decorating (opinion!), but other than that it is a great house with all the amenities.
The selling points (again…opinion): “sits on a gated, double lot, with a separate carriage house & 6+ parking”; zoned RH-2, near Lafayette Park.

-Property Details [mls]
-2214 Clay [Coldwell Banker Previews]

Frank Norris Place…an update

Provided by: Amanda Jones of Vanguard Properties

They have sold 10% of the units in 2 weeks. They have 3 other offer
packages out on the project [Editor's note: probably more now, we're slow to print], 15 of the 32 homes are under $500,000. The building was designed by the same architect of The Palms and 3208 Pierce Street. Many of the units have floor to ceiling windows and or views.

There is NO age restriction for purchasing these homes. However, the homes are designated by occupancy by at least one person 55 years or older. (Translation: Someone 55+ needs to live there, but the person on title can be 25… one could rent it out to a 55+ person…)

[Editor's note: As it seems many, many baby boomers are down-sizing and testing out the urban life (think One Rincon Hill, The Infinity), all you young professionals might consider paying your parents back for all that money they spent on your beer and college tuition by offering them free room and board in a world class city. Just a thought.

Frank Norris Place is located at 81 Frank Norris St. in the "Upperloin", (Van Ness/Civic Center/Downtown), units are either 1 bedroom, 1 bath, or 1 bedroom + study, 1 bath, pricing for some (we saw one) as low as $399,000 (came on 4/12 and is already pending), the others hovering around $500,000. Parking is an additional $50,000/space.]

-Frank Norris Place [website]
-IB+A [Architects]
-More New Development Articles [sfn BLOG]

888 Seventh Street: an update

We moved this post, and the entire blog to theFrontSteps.com. Please visit us there.

Back on November 17, 2006, 888 Seventh accepted applicants for their 170 BMR (Below Market Rate) units of a total 224 Units. They received around 3800 of them! Pricing for the studios was around $199,000, 1 bedrooms around $230,000, 2 bedrooms around $250,000, and 3 bedrooms $299,000-350,000. The building itself is quite nice, location is improving, but the story here is the amount of applicants for the BMR units, and the amount of income (one person $63,850, two persons $72,950, three persons $82,100, four persons $91,200) necessary to qualify for BMR.
For more information on BMR you can find a good bit on 888 Seventh’s website by clicking “About”, then “BMR Q&A”, or visiting the Mayor’s Office of Housing website.
The Market Rate units (28 studios, 18- 1 bedrooms) are expected to go up for sale in July-August, parking costs an additional $35,000 (BMR and Market Rate Price) construction has topped off the 6th floor (last), and they expect the closings to happen in January.  We’re guessing (the sales office wouldn’t tell) pricing for the studios and 1 bedrooms around $500,000. 
Things are moving along smoothly, and briskly in yet another Mission Bay Development.

-Mayor’s Office of Housing [website]
-What’s going down (or up) in Mission Bay [sfn BLOG]
-888 Seventh [website]
[pic taken from property website]

Follow up to Reason we live here #1

On March 29th, we posted our very first reason we live herewith 3335 Clay, a 2bed, 2 bath condo in Presidio Heights asking $1,125,000, and a reader kindly commented there is “no way this property sells for over a million”. We’re not out to prove anyone wrong, or discount our readers (we love all of you!), but there is something to be said about the importance of getting the story. So here it is.
The place received six offers, four of them more than 10% over asking (remember asking is already over one million), and the agent gets calls every other day from three of the thwarted buyers hoping it will fall out of escrow.
We loved it, and obviously quite a few others did as well. Not to fear, those type of properties come around all the time…or not. 

We’re guessing it goes 15-20% over, which would mean it will indeed sell over a million…knock on wood. 

-Reasons we live here [sfn BLOG]
-3335 Clay [Hill & Co.]
-More Maximum Overbids [sfn BLOG]

Tower of Power

According to the most recent One Rincon Hill newsletter as of April 9, construction on Phase I (tower 1) “zoomed past the 45th floor”, and is expected to top out in July. Initial move-ins are scheduled for late 2007.
We had a nice sit-down with some folks at One Rincon Hill about a week ago, and short from telling you exact numbers, sales are through the roof, as is their waiting list (over 3000) for first dibs on tower two homes. The Townhomes are moving pretty well, and the corner 2 bedroom unit with the large terrace (#506), is quite the pad. If only Dwell had a design competition pitting One Rincon Hill against The Infinity…now that’d be a real smack down.

-1 Part Dwell, 1 Part The Infinity… [sfn BLOG]
-One Rincon Hill newsletter
-Unique Property [sfn BLOG]

“Good Bones”

Another way to ensure hordes of buyers to your property, use the words, “Good Bones”.  This 2 bed, 1 bath, probate at 833 26th Ave is a total fixer that listed at $679,000, minimum bid is now $896,150, after receiving 23 offers.  As we said, fixers fly.  This one could easily get into the mid $900,000′s.

-833 26th Ave. [MLS pictures]
-20 on 40 [sfn BLOG]
-More Overbids [sfn BLOG]

20 on 40

How do you attract hordes of buyers to your home?  Put these words in your marketing, “Bring your vision, and contractor!” In fact, if you have a totally remodeled gem just sitting on the market, you might as well make it look like hell.  Fixers sell better than anything.
This property, a 2 bed, 1 bath, standard Outer Sunset fixer, asking $629,000, at 1642 40th Ave., recently accepted offers, and got 20 of them. If we were betting fools, we’d bet it gets close to, if not a bit over $700,000. [Update: Sold for $692,555, all offers except two were above the original asking price, and the place had a pest report of $40,000.]

What do you mean that bathroom is not updated? 

-1642 40th Ave[MLS]
-Good Bones [sfn BLOG]
-More Overbids [sfn BLOG]

A Lamp and Views for $5.6MM

1940 Broadway #9, a 3 bed, 3.5 bath stock cooperative in Pacific Heights has an accepted offer.  HOAs are $2033.  They’re asking $5,600,000, and have been on the market 18 days. 

This was the view in 2005:

Only difference…HOAs were only $1567.  Oh yeah, we almost forgot,  and it sold for $4,650,000.   Yah….you know….that high end market is really struggling.  At least that is what they keep telling us. 

-1940 Broadway #9 Pictures [MLS] 

[pictures taken from MLS]

[Disclaimer: we think the lamp is actually NOT included in the sale, but you'd think for $5.6mil they could throw it in.]