March 31, 2008
April Fools: Silly Listings in SF and Daly City
Some of our current listings are a little ridiculous. In the spirit of April Fool’s Day, I thought it would be a good time to make fun of expose a few for your reading pleasure.
SF
1. 610 El Camino del Mar: This stunning, fantastic, epic mansion-like home should have sold ages ago. But when I posted about it before in my Bay Area Billioniares Blog, one smart reader pointed out the property’s price, $6,200,000 is exactly $5,200,000 more than the sellers paid for it in 2002. Now, this gem has been sitting over 120 days, its aquamarine pool tragically empty, with nary a price reduction in sight.
2. 150 Josiah: A 6/6 single-family in Ingleside, this home has been on the market over 111 days. To be fair, I should point out the price has been reduced from $1,130,000 to $1, 100,00, but that’s still too much. The house is split up into something more like an apartment building than a true single family; it’s not in the best neighborhood (90% of homes in the 94112 zip code have a lesser value than this home); and the Zillow estimates a range of $798,660-$1,055,700.
3. 145 Faith St.: This is a very attractive 3/3 SFH, but it’s been sitting now for 88+ days, and no wonder- at $1,249,999. Comps in the area show nearby 1457 Florida (a 4/3 SFH) listed at $799,000 and 864 Peralta (a 4/2 SFH) listed at $699,000. Zillow’s estimate? $674,250 - $837,000
Daly City
4. 295 Oakridge Dr. : A large 3/2.5 SFH, yes. But $1,388,000? No. And since it’s been on the market 270 days, someone besides me feels this way.
5. 398 Alta Loma Ave. : a 5/3 SFH listed at $1,100,000. Nothing nearby and of similar size is listed for more than $900K. Already on the market for 56 days, if the sellers don’t rethink the asking price, I predict several more days without a buyer.
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Art credit: Elon.edu
Alexandra V. said:
“$6,200,000 is exactly $5,200,000 than the sellers paid for it in 2002.” You left the “more” out of that sentence.
In the blurb near the top of the page, it says “Commissioned and constructed by the present Seller’s family, this (Circa 1929) Albert Farr designed residence is being offered for the very first time.”
This suggests that the $1 million was in-family, not “fair market value”. (Surely something that big, in that location, would have been worth more than a mil in 2002?)
Josiah: 94112 — 94122 is northern Sunset!
–your friendly neighborhood proofreader ;D
April 1, 2008 12:42 AM
Jennifer F. said:
Sentence makes much more sense with the word “more” (without me having to go to the exact listing)
Thanks for correction on 94122 zip code as well. I didn’t think my parents lived in the “hood”.
April 1, 2008 6:08 AM
anna.hibble said:
April Fools! I definitely am one. The sentence is fixed and the zip code typo righted. Now for your question re Camino del Mar: I am sure it’s worth more than a mil now. But 5.2 million? The pool is beautiful, but that’s a lot of cake, and the loooonnnng (spelling intended) time on the market suggests I am not alone in thinking it a bit too much.
April 1, 2008 9:59 AM
yerba said:
I have to agree: the mark up on del Mar is ridiculous. Also agree on the Daly City properties. The day when houses out there would go for that much has past.
April 2, 2008 2:23 PM
ed said:
yeah, 510 El Camino Del Mar is a better price and lot for $3.8M, and it’s been on the market 200+ days as well.
Awesome pool though.
April 5, 2008 11:45 AM
anna said:
Ed, I concur completely!
April 6, 2008 5:19 PM
julie said:
This is a fun post. I have been tracking the overpriced properties to see what they might tell me about the market; seems things have cooled a lot. Would you agree?
April 7, 2008 12:46 PM
Mark said:
David also has some silly listings (read: overpriced). I like this new feature. Give us more!
April 7, 2008 2:23 PM
anna said:
Julie: yes, in some districts; not sure if we’ve seen the full effects of cooling in SF proper yet though
April 15, 2008 12:30 AM
Taylor said:
the impending earthquake is sure to help lower propery values
April 15, 2008 4:47 PM
Hayden said:
That’s actually kind of scary, taylor. rmeinds me not to look at marina listings since that area is going to sink like a stone in the water
April 16, 2008 12:52 PM