SF: Listings that Belie The Bubble
We’ve heard SF, or at least parts, are bubble-pop resistant, no matter what goes on in the rest of the country. Here are a few listings with that in mind.
Featured today on Socketsite, 3373 22nd St. is a restored home (really restored- the former version was a complete disaster) recently listed at 2,095,000 (purchased, in disrepair at $920K in 2005). The interior and exterior show beautiful make-overs, and you can assume– hopefully– the major systems have also been repaired/replaced. Still, is almost 3 million a lot for a 4/3 which, despite optimistic map reading, is more Mission than Noe?
Meanwhile, San Francisco Schtuff tells the tale of 752 Carolina St., a 5/3 SFH which at $3 million is the highest price tag ever commanded in Portero: and it sold in just 9 days.
Inspired maybe by their neighbors’ luck, sellers at 695 Arkansas St. also listed their 3/3 SFH for $3 mill. Coach A, a regular poster on Schtuff, has an opinion about this price. After visiting, he wrote:
- It’s a very cool, modern, architecturally significant house that is extremely unassuming from the outside.
- It has expansive eastern views which you could describe as water views with a heavy dose of industrial and a scoach of housing project.
- Location wise, it’s FAR from ideal in the neighborhood.
- Compared to the other 3 million dollar homes currently available (see list below), it fails miserably.
- First impression – A seller that doesn’t care about first impressions. The cornerstone of the house is the central courtyard [which] hasn’t been mowed or watered in weeks, the pool is dirty, bordering on filthy, [and]there were light bulbs out.
Damn, I miss being able to review properties with such candor!
Speaking of pools, my favorite “Bubble? What bubble?” listing lingers on at 610 El Camino. Purchased for $1 million in 2002, the sellers hope an Albert Farr re-design warrants the new asking price of $6.2 million. After over 150 days on the market, no one has agreed just yet, but with not a single price reduction, the sellers remain steadfastly optimistic.
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photo: citymice.blogspot.com
garrett said:
oh anna, of course you can still use candor. c’mon, you can do it…. ;p
May 9, 2008 3:01 PM
Anna said:
Well, I CAN, buy I MAYN’T, by legal order. Don’t you know, Garrett? We Redfin bloggers can’t review homes on the market anymore… sigh. I can only do it off the record, where it’s so much less fun!
May 9, 2008 5:32 PM
Alexandra V. said:
I still think that, if you read the blurb, the 1mil for El Camino was within the original family, not an at-market price.
& of course almost 3 mil is a lot, but almost 2.1 mil is a lot less than 3 mil! Still astronomical, but the percentage difference in those two numbers is quite significant.
May 11, 2008 2:09 AM
Anna said:
Hi Alex- you might be right, about both of your points (not sure, really, about the prior sales thing). Maybe if the listing agent split the difference and reduced the home that much, it would finally sell!
May 12, 2008 7:37 PM