SF and Daly City: Reduced Prices Make Buying Fun!
Despite the controversy my last blog on reduced prices caused (or, yes, maybe because of it), I’m back this foggy Thursday with more reductions. This time I’ve tried to pull a few from both SF and Daly City, for those looking there.
San Francisco
1) 4086 25th Ave.: A 4/3.5 sweeping view, stellar pad in Noe Valley. This one has come down twice (anyone know why?) since its listing in July of this year, landing now at the still steep $1,899,000. Still, it’s Noe….
2) 409 Ulloa St. , a 5/3 SFH reduced to $859,000. This one is billed as “Forest Hill Extension,” which is actually a new term to me, but looks to be close indeed to Forest Hill, in an area west of Twin Peaks, which is a very nice place to own a home: safe, quiet, well kept up, etc.
The reader of this listing is exhorted to “Hurry” as property “won’t last!”; yet the property has now lasted over 66 days on the market.
3) Out in Mission, the Outer Mission that is, we have a 2/1 at 41 Mount Vernon Ave. It has not been reduced in 65+ days on the market, but I include it here because I think it should be. It’s way over the median price for the district and the zip code.
Daly City
1) 31 Hillsdale Ave is a cute, almost Art Deco looking 2/1 SFH reduced $20K to $718,888. Still abit high according to Zillow and E-Appraisal, for what those are worth.
2) Lingering on the market around half a year is this 2/1 home at 38 Frankfort St. The sellers are taking a serious hit, having purchased it for $720K in ‘06. Now, with a reduction of almost $100K off the original asking, this home is listed at$449K. (Ouch!)
3) Even the coastal areas further south, those that have stayed strong in the troubled market, such as Montara, are seeing some reductions. San Mateo Homesellers in Trouble covers this story best, so I quote:
Coastside Properties – Half Moon Bay, Moss Beach, Montara, and El Granada
The amount of coastside properties increased a bit since last month. As of 8/31, there are 19 troubled properties in Half Moon Bay, 3 in Moss Beach, and 2 in El Granada. Of note is 2340 Burning Tree Rd in Half Moon Bay. This Ocean Colony mansion on a golf course reduced its price by $300k in August, and is now listing for $234k below its last sale price.
Upshot is, deals are out there, all over the city and her closest neighboring areas. Keep an eye open and drive a hard bargain; maybe you’ll get the home of your dreams.
Ian said:
Nothing fun about houses being still too expensive to afford.
September 12, 2008 5:43 PM
Anna said:
oh Ian, I know. I can’t buy any of these ever. So I guess the title should include (but only if you can afford it!)
September 12, 2008 6:06 PM
Paul said:
Prices in the bay area (Daly City too) are crashing big time and unless a buyer took 40% plus off the listing price now they could find them self upside down before the end of 09′. Here is why:
The sub prime mess is starting to sort its self out but now we are into Alt-A and Jumbo Prime Implosions. All those interest only deals and ARM loans people thought they could refinance out of are going bust – check this out for more detail – http://mrmortgage.ml-implode.com/2008/12/15/fitch-moodys-sp-continue-to-trash-alt-a-jumbos/
Massive number of good homes will soon be available at dirt cheap prices – be patient!
I think the market is resetting its self back to the norm for the previous 50 years before 1999. On average home prices increased .5% above inflation (number based on 60 minutes just the other night you can find it on youtube) As far as an investment goes is not fantastic but it is reliable. So lets say you took the available estimated value of any home you are looking at from 1999 and added lets say 3.5% to 4% increase in value / year (inflation plus .5%) and do the math a home in the 550k (today) range could still fall 150K plus!!!! This is a market reset people..if you have been in a home for a long time this is just bringing things back to where they should have been. Just look at Daly City, average income is 65K! It just cant support 600K homes… we are looking at homes selling in the 300 – 400K range that were selling in the 700 to 800 range just a year ago. Sorry people, if your a buyer, bid 40% off and you may get out alive.
December 16, 2008 8:03 PM