SF: Have these Listing Agents Been Drinking?
Seems most readers agree that even SF’s real estate market is not immune to the economy’s downturn. With that sentiment in mind, I bring you a few listings that appear to be, frankly, delusional, harkening back to a time when living in (or near) San Francisco meant paying huge quantities of money, even in the crappiest neighborhood and even in the most falling down, sad hulk of a home.
Those days though, at least for now, are over.
So, are the agents for these homes overly optimistic, misinformed, clued in to a secret none of the rest of us know… or are they drunk?
To illustrate:
Here in Bayview, at 180 Orsi Court we have a 3/2.5 townhouse for $739K. Um, okay, but nearby 50 Lydia Ave, a 4/3 with more square footage, sold for $265K in June of this year. Further, 180 Orsi hasn’t changed price since it went on the market over 130 days ago.
In the same area, we have a 4/3 at 88 Orsi Circle. This one, at $700,888 is less than its neighbor above, but still seems awfully steep to me for one of the city’s most troubled districts. The owners bought the place in ’97 for $269,500, but they may have missed the boat on tripling their money. At least this agent has had the sense to reduce the price (not once, but twice) since the listing hit the market in April.
For comparison sake, there is a 10/4 multi-family (rental income!) for $838K at 1453 Newcomb.
Moving on to Hunter’s Point, we find 2 condos in the same complex that show signs that someone has been tipping the bottle. At 114 Kirkwood, #2 is a 3/2 condo, 1300 square feet, offered at $448K. Yet here, at 126 Kirkwood Ave., #8, we have a 3/3 offered for $190K. To be fair, the latter property is listed as a fixer, but I’m thinking you could do a lot of fixing with more than $200,000 to play around with, not to mention the interest, taxes, etc.
In the Outer Mission, what but boozing explains the fact that this 2/1 at 41 Mt. Vernon is $705K while this rather attractive looking 2/1 at 41 Farragut is $525K. They both have in-laws. They both have garages. And incidently, they’ve both been on the market over 50 days…
So if not too many cocktails, what logic explains these listings?
Disclaimer: Agents, no disrespect intended. I’m just kidding. Love for any of you to comment with vitriolic and/or humorous thoughts which put my firmly in the corner.
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PHOTO: Media Canada
