The Sunset Rocking The Overbids!

sanfrancisco

#444

I have yet to see a home that seemed to get punished for underpricing. On the buy side, takes some comp research, but it’s not that hard to differentiate the house listed at $899k that is going to sell for 1.1x million and the house listed at $899k that could even top 1.5 million.

Overprice and you risk not pending after 1-2 weekends, and in this market buyers assume there must be something wrong with a place if it doesn’t have a winning bid within that 1-2 week window! Often overpricing is not the only problem though. You would think there is an arbitrage opportunity when looking at overpriced places with high days on market, but all we have run into here is houses with major unchangeable problems or owners stuck on a price that the market won’t bear.


#445

Agreed, too many locked in buyers in the marketplace to “allow” an underpriced home go for that. It is just not like before, when little info was available to the public. Who doesn’t get the alerts immediately when a home in their target neighborhood goes online for the first time? Now, you can reasonably comp a home yourself before you set one foot in the door to check it out.


#446

#447

Around 975/sqft


#448

Geez, needs some work too!!!


#449

Yes absolutely


#450

Prime Inner Sunset/Parkside and detached. That’s why it commanded a high price even though a fixer.


#451

Come on…Pending!!!


#452

Not sure we covered this one (nice one, big)…1.6M technically in Outer Sunset!!!


#453

Really nice one, would there be much noise from the main road there?


#454

I believe it is far enough away from Sunset to not be an issue.


#455

Yes, noice is no issue at all. So, I saw a similar property sold for 1.9M in Inner Parkisde on 18th. I think the difference between similar properties in Inner and Outer is about 300k, which fits the unspoken pattern concerning Sunset homes: value increases by 10k each block you move up the avenue.


#456

Ok, will this be the strategy by flippers and investors in the Sunset going forward as SFHs get too expensive and profit margins get squished? Buying duplexes with inlaw potential or building up a floor I guess and then selling each unit off as condo units with the dreaded monthly HOA (yes, utilities are not free, sfdragonboy…). Or, just selling the lower units and you living on the top floor?

Ok, this is the latest sale…

Sold in 2004…

Presumably the top and best unit (owner occupied?)


#457

Who is collecting the HOA dues? We only have 3 owners here. Can’t they just work it out themselves?


#458

You would think with required separate meters and such that you would be correct. Maybe those HOA figures are estimated???


#459

Don’t think so…


#460

Ok, so, what happens when someone like my wifey buys the smallest unit and stands in the shower for a half hour every morning of every day of the month? Clearly, that set HOA may not cover that water use. What then? It could be like my $2/mo deal at 24 Hour Fitness, right? A STEAL…


#461

I think the HOA dues are more for outside maintenance than utilities. Say the building exterior needs to be repainted. And yard work.


#462

Ok, that would make sense… (Uh, wifey, no need to put in that offer after all…)


#463