Too Cheap (Sunset)


#161

I think you can get that one for around 700k if you negotiate hard enough. Sellers are desparate. That would be a 10% discount from the original listing price.


#162

See, even The Front Steps is waxing about the virtues of the Sunset becoming of age…

Take it a step further and think about the “Outer” Avenues. The Western shore of San Francisco. The “Outerlands”. The sand dunes. The desolation. The edge of the Continent. The place nobody wanted to be, because it is “always foggy” (When I have listings out this way, people actually come up to me and ask, “Is it ever sunny out here?”…no joke). As it turns out, it’s the most popular place to buy in San Francisco at the moment (close second would be Bernal Heights). Why is that? It’s one of the few areas in San Francisco you can still get a single family home under $1.3M…barely.

Think back to 2014 when the average home in the Outer Avenues could be had for under $900,000 , and look at the four overbids on this top 10 list in the avenues, all trading well over $1.2M. It’s nuts! But it’s reality.

As a reference point, to make sure I wasn’t delusional, I pulled the averages for the Outer Sunset and Outer Parkside 2014, 2015, 2016, and 2017. Have a look…

Type Units Sold | List Price | Sqft | LPPSF| DOM | Sales Price | SPPSF

Type Units Sold | List Price | Sqft | LPPSF| DOM | Sales Price | SPPSF

Single-Family | (142) | $759,918 | 1358 | $595 | 34 | $854,982 | $670
Single-Family | (142) | $844,974 | 1365 | $645 | 25 | $1,012,097 | $771
Single-Family | (141) | $918,479 | 1398 | $689 | 29 | $1,080,833 | $808
Single-Family | (28) | $910,195 | 1237 | $778 | 31 | $1,076,107 | $906

It’s all very interesting…
Units Sold – almost identical every year.
List price – Creeped steadily up.
Average size of the home – down.
List Price – Up.
Days On Market – Hovering around 30.
Sales price – Climbing (remember 2017 is not even close to done).
And the last and easy to decipher for even the most data challenged person (like myself) Sales Price Per Square Foot – up nearly $240 per square foot on average.

Moral of the story, it’s hot in the Avenues right now.


#163

Four of the top five overbid sales mentioned:

We’ve discussed it. What is the common theme in some of these overbids? Tunnel entrances (3) and THE MACHINE (keep in mind he had way more sales that just didn’t make the overbid list)


#164

How far do you take the T rule. .Does it apply to a house at the end of a cul de sac ?

The worst part of a T house is the car lights shining through your house and of course the risk that they run right into your house…Less chance in a cul de sac


#165

Yes the rule does apply to cul de sac. If you don’t mind the rule then try out the house in Walnut Creek! Cheapest deal there, sellers desperate, open house this weekend!


#166

Ok, Outer Sunset with center patio goes for 1.35M!!!


#167

Seriously? Lipstick on a pig no work done to kitchen and bath outer sunset sold for 1.35M! Ok, what next? :slight_smile:


#168

Pended, of course…


#169

Here is a nice one, @manch


#170

This one can sell over $2M easy.


#171

Yes, it should…which would go a long way to getting that inner vs central/outer pricing straightened out for once…


#172

So it’s the same price as a Bayview condo. Not impressed.


#173

So snobby! :slight_smile: I think only a $5M dollar house on Pacific Heights or Atherton can impress people these days.


#174

Wow, talk about a DOUBLE NEGATIVE!!!


#175

And people are paying 1.5 for it. :fire: :fire: :fire:


#176

This one our Fearless Leader just posted about in a separate thread. It is nice and I am thinking should go easily over 2M also. But @wuqijun, would you take this cute one or the one with the views?


#177

And there is a saying about a fool and his money…


#178

Hard to decide. They both look great. I would take neither of course. Why give away money to people when you can save that for your own use. Always buy a fixer.


#179

My lord, can you stop being Chinese for once…just once? Pick a damn house!!!:slight_smile:


#180

Ok I would buy the 12345 as primary residence and the house w/view as secondary vacation home.