Sold Below Listing! (Outer Sunset)

Listed at 1.1M. Sold for 990K. The buyer just had to rub it in by insisting on <1M. Haha.

But seriously, what’s wrong with the house? No staging + bad photos, sure. But that price seems low.

There’s even a bonus shack. What’s not to like?

You are kidding right, Manch? This house is not nice. The seller was smoking some funny herb with a list price like that. For updated, I am expecting much more than cheap china made cabinets. In fact, if the description didn’t mention it, I as a potential buyer would have expected to have to redo the entire upstairs in order to move in. The room downstairs is obviously not warranted too. When you see crap like this, you really have to question whether it is worth spending so much.

The thing to remember about the Sunset is that homes by the beach tend to be worn by the salt air. Sunset homes get better the further away from the beach you go. Obviously, the market agreed with me, it sold for under 1M when most basic Sunset homes in this market (2/1) go for at least 1M. The market is rarely ever wrong. We are closer to 'perfect information" as we’ve ever been with the internet.

Well, at least it’s sorta big?

Looking at other sales record, yes, it seems it’s in line with others.

In this transitional market, buyers are now going to be a little bit more picky. They are not going to go ga ga for every property like before since others are bound to become available soon. This one, the seller hit the lotto big time. I feel sorry the buyer. Really. There is nothing appealing about the property that won’t require another 100-150k. After you spend all that, what do you have? A basic Sunset home. Wow.

Two words: wall heaters.

Thing needs to be updated. The bad photos just cover it up.

There is nothing appealing about this one, from an investor’s perspective. To say that this was updated, is pretty scary. I like projects but the pricing has to make sense and/or a house’s attributes (bones, layout, location, etc) has to outweigh the money that is going to be put into the project. In this case, the layout from the street is not ideal. For example, let’s say you wanted to develop the downstairs and build a separate inlaw unit for rental purposes. Where are you putting the exterior door? Even if there is enough room to add it to the left of the garage, that is more money. Maybe an integrated garage door that has a built in door would work, but again that is not nice and will not add to curb appeal and thus give you a nice return on investment. It is all about the ROI.

RE agents say whatever they want. Julianna Lee has a reputation for saying things that are true that imply things are blatantly false. For example “Near top notch Menlo Park schools!” (that the house isn’t zoned to attend). She’s done this at least twice.

Also, the kitchen looks nice, but what’s in the cabinet. Some of these houses have veneer over original cabinets.

And you can’t smell a photo.

The Sunset is the most unique beach community anywhere. …the farther you are away from the beach the more desirable. …lol

1 Like

Amen. I am in CENTRAL Sunset and even from there you do have to deal with the salt year. You definitely do not leave your pristine vintage Acura NSX on the street. But again, life and living is about trade offs. Sunset was voted tops in neighborhood offering highest quality of life. I’ll take that any day. :slight_smile: