Proving that Mission/Mission Dolores homeowners basically can’t miss in our market these days, the modest two-unit building at 3643-3645 19th Street (at Dolores) sold for what I would describe as a stunning price recently.
The main-level flat (living room, above) was vacant and unstaged. There were two bedrooms, an updated, eat-in kitchen with basic finishes, and a dining room. Downstairs was a very small, tenant-occupied studio with a sleeping alcove.
Listed at $1,225,000, the building sold to an all-cash buyer from the neighborhood for $1,510,000.
Unfortunately for a majority of buyers, it’s a challenge to compete with cash buyers who are not wildly concerned about the prices they’re paying. After all, when a loan isn’t involved, neither is an appraisal. My guess is that a formal appraisal would not have come in at value on this building, knowing the comps. But this isn’t the first instance of buyers paying too much for Mission Dolores properties; this sort of reckless real estate behavior has been happening since early 2012.
It’s a seller’s market in San Francisco at the moment. Inventory remains flat, there are anywhere from five to 40 buyers for every home that goes on the market, and mortgage interest rates are still very low. And oh, yeah—rents are at an all-time high.
What this all means: If you’ve been considering listing and selling your home, now is the time to do it. And if your home has any particular challenges—lack of parking, a not-so-functional floor plan, no yard, for example—we are in a market where multiple buyers will be more willing to compromise and accept homes with such drawbacks.… Continue Reading