Market Softens for $2M+ Homes, Condos in Big Buildings

The media and local blogs love to grab headlines by touting the latest crazy overbids made by buyers who don’t think much of throwing hundreds of thousands of dollars at sellers. (Yes, I cover these overbids occasionally, as well, because they’re an intrinsic part of the current market here.) Homeowners love those headlines, but would-be buyers cringe.

But the latest news is that there are certain segments of the market that are softening, as evidenced by several July sales.

2M+ Single-Family Homes: Houses in this price range are spending an average of 51 days before they go into contract. Several buyers got pretty good deals in July on these properties:

324 3rd Avenue (5BR/4.5BA)
Inner Richmond
List Price: $2,995,000 Sale Price: $2,900,000

1926 Lake Street (5BR/3.5BA)
Lake District
$2,895,000 / $2,850,000

271 Upper Terrace (1BR/1BA)
Ashbury Heights
$2,995,000 / $2,200,000

1450 Masonic (6BR/5.5BA)
Buena Vista/Ashbury Heights
$5,995,000 / $5,375,000

1909 Vallejo (4BR/3.5BA)
Pacific Heights
$3,750,000 / $3,625,000

68 Presidio Avenue (5BR/5.5BA)
Presidio Heights
$8,995,000 / $7,750,000

2602 Pacific (6BR/6.5BA)
Pacific Heights
$8,995,000 / $8,250,000

Condos in Big Buildings: Units in larger properties in South Beach and Mission Bay are definitely seeing a fair amount of under-asking sales. Buyers should target The Beacon, Metropolitan, Infinity, The Brannan and Watermark, particularly at the $1.5M+ price point. Here’s a lineup of sales that probably weren’t what their sellers had hoped for:
260 King #509
List Price: 665,000 Sale Price: $659,000

250 King #706
$749,000 / $723,000

207 King #512
$1,325,000 / $1,125,000

435 China Basin #444
$1,399,000 / $1,350,000

300 3rd Street #1007
$759,000 / $750,000

333 Main #7H
$679,000 / $650,000

355 1st Street #S807
$1,195,000 / $1,120,000

501 Beale #12D
$1,488,000 / $1,450,000

338 Spear #14F
$1,525,000 / $1,465,000

229 Brannan #12G
$1,629,000 / $1,525,000

501 Beale #18D
$1,885,000 / $1,860,000

338 Spear #41E
$2,690,000 / $2,600,000

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