What You Could’ve Bought: For Under List Price

It’s unusual in the current San Francisco market for buyers to be able to purchase a home for less than the list price. Most of the time, a property has to be on the market for at least a couple months, and even then, there’s no guarantee the seller will be willing to take less. But here are three homes that changed hands for substantially less than asking:

1966-68 Greenwich
Cow Hollow

List Price: $3,900,000
Sale Price: $2,650,000
Days on Market (DOM): 99
1966_68greenwich
1966-68 Greenwich was billed as a family compound, and consisted of two condos. There was a 3BR/2BA home with two-car parking at the front of the lot, and a rear 2BR/1.5BA cottage with one-car parking (which the seller was renting on a short-term basis for an income of $100,000/yr). Both buildings were extensively remodeled, and the cottage had its own private entrance. The seller also included plans for enlarging the rear unit by 2500 square feet. Great location near Union Street shops and restaurants, as well as 101.

21 Laidley
Glen Park

List Price: $1,950,000
Sale Price: $1,410,000
Days on Market (DOM): 57
21laidley
This 2BR/3BA, deco-style single-family home on a quirky street in Glen Park had nicely landscaped gardens, a view deck, and an artist studio. It was all about the large lot, and there was no garage. The new owners are now just up the hill from the 30th Street and Church Street corridors, which feature restaurants such as La Ciccia, as well as the J Muni line to downtown.

345 Richland
Bernal Heights

List Price: $849,999
Sale Price: $750,000
Days on Market (DOM): 55
345richland
Though the final selling price of the 3BR/1BA single-family house at 345 Richland didn’t sell for dramatically less than asking, it kind of is dramatic when you consider that buyers have been paying an average of 12% over asking since November 2013 in Bernal Heights (with six homes selling for 25%+ over the list price). 345 Richland wasn’t in a prime Bernal location, as it’s fairly far south of Cortland. And the house is a fixer. But kudos to the buyers for bucking the throw-money-at-Bernal-houses trend.

Buyers Land Holiday Deals in Luxury Market

The rule of thumb in San Francisco real estate is that if you’re sitting on the market for a very long period of time—and the holidays are approaching—-it’s highly likely you’ll eventually sell for significantly less than your original list price. Though most sales in our city are closing for above list price, I did find some recent sales that wrapped up after Thanksgiving.

In other words, the sellers came to grips with the reality of their home’s worth, and got it all done before the end of the year:

21 Laidley
Glen Park

Original List Price: $1,950,000
Sale Price: $1,410,000
Days on Market (DOM): 57 days
21laidley
Views certainly count for something in San Francisco, but so do the number of bedrooms, parking availability and location. 21 Laidley doesn’t have parking, and though it’s in a nice part of Glen Park, the two-bedroom limit and a tucked-away locale didn’t quite merit an almost $2M price tag. I think the buyer paid an appropriate price for 21 Laidley.

1081 Pine #401
Downtown

Original List Price: $3,125,000
Sale Price: $2,300,000
DOM: 136
1081pine_401
1081 Pine #401 is a two-level townhome with a nicely remodeled kitchen, private balcony, three bedrooms/baths, and two-car parking. It also carries a $900/month HOA fee and is situated on a busy street. So the $3M+ starting point did seem wildly ambitious. But hey, if you’re a seller who’s not in a hurry, you can list in the summer and wait around for a buyer to pay your price. That didn’t happen, but they sorted things out in early December, probably dreading making a go of it in 2014 with an overpriced downtown condo listing. And the buyer paying all cash undoubtedly greased the wheels.

1350 Jones
Nob Hill

Original List Price: $4,500,000
Sale Price: $2,900,000
DOM: 234 days
1350jones
Located on a prime Nob Hill street, 1350 Jones is a London townhouse-style single-family home with interesting architectural details. But it basically needs to be completely updated, so the more palatable $2.9M selling price will most likely allow the buyers to invest in some remodeling and create a very cool home.