Category Archives: Glen Park/Sunnyside

Don’t Get Sucked In By Super-Underpriced Properties

Don’t Get Sucked In By Super-Underpriced Properties

Heads up, home buyers: Super-underpriced homes are popping up in the market again. It’s a good time for a refresher on how this particular list price strategy works, so you don’t waste time on homes you can’t afford.

The coronavirus and ensuing shelter in place (SIP) temporarily influenced list prices in San Francisco, with many sellers and their agents going with transparent, closer-to-value asking prices. The idea was to limit property access to qualified buyers who could purchase the home at market value. Continue Reading

What You Can Buy: Single-Family Homes Coming Soon

There are plenty of properties in the queue that will be ready to go when the shelter in place (SIP) ends. Of course, many of these properties have sellers who would be happy to entertain offers sooner rather than later. Offer dates, for the most part, are not the norm right now. And sellers are also more likely to use transparent pricing—a list price that isn’t begging for an overbid.

Homes listed for under $2,000,000 in San Francisco are the sweet spot at the moment. In that spirit, I have rounded up my picks in the “Coming Soon” category. (This is an actual Multiple Listing Service category now, visible only to MLS agent members.) Please feel free to get in touch with me at eileen@insidesfre.com | 415.823.4656 if you’d like more info about any of these off-market homes.

54 Sussex
Glen Park

3BR/1.5BA, 1242 sq ft, 2 parking
List price: $1,675,000

This sweet mid-century home at 54 Sussex has all three bedrooms on the same level, two-car parking and a bucolic location that’s a few minutes’ stroll from Glen Park’s downtown area and the all-important BART station. Pricing is transparent on this one, so writing an offer at $1,675,000 with reasonable terms could easily do the trick. [Listing courtesy of Corcoran Global Living] Continue Reading

Cash Sales in San Francisco Drop in 2019

San Francisco real estate sees its share of cash buyers, but they’re not popping up as frequently as they used to. For the past several years, cash buyers have represented a quarter of all single-family and condo sales.

However, the percentage has dropped to 16.5% for houses and 14.6% for condos in 2019.

Having the ability to pay all cash certainly gives you an advantage as a buyer. You’ll likely get a call back in a multiple-offer situation if your offer isn’t the highest. But being able to pay in all cash typically doesn’t exempt you from having to overbid like everyone else.

Here’s how things have shaken out in 2019: Continue Reading

What You Could’ve Bought: Houses For Under The List Price

The Spring and early summer markets were business as usual in San Francisco, with most properties selling for top dollar and well over their list prices. However, I found some recent single-family home sales that didn’t turn out that way.

It’s worth noting that most under-asking sales don’t happen out of the gate. Weeks typically go by before sellers are willing to negotiate. And a bulk of single-family home sales that sell for less than asking have recently been in the $4M+ range.

Here’s a look at what you could’ve bought recently for under list price:


2531 McAllister
Lone Mountain
List Price: $1,795,000
Sale Price: $1,500,000
Days on Market (DOM): 46

2531 McAllister was a large, four-bedroom house with bonus rooms in a central Lone Mountain location near USF, Golden Gate Park and Clement Street restaurants and shops. But it could’ve used a facelift, so starting at $1.8M didn’t go over well with buyers. Continue Reading

Flip Market Falters in 2019

Small-scale contractor-developers seem to be having a little trouble this year when it comes to flipping their renovated properties. At least half a dozen such homes have been sitting on the market, failing to garner multiple offers and sky-high prices.

It might be time to consider these homes if you’re looking for a newly renovated home. Spring promises to bring fresh inventory—as it always does—and flip sellers may be a bit anxious about falling through the cracks. Here are a few to check out:

2631 Ulloa
Parkside

Days on Market (DOM): 46
4BR/4BA, 2087 sq ft, 1 parking
List price: $1,488,800

2631 Ulloa is a spacious, 1920’s-era home. The story here is that the sellers—an LLC—purchased the property in January 2018 for $1,050,000, with subsequent renovated encompassing a new kitchen and baths, bedroom addition and more. They hit the market in February for $1,688,800 but have found no takers. The home has nice curb appeal, but the drawbacks are that there’s not really a yard, and the living/dining/kitchen areas are tight. But you’re one block south of Taraval and the L Muni rail line, as well as one block north of Stern Grove. (Ignore the pictures of the Giants’ ballpark and Kearny Street, I think those were accidentally included in the mix. 2631 Ulloa is nowhere near those places.) [Listing courtesy of Real Estate Investment Experts, Inc.] Continue Reading

What You Can Buy for Under $2M: 30 Days & Counting

We’re in the midst of the San Francisco Spring market, with properties going into contract and selling at a rapid pace.

But not every home lands a buyer immediately. In fact, there are 63 single-family homes and 155 condos/TICs that have been on the market for more than a month.

Many of these market sitters are listed for well above $2M. So buyers with that kind of purchasing power currently have a good property selection.

But there are certainly homes listed for less that may be more attainable for a majority of buyers. Here are a few of my picks:

650 Mangels
Sunnyside

Days on Market (DOM): 57
3BR/3BA house, 1,686 sq ft, 1 driveway pkg
List price: $1,398,000

650 Mangels is a very unique home that could use a minor adjustment or two from its next owner. The property has a lovely detached main house that has an amazing upstairs master bedroom and bath (see photo). There’s a garden off the kitchen, and a smaller, second bedroom at the rear. The front building has a room upstairs, with an odd trap door where you can climb down a ladder to reach the bathroom, which takes up the space where you’d be parking. This is obviously the sticking point for many. In the end, you’re looking at a two-bedroom house with another room above the garage. I’d clear out that weird bathroom, restore the parking space and use the upper level for a family or media room. Good Sunnyside location with easy freeway access and a 1.1-mile, 20-25 minute walk to the Glen Park BART station. Listing courtesy of Climb Real Estate Continue Reading

Buyers Exceed Seller Expectations with Extreme Overbids

Buyers Exceed Seller Expectations with Extreme Overbids

It’s one thing to list a property lower than the targeted price, but 95% of the agents I know who do significant business in San Francisco (including myself) don’t typically list a property for hundreds of thousands of dollars less than expected. So it boggles my mind when I see extreme overbids of 50% or more.

But it’s easy to rationalize a crazy selling price in a hot market with inventory that doesn’t meet the demand. Here’s a look at the latest head shakers for 2018 so far:

100 Teresita | 4BR/2BA, 1833 sq ft | Miraloma Park
List: $1,199,000
Sold: $1,950,000
62.5%+ Continue Reading

Luxury Market Sees Extreme Overbids in October

Luxury Market Sees Extreme Overbids in October

October has been the month for buyers in the $2M+ range to throw hundreds of thousands of dollars over asking for single-family homes (and one condo) in various neighborhoods across the city.

Deep-pocketed buyers are obviously feeling pretty cheeky about our Bay Area economy.

The most egregious example of extreme overbidding happened at 128 26th Avenue in the Lake District (see photo, left). The custom 4BR/2.5 home at the Sea Cliff entrance has a roof deck with panoramic views, and was listed for $2,995,000. So why not pay a million dollars more, right? That’s exactly what happened, as the sale closed on October 20th for $3,910,000.

Here are a few more extreme overbids that went on the books in October:
1 Miguel | Glen Park
3BR/2.5BA
List price: $1,675,000
Sale price: $2,600,000 Continue Reading

Pritikin Mansion Reduces Price, Still Seeks Buyer

Pritikin Mansion Reduces Price, Still Seeks Buyer

The Pritikin Mansion—also known simply as 47 Chenery and owned by former ad man Bob Pritikin—splashed onto the market in early September for the ambitious price of $12.5M. The quirky estate is sort of like the Glen Park version of Hearst Castle, without all the history. The house is tucked away behind the houses that line Chenery, Randall, Dolores and 30th Street, and is situated on a 24,624 square foot lot.

The “Neo Classical-style” main house has an interior swimming pool with retractable roof, park-like grounds with wacky sculptures and, uh, uniquely designed rooms. Also included are a separate three-unit building, and parking for up to 15 cars. (The parking is actually zoned for four condo units, in case you want to do your part to create more housing in San Francisco.) Continue Reading

What You Could’ve Bought: Houses For Under The List Price

The selling pattern in San Francisco continues to be list low, sell for more. However, it doesn’t always work out that way for some sellers. Properties that sell for under asking typically have spent a good chunk of time on the market, and are often in the multi-million dollar price range. But that’s not always the case. Here are a few examples of homes that didn’t have a fast path to a signed contract:

148 16th Avenue
Lake Street
List Price: $4,250,000
Sale Price: $3,775,000
Days on Market (DOM): 37

Buyers are seeing the most discounts in the luxury market, and 148 16th Avenue was no exception. The home was extensively renovated in 2006, and had a nice open floor plan on the main level. Big master suite, and large yard. There was also a detached rear cottage. The property came on the market at $4,250,000 but the sellers cut the price to $3,825,000 and a buyer came in a week later. Continue Reading

The Most Overbid House ‘Hoods in San Francisco Right Now

Buyers have had no qualms about dramatically overbidding for single-family homes in West Portal, Westwood Park/Highlands, the Central Sunset, Ingleside Heights and Miraloma Park this year.

Those neighborhoods are seeing an average overbid of 20 percent. West Portal actually had five homes sell for between 30 and 50 percent over list price this year.

The selling pattern within individual neighborhoods is a useful data point for sellers when it comes to setting a list price—and for buyers as they decide how much to offer for a property. The traditional pattern in San Francisco has been to list low and sell for more. In general, single-family homes in popular neighborhoods and at price points under $2M tend to get the highest overbids.

I did a quick analysis on the single-family home market and flagged the neighborhoods that are experiencing the highest levels of overbidding. Here are the hot spots now, according to the average overbid percentage year to date:

West Portal 22%
Westwood Park/Highlands 21% Continue Reading

Just Sold: 121 Chilton in Glen Park

Just Sold: 121 Chilton in Glen Park

My clients just purchased a Glen Park charmer on a cul-de-sac at 121 Chilton.

The 1940s home has two bedrooms, one bath and a bonus room down that’s great for a large third bedroom with a garden view. The very gracious living/dining area with wood-burning fireplace gets great natural light through an expansive front window. Big garage and yard, too. Continue Reading

Underpricing Strategy Still Works for Sellers

Underpricing Strategy Still Works for Sellers

If you’re a homeowner who’s about to list your San Francisco property this Spring, have no doubt about where to set your list price: Well below the sale price you’re seeking.

If there’s any doubt that underpricing is the best way to jack up your value, take a gander at how things played out at 1812 Church Street. The 2BR/1BA single-family home on the border of Glen Park and Noe Valley was first listed for $1,495,000 in mid February. When no buyers materialized after two weeks, the price dropped to $995,000. A week later, the house went into contract with no contingencies, and closed on March 18th for $1,445,000. Continue Reading

What You Can Buy: My Picks for This Week

Inventory is starting to hit the market, and I’ve been scouting around for properties for my buyer clients. In between, I get to see properties that aren’t quite a fit for my buyers, but would work for my blog readers who may be house hunting. Here are some cool properties in varied price ranges. If you’re interested in taking a look, give me a shout at 415.823.4656 and we can schedule a showing just like that.

500 Masonic #2 / NoPa
2BR/2.5BA, 1220 sq ft, 1 pkg
$1,299,000
500masonic_2
The two-level condo at 500 Masonic #2 has what many buyers are looking for—two bedrooms upstairs, an open kitchen/dining/living space, in-unit laundry, and secure garage parking for up to two cars (tandem).
Pros: Large, deeded rooftop space easily accessible from the elevator. Smaller, seven-unit building. 94 Walk Score!
Cons: One bedroom and the main living space front Masonic, which is a heavily trafficked street. (Note that a major streetscape improvement project is planned.) Continue Reading

Get in touch:

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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