Mission Makeover Gives It a Whirl in 2010

Mission Makeover Gives It a Whirl in 2010

Last sold as a fixer in 2003 for $529,000, the pocket listing over at 1177 Alabama is resurfacing again as a renovated 3BR/2BA home. It was briefly on the market in roughly its current form in 2007 for $869,000 (tenants included).

List price on this 1930s-style home is a more modern $975,000 and includes the master suite on the garden level done with permits, upgraded heating/electrical systems, and a custom kitchen. The only permits I could access on the property were related to the lower level and electrical work, so I’m not sure about the extent of the kitchen work.

But the home’s current incarnation is worlds apart from its condition in 2003, when I showed the property to clients and we witnessed an ATM on its side in the neighbor’s yard. Location is steps away from 24th Street between Harrison and Florida. So you’re a bit far from BART and the Valencia corridor. But lots of new restaurants have popped up in the immediate area, along with some pretty cool shops on 24th Street. There are definitely comps that justify the price, though the fact that it’s a pocket listing means the seller is testing the waters. So wade on over and see if you can get a good deal.

5 responses to “Mission Makeover Gives It a Whirl in 2010”

  1. jack says:

    Hi,

    What’s a pocket listing? Thanks.

  2. jack says:

    Hi,

    What’s a pocket listing? Thanks.

  3. jack says:

    Thanks, Eileen!

    I’ll research further. Can’t understand why one would skip MLS, which I presume to have a larger audience?

    Please keep up with your postings and observations; I’m finding them very helpful. Cheers!

    • insidesfre says:

      Jack–A pocket listing can benefit a seller in a couple ways. First, if the seller isn’t thrilled with the idea of having crowds trampling through his/her home, the pocket listing is a way to get people in through word of mouth. Well-connected agents can find homes for their clients this way, and the buyers are usually serious and qualified. Secondly, a seller can test the market with a pocket listing. If the price doesn’t reel in any off-market buyers, and the buyers who are through voice certain comments/criticisms, the seller can take that feedback into account and make price or property presentation adjustments accordingly. The listing then will not appear to be “stale” in the Multiple Listing Service (MLS), and the listing will appear to be “fresh” in the MLS.

      It never looks good for a seller–or bodes well for the price they’ll be offered–if a property is in the MLS database for a long period of time. Properties are selling quickly now, but if sellers haven’t received an offer within a couple weeks of coming on the market, it means they will either be settling for less in price or very much at asking. So a couple weeks as a pocket listing to work out the kinks is sometimes a good idea. It’s sort of like when they try out theatre productions in other cities before attempting Broadway.

      Please don’t hesitate to contact me as you have more questions. I appreciate your kind words!

Get in touch:

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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