Unrealistic Sellers Withdraw from the Market

Unrealistic Sellers Withdraw from the Market

When I first reported on 141 27th Street in Noe Valley earlier this year, work was underway on this major fixer located behind my home. It had been purchased in the pre-stock market crash haze of August 2008 for $950,000 (list price was $637,500) by a group that planned to renovate and flip.

The renovations were surprisingly limited to working within the envelope of the building, with no vertical or horizontal additions. I was a bit skeptical that a finished product would result in the $950,000 purchase price making sense.

Indeed, after 116 days on the market at $1,595,000, the sellers of this 3BR/3BA property decided to withdraw the property in mid August.

I think the summer was the time to separate the realistic from the unrealistic. Indeed, there were 209 single-family homes, 476 condos/TICs, and 80 two- to four-unit buildings withdrawn from June through mid September. That’s a lot of properties.

I’m betting we’ll see less withdrawn and more sold properties this Fall, if only because sellers will hopefully learn from others’ misfires.

5 responses to “Unrealistic Sellers Withdraw from the Market”

  1. paulj says:

    I’ve been to this house. They stuck the kitchen in the corner by the living room. If they expect someone to pay top dollar, the kitchen should be pretty impressive. Also, this block is close to St. Luke’s and they’ll be building a larger hosptial there. Will probably negatively impact this block.

  2. This house should sell for just about what they paid for it. If someone picked it up for the original listing price, put $150,000 into it, and marketed it with savvy they could have made $100,000. But no. This is another example of skin deep renovation – no substance. With the power vested in me, I hereby authorize the developers to don the cloak of the landlord.

  3. Dave says:

    Whisperer has said it all.

  4. Nicole says:

    I appreciate your frank honestly. Never read your blog before you commented on the twitter house on Socketsite today, but I will be reading it in the future.

  5. insidesfre says:

    Thanks, Nicole! I appreciate the compliment.

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Eileen Bermingham

Corcoran Global Living



DRE# 01352627

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