Welcome back to the “San Francisco Property Spotlight” brought to you by yours truly.

Today, I’ve got a shameless plug for a great property, as well as some catching up.

Here we go…

My Shameless Plug…

282 St Charles Avenue - This is an ADORABLE single family home built in 1939.  It has one “real bedroom” and one “real bath” plus a bonus room and bath downstairs (think home office or guest room).  There’s a formal dining room and eat-in kitchen to boot.  This charming home has great character and wonderful details such as period molding, hardwood floors and built-in nooks and crannies. There’s a quaint garden perfect for morning coffee or a Sunday afternoon BBQ.  And commuters will think this place is a dream since it’s is just steps to BART and just a few blocks from 280 (yes doesn’t have freeway noise.)  And priced at just $499K it beats the competition hands down.  I can’t see this being on the market for long, so if this sounds like something you’re interested in - HUSTLE!

And a Little Catching Up…

151 Alice B. Toklas Place #708 - Holy Moly!  Someone got a DEAL!  This 1BR 1BA unit with 1229 sq ft was listed at $620,000 got it’s buyer after 30 days on the market. This place was a bank owned fixer without a kitchen and in need of some TLC. Final selling price?  $580K!  Congrats to the lucky buyer.  A similar unit with kitchen sold at $780K earlier this year.  

334 28th Street proved yet again, that at times, I’m just too conservative about price. This top floor 2BR 2BR 1150 sq ft condominium was listed at $1,145,000. At $995.65 a square foot, it seemed like it might have been priced a smidge on the high side, but that’s where it sold - at  $1,145,000.  And I can’t argue with the fact that I’m not the one that determines the price, the market does! 

And as usual, if you have questions about any of these properties, or about the real estate market in general, don’t hesitate to contact me. I love to talk real estate!

Tags: SF Real Estate Info for Buyers, SF Real Estate Info for Sellers, San Francisco Property Profile, Uncategorized by Luba
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Welcome back to the “San Francisco Property Spotlight” brought to you by yours truly.

I’ve realized I have neglected this little blog feature for far too long now.  Not only that, I haven’t even had the decency to keep you properly informed of the latest properties I shone my little spotlight on.  Shame on me!  Shame!

So today, I am making ammends!  I’m bringing you an update on the last 3 properties I mentioned, as well as a brand new property for your viewing enjoyment. 

Here we go…

57 Webster - A 3BR 2BA condo originally listed at $1,025,000.  First, I was wrong in my original post about the place, I mentioned that the previous owner (who passed away on the property) had not done anything to the place and then just over a year later, the asking price was $155K more than the last time it sold.  But, my initial instinct that the price was a bit high was correct. 

So finally, after 59 days on the market, they lowered the price to $998,500.  As with most price properties that experience a price reduction, the stigma of ”why didn’t it sell?” followed it for a few more weeks when after 82 days on the market, they property went into contract at $983,000.  With just an 8 day close, it appears that it may have been an all cash transaction (I’m speculating here, but most loans won’t fund that quickly.)  The lesson here?  After 90 days on the market, it sold at its fair market value.  Gee, I wonder if it would have sold faster had it not been priced too high to begin with?  (please read the last sentence with sarcasm)   Price it right the first time people! 

1352-1354 Castro - This one was my baby - a shameless plug of one of my own listings (it’s my blog and I can do that, remember? )  It was a mixed use “diamond in the rough” with 2 residential and 2 commercial units listed at $1,299,000.  We abandoned our original offer date when we got a really strong offer the first day on the market, and after just 6 days, we put the place into contract when the best of 10 offers came in at $1,575,000!!!  Oh, and the offer was non-contingent and complete (meaning the agent representing the buyers brought a fully signed disclosure package with all i’s dotted and all t’s crossed.  (Make sure your agent is thorough - you could lose an offer in a competitve situation if not!!!)

151 Alice B. Toklas Place #708 - This 1BR 1BA unit with 1229 sq ft and listed at $620,000 got it’s buyer after 30 days on the market.  This place was a bank owned fixer without a kitchen and in need of some TLC.  But with similar units in the building (with kitchens of course), my opinion is that at $620,000 someone with the right vision and patient enough to do a major remodel (hey at least you don’t have to deal with demolition right?) would be getting a great value.  Final selling price?  We’re not sure just yet - it hasn’t closed just yet, but I plan on keeping my eye on it and will report the sale price once it closes.

And finally (drumroll please…….)

Today’s Property Spotlight:

334 28th Street  is listed by Tal Klein of Hill & Co.  This top floor 2BR 2BR 1150 sq ft condominium is listed at $1,145,000.  It’s clean.  It’s modern.  It’s in a great location.  It’s got great views.  It has lots of outdoor space (a deck off of the dining room and the master bedroom AND a roof deck! NICE!)  And while I’ve seen lots of other condos with a similar feel, this one just looks so bright and airy that it caught my eye. 

The first showing is tomorrow night, so I haven’t seen it yet - but it’s the kind of eye candy that satisfies my real estate sweet tooth.  But at $995.65 a square foot, it seems like it might be priced a smidge on the high side.  I could be wrong.  I’ve been wrong before (just once or twice in my life - don’t get used to it ).  And someone might love the built-in’s and bamboo floors and flush finishes and tall ceilings & doors and skylights and pre-wired ent.center and decks and views and gourmet kitchen and …… (you get the picture)….. enough to spend $995.65 a square foot.  I’ll keep you posted on this one.

And as usual, if you have questions about any of these properties, or about the real estate market in general, don’t hesitate to contact me.  I love to talk real estate!

Tags: San Francisco Property Profile by Luba
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Welcome back to the “San Francisco Property Spotlight” brought to you by yours truly.

This week, I found a pretty cool condo in the Marquee Lofts. It’s 151 Alice B. Toklas Pl #708. Per the MLS “Want instant equity?Bay and Civic Plaza Views historic Marquee building, unfinished conversion Loft. This modern loft offers high ceilings, original and industrial size windows,1 car pkg, deeded storage.”

This place is listed by Joseph M. Bradley, a real estate brokerage office based in San Ramon and is listed at a surprising $620K.

Why surprising?

Other similar lofts in the building have sold somewhere between the high $700K’s to the mid $800K’s in the past year or so.

In fact, unit #708 (the unit in question) sold for $865K in October of 2006!!!

So what’s the catch?

Well - it’s a bank owned property. The previous owner didn’t pay up and so the property went into foreclosure. Now the bank owns it and it’s selling it for CHEAP!

Of course, someone (maybe the previous owner) has stripped the property of anything of value. From the photos it looks like it needs a new kitchen and bath at minimum. And if you’ve ever spent money on a remodel, you know that those two rooms can easily set you back $100K or more.

But, I think that for the right person that has a little vision, a little creativity, and a little extra cash in reserves to fix this place up, it could make an awesome home, and an awesome investment. And remember, it sold for $865K in 2006!

So instant equity??? I’m not so sure - but with some sweat equity, a solid investment in my opinion. And the opportunity to create your own vision there to boot.

On another note - I thought I’d give you an update on a condo I mentioned in a previous Property Spotlight - 57 Webster…

…47 days on the market so far and still listed at $1,025,000. No price reduction yet either. I guess it hasn’t magically appreciated $155K in just over a year! Bummer for the sellers - but these are the kinds of things that happen when seller expectations just aren’t realistic, or when agents promise more that the market can deliver just to get the listing. I don’t know what happened in this case, and I can’t even speculate - but the value of the property and the asking price just don’t seem to line up.

The market isn’t tanking - but hell, the days of properties appreciating almost 20% in just one year are indeed behind us.

As always, if you have questions about these, or any other properties on the market, or want a realistic evaluation of your own home, feel free to contact me. I’m always happy to help!

Tags: San Francisco Property Profile by Luba
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Welcome back to the “San Francisco Property Spotlight” brought to you by yours truly.

Full disclosure - this is partially a shameless plug for one of my listings. However, it’s just a damn amazing property to boot, and a good example of a not-so-bad market in good old San Francisco.

1352-1354 Castro is a mixed use “diamond in the rough” with 2 residential and 2 commercial units. The place needs a fair amount of work, but it’s located at the super prime corner of Castro and Jersey.

The “for sale” signs went up on the property less than a week ago, and the property only hit the MLS 1 day ago. Even so, many of you have expressed an interest in the place.

After just 1 day on the market, we’ve already received an offer. (And they say the market is crap – hah!)

But the seller isn’t ready to look at it just yet - instead, we’re fast tracking the sale and have moved the offer date up!!!

The seller will review offers this Wednesday, February 27th at 12noon.

If you have questions, please don’t hesitate to contact me.

Tags: San Francisco Property Profile by Luba
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This week I’m trying out a new little feature called “San Francisco Property Spotlight.” I haven’t really decided what will make me “shine a light” on a property and talk about it - for that matter, I haven’t even decided if I’m sticking with that name. Frankly, the name is a little dull, but it’s a holiday, so it’s the best I could do today.

Reasons I might mention a property…. hmmm…

Maybe it’ll be because I love it? Maybe it’ll be because I hate it? Maybe it’ll be because it’s overpriced? Maybe it’ll be because it’s a damn steal? Maybe it’ll be because it’s just damn weird? And maybe, just maybe, it’ll be because it’s one of my listings and it’s my blog and I can shamelessly plug a listing if I want to?! (Of course, any shameless plugs will come with full disclosure that they are indeed shameless plugs!)

If you like this new feature, let me know. If you hate this feature, let me know that too. And if you want to mention a property you’ve seen or that you have interest in, give me a holler - and I’ll try to dig up as much info on it for you as possible. This feature (and this blog) is a work in progress - so if you have feedback, don’t hold back!

So…. drumroll please…….. my first property spotlight is ……………

…. 57 Webster - a Hill and Company listing (ie. not a shameless plug)

Pretty little thing ain’t it?! It’s a 2 story condo with a lot of bells and whistles including (per the MLS) “a beautifully remodeled gourmet kitchen with carrera marble counter tops, mosaic tile back splash, and high end stainless steel appliances.” I mean, it’s a damn nice place. The yard alone makes be want to curl up with a good book and eat some s’mores. (I can’t help it - the trees remind me of summer camp in that wonderful nostalgic sort of way.)

It last sold in December 2006. At the time, the list price was $895K and it sold for $870K after 49 days on the market.

It doesn’t look like anything has been done to the property since the date of the sale (which was just barely over a year ago!)

So, it’s back on the market. THIS time, it’s listed at $1,025,000. Yup, if you’re counting, that’s $155K over what it sold last year - without any visible improvements. Oh, and P.S. - the owner died on the property.

Now - it’ll be an interesting one to watch - and the selling price should give an indication of the state of the SF real estate market. If it sells close to the asking price, then hell, this market is doing pretty damn well, in spite of what the media says. If it sells closer to it’s 2006 price, then well, the market hasn’t appreciated much, and if by some crazy chance it sells under the 2006 price, then hell, the media is right and I’ll just roll into a ball and start crying.

I’ll save my predictions, but the funny thing is that the comparable properties suggest that this asking price is pretty reasonable. And when it sold in 2006, it was during the holidays and it was during a time when interest rates where creeping upward and buyers were staying away from the market in general because they were waiting for the real estate market to crash. But in the beginning of 2007, they came back, and they came back strong and it looks like the same thing is happening now in 2008.

So, it (the SF real estate market) didn’t crash then (in 2007) - and I’m guessing it’s not crashing now. Stay tuned to see what happens! I’ll let you know what happens when it sells. That means you’ll have to come back to see, now won’t you!

Tags: Misc Musings from Your San Francisco Realtor, San Francisco Property Profile by Luba
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