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! 🙂