2148 Pine Kitchen
Remember that $1.00 (0.00005%) reduction that we refused to include in our tally of reduced listings earlier this week? Well, yesterday the list price on 2148 Pine Street was reduced $50,000 (2.3%) and “Motivated seller!” was pinned on the listing. It’s back in the tally.
And even though it’s so last month, we couldn’t help but notice the description from the recently reduced listing for 1310 Minnesota Street #110: “Reduced from $634,000 – seller relocating out of state. Comparable unit in this building recently closed for $630,000! Priced to sell at $618,000.”
SocketSite’s San Francisco Inventory Mini-Update: 10/09/06 [SocketSite]
∙ Listing: 2148 Pine Street (5/3.5) – $2,099,000 [Zephyr]
“Priced To Sell” Is So Last Month [SocketSite]
∙ Listing: 1310 Minnesota Street #110 (1/2) – $618,000 [MLS]

Comments from Plugged-In Readers

  1. Posted by Dude

    As further insight, according to bayareasoldhomes.com, the current owner bought the property for $1.25 million in July of ’05. At 2,852 square feet, that’s $438/sq. ft. Now it’s on the market for $2,099,000, or an $850K profit for sitting on it roughly 1 year.
    Not sure to what extent it’s been renovated or improved since then, but the seller does indeed seem motivated…to gouge somebody and make an exorbitant profit.

  2. Posted by Anonymous

    Yeah, i guess making $400,000-$500,000 in one year ($350-450,000 in remodelling) is a disaster. Lol…. this is why i love SF and renters. Renters think the market is crashing as they highlight ‘motivated sellers, priced to sell’ etc when they don’t realize that it’s priced at $850,000 higher than they bought it for in one year.
    Hint guys… a $500,000 profit after 1 yr is taxed at 15% = $425,000 net. $500,000 in income is usually taxed at 46%… which means you’d have to make $700,000+ in gross income to break $425,000.
    America is great. 🙂

  3. Posted by Dude

    Sure is, assuming there’s an endless supply of greater fools out there willing (and able) to pay these kinds of prices. But I guess if there were, sellers wouldn’t be lowering their prices, right? But you could prove me wrong and go buy it today, then immediately relist it for $3.5 million…..just think of the profits you’re missing by NOT buying!!
    New real estate jargon: anyone who didn’t jump in at the peak of the market is now called a “bitter renter.”

  4. Posted by Anonymous

    Take it to the housing forum.
    [Editor’s Note: We so love you right now.]

  5. Posted by Anonymous

    The skilled agent knows how to market, and make both buyer and seller feel good.
    Using the words ‘motivated’ etc draws buyers in, and they feel good about getting $100,000 off. The seller also feels good about making $850,000 in one year = WIN WIN scenario.
    Not bad!

  6. Posted by Dude

    Apologies to the Editor. I’ll keep my comments property specific in the future and will let the market tell its own story.
    [Editor’s Note: No worries Dude. We really weren’t trying to chide you, just trying to avoid a complete break down. And thank you for “plugging in.”]

  7. Posted by PacHts

    Unless the current owners have done an obscene amount of renovation, there is no way anyone would buy this property.

  8. Posted by eddy

    Hey, remember this place.
    On the market for $3.2 and pending firm after 32 days in lower pac heights.
    http://www.2148pine.com/
    Sold in 2006 for $1.82, remodeled nicely since then but I’m sure this is a profitable outcome..
    I’m surprised this location could hold a $3M+ sale price. Congrats to all. Looking fwd to seeing the close price.

  9. Posted by Eddy

    Sold: $33.8M. Over asking By 959%. LOL

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