Purchased for $1,170,000 a year ago, 337 Douglass retuned to the market this past March asking $1,195,000. Reduced to $1,095,000 on April 1st and then to $995,000 on April 30th, a buyer has yet to emerge.
A sale at asking would represent a 15% drop in value over the past year for this single-family Eureka Valley home. But that’s not what caught our tipster’s eye. No, it was the following language from the listing:
It may be now or never…I am going to recommend to the Seller that we increase the price.
No word on who recommended the purchase in the first place.
And in other “last chance” news, a plugged-in reader points out that the listing for 1409 20th Street now notes: “LAST CALL! Final $ Reduction.” Purchased for $860,000 in May of 2005, now asking $799,000 (down from $949,000).
∙ Listing: 337 Douglass (3/2.5) – $995,000 [MLS]
∙ A Potential Single-Family Apple Atop Potrero Hill: 1409 20th Street [SocketSite]
pretty risky strategy when this is your only current listing.
http://www.paragon-re.com/ParagonListingSummary_Agent.aspx?AgentID=47
$1 million with no parking. ouch.
[Editor’s Note: From the listing notes: “garage bid 98K.”]
Wow, even by SF bubble standards this is a slaughter.
By my very back of the envelope calculations, these guys will have spent roughly $25K/mo to live there, assuming it sells at $995K (and that looks doubtful).
I would have rather lived in one of these 7000+ sf places for $25K/mo (seeing as they’ve been empty for months and months, you probably could have lived in both for that much):
http://sfbay.craigslist.org/nby/apa/1178320116.html
http://sfbay.craigslist.org/nby/apa/1172784105.html
And how about a “Bubbletimer of the Year” award to the previous owners. Bought with only 5% down in 2003 ($725k) and sold near the peak in June of last year.
Hee hee. That reminds me of the Infinity and some other complexes offering early “deals” and warning that “the price is only going to go up later.” Go ahead, Ms. Realtor, recommend to your seller that they increase the price. Hmmm, now that I think of it, if you think the seller could raise the price, aren’t you in breach of your duties by not having already recommended it?
I bet the agents favorite book is “Why The Real Estate Boom Will Not Bust, And How You Can Profit From It” by David Lereah, circa 2006
I am going to recommend to the Seller that (s)he find a new realtor ™.
“And how about a “Bubbletimer of the Year” award to the previous owners. Bought with only 5% down in 2003 ($725k) and sold near the peak in June of last year.”
Well…unless they bought upgraded and bought something else, right? Whatever they bought the would have bought at the exact wrong time, no?
Wow…the audacity of the listing agent
“pride goeth before the fall”
I say it goes for somewhere in the 800s
Well…unless they bought upgraded and bought something else, right?
Good point… from my search at the SF Recorders website, it appears that they did not buy another property, but instead rode off into the sunset with $500k tax-free. Not a bad gig IF you can get the timing down.
You’d think with all the spare time this Realtor has now, she could think up a better sales tactic than raising the price!
Pity the poor sellers agent in this market. First, they have to browbeat the seller into lowering their price. Next, they have to convince the seller that their life will be ruined by a bad credit score (from a foreclosure on their record). Finally, they have to browbeat the lender into accepting a short sale. And let’s not even think about what happens if a second is involved…
Let’s give the agent the benefit of the doubt, assume she is not full of it, and believe she actually IS going to recommend the seller raise the asking price. Has anyone seen the asking price raised on any home in the past three months, or would this represent the first in a long while?
BTW I think the agent is full of it.
Maybe she is emboldend by this.
The listing agent also represented the owners when they bought the property last June for slightly below the asking price. Seems like they still have confidence in their agent (or “you sold it to us now sell it to someone else!”)
If the price goes up, you could always rent 229 Douglass, a block down the hill, now asking $4700/mo.
http://sfbay.craigslist.org/sfc/apa/1182064357.html
Does anyone know what’s up with the $444k reported sale in December 2008?
“Seems like they still have confidence in their agent (or “you sold it to us now sell it to someone else!”)”
Actually the latter might be the case. And it is possible that that same agent is selling for zero or significantly reduced commission. If I were the realtor, I certainly would feel some responsibility to these buyers/premature sellers. I’m sure that plenty other realtors out there would also take a hit in commission to retain their client’s loyalty. That’s not exactly the best move for short term cash flow, but the right move ethically.
Priceless. Looks like the realtor removed the “recommendation” from the listing.
It may be now or never…I am going to recommend to the Seller that we increase the price.
I’m reminded of a great scene in Blazing Saddles…
The one thing that always annoyed me about this listing was the quote “This home has it all.” – NO, it does not. If it had it “all” it would have parking.
337 Douglass is in escrow.
And heres an example of a listing thats 101 days old. Lowered its prices three times, then raised it twice, and now its 20k more than the original listing price.
Any idea what gives there?
http://www.redfin.com/CA/San-Francisco/229-Brannan-St-94107/unit-2A/home/856312?utm_source=myredfin&utm_medium=email&utm_campaign=listings_update&utm_nooverride=1
They are looking for that special sucker that will accept the almost $1000/sf.
Green shoots! Green shoots! Come on and buy before you are priced out… again!