The list price for 75 Waller has been dropped to a magical $999,000. And while that’s $100,000 (10%) off the “original list price” of almost two months ago, do keep in mind that it was listed under a different MLS number the month before that for $1,149,000. (Would that be the original original list price?)
Oh, and the listing notes “**vacant/lockbox**”. It’s been that way (vacant) for at least a couple of months. And apparently even the cupboards are bare.
∙ Listing: 75 Waller (3/2) – $999,000 [Coldwell Banker]
What’s the lesson guys? Location, location, location. Where the heck is Waller?
You always want to buy in the best location possible. Imagine a triangle, the grows and has a fatter and fatter base. That base is demand, and the tip of the triangle is your tier 1 property. More and more people want your limited supply.
Waller runs between Duboce and Haight and it’s definitely a desirable neighborhood. Location, location, location won’t get you anywhere if you’re overpriced, overpriced, overpriced.
I believe a Market St planned condo will create a 6-8 story wall out back of this place on both floors effectively blacking out any direct eastern/southern sunlight. Not a mention of this minor detail made in the open house I visited. Check w/Planning!
How can you not know where Waller is?
The problem is the house needs a lot of work. It has a very noticeable sinking in the middle.
Marbles would roll far and fast across the vast floors in the living areas.
“Where the heck is Waller?”
To give you a familiar reference point, it’s 2.9 miles due south of the Marina Green.
I have friends who live on Waller and go there often, and this building is right down the street from them; it’s right off Duboce Park, very nice street, trees, etc. I think we’re finally seeing the point where the market for high-end homes is saturating now that the speculative frenzy is dying out, and fewer and fewer people are wiling to take a chance with exotic loan products and the risk of flattening appreciation and price declines over the next several years. Also, this is essentially a gay neighborhood, and a three-bedroom says “family” to me. I’m not sure that the family that can afford a million dollar mortgage is going to be interested in that neighborhood, even if it is next to Duboce Doggie Park.
It’s actually not quite next to Duboce Park. It’s on the first block of Waller just off Market. The park is a couple of blocks away, and uphill.
The point about the impending adjacent development at the gas station on Market is worth looking into. (see Invented above). That’s the project where the developer has hired Architectonica (sic?) to do some preliminaries…but it is very speculative at this point. There’s also a big grade difference between Market and Waller…I’m not sure at which height the develoment would block light and views.
Gay neighborhood not good for 3 BR’s? I don’t think so. There are lots and lots of gay couples who buy houses with multiple bedrooms…why do you think the gay neighborhood is in the Castro to begin with? Not to even mention the gay baby boom. Or the fact that no neighborhood is monolithically gay, anyway.
I stand corrected. However, I still think this is indicative, along with the other price reductions going on, that the million-dollar home market is saturating. After all, I’m part of a gay couple, and we’d need a combined income of approx. $300K to afford a 30 year fixed loan for a property at that price. I don’t doubt that there are couples out there with that kind of combined income, but I think it’s a dwindling market that would be looking in “more desirable” locations.
Oh crap, I just realized that I was thinking about the wrong house (I was thinking of one on Walter) – I actually know the owners of this place (one of them was a business partner) and housesat for them at Thanksgiving a couple years ago! One interesting factoid is that it used to be owned by Moonies who stripped it of everything of value (including the doorknobs, no joke), and so it’s been through a total renovation. I’ve not seen the kitchen since it was re-done, but they did a terrific job on it. And it is a difficult location, they’ve often had problems with homeless people hanging out on that block behind the LGBT Center, and I do imagine that the condos going in at the gas station right on the corner will have an affect. The current owners have moved for work and are now living in Dallas, hence the “motivated seller.”
This is officially in Hayes Valley. And Phil, that’s hysterical re: the Moonies (and great insight overall).
Clarification
“The point about the impending adjacent development at the gas station on Market is worth looking into. (see Invented above). That’s the project where the developer has hired Architectonica (sic?) to do some preliminaries..”
The gas station/Architectonica (sic?) development is different from the one which might black-out views from 75 Waller. The proposed (approved?) development behind 75 Waller is an 8-story mixed use (113 apartments) next to the LGBT Center. [1844 Market].
oops, now I stand corrected. Invented is, of course, correct about the location of 75 Waller.
At less than $500 a sq ft, does it really matter that you don’t have a view. The mls shows over 2100 sq ft. OMG Where luxury goes for 1000 and most places at 700, this sounds pretty darn good.
Gay couple can’t afford it? Who cares. This house is targeted for the gay threesome market for sure.
Can’t resist seconding…. (tho getting a little off point)
“Gay neighborhood not good for 3 BR’s? I don’t think so”
Indeed! We gay families with children need space. And we like big flats & houses –3bd min, prefer 5br tho thank you.
[And don’t get me started on SF’s new construction of ‘huge’ 1200 sf cubbies. One of numerous reasons everyone’s out of here when kids turn school age. Families are the last group SF builds for; hence the transience and exhausting corporate yup thing]