A Quick Update On 8 Kronquist Court (It Sold)November 16, 2007
A full rundown of recent sales for properties we’ve previously featured is coming early next week, but in order to start the weekend with a pretty picture we thought we’d let you know that 8 Kronquist Court closed escrow this week with a contract price was $2,200,000 (4.1% under original asking). And yes, 306 Mullen is still available.
Now about that housewarming…
UPDATE (11/17): We should have noted that the asking price on 8 Kronquist had been reduced from $2,295,000 to $2,180,000 (we’re blaming the oversight on an early Friday happy hour). And as such, it sold for 4.1% under the original asking (not 4.3% – again, see note about happy hour), or 0.9% over the reduced asking. And yes, it will “officially” be recorded as another sale for “over asking” (and perhaps even with multiple bids).
∙ Mo’ Modern, Mo’ Modern, Mo’ Modern (But No Nelly) Over In Noe [SocketSite]
∙ An Potential Option On 8 Kronquist (For Those Who Are Optimistic) [SocketSite]
∙ Modern Architecture Hits The Market Up On Mullen (306 Mullen) [SocketSite]
Comments from Plugged-In Readers
To the buyer… nice!
Looks like the buyer leveraged NAR’s price adjustment numbers for SF and had a seller interested in selling.
Looks to me like the seller started out slightly too high, adjusted the price, and got a buyer to go over from the second pricepoint. What does that have to do with leveraging NAR price adjustment numbers? This is a lovely home but it is oriented eastward. The views are solely from its roofdeck. Its neighbor, 2 Kronquist Ct, had views from everywhere, as it was oriented northward. And that one sold for $2.185M, in spring ’06, a hotter market. In my opinion the seller did very well here. Again, this is an exeptional property. But the buyer paid $1000 a foot for it. That’s very, very high for Noe.
it was originally 2.6mm? congrats to everyone. i’m sure that contract price had lots of profit in it still.
No, it was originally $2.295
fluj, you might be right, but was referring to this posting from a couple of weeks back:
As for the 4.2% v 4.3%, hope you’ll forgive that I was off by 0.1% 🙂
I don’t follow you at all. I know what article you referred to. What this was, was a highly speculative flip where they nearly obtained their target price. The sales price was in fact probably about 15% higher than average.
What this was a deal between a speculative seller and an informed buyer with good timing throw in for good measure.
And fluj good for you if you choose not to follow… lead on!
Hahhaha. You obviously like the property. I like it too. I think they paid too much, tho. So I question your timing angle.
Fluj I gotta ask what do you think fair market value on this place would have been? You are right I like the place but stroller valley is not for me.
I think about 850-900 a foot would be appropriate. So somewhere around 1.85-1.95mm Not over 2. The neighbor, 2 Kronquist, was just a flat out better place that sold for less. This sort of speaks to the flight to quality high median thing that we’ve seen. Sure, it’s just two houses on cul de sac. But I think if they were both on the market back in spring 2006 8 Kronquist sells for just under 2.
Fair assessment, still great places and while No.2 might have trumped No.8, I like them both and I am not signing the check, to be person who is… nice!
how much comparable inventory was there back then fluj?
i don’t have a problem with 1000/sq/feet. if it’s turn key and in the right hood, i’m sure it’s worth it. might not be for your buyer but i have a feeling there are plenty more out there like me that wouldn’t be scared away by it.
I’m not philosophically opposed to 1000 a foot. It’s just that at a certain point precedence has got to play in. Your other question about inventory is probably the relevant factor. I don’t know that I could really get my head ’round that by just looking at sales of a year and a half ago. My gut tells me inventory was similar. But I can’t definitively say.
Comments are closed.