723 Bay Street hit the market in October of 2007 with a list price of $2,150,000 (which was subsequently reduced). And according to the MLS (and a plugged-in tipster), the sale closed escrow on 3/14/08 with a reported contract price of $1,595,000.
It’s now five months later and the Las Casitas condo is back on the market and asking $1,750,000. To quote our tipster, “Am I missing something?”
∙ Listing: 723 Bay Street (2/1.5 and 1/1) – $1,750,000 [MLS]
∙ What Can We Say, We’re Suckers For A Nice Ceiling (723 Bay) [SocketSite]
∙ The Cost Of Failing To Accurately Manage (Market?) Expectations [SocketSite]
I may be wrong, but I think they found oil on the property.
I know people say that SF RE is usually buy and hold, but I’m constantly amazed at how many properties come up for sale and resale within just a few years.
There really seems to be 2 separate markets IMO. The buy and hold RE that was bought pre 1997 and the buy and resell market that’s occurring more often since 1997.
Whats the square footage?
I’ve always liked this place (based on pics). They did a much better job showcasing the home with pictures this time compared to last time.
if the personal tram is fast it would be a novel way to reach your front door. if it’s slow it would be annoying.
the partially covered terrace (not sure if that’s private or not) is very cool! I’d love to have that.
also seems to be in a good location, except that it’s right on Bay… but there are worse streets in town.
Anybody know: did they do any renovations? I would wonder why they felt that this place appreciated 9.7% in 5 months (about a 23% annual appreciation)
“Whats the square footage?”
The tax records show 1500. They’re asking 1167 a foot. In 2004 it sold for 900 a foot.
“I would wonder why they felt that this place appreciated 9.7% in 5 months”
Its really hard to do $175K worth of renovation in 5 months and from the photos it looks as if nothing was done.
My guess is that they are fishing for a fool who doesn’t know to check out the recent sales history or bother to understand the market conditions.
recent sales history
You mean like the house across the street that sold for $4.6M? My guess is that they need to move and are trying to make some money.
$0 H.O.A ? Over valued, but nice.
Our compnay staged this property last year. From the current MLS listing pics, they not only did NO renovating, they didn’t even repaint.
This place is loaded with character. It is interesting to imagine what it would have been like when this was constructed in 1937 amid the ongoing depression.
Overseas in Stalin consolidated power while civil war in Spain raged and Germany under the Nazis was bearing its teeth. In England the first science fiction convention was held. In San Francisco the Golden Gate bridge was opened for use and the Atherton report revealed rampant corruption in the SFPD. The Marijuana Tax Act began the long struggle against cannabis.
With all that as the backdrop, someone decided to use what must have quite a load of coin to erect this whimsical structure with its transit pod thing climbing up and down the hill so you don’t have to. Then from high up one can look out through quiant and stylish windows down onto the City of Gold. It tells a tale of romantic imagination, hope, and a unique place called San Francisco.
Is that a midget cable car I see?
“My guess is that they need to move and are trying to make some money.”
My guess is they need to move, and they remembered the 20+ percent off of asking price THEY just got it for, and decided to pad the asking a bit to give themselves some room.
Also, there is an illegal in law with the property that won’t show up in the square footage.
I like the staging actually.
I think they are going for a bidding war. Easily worth $1.8! Not.
“Also, there is an illegal in law with the property that won’t show up in the square footage”
It was there in 2004 too, and at all other sales dates going back.
Which house sold across the street for 4.6 mil?
844 Bay, featured here earlier this week.
If the HOA dues are $0, who maintains the mini-trolley?
“It was there in 2004 too, and at all other sales dates going back.”
Yes, but you can’t just divide the square footage on the tax rolls by the price, ignoring the square footage of the in-law, and assume that you have the correct price per square foot, because people do pay for that square footage, even though it’s illegal and could be required to be torn out.
I’m sure it isn’t valued the same as the rest of the property, but it isn’t valued at zero. So your 1167 psft is not accurate.
I do understand that it’s higher than 900 psft, but unless we know that they did nothing to either part of the property in the last 4 years, it’s hard to allocate the difference: between an increase in value vs anything they may have done.
Don’t worry about it Tipster. Or else call an appraiser, pay him or her, and tell us how they value basement rooms. It’s not worth it for me on a blog catering to haters.
Just know appreciation happened on this block between ’04 and now. Like I said.
Fluj doesn’t mention that it was remodeled in 2005/2006. That bathroom – not cheap – is all new.
Dig away, hater.
Pointing out a material fact makes me a hater? Is that how all realtors operate?
sigh. Fine, Michael. I’ll pretend you don’t jump down my throat every single time you come across my name. OK. You’re right. It’s not an apple.
Hypothetically — think it sells for 1.35M now? The photos from 2004 aren’t profesional. But it wasn’t a dump.
The mini-trolly is called a Funicular. Cool feature, but I wonder if it is even working…especially if there isn’t any HOA fees.
Cool place by itself, but Bay St. sucks along there.
I used to live on Bay between Leavenworth and Columbus. The location is actually pretty good, although the southern part of The City aren’t as easy to get to. You can still walk up into North Beach, and you can even walk downtown to work, as I used to do.
Bay Street can be an absoulte freeway during commuting hours, but if your place is set back up and far away enough from the street you can’t really hear the traffic noise.
If that’s a funiculare, it’s the shortest one on earth. I can’t even guess what the maintenance would cost. It would impress the hell out of your guests, though.
The mini-trolly is called a Funicular. Cool feature, but I wonder if it is even working…especially if there isn’t any HOA fees.
Are there truly no HOA fees, or is that a misprint? also, perhaps they just pay out of pocket for all maintenance/upkeep/repairs? seems odd but could be true. stranger things have happened.
a much nicer funicular that I have been on:
http://www.floibanen.com/default.asp
They have a killer funicular in Budapest. That little one is pretty sweet.
Funicular fans, one need not travel all the weay to Bergen, Norway — there is a totally cool funicular that ascends 6000 feet up to Mt. San Jacinto, near Palm Springs. Totally worth the trip.
My favourite funicular
Valpairoso, Chile.
http://en.wikipedia.org/wiki/Image:Valparaiso_Ascensores.JPG
Has anyone checked this out in person? I kinda dig this place, how much would it cost to turn that .5 bath into a full? Bay street is a freeway but the interior and views on this place are awesome.
Well if we’re going all fancy and using pictures, here’s the one in Budapest I mentioned:
http://en.wikipedia.org/wiki/Image:Budapest_Funicular.JPG
hey i went on the palm springs one too!
I’ve been on that one in Lisbon:
http://www.suite101.com/view_image.cfm/431018
And in Switzerland, From Lausanne to Ouchy:
http://www.funimag.com/suisse/LausanneOuchy01.htm
And of course the greatest of all:
http://europeforvisitors.com/paris/articles/montmartre-funicular.htm
I considered it the last time it was on the market. Deck is private and the views and living space are great. Didn’t like the lack of a master bath and didn’t see an easy way to connect with the studio below or expand the half bath. The funicular works!
Funiculars are cool but like any transport system prone to disaster. I rode the Gletscherbahn in Kaprun, Austria about 2 years before the tragic fire.
Lets hope the HOA=$0 has some way to keep this little funicular in good working order.
Wow that cable car thing actually has a use?? That is the grooviest (and at the same time tackiest!!) thing I’ve ever seen ! This city is wonderful in its humor and spirit
This is NOT a single family home. This is a condo. It always shows up on the single family home search. Went and saw it before the price was lowered about 3 times. The in-law is a shoe box. The whole scene was quite laughable with the agent passing out cookies. I wonder how they’ll lure the buyers this time.
Who knew this would turn into the “Jousting Bear Funicularoff?” I didn’t.
I can’t resist the “Jousting Bear Funicularoff”. I rode this funicular in Haifa that takes you to the top of Mount Carmel, where you can then enter and walk back down through the Bahai Gardens.
http://www.subways.net/israel/haifa.htm
http://www.sacred-destinations.com/israel/haifa-bahai-shrine-and-gardens.htm
Its understandable why they are pricing the home at $1,750,000. They want to break even. $1,595,000 plus 80K in real estate fees, plus another 8K in closing/transfer costs plus 5k in staging means they need an offer of 1,688,000 to break even. Which puts 1,750,000 at a pretty reasonable number since any offer will be under asking.
The “professional” selling this unit before this recent re-sale made a mistake and listed it at 1.295, instead of the new asking price of 2+ – again before this new listing. Finally, the error was corrected. Wonder how many calls, asking the same question, were fielded? And money advertising wasted. Nicole’s, and I’m sure many of you know this already, pricing model is pretty much right. Must be something off, if only owned for 5 months.
HOA’s are $250 a quarter. Went to the open house this weekend. Nice view, nice private patio but the master bedroom and bath leaves a lot to be desired. The Japanese tub was fit to wash a dog in. The place sells itself on the patio and the view from the child’s bedroom.