As we wrote in May:
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.
The price was never increased, but on July 7, 2009 the sale of 337 Douglass closed escrow with a reported contract price of $940,000, a 19.7% drop in value over the past 13 months.
∙ Act Now (After Seventy-Seven Days On The Market) Or Else! [SocketSite]
That’s a nice block there. Congrats to the buyer.
That bullying “now or never” language from the agent indicates that some agents still think that there’s stupid money on the pockets of clueless still buyers out there. Perhaps there is.
I am going to recommend to the Seller that we increase the price.
Only in a city like San Francisco, can such gullible Real Estate Agents still survive… and thrive….
I know someone who bought a place like this (unrenovated) a few doors down for $1.35m-ish back in 2007. Then he went ahead with a major renovation (est. $200k). Also a SFH, although not sure how size or square footage compares. Either way – $1.55m in versus sub $1m sales on your street aint looking too good. 20% drop over 2008 doesn’t sound so hot either. We are going to learn very quickly that it isn’t interest rates or payments that count on the way down but the principal value of the mortgage that will be the killer.
Assuming a 5% realtor[tm] commission and no carrying costs, that is a 277k loss in 13 months. Owee!
Down 19.7% in 13 months…
ouch!
hoocoodanode
It’s been a while since I heard anyone talk about the RealSF™
… a sigh of relief that i let it go.
Wow, it looks like these guys spent around $30K/mo to live there. It’s a good thing they didn’t throw their money away on rent!
Awesome unique insight on the cost to own calculations.
This just in, the global stock market is way down over two years, unemployment is up, etc.
Can we move on?