CFAH

1454-1456 Kearny View
Continuing the parade of properties that have recently been reduced offline and re-listed anew: 1454-1456 Kearny (now asking $2,849,000), 41 Ford (now asking $3,550,000), and 715 Commercial (now asking $679,000).
With respect to widely published average days on the market (DOM) reports, these three properties now contribute an average of 1.3 days (4 days total) versus 212 (635 days total) if one was to include their previous listings. And of course, any sales at their current list prices will be considered to be at “100% of asking.”
41 Ford: Born A Two Bedroom, Rebuilt As A Four And Back [SocketSite]
Hinting At Some Rather Spectacular Views (1454-1456 Kearny) [SocketSite]
This Gallery Is The Show [SocketSite]

Comments from Plugged-In Readers

  1. Posted by eddy

    Where are these DOM Reports? I’m loath of this practice and the only time I think it is appropriate is when a new listing agent takes over the property. That said, I don’t really ever come across any DOM stats?

  2. Posted by A.T.

    Boy, and a parade of new listings it is. 249 new listings (per redfin) in the last day as of noon — this is by far the most I ever recall seeing. To put that into perspective, there were only 370 SFR/condo/TIC sales in SF in the entire month of August.
    Someone, I’m sure, will look at the new inventory stats and point out that the average DOM has plummeted, indicating remarkable market strength in SF. And someone else will claim that the flood of listings indicates that buyer sentiment must be strong and so sellers see this as a good time to list their place.
    [Editor’s Note: Last year there were 261 new listings in the week following Labor Day, plug in Monday for our biweekly inventory update.]

  3. Posted by Mrs Bueller

    My favorite “new” listing is:
    12-B Sanchez St
    Originally $699,000 plus $60,000 for parking spot
    Now $775,000 with parking included

  4. Posted by tipster

    “[Editor’s Note: Last year there were 261 new listings in the week following Labor Day, plug in Monday for our biweekly inventory update.]”
    Redfin shows 305 in the last 72 hours and 360 in the last week! It’s the looking like the start of a rush for the exits.

  5. Posted by marko1332

    My in box has been slammed by my realtor with new listings; I don’t have time to review them until this weekend, but then again, who would be in a hurry to buy in this market?

  6. Posted by anon.ed

    I only see a few killer properties out of the whole lot. And not one total fixer. Pretty weird.

  7. Posted by kathleen

    Days on the market. DOM. If a property changes more than 10% of its asking price, or changes brokerage, the DOM meter is reset.
    Why? There is a significant change,to make the listing new. If I take on listing that another broker tried to sell unscussessfully, why should I be saddled with bad idea number 1’s DOM?
    If the marketing team changes or the price changes enough to reflect a new position in the market place that resets the DOM meter.
    This is a reasonable approach. The other DOM extreme starts when the building is new
    and never shuts off.

  8. Posted by diemos

    ^ I prefer the approach of viewing DOM as a worthless, manipulated marketing device and ignoring it completely.

  9. Posted by lol

    It’s the looking like the start of a rush for the exits.
    Well, the next inventory chart is sure going to be interesting.
    At this point sellers/holders know that all attempts at reflating the mythical bubble have only led to a temporary blip.
    Now that the Republicans and their Tea Party evil twins have managed to poison the “stimulus” well, Obama won’t try to do anything rash before the mid-term elections.
    Another big credit is out of the question. Rates cannot go any lower. Banks are still zombies catering for their own benefit only Goldman Sachs style. Unemployment will stick around for a few more quarters.
    All hopes for a significant RE rebounds are dashed before they even started. This is going to be a very long protracted fall. Pun intended.
    The only thing sellers can do is list and wait for that proverbial “one buyer” that has been living in a cave for the past 4 years. Unfortunately they’re probably all in the Kandahar region.

  10. Posted by Appraiser

    Kathleen: As a commercial appraiser I definitely DO consider prior listings when determining time on market. If the property didn’t sell at the previous price that is certainly valid market data and it provides some indication about the reasonableness of the new listing price is reasonable.
    Eddy: The DOM information for each property is reported on the MLS that brokers and agents see, but the realtors association is “considerate” enough to omit it from the public MLS.

  11. Posted by pacific

    lol, why I can appreciate your bearish perspective on the market (and have long had similar leanings), I would also balance that by taking into account that all of the spectacular houses are selling pretty quickly. There are still wealthy buyers out there who will pay a premium for these properties, especially if they are “done.”

  12. Posted by yunion

    Well yeah, everyone knows that wealthy people like to spend money. Thats why they buy boats, planes etc. We all know the quote…..”if it flys, floats, or f’s, you rent it”
    While good properties might sell…..that doesnt mean it is a sound financial decision! I mean, could you imagine, going to a high end charity event and saying…”I rent in Pac Heights”?!?!?! You would be the laughing stock of the neighborhood, even though you are saving thousands of dollars by doing so. Let the wealthy piss their money away….and dont worry about it.

  13. Posted by pacific

    yunion, it’s hard to renovate a rental, and probably not a sound financial decision either.
    It’ll be interesting to see how $3 million and up houses in Pacific Heights fare over the next few years.

  14. Posted by sfrenegade

    I would also balance that by taking into account that all of the spectacular houses are selling pretty quickly. There are still wealthy buyers out there who will pay a premium for these properties, especially if they are “done.”
    I’ve said it before and I’ll say it again: It’s not particularly relevant if outstanding houses get outstanding prices and good houses get good prices. During the boom, crappy houses got outstanding prices, good houses got ridiculous prices, and outstanding houses got patently absurd prices. All you’re saying is that the natural order of things is back. This doesn’t balance anything.

  15. Posted by pacific

    What I said might be obvious to some, but since others are predicting (and hoping, I presume) that outstanding $5 million houses will turn into $2.5 million houses soon, the point is still relevant.

  16. Posted by The Milkshake of Despair

    ^^^ We have seen a few “half off” deals in that higher price bracket recently though that is probably due to unrealistic expectations rather than a true shift in price.

  17. Posted by tipster

    Sold for 2.575, $925K under original ask.

  18. Posted by eddy

    Who cares what they originally asked. About as useful as DOM. Why not report the psf or gain/loss on prior sale? Or at least the the diff from the last asking. Never gonna stop unrealistic expectations. But this seems like a good deal for the buyer. Love the air traffic tower reference from the prior thread! LOL

  19. Posted by A.T.

    Speaking of “half off” deals, here is one at the Ritz:
    http://www.redfin.com/CA/San-Francisco/690-Market-St-94104/unit-2201/home/21967186
    Tax assessor value was $2.2mm and just sold for $1.05mm ($693/sf) so looks like right about 1/2 off from the prior sale (with a foreclosure in there to boot).

  20. Posted by SocketSite

    Originally asking $3,500,000 in 2009 but then reduced and relisted anew for $2,849,000 in 2010 as reported above, the sale of the legal two-unit building acting as a single-family home at 1454-1456 Kearny closed escrow on Friday with a reported contract price of $2,575,000.

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