Newly Reduced and Positioned for an “Over Asking!” SaleJune 10, 2019
Outfitted with three-bedrooms, two baths and “plenty of upgrades,” the roughly 1,500-square-foot home at 738 Banks Street, on the southern edge of Bernal Heights, was listed for $1.650 million back in the fourth quarter of 2015, an above-average list price of $1,093 per square foot at the time.
Subsequently reduced to $1.356 million and then withdrawn from the market without a sale, 738 Banks returned to the market listed for $1.365 million this past July, a price which was reduced to $1.250 million, or a below-average $828 per square foot, in September.
And having been withdrawn anew from the MLS this past November, the “move-in ready” Bernal Heights home – with a newly remodeled kitchen and bath, plus a new “kitchenette” on the “private lower level” of the home – has just been listed anew with an official “1” day on the market and a “$999,000” price tag, which is roughly $662 per square foot in a neighborhood which is currently averaging closer to $900 per foot and positioned for an “over asking!” sale, perhaps even within “days” of being listed, at least according to the official industry stats and reports.
Comments from Plugged-In Readers
Maybe it looks better in person but the hodgepodge of busy tile patterns in the kitchen and bathroom will probably get ripped back out before anyone actually lives there.
Yeah, that is a really strange flipper choice to make. Sample sale?
This post displays all sorts of editorial bias for not mentioning the rather challenging location even once.
And what, a year later, and remodeled somewhat, and they’re supposed to tout the previous days on the market?
No, they’re not. What a bad, imbalanced take that was there.
they couldn’t slap a fresh coat of paint on the exterior??
That was, for not mentioning that the location itself is rather challenging. Southern edge of Bernal Heights? OK. This is right off Alemany, and the editor is speaking of average values. What are the average values on the first block off Alemany, do you suppose?
Yes, shame on the editor. Realtors and the very ethical and well-regulated real estate industry would never call this the “southern edge of Bernal Heights.” They would just call it “Bernal Heights.”
“Bernal Heights move-in ready. . . Great location, convenient freeway access, steps away from weekly Farmer’s Market, and a few blocks from the vibrant shops of Cortland Ave. Quiet cul-de-sac block tucked away.”
Oh, the real estate industry is quite well regulated actually. Marketing language is one thing. Editorial is quite another.
Anyway, do break down how and why someone should mention days on the market from 9-10 months ago, would you?
What an odd take. What marketing language in any aspect of sales, anywhere, in any part of sales, mentions on negative features? I guess the pharmaceutical industry mentions side effects? Is that what you’re looking for?
What an odd take to say the r/e industry is quite well regulated. Lying and poor ethical practices are commonplace. The only people who think it is an ethical and well regulated industry are… people in the industry.
The editor was much more accurate in describing it as the “southern edge” than the marketing copy, but you are right- double standards should apply. The house two down to me was advertised as having a view of a major SF landmark that you literally could not see unless someone held your ankles and you got most of your body out the window. I asked the realtor about it and she said- “oh, they’ll see when they get here. I just have to get them here.” But hey, that’s marketing.
But man this editor….
Again, you compare marketing copy and an editorial website that considers itself journalistic in approach. That’s nothing.
As for the anecdote, anon on a website, assuming your anecdote is accurate, you could have reported that false advertising actually. There would likely have been consequences. That is called regulation. Advertising views where there are none is a big no no. There’s marketing and then there’s false advertising. In fact, I highly doubt your anecdote actually occurred. But at least your silence displays you agree the, “10 months later, where are the days on the market?” take was absurd.
cheap and tacky, horrible hood
It is a pretty grim street, to judge by google maps, and a modest house now “white boxed.” Not much pride of ownership to be had here. But in the city that the NY Times today says has the highest rental prices in the nation, this is better than a rental.
Grim, narrow street completely boxed in on all sides with a small terraced backyard with the neighbors looming in on all sides. Combined with awful everything inside which will require a total gut reno, I cannot imagine why no one bit at $1.6 million.
UPDATE: An Average $351,000 Over Asking Sale
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