Tuesday, October 18, 2011

Update on Potrero Hill Listings

Three weeks ago I posted information on four higher-end listings in my immediate Potrero Hill neighborhood and posed the question "Example of Higher Priced Property Rebound?"  Here's a quick update:

The two single family homes include:

746 Kansas
Originally listed for $1,675,000 or $744/sq. ft., now reduced by 5% to $1,595,000 or $709/sq.ft. 

531 Kansas which had been on the market in 2009 for $1,799,000 and subsequently at $1,688,000 with no takers is now currently listed for $1,799,000 or $766/sq. ft.  There has been no price reduction in the 31 days it has been on the market.

The two condos are:

730 Vermont St. #1, originally listed at $1,195.000 or $665/sq. ft. and now reduced -- first to $1,149,000 after 20 days and again to $1,100,000  or $612/sq.ft. after 34 days. 
2101 18th St., was listed for $1,299,000 or $764/sq. ft.  and after only a week on the market went into contract.  18 days later it appears that all contingencies were  removed so this may well close in less than 30 days since the listing became active. 

Since I wrote the original post, a small 2bd/1ba, 1,150 sq. ft. single family home at 1919 Mariposa came on the market as a short sale priced at $749,000 or $651/sq.ft.  Six years ago the house sold for $1,030,000 with 10% down.  This went into contract in 5 days.  Now the seller and the listing agent have to convince the bank to accept a loan payoff somewhere in the neighborhood of $100,000 less than the current loan balance depending on how much the buyer has offered and other variables.

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