Tuesday, November 15, 2011

Update (2) on Potrero Hill Listings

It's been a month since we took a look at the four high-end listings on Potrero Hill that all hit the market at approximately the same time.  This group includes two single family homes and two condos.  Here's the current status:

The two single family homes include:

746 Kansas which has been completely remodeled from a seriously deteriorated state was originally listed for $1,675,000 or $744/sq. ft.   Six weeks later it was reduced by 5% ($80,000) to $1,595,000.  Two weeks later it went into contract.  Current status is "Active/Contingent" which would suggest that at least one of the contingencies (finance, inspection) have yet to be cleared.

531 Kansas which went through a major remodel and 3rd floor addition about 10 years ago.  Listed in the middle of September, the list price has remained at $1,799,000 or $766/sq. ft.  There has been no price reduction and, as noted in our earlier post, is $100,000 higher than it was when the house was previously listed and then withdrawn in 2009.

The two condos are:

730 Vermont St., the lower unit in a two-unit in a 10-year old building.  It was  listed in mid-September at $1,195.000 or $665/sq. ft.  and then reduced in two steps by 8% ($95,000) to $1,100,000.  After two months on the market the listing has been withdrawn.  According to the listing agent, the owner plans to rent it although it has not been posted in Craigslist.

2101 18th St., the lower unit in another two-unit building that was built just three years ago, is listed for $1,299,000 or $764/sq. ft.  After 7 days on the market the property went into contract.  It closed escrow six weeks after listing with a final sales price of $1,266,525 -- 2.5% below the list price.  However, according to a notation in the MLS, the buyers paid their agent's share of the commission which amounts to 2.5% so, effectively, the buyers paid list price.  Structuring the deal this way will save the buyers a few hundred dollars in annual real estate taxes.

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