New Highest Price for Residential Property on Potrero Hill

You may recall in an earlier post I mentioned a property on the market that had negotiated an easement with their neighbor that would protect their view (something of a rarity in San Francisco).

Well, that property just closed escrow for the highest price ($3,660,000) for a residential property since records have been kept by our multiple listing service.  The property is located at 827 De Haro Street.  (Click the link for more photos and listing information).

The sales price is approximately 15% over asking.

Technically, the property is a two-unit building.  Here's the agent's public description from the MLS.  (I get a kick out of the lack of vowels.  It reminds me of when we paid for advertising by the number of characters in the ad.  Or, a more current reference, a text message version of the description.  The truth is more mundane -- our MLS still limits the description field to 750 characters -- this is just two shy of the limit).

1-of-a-kind custom Potrero Hill VIEW hm blt in 2005. 4 bdrms/3.5 baths incl 1 bdrm legal unit. Elev to every lvl, incredble VWS from every lvl & unsurpassed finishes thruout. Top lvl includes huge LR w/expansive City & Bay views, fireplac, 2 patios, open flr plan w/ dining area, all great for indoor-outdoor entertaining. Kitchen has all the bells & whistles w/ a center island. Mster ste feat a prvt patio w/ views & hot tub, huge walk-in. 3 bdrms on middle flr w/one perf suited for home office w/flr to ceiling blt-ins. Garden legl unit is an open flr plan w/2-tiered living/dining area, firepl & direct access to yd, also w/spectac views. The spectacular views north are protected by a recorded view easement restricting ht of neighbor's hm.

Although not included in the MLS, tax records say the building has over 5,000 sq. ft. of living space.  So, on a price per sq. ft. basis, this would be considered "a bargain" compared to most single family homes in this price range selling for upwards of $900/sq. ft.

Snapshot of Today's Market

One of the agents in our office just concluded a transaction where he represented the buyer of a one bedroom, one and a half bath condo in the Brannan.  The Brannan is a full service, premier condo building in a great South Beach location with lots of amenities.

Units there are always in demand.

This most recent sale closed at $850,000., 6% over asking.
















The property had been listed back in 2010 asking $679,000 and, after 160 days on the market with no buyer, the property was withdrawn.

The most recent previous sale of the unit was in early 2007 when it closed escrow with a purchase price of $729,000.

The number of days on market went from an average of 46 in 2002, down to 19 in 2007, up to 85 in 2010 and now we're back down to 34.

We're seeing this scenario duplicated in all parts of the city.

Potrero Hill Vacant Land in Contract

Five vacant lots in the cul-de-sac 900 block of Kansas went into contract recently.  The list price for all five lots is $1,249,000.

According to the MLS listing, the lots are zoned RH-2 and could be developed into as many as 10 units.

In checking this out I was surprised to see there are 39 other listings for vacant land within the City ranging in price from $64,000 for a single lot on Bache St. on the southern crest of Bernal Hill to $5,000,000 on 6th Street just south of Folsom which could hold as many as 38 units.

Protected Views?

Over and over again you'll hear the mantra that views are not protected when it comes to real estate in San Francisco.  If your fabulous view of San Francisco Bay from your living room window (for which you paid a premium when you bought the house) gets blocked by the neighbor across the street who legally adds an additional story to his house, you're out of luck.

But there is an exception.

As noted in the new listing for 827 De Haro Street, "The spectacular views north are protected by a recorded view easement restricting ht of neighbor's hm."

You get an idea why this is important from this Google Street view:



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Click here to see the MLS listing.

So, if you can strike a deal with your neighbor, the potential view blocker, you can protect your view.  Unfortunately, there's no indication as to how much that view easement cost.

Crazy Season?

A modest 3 bedroom, 2 bath single family home (less than 1600 sq. ft.) on the south side of Potrero Hill with an asking price of $649,000 just closed escrow for $1,050,000 -- 62% over asking!  

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It went on the market middle of April , went into contract two weeks later and immediately went "pending" so we're assuming an all cash deal.  It was being sold "As Is" and there had been a death on the premises two years ago.