The tough times are in the outer fringes of San Francisco and a home just caught my eye as what appears to be one of the best deals going... and it still won't sell. 279 Flournoy St, San Francisco is a single family home that's listed 3 bedrooms, 2 bathrooms and 1034 SqFt. It's a Bank owned REO from Countrywide that struck me as a major deal for two reasons. For one it was only asking $389,900. Now if you live in the Midwest and are contemplating a move to San Francisco this price will seem outrageously expensive, but in San Francisco you can't even by a studio condo in the north end of town for that price.
The second thing that struck me as this being a major deal is that it last sold in 2003 for $440,000. That is striking because 2003 is BEFORE the market took off with crazy financing. Most major price drops are down to 2004 or maybe down to 2003... but not below 2003.
The third thing that struck me... this home was withdrawn from the MLS (the San Francisco MLS or multiple listing service) in mid-December without having sold (as far as I can tell). That means it's low asking price of $389,900 was too high.
Finally, when doing a 1/2 mile radius search around the house for all homes that are on the market for sale, in contract, Sold in the past 6 months, or expired or withdrawn off the MLS, it is the 4th cheapest property out of 51 in total. So by any measure it is REALLY CHEAP and still didn't sell. The three that are cheaper appear to be smaller homes, but these homes are active on the MLS and they aren't selling either. They are 262 Minerva St, 127 Broad St (looks like a shack that needs to be torn down) and 269 Montana St (a short sale with 3 offers submitted to the lender already - per the MLS). Check them out at www.SF-MLS-Search.com.
If you're interested in exploring properties for sale in San Francisco, whether for investment or a primary residence, please contact me for assistance at www.SFisHOME.com.