Coming Soon & the tale of 1 Cow Hollow block?

Is Cow Hollow hot enough that only a "coming soon" for-sale sign is enough to sell the home? The tale of a few similar homes on 1 Cow Hollow block.

In the below video I was just walking by and noticed a "Coming Soon" sign - and in my video was trying to remember past prices.... so a few quick facts to correct what I recalled on the fly in the video:

3055 Laguna - a single family home in Cow Hollow, was asking $829,000 and just sold on 11/22 for $929,000. Apparently with 5 offers.

I then refer to a home across the street that sold for "about a million". Well, in 2003 it sold for $850,000 but then in 2007 it sold for $1,389,000. Whoa! For some reason I thought it went for $1.1 or so.



Then to the home in question, 3020 Laguna with it's "Coming Soon" sign. The agent told me over the phone that he had it on his website, but I don't see it there (www.mariomarianirealtor.com). He said it was listed for $1.3 million or some really high number, but that everyone assumed it would probably sell somewhere in the $900,000's.

Well - in this video - I do a walk through - and yes, $900's is it's maximum value.


Finally, I refer to 3041 Laguna as a multi-unit building but it was just a much larger single family home with multiple levels. Check out the before and after photos here:

BEFORE
Sold for $1.1 million in Nov 2005 (915 SqFt on a 2173 SqFt lot)



AFTER
A "private" sale (just outlawed by the San Francisco Association of Realtors). But just visit propertyshark or zillow and you'll find public tax record info. But suffice to say, when it was asking $3.75 million you know it sold for over $3 million.




So - what to do with the home in question? 3020 Laguna. Try to create a $3 million home ala 3041 Laguna, or some how pull off a $500,000 increase with next to now work? Ahh right, that's yesteryear's market. Stay tuned, and we'll report on what happens to "Coming Soon" which is STILL not on the San Francisco MLS.

Cheapest Single Family home in the Marina since 2002

1456 Chestnut Street in San Francisco's Marina District just came on the market at only $709,000. Tax records seem to say it's zoned RH-3 (Residential, House, 3 dwellings) and even if not, just based on the building heights of its two neighbors it certainly looks like it could be a fix and flip similar to 3041 Laguna (see below).



The last time a Single Family Home with at least 2 bedrooms (yes, there are 1 bedroom homes in San Francisco) sold that low or lower was 1999 according to the San Francisco MLS. In 2002 one sold in nearby Cow Hollow for $749,000. Otherwise, the homes on Laguna Street in Cow Hollow (click here for 3020 Laguna video & post) have been the cheapest of late in the low and mid $900's. It's only day #1 on the MLS, and it's got a listed offer date of January 15th. If you're not working with a Realtor and are interested in this home, you can reach us at www.SFisHOME.com

UPDATE: 3020 Laguna is now on the SFAR MLS asking $950,000.

New SFisHOME Listing: 3501 Laguna St #104

3501 Laguna St #104 Open Sunday 1-4pm

If you want the ultimate in recreation and walkability, 3501 Laguna, across from 2 parks, and 2 blocks to the Bay is for you. Watch the photo tour or click on the "view detailed listing" link.

3020 Laguna now for-rent AND to be demolished

Only in San Francisco - 3020 Laguna St, a recently sold Single Family Home in Cow Hollow has a Craigslist ad that says "The House Will Be Demolished In A Year To 18 Months. When Owner Has His New Construction Permits."

Further the ad says "Antiquated Pre-1900 Construction 1-3 Bedroom House 1 1/2 Blocks From Union Street. The House Is Not Glamourous Or Contemporary In Any Way."

Yeah, no kidding. Check out my video walk through from 3 months ago.



Hey, but they're only asking $3,200 per month. More than a little over priced in my opinion.

Not all REO's are deals

Of the 23 REO's in the list below, one that stands out appears to be an over priced 1 Bedroom. Granted, 1818 Broadway is in Pacific Heights, but an REO that is Asking over $1000 per SqFt? Yikes. Generally REO's are priced below market. Banks usually want the "inventory" moved quickly, so over pricing isn't an option.



This photo of the building is the only one in the Listing... but it's on lock box, so I may have to break out the trusty video camera for a little tour to get a look at the interior.

One of the reasons I think it's priced too high is my new listing, 3501 Laguna, is also a 1 bedroom but is larger and in what I think is a better location (it's across from two parks, Fort Mason and Moscone Rec), yet it is priced lower. The size difference is 768 SqFt vs. 630 SqFt and that usually makes a big difference in one bedroom apartment. But the size makes the $20,000 price difference (only 3% apart) look exorbitant since 1818 Broadway is 20% more expensive than 3501 Laguna in Price Per Square Foot.

So 1818 Broadway hardly seems to be your typical REO. Maybe they assume any offers will be 10% below their asking price, and I'm just guessing but a $600,000 price would make 1818 Broadway look far more attractive and likely sell quickly.

If there is any lesson here, it's to shop, shop and then shop some more. A dedicated Buyer can know the market better than most agents for "their market" and will develop a gut feel for what's a deal and what isn't. Unless I show up and find a place larger than 630 SqFt with nice outlooks that is also remodeled, I suspect this one isn't a deal. Time will tell.

Of course, over priced listings tend not to sell in San Francisco anyway, so 1818 Broadway could be a buying opportunity in that a Buyer can go in with a very low offer and try to push it through. My guess is not too many other Buyers will bother, so your one offer just may do it even if it's quite low.

Over promising & under delivering - a bad real estate recipe

Over promising and under delivering is a bad recipe in any facet of life, and one I wish we could ban in real estate here in San Francisco.

This TIC on Laguna Street in the Marina is currently listed with a photo of the Living room with windows facing Moscone Rec Park. I had seen all 4 TIC units in this building when it first came on the market so I knew the only two I liked at all were the front units with views of the Park.


In the view I state that I thought they all sold for around $700,000. Well, the other three sold in the mid to high $700's. Meanwhile, I guess that the one on the market is the front one BECAUSE of the MLS photo showing the front unit, and guess that today's value is around $550,000, or at least lower than it's new $599k asking price.

Then I show up on Tuesday's "Broker's Tour" and you can hear the annoyance in my voice that in fact the photo was misleading and #1 is the rear unit with views of the small yard and the neighboring building.

So my value guess now? Closer to $525k. A long drop from $699k.

Video walk thru of 3501 Laguna

The SFisHOME Real Estate Group presents a YouTube video walk through on it's latest listing:

Cow Hollow Single Family home for $950,000

Well I wrote on December 16th that 3020 Laguna Street was "coming soon" - see video report below. I called the Listing Agent today for an update and he says it was submitted to the San Francisco MLS manually since he is not a member of the San Francisco Association of Realtors. That manual submission he figured would take a day, and it was submitted Monday. It's still not on the MLS as of 6pm today January 6th.

If you'd like to be informed immediately when the home comes onto the market be sure to create an account at www.SF-MLS-Search.com

Or check back regularly for all For-Sale properties in Cow Hollow at Cow Hollow Homes for sale.