San Francisco Luxury Condo Garners 6 Offers!

on Tuesday, January 26th, 2010 at 6:34 am
The New Year got off to a Bang! with the bidding war for the luxury San Francisco condo at 3975 19th Street receiving 6 offers this last week. I toured this property when it was completed in 2008 when the developer decided to keep it off the market to sell later.

It is a great location. I know it well, my former home (a restored 1888 Victorian with rose garden) is half a block away at 580 Sánchez. This condo sold for what my former residence resold for in the Spring of 2008. I expect that a lot of the appeal of this condo was the contemporary architecture. It is certainly the rage in all the magazines and is the ‘buzz’ word on the street.

It does baffle me as to why anyone would want to pay over $2.2mil for a condo in that location however, when there are so many lovely single family homes that are relatively nearby for the same price. (If the houses aren’t “officially” on the market try looking at the “withdrawn” list from December.)

I currently have a lovely contemporary home on the market at 622 27th Street by the architect Mark Brand on the market for $2,229,000. And, I’m already getting calls from some who lost out on the 19th Street property. The best part is my seller will carry a first loan so no need to deal with the current stringent lending requirements of the banks.

I’m sure the current low-level of inventory had some play in the buyers’ decision. I’m being told by other agents they have numerous listings waiting in the wings to come on the market so I see a Spring market quickly being over saturated with $1.5+million dollar homes. And when you look at all the forecasts (CAR, Dataquick, ULI, etc.) it doesn’t look like a market in which I would jump into a bidding war any time soon…especially for a condo.

Granted it is the “Castro” and the house I have listed is “Noe Valley” and everyone is wedded to their neighborhood but within the Castro-at-large it isn’t even the best part of “Dolores Heights”. Just another “tale of the city” or a larger trend. Only time will tell but I’d wager its a one time blip.

All the Best,

Lance

415-793-6140