Stories of how our clients scored deals in this difficult market
10 Linares –Single Family Home, Forest Hill
Original List Price: $2,998,000
Purchase Price: $2,853,000
How they did it: After battling with other buyers over homes that were staged to the nines and priced to incite bidding wars, our clients turned their attention to this under-the-radar beauty. It was substantially renovated, with electrical, plumbing, structural, and many stunning cosmetic upgrades. But the higher price and sellers’ traditional furnishings resulted in lukewarm buyer activity. Our clients, able to look past the superficial, negotiated the price down to $848/sq ft, much lower than the neighborhood average, and moved into their “forever home”.
Their Pacific Edge Partner: Cynthia Pagán
1694 York – Single Family Home, Bernal Heights
Original List Price: $2,595,000
Purchase Price: $2,065,000
Sales Price in 2018: $2,295,000
How they did it:“Something must be wrong with it.” That’s the conclusion most buyers draw when a home has high days on market or has failed to sell in the past. Instead of examining the opportunity for themselves, they allow this one indicator to determine that it’s not the right home for them, often before they’ve even seen it. Our clients used this dynamic to their advantage, making an aggressive offer on a chronically overpriced home that had been withdrawn from the market multiple times without selling. Even though the single-family home market is up, they paid a whopping 10% less than the seller purchased for 3 years ago.
Their Pacific Edge Partner: Alec Mironov
788 Minna – Condo, SOMA
Original List Price: $699k
Purchase Price: $665k
Approx. Top-Of-Market Value: $800k
How they did it: In the words of Warren Buffet: “Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.” It takes a bold attitude to buy when/where nobody else is buying…. but that’s always where the best deals are found. With WFH still in effect, the SOMA market is suffering. Prices on small condos have slid back to 2015 values. By moving against the trend and betting on a more normal future when every inch of our 7×7 is again in high demand, our clients negotiated a fantastic price on their own sunny and modern city pad.
Their Pacific Edge Partner: Cleveland Motley
1800 Washington #317 – Condo, Pacific Heights
Original List Price: $825k
Purchase Price: $830k
Approx. Top-of-Market Value: $900k
How they did it:“Fortune favors the prepared.” When this Pac Heights gem came on the market, our client was one of the first people through the door. With swift and decisive action, she presented an offer before the listing agent could set an offer date, eliminating most of the competition. When another speedy buyer showed up and created a bidding war, our client prevailed with strong terms rather than a high price. By working with her lender to get her loan 100% underwritten prior to shopping, she was able to offer a short closing timeline and contingency-free financing, sealing the deal in one of SF’s best neighborhoods.
Their Pacific Edge Partner: Sean Komarmy
865 Corbett #2 – Condo, Twin Peaks
Original List Price: $659k
Sales Price: $800k
Approx. Value After Renovation: $950k
How they did it: “There are no such thing as ugly ducklings. Only swans in disguise.” Features of this townhouse-style condo included a mustard yellow 1970s kitchen, worn out carpet, and popcorn ceilings. But instead of focusing on the dingy and drab, our intrepid client saw the things that can’t be changed: Downtown views and a central location. Not to mention the opportunity to create a totally customized long-term home. Despite the condition, the home received more than 10 offers. Although he wasn’t the highest in price, our client prevailed with clean terms and a great loan agent that went to bat for him. Thanks to sweat equity and vision, he’ll soon own a renovated 2BR view home for the price of a basic 1BR condo.
Their Pacific Edge Partner: Amy Clemens