Sales and Tales: Some of My 2013 SFR, Condo, Loft and TIC deals

Starting with the most recent first, then going in reverse chronologically, here are a few of my sales this year.  This is not a comprehensive list:

Well, as soon as the most recent once closes, I will add it here, because it’s a story.  My buyer fell in love with a charming one bedroom condo in a sweet and peaceful area.  We won the deal out of (as far as we were told) 3 offers.   While conducting an inspection, the owner of the other condo (it was just a 2-unit building) came out and said to the listing agent, “What is the seller going to do about the structural issue?  This isn’t going to go away,” and so on.  Buyer and seller went back and forth for a while, not about the structural issue, but about the possible liability of the buyer walking into the middle of an unresolved dispute.  We were assured it was to be settled, but were given no clear evidence of that.  So we pulled out of that deal.  The listing agent had been pressuring me, mentioning a back-up offer to let me know there was another party waiting in the wings.  But after we pulled out, the property remained active on the market.  We promptly got into contract on a property the client was much happier about, winning out of 4 offers.

Before that buyer deal, I had an excellent listing in a highrise in the Yerba Buena District, sold 10/13.  I now have the record high sale in that building for 1 bedroom units, $60,000 higher than the sale 7 months before it.  The seller really wanted to emphasize the night view, because he said that was why he had bought it.  It was a good idea!  This seller did an excellent job, fixing, cleaning, painting and staging so that it looked really fresh.  The exterior of the building was still being painted and the patio being resurfaced during the entire listing.  Sometimes I would be showing it and all the light was blocked by the scaffolding.  Still, we received 4 offers after 7 days on the market, and it sold for $35,000 over the list price.

1 bed condo downtown.  I represented the seller.

1 bed condo downtown. I represented the seller.

View of city from the bedroom.
View of city from the bedroom.11kitchen

The seller told me he was really pleased, and that I had done a very good job, which was nice.  He has had a lot of different agents sell various properties of his in the past.

Prior to that listing, I helped a buyer purchase a loft in SOMA.  It’s really hard to tell how many offers the other side really has, and how viable each offer might be.  We were countered once and then were told that another offer was higher and we were asked if we would go higher.   When the client said they would go a bit higher, the other agent asked me to write up a counter, even though they had countered another offer and the ball was in their court for our offer, meaning they were supposed to accept, reject or counter our counter.  So we told them to either write it up, sign it and send it over for the buyer to sign, or the buyer would walk.  We gave them a short time period, and they sent it right over.  So it seems like they had been bluffing.

Loft with a patio in SOMA.  I represented the buyer.

Loft with a patio in SOMA. I represented the buyer.

412091_10

Prior to that I had a buyer get a top floor TIC with 2 bedrooms and parking, located near Alamo Square Park.

2 bed TIC unit with charm and parking.  I represented the buyer.

2 bed TIC unit with charm and parking. I represented the buyer.

410169_10 410169_11

This one was fairly uneventful, until the end, when the buyer had to wait more than a week for the mailbox key.  We won that bidding war over just one other offer.  We were told there had been a third, but that they had decided not to write.  After this deal I thought the market was slowing down a bit, or had already cooled slightly, but it really varies from property to property.

Before that purchase, and slightly overlapping was my listing of a townhouse-style loft-ish condo in SOMA with a private garage.  It had 2 beds, a loft area and a small patio.  This is a complex by Donald Macdonald Architects.  These developments tend to be very vertical, with similar features, such as bedrooms on the first floor above the ground, living room above that with a loft at the top.  The design seems to emphasize independence, and the HOA is set up to be a very unobtrusive entity, with few rules.  We had five offers in 7 days, and an all-cash offer took it, closing in 9 days.  It was not the highest offer, but the third highest.  Sometimes cash is compelling, though not always.  It was a very clean offer in all respects.

2 beds plus loft and parking.  I represented the seller.
2 beds plus loft and parking. I represented the seller.

IMG_8532 IMG_8586 IMG_8601

Just before that I represented a buyer in a conversion, brick and timber loft.  It was the trophy unit in that building, on the penthouse level.  This one was interesting in that we got it for below asking in a multiple-offer market.  The agent apparently had received multiple offers and had accepted one, but the buyer had backed out for being, according to the agent, “Too rich.”  Anyway, after they backed out, the listing had to go back on the market.  When that happens the listing can lose momentum, which is a good example illustrating why it is important to pick the right buyer, the one who wants it, and can and will complete the deal.  That loss of momentum may be the reason we got it for under asking.

We went for our walk-through inspection a few days before the scheduled closing, and there was undisclosed damage that seemed like it had been caused by the movers, or by the sellers in the process of moving.  When I brought it up with the agent, he kept stonewalling me, saying that the property was not new, which we obviously knew.  The damage appeared to be fresh though.  It’s a drag for me because I think it’s disappointing for the buyer.  A nice and thoughtful seller is a great thing, but not always available.

Best unit in the building!  I represented the buyer.

Best unit in the building! I represented the buyer.

406863_04 406863_06 406863_09 406863_10 406863_13

Before that one, I had another listing, this one at a high-end high-rise in South Beach/Yerba Buena District.  It was built by Lennar Urban, and I had always thought that they did a really nice and thoughtful job with the finishes.  This one also had 5 offers after 7 days, and the winning offer was not the highest, but had buyers who visited repeatedly and had a large down payment.  The purchase price was related to number Pi.  They buyer was in tech.

2 bed 2 bath with 1 car stacker system.  I represented the seller.

2 bed 2 bath with 1 car stacker system. I represented the seller.

IMG_0366 IMG_0387 IMG_0401 IMG_0428

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: